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If you’re in the market for a life insurance policy, it’s easy to get overwhelmed...

If you’re in the market for a life insurance policy, it’s easy to get overwhelmed by all the options out there. There are literally hundreds of companies — with tons of different policies and confusing terms, like death benefit and cash value —that offer life insurance quotes. Choosing one can be really hard to navigate.

Fortunately, online life insurance providers, like Walnut Insurance, have simplified vetting life insurance policies on the web. Check out my experience with Walnut Insurance, including how it works, what’s the costs, and who it’s best for.

What is Walnut Insurance?

Walnut Insurance is a Canada-based insurance company that was founded in 2020. Walnut sells life insurance policies exclusively online, so there are no offices or in-person agents. You can get a quote and purchase a policy online in minutes, without a waiting period or medical exam.

The only type of coverage you can get from Walnut is term life insurance, which provides coverage over a 10-year or 20-year term. The policies are issued by SBLI, which is a reputable provider that has good third-party ratings, including an ‘A’ rating from AM Best for financial strength.

Read more: Life insurance: is it worth it and when do you need it?

With a term life policy from Walnut, the maximum amount of coverage you can get is $1 million, which should be sufficient for most young adults. Anyone between the ages of 18 and 55 can apply. The company also offers a few unique perks for customers, which I’ll get into later.

How does Walnut Insurance work?

Getting life insurance from Walnut Insurance is quick and easy. To get a quote, all you need to do is enter some basic personal information, like your gender, age, height, and weight. You’ll also need to disclose your nicotine use upfront.

Source: Walnut Insurance, screengrab by Elizabeth Rivelli

Once you fill out your personal details and contact information, you’ll be asked to personalize your policy by choosing a term length (either 10 or 20 years) and the amount of coverage you want (between $50,000 and $1 million).

Source: Walnut Insurance, screengrab by Elizabeth Rivelli

When you change your term length and coverage limit, your premium updates in real time, so there’s no need to start a new application if you want to adjust these things. If you’re satisfied with your rate and want to move forward in the purchase process, just click “review & purchase” and you’ll be prompted to start the application.

Source: Walnut Insurance, screengrab by Elizabeth Rivelli

Because Walnut Insurance doesn’t require a medical exam, your health is determined based on your responses to a few questions. For example, I was asked about my personal health history, what surgeries I’ve had, what illnesses run in my family, what prescriptions I take, and how often I drink alcohol.

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The health questionnaire took about 10 minutes and was easy to fill out. Once I submitted the application and received my approval message, the last step was to purchase the policy. You can pay the first month’s premium via ACH bank transfer, and as soon as you checkout, your coverage takes effect.

How much does a life insurance policy with Walnut Insurance cost?

Insurance advertises affordable rates and transparent pricing, so it may be a good option if you’re shopping for life insurance on a budget. In fact, the company claims to offer term life policies starting at just $10 per month. It doesn’t get much cheaper than that.

  Walnut Bestow Lemonade
Term lengths 10 or 20 years 10, 15, 20, 25, or 30 years 10, 15, 20, 25, or 30 years
Coverage limits $50,000 – $1 million $50,000 – $1.5 million $50,000 – $1.5 million
Policies offered Term life insurance Term life insurance Term life insurance
Medical exam? No No No

Read more: To get the best price on term life insurance, stay online

However, you aren’t guaranteed a low rate. Life insurance premiums are personalized based on factors like your age, health, family medical history, gender, and the type and amount of coverage you want. Walnut makes it easy to get a quote in just a few seconds, so you can compare Walnut’s prices to other companies before you buy a policy.

Walnut Insurance features

Term lengths

Walnut Insurance only offers term life insurance in two term lengths — 10 years and 20 years. After the term ends, your coverage ends, and you have to reapply for a new policy if you want to continue your coverage. For comparison, most traditional life insurance companies offer terms of up to 30 years, and many offer term lengths in increments of 5 years for more flexibility.

Coverage limits

With Walnut Insurance, you can get a term life policy with coverage between $50,000 and $1 million. If you need more than $1 million in coverage, you’ll need to look elsewhere. However, there are plenty of other life insurance companies that offer coverage limits of $5 million and even higher, if you don’t mind paying a more expensive rate.

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Read more: Calculator: how much life insurance do I need?

Member perks

One of the standout features of Walnut Insurance is its member perks. When you buy a life insurance policy, you have the option to enroll in the member benefits program for a few extra dollars per month.

Through the program, you can get access to wellness-related services, including Headspace for meditation, ClassPass for digital fitness classes, and Dashlane, which is a password manager that can help protect your online identity.

My personal thoughts on Walnut Insurance

Overall, I think Walnut Insurance is a good option for young adults who are in the market for a life insurance policy. It’s easy to get a quote online and purchase a policy, there are no medical exams required, and the policies are underwritten by SBLI, which is a reputable provider.

However, I feel like Walnut Insurance could offer more term lengths and a few riders that would allow you to customize your coverage. If you’re looking for anything other than a very basic term life insurance policy, Walnut Insurance is probably not going to meet your needs.

Who is Walnut Insurance best for?

People who want term life insurance, fast

If you want a term life insurance policy, Walnut Insurance is a good choice. The coverage limits are sufficient for most people, and there is no medical exam required. Plus, if you get approved, you can purchase life insurance on the spot — no waiting period necessary.

People who want access to cool member benefits

One of my favorite things about Walnut Insurance is that it offers unique members benefits that you won’t find from most other life insurance providers. You can pay a little bit extra and get access to cool services like the Headspace meditation app and ClassPass, which offers video-on-demand workout classes.

People who want to purchase life insurance 100% online

Walnut Insurance operates entirely online, so it’s perfect if you want to avoid working with an agent or calling to get a quote. You can get a quote anytime, anywhere, and purchase a policy from behind your computer screen. It doesn’t get much easier than that.

Who is Walnut Insurance not ideal for?

People who live in New York or North Carolina

Walnut Insurance is licensed to sell coverage in most states, except New York and North Carolina. If you live in one of these states, you won’t be able to purchase coverage from Walnut.

People who want permanent life insurance

The only policy available from Walnut is term life insurance. If you want a permanent policy, like whole life or universal life, you should look into a different provider.

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Read more: Term vs. whole life insurance: What’s the difference?

People looking for life insurance riders

Walnut Insurance doesn’t offer any life insurance riders, which are optional policies that can fill gaps in your coverage. Most life insurance companies, including some online providers, offer at least a few riders.

Pros & cons


  • Generous coverage limits. Through Walnut, you can choose a death benefit of up to $1 million.
  • Member perks program. Customers can opt in to the member perks program to get free access to apps like Headspace, ClassPass, and Dashlane.
  • No medical exams. Walnut’s term life insurance policies never require a medical exam, so you can get coverage online with no waiting period.


  • No permanent life insurance. Walnut doesn’t sell any permanent life insurance policies, such as whole, universal, or indexed universal life insurance.
  • Only two term lengths. You can only choose a term period of 10 or 20 years. Many other life insurance companies offer more flexible term lengths, usually in five-year increments.
  • No riders. Walnut Insurance does not sell any optional riders, nor do the policies include any built-in riders, like accelerated death benefits.

Walnut Insurance vs. the competition


Help Protect Your Family’s Future With Lemonade - Bestow

Bestow is another digital life insurance provider that is simplifying life insurance. The only policy available is term life insurance, but you can choose term lengths of 10, 15, 20, 25, or 30 years. Bestow also offers slightly higher coverage limits than Walnut Insurance. It’s easy to get a quote online without a medical exam, and if you get approved, you can buy a policy on the spot.

Get a quote from Bestow or read our full review.


E-Bike Insurance: Everything You Need To Know - Lemonade

Lemonade is well-known for its affordable renters insurance, but it also sells term life insurance policies. You can get up to $1.5 million in coverage over 10, 15, 20, 25, or 30 years. Lemonade advertises that its policies start at just $9 per month, so it could be a slightly cheaper option than Walnut, depending on your age, health, and personal circumstances. We also like that you can pay your Lemonade life insurance premium with a credit card.

Get a quote from Lemonade or read our full review.


In a nutshell (pun intended), Walnut Insurance is a an impressive life insurance provider for young people, whether you’re single or have a family that you want to protect. It’s easy to apply, the policies are advertised as being affordable (remember, this is subjective), and you can take advantage of the member perks for a few dollars more each month.

Even if you aren’t entirely sold, it’s worth getting a quote — as it only takes a few seconds on your phone or computer.

Featured image: SewCream/Shutterstock.com

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