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Premiums and coverage are guaranteed for your entire term. Plus, you can renew your policy at the end of your term.
Premiums are typically lower than for other types of life insurance, making term life insurance a good option if you have a growing family.
Convert your policy into permanent or universal life insurance until you are age 71, without health questions or a medical exam.2
Convenient: Get an online quote instantly and apply in as little as 15 minutes
No Medical Exam: You may be eligible to receive coverage without having a medical examination
Coverage Available: $50,000 - $1,000,0007
Affordable: Policies start as low as $12.67 per month6
Tax-Free Benefit: Your beneficiary or estate receives the death benefit tax-free3
Convertible: Convert your policy to a permanent policy such as RBC Growth Insurance without providing additional medical evidence2
Exchangeable: Exchange a Simplified Term 10 policy for a Term 15, 20 or 30 policy without providing medical evidence8
Accidental Death Benefit: In the case of accidental death, your beneficiary could receive additional life insurance benefit amount9
If you die during the time period when coverage is in effect, your policy provides a tax-free4 death benefit in the amount of your coverage to your beneficiaries or your estate.
During the application process, if we are given incorrect or incomplete information regarding health, lifestyle or smoking habits, we reserve the right to deny your benefit.
Our team at Walnut is on a mission to make life insurance accessible and improve the lives of our members with access to valuable member benefits.
Accessible Pricing: We’re spearheading price-first life insurance memberships to create a transparent and trustworthy online buying experience. You’ll always know how much you’re paying right from the start. You can feel comfortable that you’ll never be blindsided by additional fees or commissions.
Member Benefits: To help you live your best life our memberships include access to relevant products and services in addition to your life insurance. These are included as part of your monthly payment and you’ll have access as long as your membership is active.
Walnut currently offers term life insurance available in 10-year terms and 20-year terms. Walnut does not offer whole or universal life products, but you can talk to an RBC Insurance advisor who can provide those options.
Term life insurance is one of the most affordable ways to ensure your family is protected financially in the event of your passing. "Term" is the set amount of time that the insurance will last. To determine the right length of time you would want to consider your financial liabilities; mortgage, loans, debt, and end-of-life expenses. Given this type of insurance is for a set period, if you were to outlive the term you would not receive any return on the premium. Your family would also not receive a death benefit.
There are multiple reasons someone would prefer to choose term life insurance. The premium prices are much more affordable, if you need something that would protect your family but are on a budget this is the perfect option. It's also great if you have a family with a mortgage, debt, loans, or want to put your kids through college. This is equally important to have if you have shared investments with a serious partner or even a business partner, the policy would help to protect them from financial loss or burden. The length of the policy would reflect how long you would need to protect your loved ones to cover your finances in the event of an unexpected death.
Consider the obligations and individuals you may want to take care of. Are there debts, including mortgages, that you would like to cover in case you pass away? Dependents like spouses or children who depend on your income for everyday expenses or for education? Funeral and other final expenses? And then reduce that amount by any liquid assets like cash, savings, or other investments that could be made available to loved ones immediately.
You can access the Walnut Life Insurance Calculator to help you understand how much coverage may be suitable.
For the RBC Simplified® Term Life Insurance product, the beneficiary is defaulted to the estate in order to streamline the online purchase process. You may change the beneficiary after your policy has been issued by submitting a signed Change of Beneficiary form which will be sent with your policy package in the mail.
This greatly depends on what the serious medical condition is. This should not stop you from reaching out to an insurance provider to see if you would qualify. In general, most pre-existing conditions will get a rating, making your premium higher. What is important is to get covered with insurance the sooner the better, because if you do have a medical condition this puts you at greater risk of earlier or an unexpected death.
In the event that you are having trouble with your application online, please know that we are here to help. To chat with us, you can contact us through the live support on our site or email us at email@example.com.