Online Life Insurance Companies

Wyshbox life insurance review

insure logo

Why you can trust Insure.com

quality icon

Quality Verified

At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain our editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria.

Best for: People with growing families

Our take: Generally, life insurance rates go up with age. If you don’t purchase enough coverage now and need to buy more later, it’ll usually cost you. But that’s what makes Wyshbox different is that you can add more coverage to your policy later without the higher price tag attached. If you have maintained your health, Wyshbox will charge you the same rate that you received when you originally signed up for the policy (with caveats). This feature is ideal for growing families. With every new child or a bigger house, your financial obligations are going up — and your life insurance coverage needs are too.

Wyshbox allows customers to purchase a term life insurance policy quickly. But what makes the online insurer stand out from the rest is its rewards system — if you remain in good health as you age, you can get more coverage without paying a higher premium. A Wyshbox policy is especially useful to those who may have more financial obligations in the future, such as those growing their family.

What Wyshbox has to say: Alex Matjanec, CEO of Wyshbox, says Wyshbox’s flexible coverage structure helps growing families make smart financial decisions. If you have too much coverage, you can decrease it. Likewise, if your life insurance needs increase a few years later — say you get a new mortgage or have a new baby— you can add more coverage to your policy. And if you’re in the same health as you were when you originally bought coverage, you’ll get the same rate — leaving more money for you to invest in your family.

Wyshbox also offers some of the lowest rates of the companies Insure.com reviewed.

Pros:

  • Has a coverage calculator to help you figure out your life insurance needs
  • If you need more coverage later in life and maintain your health, you can add it on without paying more
  • Application takes under 10 minutes

Cons:

  • Chat is only available Monday-Friday, 9 a.m. to 5 p.m. ET
  • As a new company, there is not much third-party information available about Wyshbox

Wyshbox’s third-party ratings

Trustworthiness
NR
Financial Strength
A-
Customer Experience
4

*NR = not rated

Trustworthiness: The Better Business Bureau evaluates businesses on their behavior, trustworthiness, and performance. A business with a high ranking from the BBB can be trusted to meet its commitments.

Financial strength: A.M. Best evaluates a company’s financial health and its ability to meet its financial obligations. A.M. Best gives Wyshbox an A-.

Customer experience: Trustpilot is an online platform for individuals to provide reviews of companies and their customer experience. Trustpilot gives Wyshbox a rating of 4 out of a possible 5. Scores as of October 4, 2022.

How Wyshbox stacks up against selected competitors

Third-party ratings Wyshbox  Ethos Lemonade SoFi
Trustworthiness NR A+  NR A+
Financial Strength A- A+ NR A+
Customer Experience 4 4.6 4.5

*NR = not rated

More details about Wyshbox life insurance

Policies offered:

  • Life products offered: Term life

Other coverage:

  • All policies offer the option of extending coverage until your 65th birthday.

Rates:

  • Term life insurance coverage starts as low as $9 per month for a $155,000 policy.

Other details:

  • Application time: Less than 10 minutes and the company offers instant decisions for qualified applicants.
  • Ages and coverage limits: Anyone between the ages of 18 and 45 can get up to $2.5 million in coverage. Policy length is flexible from two- to 35- years.
  • Medical requirements: The company offers life insurance without a medical exam, although customers are required to provide a medical history when applying for a policy.

Additional product line details: Wyshbox’s term offering can be personalized to suit your specific needs. For example, while many companies sell policies in increments of 5 or 10, with Wyshbox, you can get a policy for any term you need.

In fact, Matjanec says that the average term length Wyshbox sells is 18.45 years. But people can get policies for as little as a year or two if they prefer.

How much does Wyshbox life insurance cost?

For healthy non-smokers:

The following table shows Wyshbox’s monthly rates by age and gender for healthy non-smokers purchasing 20-year term policies.

Age Gender $500,000 in coverage
25 Female $11.96
25 Male $20.53
35 Female $20.03
35 Male $28.96
45 Female $38.51
45 Male $51.80
55 Female N/A
55 Male N/A

How its rates stack up:

The following table shows how Wyshbox’s monthly rates for a healthy 35-year-old compares with selected competitors for $500,000 in coverage.

Gender Wyshbox Fabric Ladder Bestow
Female $20.03 $20.62 $20.10 $23.08
Male $28.96 $23.72 $22.80 $30.58

Company background: Wyshbox was launched in 2021 as a strategic partnership between Matjanec and Northwestern Mutual and is a fully licensed insurance carrier. The company allows customers to customize term life policies by selecting how they’d like their life insurance spent. These areas, or “wyshes” as the company calls them, include paying off your mortgage, covering college tuition for your children, or even boosting retirement savings for your spouse.

Interesting tidbit: Wyshbox has a team of “Wysh Granters,” a claims-service group that works with customers to customize policies, answer insurance and claims questions, and even help beneficiaries handle final requests – such as partnering with lenders to pay debts.

Policyholders will note what their “wyshes” are — or what financial obligations need to be covered by their policy — and Wyshbox will handle the payout. The rest will be given to the beneficiaries.

States where Wyshbox is available

Graph
Table
States where Wyshbox is available
Alaska
Arizona
Arkansas
Delaware
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Montana
Nebraska
Nevada
New Mexico
North Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
Tennessee
Texas
Utah
Virginia
West Virginia
Wisconsin
Wyoming
AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY
Available
Not available

About Wyshbox

  • Company address: 720 E. Wisconsin Avenue, Milwaukee, WI 53202
  • Company website: https://www.wyshbox.com/
  • Company email: support@wyshbox.com
  • Company phone: 844-997-4457

Similar companies