Convenient and great prices
Pros
- Coverage calculator tool to determine life insurance requirements
- Flexible coverage expansion
- Quick application process
Cons
- Limited chat support availability
- Limited third-party information
About Wyshbox Life Insurance
Wyshbox, established in 2021, is an innovative online term life insurance company dedicated to crafting tailor-made life insurance policies. Positioned as a “digital disruptor,” Wyshbox strives to revolutionize the process of designing and acquiring term life insurance through the power of technology. By enabling customers to personalize their coverage based on their unique “Wyshes,” the aspects of their financial life they wish to address both during their lifetime and in the event of an untimely demise, Wyshbox offers a groundbreaking approach to purchasing life insurance.
Policy Coverage
Wyshbox offers individuals between the ages of 18 and 45 the opportunity to obtain life insurance coverage of up to $2.5 million. The company provides flexibility in policy length, allowing policyholders to choose a term that ranges from two to 35 years.
Wyshbox’s adaptable coverage structure empowers growing families to make prudent financial choices. In the event that you have excess coverage, Wyshbox allows you to reduce it accordingly. Conversely, if your life insurance requirements expand in subsequent years, such as obtaining a new mortgage or welcoming a new baby, you have the flexibility to increase your coverage under the policy. Moreover, if your health remains unchanged since your initial purchase of coverage, Wyshbox ensures that you will maintain the same rate, enabling you to allocate more funds toward investing in your family’s future.
Types of Policies
Wyshbox is different from other life insurance companies because it doesn’t give you a regular life insurance policy with fixed time limits and specific amounts for payouts when you pass away. Instead, Wyshbox wants to know what matters most to you and creates a special plan just for you based on your answers. It’s all about personalizing your life insurance to fit your needs and priorities.
The company provides a Wysh Builder tool that helps you to easily determine the perfect coverage amount you need. You have the freedom to focus on specific areas when creating your “wyshes.” These areas include:
Debt: It helps families avoid financial burdens like student loans, mortgages, credit card debts and car payments.
Loved-ones: It allows you to save for your children’s education, provide for your dear ones, ensure your partner is supported, take care of your pets or plants.
Loose-end: It helps you be ready for unexpected things like medical bills, funeral expenses, rent payments or any other surprises that may come your way.
Legacy: It allows you to fulfill your wishes even after you’re gone. You can plan things like gifting your daughter a dream wedding, or leaving behind cash as a gift to your son, supporting your favorite charity, or any other unique legacy you want to leave after you.
The Wysh Granters at the company handle all the claim settlements and work closely with your bank and also lenders. This means that your family doesn’t need to stress about the entire process during such challenging times. They’ll take care of everything for you.
Cost of a Policy
For term life insurance, coverage can begin as low as $4.57 per month for a policy amount of $50,000. One notable feature of Wyshbox is that they offer life insurance without the need for a medical exam. Wyshbox provides the option to extend coverage until the policyholder’s 65th birthday across all their policies.
The following table shows Wyshbox’s monthly rates by age and gender for healthy non-smokers purchasing 20-year term policies with $500,000 coverage.
| Age | Male | Female |
| 25 | $20.53 | $11.96 |
| 35 | $28.96 | $20.03 |
| 45 | 51.80 | $38.51 |
Reliability
Wyshbox plans are underwritten by Wysh Life and Health Insurance Company. To further ensure the financial stability and security of its policyholders, Wysh Life and Health Insurance Company has entered into a reinsurance agreement with Hannover Life Reassurance Company of America, a member of the Hannover Re Group that is rated A+ by AM Best. In July 2021, AM Best assigned Wysh Life and Health Insurance Company an A- rating.
Is Wyshbox Right for You?
What sets Wyshbox apart is its unique ability to offer additional coverage to policyholders without incurring higher premiums. As long as individuals have maintained their good health, Wyshbox ensures that they will continue to pay the same rate they initially received when they first enrolled in the policy, albeit with certain conditions.
This particular feature is especially advantageous for expanding families. With the arrival of new children or the acquisition of a larger house, financial responsibilities increase, necessitating a corresponding rise in life insurance coverage. Wyshbox effectively caters to these evolving needs.
