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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
*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 4.5 out of a possible 5 as of April 27, 2023.
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 | 4.5 | 4.6 | 4.5 | 4 |
*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 $4.57 per month for a $50,000 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, the marketing name of Wysh Life and Health Insurance Company, received its initial insurance license in 1972 and is a fully licensed insurance carrier. The company has previously been known as Greenhouse Life Insurance Co. and, before that, under a handful of other names, including National Teachers Life Insurance Company, Advanta Life Insurance, Smart Insurance and United Prosperity Life Insurance. “Wyshbox,” Wysh’s digital platform, was launched in 2021 as a strategic partnership between Wysh’s Founder Alex Matjanec and Northwestern Mutual. 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
