Wysh Life Insurance: Legit Or A Scam?

Wysh is a life insurance company that offers flexible, fast, and easy plans that can be tailored to customers' specific needs. The company provides term life insurance, which is a coverage type that protects the policyholder for a specific amount of time, usually from one year to 30 years. During this period, the policyholder pays premiums to maintain the account, and if they die, their beneficiaries will receive a death benefit payout. Wysh's plans are hyper-personalized and designed to meet the unique needs of each customer, with no extra costs or fees. The company has received mostly positive reviews, with many customers praising the simplicity and convenience of the application process, as well as the competitiveness of their prices. However, there have been a few negative reviews, including issues with fraudulent billing and account access. Wysh is rated 'Excellent' on Trustpilot and is an AM Best A- Rated Life Insurance Carrier, indicating its ability to meet its ongoing insurance obligations.

Wysh's Trustpilot reviews

Wysh has an 'Excellent' rating on Trustpilot, with 4 or 5 stars depending on the source. The company has replied to negative reviews, addressing concerns and apologising for any issues.

Many reviews praise Wysh for its ease of use, with customers reporting that the application process is "super easy", "quick and easy", "simple and clear", and "straightforward". One customer said that the "technology platform was easy to use and very thorough from the website to follow-up emails and texts". The ability to avoid a medical examination is also mentioned in several reviews, with one customer saying that this was the "selling point" for them.

Some customers report issues with their accounts being locked, unexpected billing, and unexpected policy purchases. However, Wysh has replied to these reviews, apologising and offering assistance.

Overall, Wysh appears to be well-regarded by its customers, with many positive reviews praising the company's ease of use, competitive prices, and excellent customer service.

Wysh's insurance partners

In addition to these partnerships, Wysh has also received endorsements from several notable institutions. For example, the Chief Operations Officer of UNest praised Wysh's Life Benefit product, stating that it "added value for our members, allowing them to build protection for their family as they are building investments for their child's future and simultaneously increasing the value of the UNest membership." Similarly, Benjamin Maxim, Chief Innovation Officer of Michigan State University Federal Credit Union, expressed confidence in Wysh's ability to provide peace of mind to its customers while improving deposit strategies.

Wysh's innovative approach to life insurance has also attracted attention from various media outlets, including WSJ, CNN, Forbes, TechCrunch, and Money.com. The company's digital presence and customer-centric model have positioned it as a "digital disruptor" in the insurance industry.

Wysh's insurance coverage

Wysh's term life insurance helps protect the customer's loved ones, while their Savings+ account offers a high-yield savings account with an additional life insurance payout of up to $10,000. There are no minimums, medical exams, or hidden fees associated with the Savings+ account. The benefit is calculated as a percentage, set by Wysh Financial, multiplied by the average of the monthly trailing average balance of the customer's account for the prior three months. For customers between the ages of 18 and 64, the benefit is 10%, while for customers between the ages of 65 and 79, it is 1%. The maximum benefit is $10,000, and coverage becomes effective 91 days after opening an eligible account.

Wysh also offers Life Benefit, which embeds up to $20,000 of micro life insurance coverage equal to 10% of an account holder's deposits. This coverage increases or decreases as deposits change each month, and the benefit is paid directly to the account upon the account holder's death. Life Benefit is designed to help financial institutions differentiate themselves, manage costs, and appeal to younger audiences.

Wysh's insurance application process

To start, applicants create a personalised plan using Wysh's Wysh Builder tool, which helps them identify their "Wyshes" (financial needs) and calculate the exact coverage required. The next step involves answering a few background and health status questions to determine eligibility and finalise the plan.

One of Wysh's key selling points is the absence of medical underwriting or exams, which appeals to those who dislike needles or have busy lifestyles. The application process is also noted to be free of hard sales pitches, lengthy contracts, or other inconveniences.

Overall, Wysh's insurance application process is designed to be straightforward and user-friendly, allowing individuals to secure the financial protection they need without unnecessary complexity or hassle.

Wysh's insurance cancellation policy

Wysh Life and Health Insurance Company offers term life insurance plans that can be cancelled at any time. If you cancel within the first 30 days, you will receive a full refund. After this period, you can still cancel your plan, but you will not be refunded.

To cancel your plan, you can manage your settings directly from your Wysh account. Alternatively, you can contact Wysh's customer service team, known as Wysh Granters, via live chat, email, or telephone.

It is important to note that if you choose to increase your coverage or extend the term of your policy, you may be required to undergo additional underwriting. In this case, Wysh Life and Health Insurance Company reserves the right to deny an extension or increase in coverage if your underlying health and life conditions have changed. Changes in underlying health and life conditions may also result in additional premium costs that will vary depending on the specific circumstances of each customer.

Wysh has received generally positive reviews for its insurance services on Trustpilot, with an overall rating of "Excellent". Many customers have praised the company for its competitive prices, user-friendly website, and simple application process. However, there are also a few negative reviews, including one instance of fraudulent billing. It is worth noting that Wysh has replied to this particular review, stating that any unauthorized charges need to be reported to the customer's credit card company.

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