Despite the important benefits that come with a comprehensive life insurance policy, roughly 40% of Canadians don’t have life insurance. If you’ve been considering buying a life insurance plan but are worried about the cost or the process of finding the right one, nowly is a new Canadian life insurance provider that’s worth looking into.
Who Is nowly?
Launched on February 14, 2022, nowly is a life insurance provider that offers instant online coverage and digital delivery for their policies. They’re currently a division of another major Canadian company called Teachers Life Insurance, which has been providing educational workers with insurance benefits for over 80 years.
As a nowly member, you can access their innovative Virtual Wellness Program, powered by Virgin Pulse, a customer portal app (iOS or Android) and up to $1 million in coverage with premiums starting as low as $5 a month. It only takes a few minutes to apply online with a great user experience.
What Benefits Do You Get With nowly Term Life Insurance?
Here are some of the primary benefits you get with a nowly term life insurance policy:
Coverage Amount
As mentioned, nowly clients may receive up to $1,000,000 of life insurance coverage. The total amount of coverage you can qualify for depends mainly on how old you are at the time of application.
Coverage Term
nowly offers protection terms of 10, 15, 20 or 25 years. Your maximum coverage eligibility period varies according to your age.
nowly Give Back Program
One of nowly’s biggest highlights is their give-back program, otherwise known as Press Start. This free program offers curated support for Canadian social-preneurs, as well as these features to help prospective businesses:
- Lists to improve business toolkits (must-haves, partner organizations, etc.).
- Access to financing through nowly’s partners (micro-loans, peer-to-peer, etc.).
- Access to the Press Start Program’s CoLab event (set to launch in mid-2022).
nowly Healthy Living Now
With your nowly membership, you’ll also get complimentary and totally confidential access to the platform’s Virtual Health & Wellness Program, which is powered by Virgin Pulse. This culture-first, secure technology solution makes living healthy fun using these perks:
- 37+ different content channels.
- 2750+ daily micro-learning cards to increase your health knowledge.
- 400+ healthy habit trackers, challenges, and AI-driven recommendations.
- 80+ group health challenges (up to 10 other participants may join for free).
- 39+ digital coaching journeys covering nutrition, sleep and other issues.
Plus, nowly members are entitled to a yearly $50 Healthy Living rebate for almost any health or wellness program, gym membership or app (some exceptions apply).
Eligibility Requirements For nowly Term Life Insurance
When applying for traditional life insurance, normally you’d have to fill in all sorts of information about your health and living situation and paper applications before the provider can give you an accurate price quote for your policy. However, nowly’s approval process is simpler. To get a quote (and potentially qualify), you just need to be a Canadian between the ages of 18 and 60. It takes only minutes online to get a quote and apply for coverage.
When signing up for nowly term life insurance or requesting your quote, you’ll also have to provide your:
- Sex at birth
- Date of birth
- Province or territory
- Smoker status
Remember, the level of life insurance coverage you qualify for can vary from $100,000 to $1 million depending on your age, general health, and chosen term. For instance, here are the maximum coverage limits available per age range, according to nowly’s restrictions:
- Ages 18 – 45 = $1,000,000
- Ages 46 – 50 = $500,000
- Ages 51 – 55 = $250,000
- Ages 56 – 60 = $150,000
How To Apply For nowly Term Life Insurance
Applying for a nowly term life insurance policy is relatively easy and can be done 100% online. Just follow these steps:
- Find the Right Coverage – The first thing you’ll need to decide is what kind of coverage you qualify for, which is based mainly on your age. Essentially, if you’re older or living a risky lifestyle, you may be eligible for less protection.
- Select a Coverage Term – If you aren’t going to buy permanent life insurance, nowly offers coverage terms of 10, 15, 20 or 25 years. Make sure to consider your personal circumstances and health situation carefully before you apply.
- Fill Out the Health Questions – During the application process, you’ll also have to answer health questions to help determine your premium, like whether you habitually consume tobacco or alcohol and what health condition(s) you have.
- Get Approved & Set Up Payment and Portal – Once you pass the minimum requirements and qualify for coverage, you can finalize your nowly application and start paying your monthly premium through your credit card.
What Makes nowly Term Life Insurance Different?
There are plenty of positive things to say about nowly term life insurance, including:
- Affordable – With monthly premiums starting at just $5 a month, nowly has become one of the more reasonably priced online insurance providers in Canada.
- 30-Day Money Back – If you can’t afford or aren’t happy with your nowly insurance plan, you can cancel it at any time during the first 30 days and receive a full refund.
- Fast Approval – nowly has a nearly instant auto-approval process that lets you submit your application and obtain coverage within a few minutes.
- No Medical Exam – nowly also has easy requirements compared to other insurers in Canada. You don’t even need a medical exam to apply for term life insurance.
- High Coverage Amounts – If you’re between certain ages and in good health, you can qualify for up to $1,000,000 in life insurance.
- Health & Wellness Program – Regularly using nowly’s Virtual Wellness Program can be an effective and convenient way to improve your general health for free.
- Healthy Living Rebate – As a nowly member, you’re also entitled to an annual $50 rebate on eligible gym memberships, health programs and wellness apps. (some restrictions apply)
Drawbacks Of nowly Term Life Insurance
Unfortunately, nowly insurance plans come with a few drawbacks to consider, such as:
- Not Convertible Or Renewable – You can’t change your nowly policy during its term or renew it with the same conditions when it ends.
- Maximum Coverage Varies By Age – Anyone who’s over 45 won’t be able to access the full coverage amount of $1 million, and only those aged 18 to 60 can qualify with nowly.
- Not Available In Quebec – For the time being, nowly’s life insurance and health services are accessible in every province and territory except Quebec. That said, nowly has plans to launch in Quebec at a later date.
Should You Get Term Life Insurance With nowly?
Buying life insurance is important, so it’s best to do research and think about the type of coverage you need prior to signing up. For example, nowly is a solid choice if you want:
- Near-instant coverage with easy requirements and zero medical exam
- An affordable premium starting as low as $5 monthly
- A coverage term of 10 to 25 years
- $100,000 – $1,000,000 of life insurance
- World-class healthy living benefits and social-preneur business tools
Frequently Asked Questions
What can I use my nowly term life insurance for?
Where can I access my nowly insurance policy?
How does nowly give back?
Bottom Line
Looking for an easy, straightforward, and affordable life insurance policy that you can apply for online? nowly’s term life insurance policy is a great option. They offer competitive rates, no medical exams, instant coverage, and a 30-day money back offer.
