Nowly Life Insurance review

Nowly is a division of Teachers Life Insurance, an established Canadian insurance company. It is a digital-first brand that offers simple term life insurance with a 30-day money back guarantee and access to special health benefits. Apply today to get your free quote.

30-second take

• Consider Nowly term life insurance if you want low premiums, healthy living benefits and a money back guarantee.

• Choose something else if you’re over the age of 60 or you would rather get whole life insurance.

What insurance coverage options does Nowly offer?

Nowly offers term life insurance only. It does not offer other forms of insurance such as permanent life insurance, disability or critical illness coverage.

Nowly term insurance

Nowly term insurance comes with the following features:

• Policies available for 10, 15, 20 or 25 years
• You must be between the ages of 18 and 60 to apply
• Applicants aged 18 to 45 years may qualify for up to $1 million in coverage; older applicants can still apply but will qualify for less
• Instant coverage lets you enjoy benefits within minutes of applying

How much will I pay for Nowly Life Insurance?

Nowly term insurance can cost as little as $5 each month, but this will be for the minimum age (18) and the minimum level of coverage ($100,000). You’ll usually pay more if you’re older, have a longer term or want the maximum coverage amount.

Sample Nowly Life Insurance coverage

We generated quotes for a 35-year-old and a 60-year-old woman living in BC to show how your monthly Nowly Life Insurance premiums might vary based on a number of factors.

The sample coverage below is for a 35-year-old non-smoking woman living in BC.

Coverage level	Term	Cost
$100,000	10 years	$8.25 per month
	25 years	$12.17 per month
$500,000	10 years	$17.92 per month
	25 years	$35.00 per month
$1 million	10 years	$35.83 per month
	25 years	$70.00 per month

The sample coverage below is for a 60-year-old non-smoking woman living in BC

Coverage level	Term	Cost
$100,000	10 years	$32.75 per month
$150,000	10 years	$47.37 per month

As you can see, you’ll pay much less on a 10-year term if you’re 35 than you will if you’re 60. You’ll also have more coverage and term options when you’re younger.

What coverage levels am I eligible for?

The maximum coverage you can qualify for with Nowly Life Insurance will depend on your age, as outlined in the table below.

Age	Maximum coverage
18 – 45 years old	$1 million
46 – 50 years old	$500,000
51 – 55 years old	$250,000
56 – 60 years old	$150,000

What are the benefits of Nowly Life Insurance?

• Online application. You can apply for a Nowly Life Insurance policy from the comfort of your own home.
• Affordable rates. Premiums start as low as $5 per month and stay the same for the duration of your policy.
• No medical exam. There’s no need to go to the doctor for a full medical exam to qualify.
• Money back guarantee. You’ll have 30 days to test out your policy, and you can request your money back if it’s not a good fit.
• Health benefits. Members earn benefits such as free access to a wellness program and a $50 annual rebate towards fitness or mental health programs.
• Available across Canada. You can qualify for Nowly life insurance in any province except for Quebec.

What should I watch out for?

• Limited offerings. You can only apply for Nowly term insurance. Whole life insurance and disability/critical illness insurance aren’t available.
• Coverage limited by age. You’ll get reduced Nowly Life Insurance coverage ($150,000 to $500,000) if you’re 45 to 60 years old. There’s no coverage for applicants over 60.
• Term length limited by age. You’ll only be able to apply for 10 years’ worth of Nowly Life Insurance as you near the age of 60.
• Non-renewable. You’ll have to be reassessed for your policy and your premiums may go up each time you reapply for a new term.

How to apply for Nowly Life Insurance

Follow these steps to apply for Nowly Life Insurance:

1. Visit Nowly and click “Get a quote” in the top right-hand corner of the main page.
2. Input your sex, date of birth and province of residence to start the quote process. You’ll also need to indicate if you’re a smoker.
3. Provide additional personal information such as your name, email address and phone number to load the quote page.
4. Use the slider at the top of the quote page to set the level of Nowly Life Insurance coverage you want. This will populate a list of quotes for different terms.
5. Select “Apply” next to the option you’re interested in. You’ll then be prompted to enter more personal information.
6. This may include info about pre-existing conditions or lifestyle habits that could affect your Nowly Life Insurance premiums.
7. Input your payment information to sign up for the Nowly term insurance you want.

Eligibility requirements

To apply for Nowly Life Insurance, you need to meet the following criteria:

• Be a citizen or resident of Canada
• Be between the ages of 18 and 60
• Have a Canadian photo ID

Nowly Life Insurance is currently not available to residents of Quebec.

How to contact Nowly Life Insurance

You can contact Nowly Life Insurance via email or by calling its toll-free number. You can also log in to the member portal to ask questions directly on your account.

Compare Nowly with other life insurance providers

Frequently asked questions about Nowly Life Insurance

• Who owns Nowly Life Insurance?

  Nowly Life Insurance is the digital arm of Teachers Life Insurance Society, which has been providing life insurance in Canada for over 80 years. All Nowly term insurance policies are underwritten by Teachers Life.

• How much will my Nowly Life Insurance premiums be each month?

  This depends on factors such as your age, term length, coverage levels and more. While Nowly advertises premiums starting at $5 per month, you’ll likely pay more if you want a higher level of Nowly term insurance coverage.

• Can I apply for coverage over the age of 60?

  Unfortunately, no. You’ll only be eligible for Nowly Life Insurance between the ages of 18 and 60 years old. If you’re nearing the age of 60, you’ll also be limited to a 10-year term and $150,000 of coverage.

• What kind of health benefits will I get included with my Nowly Life Insurance?

  You’ll get access to the Nowly Virtual Wellness Program, which comes with a broad range of health and wellness learning resources. You'll also get an annual $50 rebate toward any health and wellness program, app or gym membership.