Buying life insurance has been on my “adulting” checklist for a while now. But before I dive in, I want to get some straightforward answers around life insurance and the process of buying it.
I had the pleasure of asking these questions in a conversation with life insurance expert, Matt Provost. Spoiler alert, nowly is unbelievably affordable, easy to get, and supports a healthy living lifestyle – I’m in!
Laura: So Matt, many people think life insurance is boring and complicated, but nowly takes a different approach. What would you say is your favourite part about the insurance nowly offers?
Matt: There is much to like about the nowly insurance offering. If I have to say just one thing it would be how simple the process is. The insurance process for my parents’ generation was a struggle. Long paper/form applications, required medical tests, additional documentation. Getting insurance could take weeks. What I appreciate most about nowly is that weeks is now minutes and complicated is now simple.
Laura: Life insurance tends to have a reputation for being valuable to older adults, why should people care about life insurance when they’re young?
Matt: There are two primary reasons to care about it when you are young:
- First, it is more affordable when you’re younger. There are products now available where you can lock in your monthly premium throughout your term. As you get older that premium typically increases. if you buy when you’re younger, your total costs are typically more budget friendly.
- The second reason is simple: You don’t have to be older to have someone depend on you. Do you have kids, pets or elderly parents? What about a spouse, significant other or family members who would be impacted financially if the unexpected happened? Nobody wants to need life insurance when they are young, but many do. Two questions to ask yourself are: do I have anybody in my life that would be hurt financially if I were to die? Do I want to protect those people from that situation? If the answer to both is yes, it might be time to start looking into your options.
Laura: nowly likes to be playful and say that their life insurance is faster and cheaper than food delivery. Is that really true?
Matt: Based on personal experience, I am happy to report this is more than just being playful - this is actually true. My typical food delivery takes quite a bit longer than our application process. The other piece I would like to add is there are no surprise additional costs when you get to the submit your order page for nowly insurance.
Laura: Wait, so I can protect my loved ones for the same price as one of my oat milk lattes?
Matt: While I am not an oat milk latte expert, I can say the term life insurance we offer is quite affordable. Much like the unique preferences of a fancy coffee can impact the cost, the exact price of life insurance will differ for each individual.
This is why we created a simple, easy-to-use quoting tool that anyone can use online. Spend about 60 seconds inputting your personal details and you will instantly generate a quote customized for you from nowly.
Laura: Will the rates stay affordable? Adulting is way too expensive and I like to stay budget friendly.
Matt: With most life insurance, rates will rise as you get older. This is one of the reasons why people will be encouraged to buy while they are young. Our nowly term life insurance has a level premium throughout your term.
What this means is if you sign up for a term that takes you from your 20s or 30s into your 40s and 50s, you don’t have to worry about paying the increased rates that a 40 or 50-year-old might expect. You have already locked in your affordable rate.
Laura: Life is a little… hectic right now. Is the application lengthy and complicated?
Matt: This is a common concern for people considering life insurance. They know the value in it for their family, but are concerned they just don’t have the time for it. Because of this, we have prioritized a quick and simple process. A quote takes under 60 seconds and the application takes between 10 and 15 minutes. I would consider it a simplified application compared to many life insurance products of the past.
Laura: Okay, this is starting to sound too good. Are there any other perks to being a nowly Member?
Matt: This feels like a ‘but wait there’s more’ moment…but that actually is in this case, so here goes. All nowly Members have access to our $50 annual healthy living rebate. The rebate can reimburse you for up to $50 towards any health and wellness app, fitness class, gym, yoga, etc. Separate to the rebate, all members also get complimentary access to the nowly virtual wellness program powered by Virgin Pulse. A confidential and complimentary best-in-class online health and wellness program.
Laura: That’s it, I’m in. Where can I go to apply?
Matt: Click on the link for nowly.ca and get started. Remember if you have any questions during the process, we have an advisor available to help.
Laura: Thank you again Matt for taking the time to chat. Trying to find these answers online was getting a little overwhelming and now I feel like a mini insurance expert myself (at least compared to before). You can start your simple application process on nowly.ca and talk to awesome advisors like Matt at any point for support! I’m on my way there now to lock in my low rate and start living nowly today – see you there!