With many term life plan options, you can select the plan that meets your unique needs. We offer three different types of term life plans: Renewable Term, Non-Renewable Term and Term 100.
Term life is a type of life insurance that pays out a lump sum death benefit if the insured passes away during the term that the policy covers. The lump sum payment may help loved ones (beneficiaries) pay for funeral costs, day-to-day expenses, and mortgage balance, childcare or children’s education. Our term life plans are available in 10, 15, 20, 25 and 100-year terms depending on your needs and age at the time of application. For applicants aged 18-45 years, you could be eligible for up to $1,000,000 in life insurance coverage.
Our Non-Renewable Term Life insurance plans provide you with coverage for the duration of the term you select. Once that term ends, your coverage ends as well. If you would like to continue with term life insurance, you would need to apply for a new policy at that time.
Renewable Term Life insurance plans automatically renew at the end of the initial term and do not require a health questionnaire or medical evidence at the time of renewal. Important to note: Rates will increase at the time of renewal based on the age attained by the insured. Another difference between a renewable and a non-renewable plan is that the premiums are typically lower for a non-renewable plan. You may be eligible for instant approval of our renewable and non-renewable plans at the time of your initial term application.
For our Non-Renewable Term 100 life plan, your policy is in effect until you reach the age of 100. You can have your policy in place without any worry, knowing your loved ones will be covered. Premiums are typically much higher for the Term 100 plan.
Term life insurance is life insurance that lasts for a specific period of time known as a Term. The term can be a fixed number of years or until you reach a certain age (e.g. age 70 for our T10-25 and age 100 for our T100). You pay premiums until the expiry of the term.
In return, your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once the term ends, your coverage also expires, and you stop paying premiums.
Our term life policies are offered for periods ranging from 10, 15, 20, 25 and 100 years, after which the coverage expires. Simply put, term life insurance is easier to understand and has lower rates.
Whole Life Insurance is a form of permanent life insurance that provides you with coverage from the day the policy is active until the day you die; in other words, for your entire life.
Additionally, this type of life insurance also combines insurance coverage with investing. There is a cash value component associated with most whole life coverage. As you pay into a whole life policy over time, part of the monthly premium is invested, generating cash value.
This cash value may be accessed during the policyholder’s lifetime either by withdrawing or borrowing against it. Since the coverage extends to one’s entire lifetime and you retain the value you put into it, whole life insurance typically has significantly higher premiums.
Compare our simplified and affordable term life insurance plans. If you need help finding the perfect plan for you and your loved ones, give us a call: 1-844-371-7173.
We’ve got you covered! Our sales representatives can help you determine the best coverage and term to meet your unique needs.
Our Member benefits program, Flourish+, made just for you, is focused on mental health and wellness. Flourish+ goes beyond the ordinary to support your well-being with various new programs co-created with our Members. Enhanced, meaningful, complimentary healthy living benefits, rebates, awards and giving back for mental health. Well-being for life.
We’re continuing to support your wellness journey with our popular Healthy Living Rebate. Up to $100 is available annually, January through December for a broad range of health and wellness programs, products and services.* Log in to your Member Site account to make your rebate claim today.
Our virtual wellness speaking events allow nowly Members to hear inspiring stories from Canadian mental health keynote speakers. Our third Flourish+ Talk featured Dr. Gillian Mandich, an award-winning happiness researcher, speaker, educator, and author, and 2024 Teacher’s Life Living Values Service Excellence Awardee and educator, Karen Goodeve. Click here to watch and listen.
Did you know: our awards are open to students in any year of post-secondary education? Do you have a child, grandchild, niece or nephew who may be eligible for Teachers Life / nowly awards?
We’re on a mission to improve the overall Member Experience and foster a culture of thoughtful innovation together. Do you have a creative, innovative suggestion for us to consider that will enhance your experience? We want to hear from you!
To celebrate, our Members will receive a Happy Birthday email and will be entered into a random draw during their birthday month for a chance to receive a $250 gift card! Members with an email on file will automatically be entered for a chance to win each year. Add or update your email address on our Member Portal. Watch for your birthday message from us! Didn’t receive one? Questions? Call us at: 1-844-667-5433
*Some conditions apply. The Healthy Living rebate is a rebate program intended to reward you for making healthy choices. When you purchase a health or wellness product or service and you provide proof of payment to nowly, you may be eligible for a rebate of up to $100 per calendar year if you: (i) apply electronically via members.nowly.ca, (ii) submit your proof of payment via the customer portal not later than Jan 31 of the year after you incurred the expense(s), (iii) submit one set of receipts and proof of payment that total not less than $95, (iv) have not already applied for or received the Healthy Living rebate within the calendar year, and (v) hold an insurance policy with us and you have not missed a premium payment. nowly has the right to refuse to redeem a rebate and can change or cancel the Healthy Living rebate program at any time, without notice to you. As a unique Member Benefit, submissions are reviewed for completeness. If we cannot determine how a submission applies to mental, physical, or emotional wellbeing, it can result in a delay or nonpayment. If you do not receive payment within 6 weeks, or would like help with your submission, contact nowly Member Experience 8:30 a.m. to 4:30 p.m. Monday to Friday at 1-844-667-5433, or email us at: help@nowly.ca
Yes, we understand your needs may change during the term of your policy. You can call us at 1-844-371-7173 to let us know. We also offer a 30-day cancellation and full refund policy for the initial 30 days of your policy should you change your mind.
nowly is a new way of thinking about insurance and living in the now — or ‘living nowly’ as we like to call it. Your time is precious, and we get that. That’s why we provide instant coverage in minutes, well-being benefits focused on mental health the moment you open a policy with us, and comfort knowing you’re doing business with an insurance company that is committed to bold, new ways to give back and make an impact now. Our nowly life insurance plans can be issued online within minutes with very affordable premiums and coverage up to $1M depending on your age at the time of issuance. No fuss, with all the instant benefits. That’s living nowly.
Getting the right coverage has never been so easy. We have experienced advisors who can help you determine if you need term life insurance and if so, how much you need for you and your loved ones. Just answer a few questions and get your quick quote. Our rates are competitive and affordable. Call us for a quick quote today. 1-844-371-7173
nowly is a new way of thinking about insurance. Instant coverage now. Living healthy now. Giving back now. That's living nowly. We provide Canadians affordable and instant insurance and healthy living benefits on an innovative and streamlined digital platform.
nowly is a division of Teachers Life Insurance, a Canadian Insurance company. Teachers Life is an established 85-year-old Canadian life, disability, and sickness insurer, and is one of the largest insurance companies for education workers in Canada. We are federally licensed and regulated and have won awards for digital innovation. Teachers Life owns and operates nowly, which is our new, purpose-driven, digital-first brand for all Canadians.
nowly is a division of Teachers Life Insurance Society (Fraternal) (“Teachers Life” or “we”) nowly is a division of Teachers Life Insurance Society (Fraternal) (“Teachers Life” or “we”) which sells life, and accident and sickness insurance. All benefits are provided, and all policies are underwritten, by Teachers Life. nowly, Teachers Life and all trademarks used on this website are owned or licensed by Teachers Life. All rights are reserved. nowly products and services are available to residents of Canada in all provinces and territories, except Québec. Quotes are intended as an estimate only and are not guaranteed to be accurate. Your actual policy terms, including your premiums and coverage details may be different from the quote you receive, and, in some cases, we may have to review your application and ask for additional information. “Instant Coverage Now” is based on what most applicants may experience. It might take longer to be approved depending on the information you provide in your application, and you might not be approved for any coverage. Our 30-day money back refers to our 30-day free look period where you can cancel your policy and receive a full refund 30 days from the date of delivery of your policy or within 60 days after the date the policy is issued, whichever is earlier. You can cancel your insurance contract by notifying us in writing within the free look period that you wish to cancel. Always refer to your policy for the most detailed and accurate information about your coverage, including limits and exclusions. Your insurance policy will always prevail if there’s ever a conflict with the information found on this website or other materials or communications we provide to you. We reserve the right to change, remove or cancel any of the products, services, or member benefits on our websites at any time, without notice to you. For details about the benefits of being a member and your eligibility for member benefits, please read our Terms of Use. By using this website, you accept and agree to our website terms of use. Please contact nowly at help@nowly.ca or call: 416-620-1607 or Toll Free: 1-844-667-5433 if you have any questions. If you’re a nowly member, you can log in to the member portal at: members.nowly.ca if you have any questions.
