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FAQs

Let’s get answers.

What is term life insurance?

We offer many term life plan options so you can select the plan the best meets your unique needs. We offer three different types of term life plans: renewable term, non-renewable term and a T100 plan. 

Term life is a type of life insurance that pays out a lump sum death benefit in the event that 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, mortgage payments and/or mortgage balance, childcare or childrens’ education. Our term life plans are available in 10, 15, 20 or 25 year terms depending on your needs and age at time of application. For applicants aged 18-45 years, you could be eligible for up to $1,000,000 in life insurance coverage.

Quick Facts

  • Three types of term plans to select from: Renewable, Non-renewable and a T100.
  • Premiums starting as low as $5 per month. Premiums remain the same throughout the term of the policy.
  • Available in terms 10-25 years
  • Coverage up to $1,000,000 depending on your age at the time of application
  • No medical exam required
  • 30-day money back
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What are the differences between term life and permanent life insurance?

Our non-renewable term life insurance plans cancel once your policy’s term ends. Renewable term life insurance plans are eligible to renew at the end of their initial term without any health questionnaire or medical evidence required. Important to note, rates will increase at the time of renewal based on the age attained for the insured. Another difference between a renewable and non-renewable is the premiums are typically much less for a non-renewable plan. You may be eligible for instant approval of both our Renewable and our Non-Renewable plans at the time of application. Your policy can be effective immediately if no further medical information is required.

For our T100 term 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 T100.

Why nowly?

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 at nowly we provide instant coverage in minutes, world-class healthy living benefits 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 all online within minutes with premiums starting as low as $5 per month and coverage up to $1M depending on your age at the time of issuance. No fuss with all the instant benefits. That’s the power of nowly.

How do I get started?

Getting the right coverage has never been so easy. We have experienced advisors who can quickly help you find out 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 start as low as $5 a month. Request a quick quote now.

The Best of Both Worlds

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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 80+ year 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.

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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. 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.

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