Term Life Insurance
Term Life Insurance
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FAQs
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FAQs

Let’s get answers.

What is term life insurance?

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

  • 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?

There are two basic types of life insurance options: term and permanent. Term insurance is coverage set for the term of your policy. Permanent will cover you for your entire lifetime. Many opt for term life because it is affordable and typically, significantly cheaper than permanent insurance. Things to consider when trying to determine which type of insurance is right for you: length of coverage you need, cost of the premium that suits your budget, whether or not a cash value payout is important to you. Permanent insurance plans typically has a savings component that is known as a cash value.

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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