Nowly insurance review
Get term life insurance from Nowly with low premiums, healthy living benefits and no need for a medical exam.Nowly offers affordable term life insurance with premiums starting as low as $5 per month. You’ll be covered for up to $1 million, and your premiums will stay the same throughout your policy. Coverage is available in 10- to 25-year terms.
- Consider Nowly term 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?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.
|$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
|$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.
|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 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 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 insurance
Follow these steps to apply for Nowly life insurance:
- Visit Nowly and click “Get a quote” in the top right-hand corner of the main page.
- 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.
- Provide additional personal information such as your name, email address and phone number to load the quote page.
- Use the slider at the top of the quote page to set the level of coverage you want. This will populate a list of quotes for different terms.
- Select “Apply” next to the option you’re interested in. You’ll then be prompted to enter more personal information.
- This may include info about pre-existing conditions or lifestyle habits that could affect your Nowly life insurance premiums.
- Input your payment information to sign up for the Nowly term insurance you want.
- 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
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.