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    • nowly Life Insurance Review 2023

    Life insurance is a crucial financial tool that offers peace of mind and financial protection to your loved ones in case of an unfortunate event. If you’re still young, now is an ideal time to consider purchasing life insurance, as it comes with lower premiums and long-term cost savings. In this 2023 review, we’ll delve into the offerings and benefits of nowly, an online term life insurance provider designed for the younger demographic.

    What is nowly?

    nowly is an online term life insurance broker based in Canada. It is a subsidiary of Teachers Life Insurance, one of Canada’s prominent life insurance companies serving education professionals. Launched in February 2022, nowly is available throughout Canada, with the exception of Quebec (anticipated to launch soon). The company offers a seamless online application process with instant approval and competitive rates, starting as low as $5 per month. Their motto, “it’s time to live nowly,” encapsulates their focus on providing instant coverage, promoting a healthy lifestyle, and supporting social initiatives.

    nowly Life Insurance Offerings:

    nowly specializes in term life insurance, a type of policy that pays a lump sum death benefit to beneficiaries if the insured person passes away during the policy’s specified term. This payout can be used to cover various expenses, including funeral costs, daily living expenses, mortgage payments, and funding children’s education.
    With nowly, you have the flexibility to choose from 10, 15, 20, or 25-year terms, tailored to your age and needs. If you’re aged 18 to 45, you can secure coverage of up to one million dollars. Term life insurance is a popular choice due to its affordability compared to permanent life insurance.

    How to Apply for Insurance With nowly:

    Eligibility for nowly is straightforward, requiring applicants to be between 18 and 60 years old and reside in Canada. The application process is user-friendly and can be completed in a few easy steps:
    1. Start by filling out a form on the nowly website to obtain a quote.
    2. Provide essential information, including your birthdate, gender, province of residence, and smoking status
    3. Input your full name, email address, and phone number.
    4. Select your desired coverage amount, noting that this choice influences your monthly premium.
    5. Choose your preferred term (10, 15, 20, or 25 years).
    For instance, a 25-year-old non-smoking female living in Ontario could secure a $500,000 coverage amount for just $22.08 per month. After selecting your term, proceed with the rest of the application.

    Benefits of nowly:

    nowly offers numerous advantages to policyholders, including:
    1. Affordable and Competitive Rates: Premiums start at just $5 per month, with coverage options extending up to one million dollars. Term lengths range from 10 to 25 years, providing flexibility to meet your specific needs.
    2. No Medical Exams: Unlike many other life insurance providers, nowly does not require medical exams for eligibility.
    3. 30-Day Money-Back Guarantee: The company offers a 30-day money-back guarantee, allowing you to cancel your policy within the initial month if needed.
    4. Health and Wellness Program: Policyholders gain access to a virtual health and wellness program, facilitating personal goal setting and offering daily tips to maintain a healthy lifestyle. The program seamlessly integrates with wearable technology.
    5. Healthy Living Rebate: nowly provides an annual $50 healthy living rebate, which can be used for various health and wellness programs, apps, or gym memberships.
    6. Social Impact: nowly supports social entrepreneurs through the “Press Start” program, contributing to innovative solutions for Canada’s social challenges. This allows you to give back to the community while securing insurance coverage.

    Drawbacks of nowly:

    There are a couple of limitations to consider:
    1. Limited Availability: nowly is not yet available in Quebec.
    2. Age-Based Coverage Limit: The maximum coverage amount varies based on your age, and if you are over 45 years old, you may not be eligible for the full one million dollars in coverage.

    Is nowly Legit?

    nowly is a reputable term life insurance provider, backed by Teachers Life Insurance, a company with over 80 years of experience in the industry. It has been featured on respected platforms like Fintech Global and Insurance Business Canada and collaborates with well-established Canadian financial technology companies like Neo Financial and Borrowell. You can easily reach their customer support team via phone or email at help@nowly.ca for any queries or assistance.

    Conclusion:

    Securing life insurance is a vital financial step, and nowly simplifies the process by offering quick and easy access to term life insurance with no phone calls or medical exams required. Along with comprehensive coverage, you gain access to valuable benefits that promote a healthy lifestyle and support social initiatives in Canada. While nowly is an excellent choice for many Canadians, those in Quebec may need to explore other options, and maximum coverage is age-dependent. For a broader perspective on life insurance options in Canada, you can also explore reviews of providers like PolicyMe and PolicyAdvisor.
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