New insurance offering, nowly, aims to disrupt the industry with a digital-first approach and purpose-driven initiative
Teachers Life launches new brand, shaking up the sector with a 'live now-ly' attitude; providing instant coverage, instant health & wellness benefits, and a commitment to giving back through a free social-preneur support program, Press Start.
TORONTO, Feb. 14, 2022 /CNW/ - Launching today, nowly offers Canadians* instant life insurance they can benefit from now, providing world-leading health & wellness benefits through a premium digital-delivery platform, along with a steadfast commitment to its community. Backed by Teachers Life, with over 80 years of industry experience and reliability, nowly aims to disrupt the life insurance space with a digital-first offering and a robust give back program, supporting social-preneurs in Canada who are committed to making positive social change.
According to recent data, 40 per cent1 of Canadians have no life insurance. Furthermore, while 64 per cent2 of Canadians believe life insurance is one of the most important types, nearly 80 per cent3 are dramatically underinsured. These coverage gaps, especially amongst millennials, largely exist because consumers don't feel they understand life insurance (70 per cent4) and/or feel the process is too difficult and slow (67 per cent4). That's where nowly comes in.
"The focus for nowly is simple: to make life insurance easy and accessible to Canadians through innovative technology," says Martha Turner Osborne, Chief Marketing & Sales Officer of Teachers Life. "At nowly, we are all about 'living nowly' – which means getting instant coverage, instant benefits and being a member of an insurance company that gives back, now."
Through its digital-first platform, members receive world-class instant online coverage with rates as low as five dollars per month and coverage of up to $1,000,000, with no medical exams. Once you become a member, you are invited to register for nowly's customer portal iOS/Android app, nowly Insurance: My Benefits, where you can access member benefits, policy documents and on-demand support. The website offers a best-in-class UX. nowly has partnered with leading insurtech platforms ManageMy and Breathe Life to build a best of breed digital ecosystem for its members. Upon signing up, members earn instant healthy living benefits including complimentary access to a world-leading Virtual Health & Wellness Program powered by Virgin Pulse, a 50-dollar annual rebate towards health and wellness expenses/memberships (e.g. Peloton, Calm, meditation classes, etc.), and are actively supporting the brand's social give back program, Press Start.
"nowly is a modern insurance provider with a big heart – we're passionately committed to investing in people who are the innovators of tomorrow," says Turner Osborne. "Our social give back program, Press Start, connects, supports and empowers entrepreneurs, with a focus on social issues and/or sustainability, to get started or take their business to the next level and bring about radical solutions, now."
Press Start Hub, the program's business tools and resources portal, is available for free to all Canadians and provides curated support for established and early-stage entrepreneurs. Press Start Co-Lab, coming this spring, is the program's event series that will bring together academics, thought leaders and the Press Start community to collaborate on finding solutions to major social challenges.
How it works: Simply head to nowly.ca, and begin filling out an online application, which includes a quick quote and a needs assessment to ensure you're getting the right coverage for your family. Should you require further assistance you can request a meeting with a licensed sales agent right from the application, available to answer any questions you need throughout the process. The online application requires no medical, and from day one you will be able to purchase term life at the initial point of sale. nowly offers terms 10, 15, 20 and 25 to all Canadians (excludes Quebec day one*) ages 18-60. Upon signing up, members receive complimentary instant coverage and access to a Virtual Health & Wellness Program powered by Virgin Pulse along with a 50-dollar healthy living annual rebate. nowly offers a 30-day money-back cancellation policy. You can cancel at any time throughout the term of your policy.
For more information or to sign up for instant coverage visit www.nowly.ca, and download the nowly Insurance: My Benefits app to access your member portal.
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Footnotes:
*Quebec services to be launched at a later date.
- Ernst & Young, EY Global Insurance Outlook, March 16, 2021
- Policy Advisor, State of the Nation: Life Insurance Trends 2020: Pandemic Checkup, December 16, 2020
- Policy Advisor, State of the Nation: Life Insurance Trends 2019, October 29, 2019
- IBM, Why aren't Millennials buying life insurance? March 2, 2020
About nowly
nowly is a new way of thinking about insurance, offering Canadians affordable and accessible insurance on an innovative and streamlined platform, instantly. Backed by over 80 years of industry experience, nowly members will receive instant coverage and world class health and wellness benefits. As a nowly member, you are eligible for healthy living benefits powered by global leader Virgin Pulse and an annual 50-dollar Living Healthy rebate on any health and wellness app or membership. You can feel confident knowing you are joining a company committed to investing in lasting social impact through their new, innovative give back program called Press Start. nowly is a trademark of Teachers Life Insurance Society (Fraternal) "Teachers Life". Find out more at www.nowly.ca.
About Teachers Life
Teachers Life is a fraternal insurer with a mandate to give back to our Members. Since 2010, through innovation, they've been able to significantly streamline their process to generate more than $3.6 million for reinvestment back to the community and their Members including investing more than $450,000 in scholarships and bursaries for the families of policyholders. Dedicated to those who work in education, these awards are a flagship program of the insurance company's fraternal mandate. Find out more at www.teacherslife.com.
SOURCE nowly
Media Contact: Kaitlin Copp; [email protected]; 416-518-0416
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