How Life Insurance Could Make Your Life as An Entrepreneur Even Better

Calling all enterprising folks! While you’re busy with your business plans, you need good support for the constant change and uncertainty you’re dealing with. Matt from the good folks at nowly explains why life insurance should be an essential part of your finances as an entrepreneur.

Picture this. You’re a driven, fun, curious, and sophisticated entrepreneur with a lust for life. On the weekends, you enjoy going on a run, maybe some yoga, spoiling your dog, hosting your friends for dinner, and being involved with your community. 

What could possibly be missing, right? Well, there’s actually one really huge — but still really affordable — thing, and that’s life insurance. Here are a few tips on why you may want to look into buying life insurance today and how it could actually even make your life that much better!

Lock in those affordable rates

A lot of people procrastinate on getting life insurance and feel intimidated by the process. Buying life insurance tends to have a reputation of being boring, sad, and something for much later in life. But the truth is, life insurance policies today are getting exciting and there’s a ton of value in buying it when you’re young. There’s two primary reasons to get life insurance when you’re young. 

  • The first is that it’s more affordable. There are products now available where you can lock in your monthly premium throughout your term. As you get older, that premium typically increases. If you buy when you’re younger, your total costs are typically more budget-friendly. 

  • The second reason is simple — you don’t have to be older to have someone depend on you. Do you have kids, pets or elderly parents? What about a spouse, significant other or family members who would be impacted financially if the unexpected happened? Nobody wants to need life insurance when they are young, but many do. Two questions to ask yourself are: Do I have anybody in my life that would be hurt financially if I were to die? Do I want to protect those people from that situation? If the answer to both is yes, it might be time to start looking into your options.

Yes, life insurance is more affordable when you’re young, but it also tends to stay affordable with rates starting as low as $5 per month. Much like how the unique preferences of a fancy coffee can impact the cost, the exact price of life insurance will differ for everyone. 

With most life insurance, rates will rise when you get older, but your monthly premium stays the same throughout the term of your policy. What this means is if you sign up for a term that takes you from your 20s or 30s into your 40s and 50s, you don’t have to worry about paying the increased rates that a 40 or 50-year-old might expect. You’ve already locked in your affordable rate. These monthly prices are not only budget-friendly, but they’re in the same ballpark as your next fancy coffee drink!

A win for young entrepreneurs

Whether you’re a small business owner, a budding entrepreneur, or a gig worker, life insurance is a wise option to protect your loved ones and your business. It provides your beneficiaries with financial support in the unexpected event of your death. This is an especially great option if you’re not receiving life insurance benefits through your workplace.

Not only that, but it can actually support your wellness through “living healthy benefits”. Insurance companies like nowly are rethinking the purpose of life insurance and getting creative to provide their policyholders with complimentary world-class living healthy benefits that you can use now, not just later. All nowly members have access to a $50 annual healthy living rebate which can go towards any health and wellness app, fitness class, gym, yoga program, etc (some restrictions apply). All members also get complimentary access to the nowly virtual wellness program (powered by Virgin Pulse). A confidential, secure, and complimentary best-in-class online health and wellness platform.

Feeling like you just can’t find the time to sit down and apply or get a quote? Don’t worry! The process of applying and finding the coverage you need is way simpler and more straightforward than it used to be. More modern insurance brands are digital-first, which means that you can do everything from the comfort of your couch, office, on the move, or wherever you happen to be. 

nowly’s easy-to-use quoting tool only takes about 60 seconds of inputting your personal details to generate a customized quote. The same goes for the application process. No more long paper forms, medical tests, or additional documentation that would usually take weeks. nowly’s application can be completed online in a number of minutes.

Life insurance that gives back

Companies are beginning to rethink their social responsibility and their role in making meaningful, positive change now. The decisions that we make when we support a company through buying their products matter more now than ever before. Believe it or not, this can apply to buying a life insurance policy as well. Not all companies are made equal or with the same values or intentions. 

Insurance companies such as nowly are committed to investing in people and communities to create innovative and collaborative solutions today. Their program, Press Start, is designed to support new and established social entrepreneurs across Canada to arrive at viable solutions to some of today’s most pressing problems. By becoming a member of a company such as nowly, you can feel good knowing that your values are aligned with a company that invests in a new, bold way to give back for a better world now.

Learn more about nowly Life Insurance and their give-back program, Press Start.

Matt is an accomplished Insurance Advisor experienced in connecting with people and getting the right products in front of them. Matt has worked for Manulife and Teachers Life over the past 13 years. Matt earned his Life License Qualification Program (LLQP) in 2014 and is licensed to advise on insurance products across Canada.

Matt is a father of two girls and passionate about health and wellness.

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