Terminal velocity varies by the object being dropped. It is much higher for larger creatures, and therefore it can be deadly. For small animals, like a mouse or insect, terminal velocity is survivable. A mouse would survive, and an insect would be completely unharmed. They just aren’t large enough animals for their terminal velocity to affect them. Now, a mouse would need somewhat of a soft surface to land on to survive terminal velocity.
What is terminal velocity, you ask? A free-falling object achieves its terminal velocity when the downward force of gravity (FG) equals the buoyancy/resistance force of drag. This causes the net force on the object to be zero, resulting in an acceleration of zero. As the object accelerates, the drag force acting on the object increases, causing the acceleration to decrease. At a particular speed, the drag force produced will equal the object's weight.
At this point the object ceases to accelerate altogether and continues falling at a constant speed called terminal velocity. An object moving downward with greater than terminal velocity will slow down until it reaches terminal velocity.