TORONTO, Sept. 16, 2024 /CNW/ - BMO Insurance is refreshing its flagship whole life insurance product to provide greater protection and more value for policyholders with no change to the premium.
Whole life insurance plans offer permanent life insurance protection with fixed level premiums which are payable for a given number of years, while offsetting the impact taxes could have on overall estate values. This type of insurance can also be ideal as a source of funds for heirs to cover final expenses, offset taxes or leave a financial gift to a charity.
"Given the evolving needs of our clients amid the most significant intergenerational wealth transfer now underway globally and in Canada, we saw an opportunity to enhance the long-term values of BMO's whole life product," said Rohit Thomas, President and CEO, BMO Insurance. "This change offers tremendous value for advisors and their clients who are focused on leaving a legacy and making real financial progress."
For the same premium, BMO Insurance Whole Life now offers:
- Estate Protector option: Increases to the death benefit of up to 18% (age and pay period dependent) at age 85.
- Wealth Accelerator option: Increases to the death benefit of up to 17% (age and pay period dependent) at age 85.
New rates will be applied to all applications received on or after September 16, 2024.
First launched in 2017 with the goal of providing simple, flexible, and guaranteed permanent insurance, the BMO Insurance Whole Life product is a non-participating permanent insurance product designed for Canadians who are looking for permanent life insurance protection that's simple to understand and adaptable to their changing needs.
Key features include:
- Guaranteed premiums that are payable for 10 years, 20 years or to age 100
- Guaranteed cash values, and reduced paid-up values
- A performance bonus that automatically increases the death benefit and cash value
- Two plan options: Estate Protector and Wealth Accelerator to address distinct needs
- The BMO Insurance Health Advocate™ Plan, at no additional cost 1
- A premium switch option lets clients decrease payments without penalty 2
- Additional payment option and premium offset option 2
Visit bmoinsurancewholelife.com for full product details.
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BMO Insurance offers the services on a referral basis only and will not charge for the services provided. TELUS Health (Canada) Ltd. and Teladoc Health, Inc. will not charge you for the services they provide. You may, however, incur additional costs for services or for providers that may be referred to you by TELUS Health or Teladoc Medical Experts. These additional charges are incurred at your sole discretion and BMO Insurance will not be liable for their payment. BMO Insurance reserves the right to change the service provider, the nature of services or cancel access to these services at any time without notice, unless otherwise stated. |
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Certain limits and conditions apply. Refer to a sample policy for more details. |
Information contained in this document is for illustrative purposes and is subject to change without notice. The information in this publication is intended as a summary of our products and/or services. Please consult the appropriate policy contract for details on the terms, conditions, benefits, guarantees, exclusions and limitations. The actual policy issued governs. Each policyholder's financial circumstances are unique and they must obtain and rely upon independent tax, accounting, legal and other advice concerning the structure of their insurance, as they deem appropriate for their particular circumstances. BMO Life Assurance Company does not provide any such advice to the policyholder or to the insurance advisor.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
SOURCE BMO Financial Group
Media Contact Aaron Sobeski, [email protected] (416) 867-3996
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