AIG Life of Canada was a life insurance company that was purchased by the BMO Life Assurance Company on April 1, 2009 for around $375 million in cash. Anyone who holds a life insurance policy issued by AIG Life of Canada can now look to have their policy fulfilled by BMO Life. AIG Life no longer exists, as it was absorbed into BMO Life and its policies are now sold under the BMO Life brand. With the addition of AIG Life, BMO Life became the second-largest Canadian bank life insurer.
The BMO Life Assurance Company started out in 1817 under the name of Bank of Montreal. Bank of Montreal is the oldest bank and fourth largest bank in Canada, and it has over 900 branches throughout the country servicing more than seven million people. Bank of Montreal has three major client groups which are composed of various brand names. The first group is the Private Client Group, which provides wealth management services and includes companies such as BMO Nesbitt Burns, BMO InvestorLine and BMO Harris Private Banking. The second group is the Investment Banking Group, which also goes by the name BMO Capital Markets. The third group is the Personal and Commercial Client Group, which includes retail banking companies such as BMO Bank of Montreal and Harris Bank, Mosaik MasterCard and the BMO Life Assurance Company.
BMO Life sells many different kinds of life insurance, including term life insurance; this term life insurance is sold under the names of EasyTerm and Preferred Term. EasyTerm can provide anywhere from $50,000 to $5 million in coverage, and you can get the policy for a period of 10 years, 20 years or 30 years. You are guaranteed the right to renew your term life insurance policy after it ends up until the age of 85, no matter what your health is like at the time of renewal. Preferred Term is a similar policy, but it allows you to get anywhere from $100,000 to $10 million in coverage. Preferred Term can also be bought as a 10 year or 20 year policy renewable up until the age of 85, or you can get it as a 30 year policy renewable up until the age of 100.