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Bank of Montreal (BMO) Life Insurance Products in Canada

The BMO Life Assurance Company is the insurance provider arm of the BMO Financial Group. The BMO Financial Group, also known as Bank of Montreal, is the fourth largest bank in Canada, when ranked according to deposits. The BMO Financial Group has been around since 1817, making it the oldest bank in Canada. The BMO Life Assurance Company came about in 2009, when BMO purchased AIG’s Canadian life insurance branch and renamed it. Along with the company, BMO acquired 400,000 Canadian customers and 300 employees. BMO Life has been rated A for Excellent by A.M. Best.

BMO Financial Products

Some of the products sold by BMO Life include life insurance, health insurance, travel insurance, annuities and creditor insurance. Some of the various life insurance products sold by BMO Life include term life insurance, universal life insurance, permanent life insurance and guaranteed life insurance. The two kinds of term life insurance are EasyTerm and Preferred Term. To qualify for term life insurance, you must be between the ages of 18 and 75. Both types of policies are available for periods of ten years, twenty years or thirty years, and both types of policies can be renewed after they have ended. EasyTerm provides anywhere from $50,000 to $5,000,000 in coverage, and Preferred Term provides anywhere from $100,000 to $10,000,000 in coverage. Preferred Term will pay out a benefit upon the death of the insuree or the insuree’s spouse, whichever occurs first, but EasyTerm will only pay out upon the death of the insuree. You can choose to either pay your premiums on a monthly basis or an annual basis. Premiums are guaranteed not to rise throughout the life of the policy.

BMO Life

Universal life insurance combines lifetime coverage with a tax-deferred investment portfolio. BMO Life provides more than 400 investment options in the form of guaranteed interest accounts and equity-linked investment accounts. Permanent life insurance also offers lifetime coverage along with a guaranteed cash value. Coverage amounts available range from $25,000 to $10,000,000. 20 Pay Life, Term 100 Plus, Term 100 Platinum and Pure Term 100 are the names of the permanent life insurance policies offered by BMO Life.

Guaranteed-Life Plus

Usually, when you purchase life insurance, you are required to submit to a medical exam or answer detailed medical questions. With a guaranteed life insurance policy, you are allowed to skip those requirements. The two kinds of guaranteed life insurance policies offered by BMO Life are Guaranteed-Life Plus and EasyOne Life. You are eligible for Guaranteed-Life Plus is you are between the ages of 40 and 75, and that’s it; basically, you can’t be turned down for Guaranteed-Life Plus. With EasyOne Life, you have to be between the ages of 50 and 75. Although you don’t have to answer any medical questions or undergo a medical exam to qualify for EasyOne Life, you must state that you are not suffering from any serious illnesses.

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