BMO is another one of the several financial institutions that are offering insurance packages. To meet their client’s needs, they have developed several life insurance options to choose from. BMO stands for Bank of Montreal. It is not only recognized as being a top bank in Canada it is also noted for its various financial services.

BMO Term Life Insurance Packages

Almost all those that offering life insurance will include term life insurance packages. BMO is offering a choice in term life insurance.

BMO Term Life Highlights

  • Insurance can be purchased between $100,000 to $5,000,000.
  • Those between the ages of 18 to 75 have an opportunity to purchase this insurance.
  • Renewal options are available.
  • There is an option to convert the term insurance to another insurance product offered by BMO.
  • Flexibility in terms are for:

10 years

15 years

25 years

30 years

The one negative aspect of this term insurance is a medical exam will be required.

Benefits of BMO Term Life Insurance

The benefits of these types of term life insurance policies are;

  • It is ideal for those who have a heavy debt load now and want protection for their loved ones.
  • This gives the advantage of being able to protect beneficiaries financially with a lower cost of premiums.
  • It can be considered as a temporary form of insurance to meet the current needs in the case of the death of the insured.
  • It allows for planning for the future by being able to extend the term or convert.

BMO InsuredNOW

This is also considered as a term life insurance, and the highlights are;

  • Coverage is available between the ages of 18 to 49.
  • Coverage is in place until the age of 65.
  • No medical exam is required.

Benefits of InsureNOW Term Insurance

  • No hassle of having to renew every few years.
  • It is a simplified form of insurance.
  • Ideal for those that are concerned about not passing a medical exam.

BMO Permanent Life Insurance

life-insurance-calculator

For those who want a more long-term type of life insurance then considering permanent life is their best option. Being as this is a common choice of many BMO has developed several permanent life insurance packages.

BMO EasyOne Life Insurance

The highlights of this particular insurance product are;

  • Coverage ranges between $5,000 to $50,000
  • It is available for those between the ages of 50 to 80
  • An opportunity to avoid denial based on health if a no serious health issues declaration is signed

Benefits of BMO Permanent Life Insurance

  • This is an insurance product that targets those who are fifty and older. Which is the age group where health issues can sometimes cause the denial of insurance.
  • The maximum amount of $50,000. Is adequate to meet the needs of most insureds in this age group
  • Great cash benefits
  • Enrolling is easy
  • The policy also offers a Helping Hands program. For those that need assistance with eldercare
  • In the case of death away from home, this policy will help with the cost of returning the remains back to the home if death occurred more than 200 km from home
  • The possibility of guaranteed acceptance
  • You can cancel the policy within thirty days if you change your mind

BMO Guaranteed Life Plus

  • This is an extended version of what is available with the EasyOne Life with some additional highlights such as;
  • Coverage can be up to $50,000 for basic life.
  • The basic life can be multiplied by five times for accidental death.
  • No medical exam is required.
  • It is applicable for those between the ages of 40 to 75.

The Benefits of BMO Guaranteed Life Plus

For those that are considered about a premature death due to the accident, the extra coverage is beneficial

  • There isn’t the concern about having to have a medical exam
  • Premiums can range from $20 to $120 a month
  • Health issues are not going to cause a denial of the application
  • Premiums are paid up to the age of 95 then the coverage continues for the duration of life

BMO Term 100

A lot of people are beginning to show an interest in the Term 100 type of life insurance. Although it is called a term, it has more simple permanent life characteristics to it. BMO has a version of Term 100 with the following highlights;

  • Amounts of between $50,000 to $5 million can be purchased.
  • Those between the ages of 18 to 80 can apply.
  • It does require a medical exam and premiums are payable up to age 100.

The Benefits of BMO Term 100

There are some individuals that want to be able to purchase a higher amount of coverage, and this policy allows for this.

  • It is the type of insurance that is considered hassle-free as there are no concerns about having to renew at different time periods
  • There are extras that can be added to this policy
  • Premiums are fixed during the duration of the policy
  • It also includes the BMO Insurance Health Advocate Plan

BMO Universal Life Insurance

Life insurance application

There are those that also want to use their life insurance as an investment tool. BMO can assist with this by offering clients this insurance product which the highlights are;

  • Guarantee rates for the life insurance portion of coverage.
  • Ability to access the cash value of the policy.
  • The policy pays out a lump sum benefit to beneficiaries that is tax-free.
  • Access to cash.
  • Ability to customize the plan.
  • Ten-day money-back guarantee.
  • The policy is paid up at the age of 100.

Benefits of BMO Universal Life Insurance

Affordable Premiums

  • One of the big benefits is the affordable cost of premiums. For example, based on a $100,000 value of coverage for a male nonsmoker age 35 the average cost is $67.35 than for the same at age 55 the premiums are $155.70. For a female, the costs are slightly lower.

Investments

  • There are, a wide range of investment option consisting of 200+ to choose from.
  • There are guaranteed interest accounts – the minimum guaranteed rate of return
  • Equity-linked investment accounts

BMO Whole  Life Insurance

This is what many consider to be another hassle-free type of insurance. It is for those who have the priority of making sure their beneficiaries are well looked after financially in the event of the insureds death. The highlights of this policy are;

  • The policy remains in place for life.
  • The premiums remain the same.
  • The coverage choices are between $25,000 to $10 million.
  • Has a cash value after five years or ten depending on the plan.
  • Optional Plans
  • Ability to customize

Benefits of BMO Whole Life Insurance

  • A hassle-free
  • form of life insurance.
  • The benefits of being able to choose the amount of coverage that is needed based on individual needs.
  • The ability to have access to cash when needed.

Conclusion

BMO has been very astute at providing as many life insurance plans as needed to meet the various needs of all those who are looking for life insurance. The options include flexibility in premiums, as well as the type of coverage that is most suited to the individual insurance shopper.