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.
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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