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BMO Life Assurance Company (formerly AIG Life Insurance)
Address:
BMO Life Assurance Company of Canada
60 Yonge Street
Toronto, Ontario
M5E 1H5
Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance)
Web Address: www.bmoinsurance.com
BMO Financial Group is a Canadian-based North American bank, established in 1817 as Bank of Montreal. The group provides a broad range of retail banking, wealth management and investment banking products and solutions to more than 7 million clients across Canada.
The company recently completed an acquisition of AIG Life Insurance Company of Canada (AIG Life of Canada). From the 1st of April, 2009, the former AIG Life of Canada became BMO Life Assurance Company and adopted the BMO Insurance brand for all of its marketing, broker and customer communications. It is now operating within BMO's wealth management division, the Private Client Group. It should be noted that BMO Life Insurance which existed prior to the AIG acquisition still exists under a seperate distribution arm.
News about BMO Life Assurance Company
- BMO's Children's Life Insurance Plan 08/27/2010
BMO Insurance offers a children's life insurance plan sold directly via its call centre and not its broker network. The plan is called the “Headstart in Life Plan.”
- Five Facts about BMO Insurance 08/27/2010
BMO Insurance’s Easy One plan is a non-medical life insurance - simplified issue plan sold directly via the BMO call center and is not available through its broker network. The plan features are below:
- Term Life Insurance for Seniors 08/05/2010
If you are a senior looking for Term life insurance, consider the following.
- Whole Life Insurance for Seniors 07/30/2010
Whole Life policies for seniors can generally be broken down into three categories.
- Comparing Non-Medical Life Insurance Simplified Issue Plan 06/15/2010
Don't get frustrated, find a non-medical plan that's right for you Photo by Tim Samoff. Simplified issue life insurance policies are available without a medical and have anywhere from 3 to 12 health questions. This chart below compares three of the leading simplified issue non-medical life insurance BMO insurance, assumption life, and Canada Protection Plan underwritten by [...]
- Comparing Mortgage Life Insurance Rates Among the Big Five Banks 06/02/2010
Most Canadians who take out a mortgage with one of the big five banks are offered a mortgage life insurance policy.
- BMO Insurance adds ETFs to its Universal Life Dimesion Plan 05/29/2010
BMO Insurance has paired its Universal Life Dimension Plan with an Exchange Traded Funds investment opportunity.
- BMO Easy One Life Insurance Pricing 05/19/2010
BMO Insurance's Easy One application is sold directly by BMO Insurance and is not available via its independent broker channel.
- Non-Medical Life Insurance: Should I Buy Direct or Through a Broker? 05/10/2010
Non-medical Life Insurance can be divided into two categories.
- Term Life Insurance Rates and Renewal 05/06/2010
Term life insurance rates have been decreasing consistently over the last decade. There are two reasons for this:
- A.M. Best Ratings for 2009-2010 04/23/2010
A.M. Best is a credit rating company for the insurance and banking sectors.
- BMO Insurance's Well Woman Cancer Insurance Versus Critical Illness Insurance 04/22/2010
BMO Insurance's Well Woman Insurance covers the insured if they are diagnosed with female specific cancer.
- BMO Insurance - Affordable Critical Illness Protection 04/05/2010
Effective April 8, 2010, BMO Insurance has reduced the rates on its Critical Illness Term 10 and Term 20 policies.
- Critical Illness Insurance: Is It Really Necessary? 04/05/2010
When determining whether a Critical Illness plan is really necessary, Canadians may want to consider the following stats
- Universal Life Insurance: Increasing Versus Level Death Benefits 04/05/2010
Universal Life insurance unbundles permanent life insurance and separates the cash value component from the life insurance component of the policy.
- BMO Insurance: Bundle Up and Save 04/03/2010
BMO Insurance allows applicants to add a Term 10 or Term 20 rider to any of their traditional, Whole Life or Universal Life plans and they won't charge an additional policy fee, making their term insurance rates even more affordable. Policy fees are a built-in cost associated with an administration of a life insurance [...]
- Life Insurance Policy Fees 04/02/2010
Life insurance policy fees are built in fee which covers the administration of the policy
- BMO Term Insurance: Should I Buy Direct, or Through an Independent Broker? 04/01/2010
The following is a comparison of buying a BMO term policy Direct or through Independent broker.
- Best Term 100 Life Insurance Plans in Canada 03/31/2010
The following are the top three Term 100 life insurance companies for the 35, 45, and 55-year-old male non-smokers at $250,000 of coverage
- Life Insurance and the Terminal Illness Benefit 03/19/2010
Most Canadian Life Insurance companies offer a Terminal Illness Benefit.
- Guaranteed Issue Life Insurance: Understanding the Two-Year Wait Period 03/16/2010
Why is there a two-year waiting period for Guaranteed-Issue.
- BMOs Accidental Death Benefit Program 02/26/2010
The biggest strike against any accident death policy is, a family doesn't need more money just because a person dies in an accident.
- A Synopsis of Guaranteed Life Insurance Policies in Canada 02/15/2010
The Best and Worst Guaranteed Issue plans in Canada
- BMO Insurance Offers LifeProvider 01/29/2010
BMO Insurance is offering a new Universal Life policy called LifeProvider.
- Life Insurance with Accidental Death: Is it a Good Deal? 01/13/2010
Virtually every life insurance company offers accidental death insurance as an add on to it's life insurance policies. The question is, is it a good deal?
- BMO Guaranteed Life Plus Pricing 12/16/2009
BMO Insurance's Guaranteed Life Plus is only available through BMO's call centre and not through its broker network.
- Canada's Best Universal Life Policies 12/11/2009
"You wanted the best, you got the best" is not just a line that works for rock 'n' roll, but Universal Life insurance as well.
- BMO Insurance's EasyOne Life Non-Medical Life Insurance 11/19/2009
BMO's EasyOne Life Plan is available through BMO's call centre. The plan is an alternative to their Guaranteed Life Plus Plan
- BMO Insurance's Guaranteed Life An In Depth Analysis 11/17/2009
BMO Insurance's Guaranteed Life Plus is only available through BMO's call centre and not through its broker network.
- BMO Insurance 20-Pay Whole Life Plan: High Premiums, But Strong Paid-Up Values 11/06/2009
BMO Insurance offers a wide variety of permanent life insurance policies, some are very competitive, while others could leave you overpaying.
Direct line: 905.248.4849 Email:
I just noticed that BMO took over Aig Insurance in January could u let me know why i was not notified about it and does it change anything for our life insurance and when will i get the papers from the bank because i guest now my papers from AIG are worth nothing. Please let me know as soon as u can. Thank you
Hi Claudette,
Thanks for the note. I am not sure why you were not notified. We have been in touch with all of our BMO (formerly AIG) clients to let them of the change. The policies provisions remain unchanged.
You will not receive a new policy so hold onto your old documents. The contract remains intact just the company administering the policy has changed.
I hope this helps clarify things. Regards … Lorne
It should also be the noted the BMO deal was actually completed on April 1, 2009. BMO maintains two separate companies 1) BMO Life Insurance and 2) BMO Life Assurance Company (formerly AIG Life of Canada)
Regards … Lorne
If I get life/mortgage insurance from BMO am I buying from a bank or from an insurance company. I want my insurance underwritten as soon as I sign up for it, not when I want to claim it. Is BMO the way to go?
Hi Alison,
Thanks for the note - it’s a great question. BMO offers creditor insurance where the bulk of the underwriting is done at the time of claim. These plans also have a declining death benefit
They also offer individual insurance sold through their broker network. With this type of plan the underwriting is done at the time of application.
Best Regards … Lorne
i just got your notice in the mail informing me of the change…. since we live in italy and i pay by ank draft .. what do i do now…. who do i send it to now…. i tried to call the 800 number but it doesnt work from europe so i dont even know who i can contact with my questions…. thanx loreta
Hi Loreta,
Thanks for the note. You would have to call BMO directly or you broker of record to verify the best way to proceed.
The premiums on Canadian life policies generally have to be paid in Canadian dollars.
Regards … Lorne
Why was this insurance taken over by BMO?
Hi Gladys,
Thanks for the note. I can not speak for BMO but I’m assuming they found value in the AIG Life of Canada’s book of business.
From a consumer perspective it’s a win win. There original policy provisions remain intact and there policy is now administered by one of Canada’s premier financial service providers.
I am an AIG Insurance policy holder and I have received a letter from BMO on the acquisition. I need to update my residential address which has changed. Can I do it online or do I have to call my financial advisor? Thank you.
Regards,
Elizabeth
Hi Elizabeth,
Thanks for the email. Yes you can contact BMO directly at Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance) or your broker of record.
Regards … Lorne
Hi there, i was not aware of the change. How do i update my address information with the new company?
Hi Nat,
You would have to contact BMO directly at Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance) or your broker of record.
I don’t recall to have received a notification for the transfer from AIG to BMO. Although your website indicates that there is no change in the policy, I would appreciate to receive a written confirmation thereof and my new contact, etc.
Is it possible to have the premium paid automatically from my Visa account?
Gus
Thanks for the note. You should be able to get a comfort letter from BMO or your broker of record
Bank of Montreal
119 Rue St-Jacques
Montreal, Quebec
H2Y 1L6
Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance)
Web Address: www.bmolife.com
Email Address: feedback@bmo.com(English), remarque@bmo.com (French)
i was not aware of changed until i read my bank statement that bmo deducting the monthly payment from my account.how come i was not informed about it?
Hi Rowena,
We informed all our BMO (Formely AIG clients about the change) Your policy features and guarantees remain intact but I agree your broker should of informed you about the change. Regards … Lorne
Can I have a notice on my life insurance for my policy originally purchased from Norwich union that was taken over by AIG. my file number or policy number is 8225547. I would like to have up-to-date paperwork.
thank you
Brian
Hi Brian,
Thanks for the note. You would have to contact your broker or BMO directly:
Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance)
Email Address: feedback@bmo.com
My mother I believe had a life insurance policy but not positive which it was. I was told Norwich was the name . But on the other hand she also dealt with the bank of Montreal some time ago so it could be BMO life assurance co.
How can I find out if her policy is with them?
Hi Florence,
You could call BMO directly at 1-800-387-4483 (BMO Life Assurance Company) or 1-866-360-9765 (BMO Life Insurance).
The attached article http://www.cbc.ca/money/story/2008/05/15/f-lostmoney-lifeinsurance.html also has some good ideas
Regards … Lorne