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BMO Affordable Term Life Solutions
BMO Life Assurance Company has recently tweaked its pricing on its term insurance line-up as it moved to conquer more of the Canadian life insurance market.
On April 1st, the former AIG of Canada became BMO Life Assurance. Its first distribution arm, BMO Life Insurance, which existed prior to the accquisition of AIG, is still their direct life insurance arm.
Despite what you may think, buying direct doesn't give you the lowest prices. In almost all instances, the plans offered by BMO's Life Assurance Broker Network are lower, and better yet, the brokers there are independent, free to go after the best price if BMO's company rates are out of line.
BMO Life Assurance is one of the only life insurance companies in Canada to offer Term 10, Term 20 and Term 30 life insurance products. These term plans are guaranteed renewable without a medical and guaranteed convertible to a full line-up of permanent plans:
- They offer multi-life discounts for two spouses with plans available on a joint-life basis.
- They offer a whole host of value-added riders, including a critical illness rider with base amounts as small as $25,000.
- Their critical illness rider also includes membership to Best Doctors, a resource featuring the best medical advice from around the world on the various critical illnesses you may be diagnosed with.
- The cost of an indvidual Best Doctors mebership is $18.75/month, [as of April 21, 2009] so to have that built-in to the rider is a significant perk.
The following pricing chart shows examples of term 10, term 20 and term 30 plans with $250,000 of coverage for a 45-year-old, male non-smoker at a standard rate:
$250,000 of Term 10 coverage @ $31.05/month
$250,000 of Term 20 coverage @ $57.38/month
$250,000 of Term 30 coverage @ $104.85/month
You can also get a free no-hassle quote by visiting our Term Life Instant Quote Page.
If you have any other questions please don't hesitate to contact us at 1.866.899.4849.
Direct line: 905.248.4849 Email:
I am interested in a $50,000 term life insurance. No medical. I have an exisiting medical problem. I am 69 years old. Could you give me a quote?
Hi Peter,
Thanks for the note. We offer non medical plans where there are no health questions and others with health questions. I will send you a separate email now. Regards … Lorne
I am interested in life insurance.I and my husband have no exisisting medical problems and are 40 and 41 years old .We have an autistic 3 year old son who I stay at home to care for.I worry that If something where to happen to my husband we would be out on the street with no income .What could you do for us? Debra Furo
Thanks for the note Debra. We are happy to help out. I will send you a seprate email now. Regards … Lorne