A Closer Look: BMO Insurance’s Direct Term

Posted on April 30, 2009 and updated June 19, 2013 in BMO Life Insurance, Life Insurance Canada News 3 min read

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

In 2001, Bank of Montreal’s Life Insurance division, BMO Life, began offering a unique twist on term life insurance through their BMO Direct Term product.

It’s only available directly from a licensed agent via their call centre, but before you pick up the phone, let’s take a closer look at what you’re getting with BMO Direct Term:

Payouts range from $25,000 to $5 million spread out through $1,000 instalments and the premiums are guaranteed. As BMO is the only bank in Canada to offer AirMiles with their banking products, naturally their insurance products, including Direct Term, qualify for AirMiles as well.

Immediate coverage is offered at a face amount of up to $250,000, if you can answer no to certain health questions over the phone. Still, if you don’t immediately qualify for coverage, BMO can offer you a $100,000 accidental death benefit.

Unfortunately, pricing is much higher than traditional individual term plans, especially if you’re purchasing a policy with a shorter term.

40-year-old Male, Non Smoker, at a Preferred Rate of $500,000

Term 10: BMO $49.27 – RBC Insurance $26.01

Term 20: BMO $64.76 – Equitable Life $46.80

Term 30: BMO $85.30 – Unity Life $81.00

Since BMO’s Direct Term Plan can only be purchased over the phone, you also miss out on the personal touch of a face-to-face meeting, like what you would get if you were represented by a broker. The representatives on the other end of the line are unable to advocate on your behalf and shop around for the best rate, the way a broker can.

While BMO’s Direct Term Life insurance policy has some unique features, it can’t offer customized advice and strategies the way a broker can.

You can get a free quote by visiting our Instant Quote Page or feel free to contact me directly at 1.866.899.4849

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Rein
Rein

I was wondering how can i change the beneficiary in my term life insurance? If my original (with AIG) policy states that I have put an “irrevocable” beneficiary…can I still change it if my circumstances has changed?
thank you.
rein

Suzanne
Suzanne

Would like to know what would the penalty be for cancelling our policy with you. My husband and I have been members for over 15 years.

Douglas
Douglas

I have a Universal life policy that is over half paid out. I would like to change the investment portion on this policy . Is it possible to do this without excess fee’s or penalties? How would I go about it?

arthur
arthur

i have a small policy through BMO and would like to fnow if i have a cash value on it that i can take out ?

Rob
Rob

Who do I contact to get information on an insurance policy that stared with AIG. I have been paying premiums and require information as there has been no information sent to me about this policy.

Please have someone contact me as soon as possible.

Thank you
Rob