BMO Life Assurance Re-Pricing Term Life Plans

BMO cropped

AIG Life Canada was once very aggressive in the term life market and its successor, BMO Life Assurance, has followed suit by re-pricing both its Term 10 and Term 20 policies, effective May 1st.

BMO Life Assurance, has followed suit by re-pricing both its Term 10 and Term 20 policies, effective May 1st.

Both plans have the follwing qualities:

  • They are guaranteed renewable to age 85.

  • They are guaranteed convertible without a medical

  • Preferred plans are available for those in excellent health and have very good family health history.

  • Multi-life discounts, with the policies available on a joint-life basis.

The plans also can come with a Unique Business Guaranteed Insurability Option, which gives the business owner the option to buy additional insurance, as the business grows, without requiring additional insurability evidence.

But how does BMO’s Term Insurance stack up against the competion with its new rates? It’s time to take a closer look, so that you can see the best fit for your situation:

 

Preferred Term 10 (Standard Rates)

Face Amounts 
Male Non-Smoker (Ages)    Female Non-Smoker (Ages)
  35 40 45 50 55 60   35 40 45 50 55 60
$250,000 1 2 1 2 2 2   6 1 1 2 2 2
$500,000 3 2 1 2 2 2   2 2 2 3 3 3
$1,000,000 1 1 2 2 2 3   1 1 1 2 2 3

Preferred Term 20 (Standard Rates)

Face Amounts 
Male Non-Smoker (Ages)    Female Non-Smoker (Ages)
  35 40 45 50 55 60   35 40 45 50 55 60
$250,000 2 1 2 3 2 2   3 2 1 2 2 5
$500,000 1 1 1 1 2 2   1 1 1 1 2 2
$1,000,000 2 2 2 2 3 3   1 1 2 2 3 3

 

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  • lor
    June 9, 2009 at 4:15 pm

    Hi Donna,

    The plan you are referring to is BMO’s non medical life insurance plan.

    These type of plans have smaller face amounts you can get more details on non medical life insurance at http://lsminsurance.ca/application/ontario/no-medical-life-insurance

    Best Regards … Lorne

  • Donna
    June 9, 2009 at 3:17 pm

    I saw on the Television lasr night that you could get a $10,000,oo policy for as little as $5,00 a week. I would like information about this one.

    Much appreciated
    Donna