BMO Insurance offers the following term policies: Easy Term, which is sold online or via BMO’s call center, or Preferred Term, which is available through BMO’s independent broker network.
Some of the other differences are listed below:
Easy Term is available in face amounts between $50,000 and $5M. Preferred Term is available in face amounts between $100,000 and $10M.
Easy Term is convertible to Term 100 coverage. Preferred Term is convertible to all of BMO’s permanent policies, including their Term 100 plan.
Easy Term offers monthly or annual premiums. Preferred Term offers monthly, semi-annual, and annual premiums.
Easy Term offers two available riders. Preferred term offers four available riders, including their business guaranteed insurability option.
Easy Term offers a 30-day money back guarantee. Preferred term offers a 10-day money back guarantee.
Easy Term offers standard rates. Preferred Term offers preferred and standard rates. Preferred rates can result in substantial savings for individuals who are in very good health and have a good family health history.
Lisa Harbinson wanted a new life insurance policy for her mother Joyce. She thought mom was paying too much at over $100 a month for a $10,000 term policy that she had borrowed money against and now it was time to pay it back. Obviously, Lisa thought it was also definitely time to look for a more reasonable plan that wasn't about to expire.
In addition, she began to research the cost of funerals, so she could purchase exactly the amount she needed to give her mother a proper send off, but little did she know at the time, that send off would come so soon.
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