BMO Insurance Policy Fee Discounts: Combine and Save

BMO insurance offers policy fee discounts to applicants who add riders to their base policies.

The reason for the discount is because when additional coverage is added as a rider, it is not subject to the same policy fees as stand-alone policies. This can result in substantial savings over the life of the policy. The following are three examples of this for a 40-year-old, male non-smoker:

1. Term life insurance plus critical illness insurance:

$500,000 of Term 10 coverage with a critical illness Term 10 rider of $100,000 would come out to $71.46 when bundled as one policy. However, when you look at both as separate plans, the monthly premium would be $78.21 a month. This represents an annual savings of 9 per cent or $81 a year.

2. A universal life plus critical illness insurance bundle:

$100,000 of Life Provider universal life coverage with a minimum premium and a $50,000 Critical Illness Term 10 rider attached would cost $80.14 a month when bundled under one policy. As separate plans, the monthly premium would be $86.46 a month, which gives you a savings of 7 per cent or $75.84 a year.

3. Universal Life plus Term Life insurance rider, plus Critical Illness Insurance rider:

$100,000 of universal life Life Provider coverage with a $250,000 Term 10 rider and a $50,000 Critical Illness Term 10 rider would have a bundled monthly premium of $98.00 a month, while separate plans would be $107.39 a month. This is a savings of 9 per cent or $112.68 a year.

For more details on life insurance in Canada, visit our Term Life Insurance Instant Quote Page, or contact us at 1-866-899-4849.