AIG life insurance Canada
is a strong brand name that has existed over the last several years in Canada. However, after the 2008 economic meltdown and the US government AIG bailout that followed, there was a lot of doubts on the stability of the company to provide secure insurance and fund management services. This lead to a reduction of their business going into 2009. However, in 2009, the Bank of Montreal (BMO) insurance purchased off all the business of AIG life insurance Canada taking over its over 400,000 clients and entire workforce of over 300 employees. BMO insurance purchased AIG life for $375 million and following this acquisition, BMO life insurance is now a leading life insurance company in Canada. The AIG life insurance business and the AIG Life insurance Toronto head offices were rebranded to BMO Insurance and all the former AIG life insurance and AIG Life Insurance Ontario business were kept by the new owners. BMO life company has an asset base of $416 billion and is backed by a strong Bank of Montreal group.
Some of the AIG life insurance company products that have been kept by BMO life include the term life insurance and the permanent life insurance policies. The term life insurance provides a life insurance cover that runs for a specified number of years, for example 20 years. If the policyholder outlives the term, they will need a new life insurance policy to continue with a life coverage. This type of insurance policy is ideal for credit insurance and insurance for risk years. The AIG life insurance Canada permanent life policies include the universal life and the whole life insurance policy. Whole life insurance policy provides a level and guaranteed premium plan and the policy lasts for a lifetime. The AIG life insurance company universal policy is also a lifetime policy but it has more flexible premium model and an opportunity to build a tax deferred investment.