BMO life insurance Canada
also referred to as Bank of Montreal life insurance, is part of the Bank of Montreal financial. It is the oldest bank having been founded in 1817. It is a leading life insurance company in Canada and it grew drastically after the $330 million purchase of AIG Life Insurance Company in 2009. The AIG purchase included 400,000 clients and 300 workers. The insurance company CEO is Peter McCarthy and the company had an AM Best Company rating of A for 2009-2010. Its head quarters are in Toronto, Ontario any the company has over 7 million clients in Canada. AIG life insurance and BMO life insurance Canada businesses continued operating separately after the merger until the business was brought together under the name ‘BMO Life Assurance Company’.
BMO life has an array of life insurance and non life insurance policies. Their life insurance policies are both term and permanent policies. Their whole life insurance policy, which they refer to permanent life cover provides a lifelong life cover. The 20 Pay Life Policy provides a 20 year level and guaranteed premium pay after which you are released from paying premiums and you get a lifelong cover. The Pure Term 100 has level premiums throughout one’s life until one is 100 years old and the Term 100 Plus and Term 100 Platinum provide an option to pay premiums for 5 years after which you can stop paying premiums for a much reduced death benefit.
The term life insurance policy provided by BMO life is called EasyLife. It provides cover for terms of 10, 20 and 30 years with an option to convert to a term 100 plan without doing medicals as long as this is done before age 70. Their universal life insurance provides a life time cover with an extra benefit of a tax deferred investment account. BMO life insurance also provides guaranteed life insurance that is provided with no medicals and a child’s coverage policy that provides life insurance to children.