We’ve reduced rates even further on our Term Life plans effective July 2, 2019!
- These rate decreases apply to Term 10, 15 and 20 base plans and riders
- Rates will be reduced by 2-3% for face amounts of $500,000+
- The amount of the decrease depends on age, sex, underwriting classification and face amount
- Note: there are no rate changes to the following:
- Term 10, 15 or 20 base plans or riders with face amounts under $500,000
- T25 and T30 base plans or riders.
Plus, we’re extending our Term Life annual policy fee discount (until September 30, 2019). - A $25 annual policy fee discount on all Term base plan applications for face amounts of $500,000 and over has been extended until September 30, 2019.
Take a look at the following comparison: BMO Insurance Term 10
Face Amount: $500,000 |
Premium Ranking* | 40 | 45 | 50 | 55 | 60 | 65 | 70 | Male Non-smoker | 1 | 1 | 1 | 2 | 1 | 1 | 3 | Female Non-smoker | 1 | 3 | 2 | 2 | 1 | 1 | 1 | Male Smoker | 1 | 1 | 1 | 1 | 1 | 1 | 2 | Female Smoker | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
With these premium reductions, here’s what you’ll notice*:
- More competitive premiums for Face Amounts of $500,000+ across all Term 10, 15 and 20 plans
- Stronger positioning for both males and females on Term 20 plans
- Term 25 and 30 premiums continue to be highly competitive.
For more detailed information, please download The Wave 40.0 and read our Transition Rules.
Our new rates will be reflected on other industry illustration software (e.g. Life Guide, Compulife and Insurfact) starting on July 2, 2019.
* Source: LifeGuide (2019.06B). Companies surveyed: BMO Insurance, Canada Life, Desjardins Financial, Empire Life, Equitable Life, Industrial Alliance, ivari, Manulife, RBC Insurance, SSQ Assurance and Sun Life. Not all companies surveyed offered all product options. Ranking is based on the lowest annual premium. The comparison was performed based on information believed to be reliable and in effect as at June 19, 2019. BMO Insurance is not liable for any errors or omissions in the information derived from third party sources. |
