BMO life insurance company handle insurance business for the Bank of Montreal financial group. The financial group is the oldest banking services provider in Canada having been established in 1817. Bank of Montreal Insurance has an asset base of 3.89 billion dollars and 2010 new premium written of $379 million. BMO life insurance grew significantly especially in the life insurance sector when it purchased AIG life insurance business in Canada in 2009. Consequently, it became a leading life insurance provider in Canada. The company was renamed to BMO life insurance assurance company. BMO life insurance provides a wide array of insurance products.
BMO life insurance provides an array of life insurance policies. Their term life insurance policy runs for terms of 10, 20 and 30 years with an option to convert to a whole life insurance policy before one is 70 years of age. The permanent life insurance policy, also referred to as the Term 100 life insurance provides life insurance with benefit going to beneficiaries or to policyholder if they get to age 100. The policy comes with various variation options such as an option to pay premiums for 20 years and thereafter to enjoy coverage for a lifetime with no further premium payments. The universal life insurance policy by BMO life insurance provides policyholder with life insurance cover plus a savings plan that is tax deferred. The policyholder has about 400 different investment plans to choose from for their cash value investment model.
Besides life insurance, Bank of Montreal Insurance also provides other insurance policies including critical illness policy. This policy provides a lump-sum benefit to the policyholder if they get a critical illness such as Cancer and survive a waiting period of 30 days after diagnosis. The accident and illness policy provides a benefit if one is involved in an accident or for regular health coverage. Other policies include travel insurance and retirement plans.