When you’re considering life insurance, you’re probably thinking of temporary coverage. Term life insurance is the ideal way to get the maximum protection for a short-term need if you’re young and healthy. Many Canadians think about the expenses that their family would face when they pass away, or how they may want to leave a gift to future generations. That’s where permanent life insurance can help, if you qualify. There is another form of permanent life insurance that can help you if you can’t qualify for regular permanent life insurance:
BMO Insurance offers Guaranteed-Life Plus life insurance. The “Guaranteed” in the name means that you are guaranteed to be accepted. No medical exam is required in order to be accepted, and the “Plus” includes a generous accidental death benefit.
Here are highlights:
- Permanent life insurance for purchase between ages 40 and 75
- Guaranteed acceptance: no medical exam needed to qualify
- Level premiums which are guaranteed to never increase
- Death benefit of up to $50,000 or $250,000 for an accidental death
The premiums give you control and eliminate surprises:
- Premiums stop when you’re 95 and your coverage continues for life
- Premiums range from $20 to $120 per month
- Pay monthly or yearly by credit card or automatic withdrawals from your bank account
If you buy online, you’ll get immediate coverage. And if you cancel during the first 30 days, you can get a full refund.
The death benefit is either the:
- Basic benefit: The premiums you’ve paid if you die during the first two years, or up to $50,000 in later years, or
- Accidental death benefit: Five times the basic benefit (up to $250,000) if you die from a covered accident before age 85
The death benefit is based on your gender, age, and smoking status at the time you apply. You’re shown how much coverage you can get for various premiums between $20 and $120 a month.
Drawbacks of conventional life insurance
Normally, getting life insurance is cumbersome. You start by finding an insurance advisor. When you apply for coverage, you’re required to provide proof of health, which may include a paramedical exam, as well as blood and urine samples. The evaluation process takes weeks or months.
Guaranteed-Life Plus brings you the speed and convenience of buying from BMO Insurance directly online.
The fine print
The policy contract has more details, including exclusions and limitations. For example, the accidental death benefit requires that death occur within 90 days of the accident. You can review a specimen contract before buying and examine your actual contract during your 30-day free look period. If you have questions, you can contact BMO Insurance directly.
The bottom line
If you’re planning for the future, permanent life insurance can help with your legacy. You can avoid the hassles of conventional life insurance, getting a medical exam, and dealing with an advisor by selecting Guaranteed-Life Plus life insurance from BMO Insurance.
Guaranteed-Life Plus from BMO Insurance
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