Review: BMO insureNOW Plus

Life insurance isn’t enough because you face more risks than death. You could suffer a critical illness or accidental disability. BMO Insurance conveniently bundles protection for all three into insureNOW Plus. Also, there’s no medical exam required to apply.

Highlights

• Total coverage amounts of $50,000 to $250,000 until age 65
• Includes critical illness insurance and accidental disability insurance
• Available for ages 18 to 49
• No medical exam required; you only need to answer a few simple questions online or by phone
• Optional extended life benefit beyond age 65
• Includes services from Best Doctors and Helping Hands
• Guaranteed rates
• 30-day free look

Living benefits

Insurance claims which are paid to you while you’re alive are called living benefits. With insureNOW Plus, you get critical illness insurance and accidental disability insurance in addition to the death benefit. When you apply for coverage, you select either:

1. A critical illness benefit of 50% or an accidental disability benefit of 15%, or
2. A critical illness benefit of 25% or an accidental disability benefit of 7.5% where the percentage is based on your total coverage.

If you receive a living benefit, your death benefit drops by the amount you received and your premium drops, too. A living benefit is only payable once (either critical illness or accidental death but not both).

Let’s say your total coverage is $200,000. The first option would pay:

• $100,000 (50%) for a critical illness, leaving $100,000 (50%) of life insurance for 50% of the original premium, or
• $30,000 (15%) for an accidental disability, leaving $170,000 (85%) of life insurance for 85% of the original premium

What is the critical illness benefit?

You receive your critical Illness benefit if you survive 30 days after one of the following:

• You have a heart attack or stroke
• You’re diagnosed with a life-threatening cancer
• You undergo coronary artery bypass surgery

The definitions and details are in the sample policy contract and are worth reviewing.

What is the accidental disability benefit?

Put simply, you receive your accidental death benefit if you’re totally disabled from an accident for at least 180 days in a row. The definitions and details are in the sample policy contract for your review.

The extended life benefit (optional)

You may still want life insurance beyond age 65. insureNOW Plus has an optional extended life benefit which pays 25% of your total policy coverage starting at age 65. This benefit is paid up at age 65, which means your coverage continues without the need to pay any additional premiums.

If your total coverage is $200,000, your extended life benefit is $50,000 (25%).

Other benefits

Since you may need more than cash at a traumatic time, insureNOW Plus includes these services:

• Best Doctors: You receive information and advice to help you make the right healthcare choices
• Helping Hands: You receive counselling, guidance, and information about your health, wellness, and recovery

The fine print

Since insureNOW Plus provides living benefits and death benefits, the application process requires extra care and understanding. You must meet the requirements to receive the benefits. The process starts with you answering the questions properly. Since you aren’t using an advisor, the onus is on you.  If you answer a question incorrectly, the claim could be denied.

The policy contract has more details, including exclusions and limitations. 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

You face the risks of disability, critical illnesses, and death. BMO Insurance insureNOW Plus gives you protection against all three.

insureNOW Plus from BMO Insurance

Also read:

• The 5 Lamest Reasons for Not Getting Life Insurance
• Review: BMO EasyOne Life Insurance
• When to Buy Both Term and Permanent Life Insurance

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