Here are the details of each of the BMO life insurance policies I have mentioned in my last post.
Term Life Insurance is easy to obtain and very affordable. You must pick the amount of insurance you require and how long you want it. If your needs vary, you can change your current policy to Permanent Insurance. EasyTerm is an affordable life insurance coverage that is trouble-free. EasyTerm is term life insurance your family can utilize to restore income or pay off debts during the time of your death. It grants a tax-free payment to your beneficiaries, providing them financial security when the need calls for it.
Preferred Term is a low cost protection but for a certain number of years only. The rate for this policy is guaranteed that it will not increase. Aside from that, you can pick the duration and the coverage that is suitable for you. It can also be utilized by your loved ones as an income replacement solution or to liquidate debts. The insurance can grant a tax-free lump sum payment to your beneficiaries. And lastly, offer the option of convert your policy to a permanent coverage.
Permanent Life Insurance offer lifetime insurance protection. The rates are guaranteed to stay the same. Guaranteed cash value will be given depending on the plan you have chosen. It can be utilized to cover-off tax liabilities and other charges due on your estate. And lastly, it can grant a tax-free payment to your beneficiaries. The coverage for Life will assure you that your policy will never expire and the premiums will never increase. In choosing the amount, you get a $25,000 to $10 million in coverage that would matter on the product. The Built-in Cash Value will be available after 5 or 10 years, that would depend again on the plan you have applied for. In the Guaranteed Monthly Premiums, your premiums are guaranteed to stay the same for life once your coverage is approved.
Official website:
http://www.bmo.ca