BMO Insurance is offering a simple life insurance policy named insureNOW for anyone between the ages of 18 to 49.
InsureNOW features a no medical exam to qualify, immediate full coverage as soon as the policy is issued and a 30-day money back guarantee. It also offers a guaranteed rate for as long as the policy is in force. The criteria for this policy is based on age, gender and smoking status.
There are two limitations that are stated on their product page for insureNOW. The first exclusion is that, if the insured person’s death were to occur due to suicide within the first two years of the Policy Date, then benefits will not be paid out. The second is that if any information provided in the insurer’s application proves false.
Customers may also add BMO Insurance’s Extended Life Benefit with insureNOW. The purpose of Extended Life Benefit is to continue life insurance coverage at 25% of the policy total at age 65. After age 65, life insurance premiums are no longer required.
We have provided an example for an insureNOW policy using a case where a 30 year old male non-smoker is looking for $150,000 worth of coverage. InsureNOW’s first option is to take out $112,000 Level Term to 65 and $37,500 whole life with guaranteed premiums to 65. Monthly premiums would rate at $63.66 per month.
The second option is to buy $150,000 of insureNOW with Extended Life Benefit at age 30 and get $37,500 paid-up coverage after age 65 with premiums at $53.51 per month. After age 65, monthly premiums would cease and $37,500 coverage will be paid-up for life. BMO Insurance’s Extended Life Benefit provides coverage past age 65 at 25% of policy total at 65 and there are no premiums past this point.
For those seeking more coverage, such as disability or critical illness insurance, BMO offers additional coverage through InsureNOW Plus. This product combines life, critical illness, and accidental disability insurance into one package.
The critical illness portion of the policy covers three major forms of critical illness. These are heart attack or stroke, life-threatening cancer and coronary artery bypass surgery.
As for accidental disability coverage, insurance will be paid out only if the insurer is classified as totally disabled due to an accident. The disability must also continue for 180 consecutive days. According to BMO Insurance’s website, being totally disabled means that the insurer requires regular care from a physician, who follows the recommended treatment and are unable to work or perform their normal activities due to the disability.
If the insurer experiences an accidental disability or a critical illness, part of the total coverage amount will be paid out and the remaining balance coverage will remain as life insurance. Payment may only be received for either a critical illness benefit or an accidental disability benefit, but not both.
For both insureNOW and insureNOW Plus, coverage amounts vary between $50,000-$250,000 up to age 65.