BMO Insurance to Offer Advance Payment of Life Insurance Benefit in Case of Financial Hardship
- BMO Insurance Financial Hardship Life Advance offered to those in financial difficulty and who have a life expectancy of five years or less
- Expansion of BMO Insurance’s Compassionate Benefit Program, which includes a Terminal Illness Life Advance
- Clients can receive up to $250,000 to cover unexpected expenses and medical bills
TORONTO, Oct. 15, 2019 /CNW/ – BMO Insurance today announced the launch of a Financial Hardship Life Advance, an extension of its Compassionate Benefit Program.
The Financial Hardship Life Advance is a non-contractual benefit for individuals who already have a BMO Insurance permanent life insurance policy. Under this program, these clients may apply for an advance of their policy’s death benefit, if they are faced with financial hardship and have a limited life expectancy (of five years or less).
“Canadians are sometimes faced with unexpected medical-related expenses at a very difficult time in their lives,” said Steven Cooney, Senior Vice President, Head of Individual Life and Annuities, BMO Insurance. “We want to do more to help our policyholders cope with health-related hardships. We are, after all, in the business of supporting the financial well-being of our clients.”
With this program, BMO Insurance can provide its clients with an advance of up to 50 per cent of the death benefit on their permanent life insurance policy up to a maximum of $250,000 (payable in annual instalments over 5 years).
In addition to the Financial Hardship Life Advance, BMO Insurance’s Compassionate Benefit Program also includes a Terminal Illness Life Advance, a non-contractual policy benefit that provides terminally ill clients (with a life expectancy of 12 months or less) with a lump sum advance of 50 per cent of their policy’s death benefit (up to a maximum of $250,000).
“Our organization has been actively advocating for solutions that support individuals and families dealing with family members with serious long-term health issues and who are in financial need,” said Guy Legault, President and CEO, Conference for Advanced Life Underwriting (CALU). “We applaud BMO for their leadership with this industry first.”
For more information, please visit: bmoinsurance.com/advisor.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $839 billion as of July 31, 2019, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
CALU is the only national professional organization dedicated to advanced planning issues related to life underwriting, tax planning and wealth management. CALU’s 650 industry leading members include insurance and financial advisors as well as accounting, tax, legal and actuarial experts. Through a strategic partnership with Advocis we advocate on behalf of more than 13,000 advisors in support of fair and competitive public policies to grow and preserve the financial well-being of Canadian business families.
SOURCE BMO Financial Group
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