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Permanent Life

Help provide financial protection for your loved ones with lifelong coverage and tailored policy options designed for you that offer flexibility, maximize tax efficiency and help build wealth.

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How does permanent life insurance work?

How to help protect your family in the event of your death is one of the most important decisions you can make. Permanent life insurance provides you with the ability to plan your estate effectively to cover your final expenses, replace the loss of future income, minimize the impact of taxes on other taxable assets in your estate, and more. Browse a few benefits of permanent life insurance below to learn more about how the right policy can meet your goals.

  • Premiums

    • Lifetime coverage
    • Fixed or variable premiums

  • Death benefit

    • Paid tax-free to beneficiaries when you pass away
    • Sum insured plus fund value or sum insured

  • Cash value

    • Offset taxes and minimalize taxable assets
    • Leave behind a financial gift to your favourite charity
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Complimentary loss support services for beneficiaries

As a BMO Insurance policyholder, your beneficiaries receive complimentary access to Empathy – a service that blends technology and human care to guide families through grief and estate-related tasks. Empathy offers: personalized care plans, grief support resources, custom funeral assistance and more.

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What are the different types of permanent life insurance?

While financial protection is at the heart of permanent life insurance, unique policy features such as flexible premiums and guaranteed cash growth can help to differentiate your coverage options. We offer three types of permanent life insurance with a diverse range of policy options suited to your needs.

What are the different types of permanent life insurance?
PlansTerm 100Universal LifeWhole Life
Coverage amount$50,000 to $20 million$50,000 to $20 million$50,000 to $35 million
Who can buyAges 0 to 80Ages 0 to 80Ages 0 to 80
This product may be right for you if you are looking for:
  • Permanent insurance coverage that can be enhanced with the addition of riders
  • The option to add other types of coverage on family members or business partners for a more comprehensive insurance plan
  • No cash value
  • Looking to take full advantage of tax-deferred investment options
  • Access to cash
  • Wide selection of investment options
  • Two different plan options to choose from: Estate Protector and Wealth Accelerator
  • Guaranteed cash value
  • Performance Bonus that automatically increases the death benefit and cash value (guaranteed to never be negative)
PremiumsGuaranteed level premiums payable until age 100Flexible premiumsGuaranteed premiums that are payable for 10 years, 20 years or to age 100
Medical exam required?YesYesYes
Access to BMO Insurance Health Advocate™ PlanYesYesYes
Optional RidersYesYesYes
Permanent insurance may be right for you if you want:
  • Coverage for life
  • To minimize the impact of taxes on your net estate value
  • To maximize the wealth you leave for your loved ones in your estate
Learn more >Learn more >Learn more >

How to apply for life insurance

Follow our simple application process to secure life insurance.

  1. Consult

    Contact an insurance advisor to review goals and set your plan.

  2. Get a quote

    Speak to an insurance advisor about coverage that’s right for you.

  3. Apply

    Complete your application with your advisor to obtain coverage.

Frequently asked questions about Permanent life insurance

  • For universal life and whole life products, speak to an insurance advisor about coverage that’s right for you. For Term 100, use the Term 100 Get a quote tool and speak to an insurance advisor.

  • You can generally apply for permanent life insurance from ages 0 to 80, depending on the product. Your advisor can confirm eligibility for the coverage you’re considering.

  • It depends on the product: some permanent policies have premiums payable for a set number of years (for example 10 or 20 years), while others are payable to age 100. Your advisor can help you choose the option that fits your budget.

  • In most cases some medical information — and sometimes a medical exam — is required. How much depends on the product and the amount of coverage you apply for.

  • Term life covers you for a set number of years and is typically the most cost-effective option, while permanent life covers you for life and can build cash value over time. Your advisor can help you choose the right fit for your goals.

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