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Whole Life

Whole life insurance helps protect your loved ones by providing a guaranteed death benefit, potential tax efficiency for your estate, and coverage with built-in cash value you can access when needed.

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What is Whole Life insurance?

Whole life insurance plans offer permanent life insurance protection that’s there for life, with fixed level premiums payable for a given number of years. It can offer you and your heirs the ability to:

  • Plan with the end in mind

    Cover your final expenses and replace your lost future income, in case of your death

  • Support your philanthropic efforts

    Leave a financial gift in your name to your favourite charity

  • Prepare for the future

    Offset the taxes which will become payable on your RRSP when you die

  • Manage your estate and tax strategy

    Minimize the impact of taxes on other taxable assets in your estate - such as the capital gains tax on the increase in value of your cottage

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How does Whole Life insurance work?

Whole life insurance premiums are fixed and payable for a set number of years (e.g. 10 or 20 years or to age 100) after which time no further premiums are required. If you die, the death benefit is paid to the person or people you choose (your beneficiary). Coverage may also be issued on a “joint” basis which means that the policy covers two people. Depending on the type of plan you choose, your policy may also accumulate a guaranteed cash value which increases over time, and which grows on a tax-deferred basis.

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Benefits of Whole Life insurance

Our whole life insurance policies are designed to be simple, flexible, and guaranteed. It can help you replace lost future income, earmark a source of funds to cover expenses, and minimize the impact of taxes on other taxable assets in your estate.

  • Tailored coverage options

    The option to make additional payments above the required premiums to optimize the tax deferred growth of the cash value and increase the total death benefit of your policy.

  • Performance Bonus

    The option to make additional payments above the required premiums to optimize the tax deferred growth of the cash value and increase the total death benefit of your policy.

  • Flexible payment options

    The option to make additional payments above the required premiums to optimize the tax deferred growth of the cash value and increase the total death benefit of your policy.

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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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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 Whole Life insurance

  • The cost of a whole life insurance plan depends on several factors such as age, health, and the type of policy. The BMO Insurance Life Insurance Calculator can offer insight into how much insurance you may need. Your insurance advisor can help you tailor a life insurance plan to meet your needs and fit your budget.

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

  • Whole life is one type of permanent life insurance. “Permanent life” is the broader category (which also includes universal life and Term 100); whole life specifically offers guaranteed premiums, a guaranteed death benefit and guaranteed cash value.

  • Your premiums pay for the lifelong protection and peace of mind the coverage provides. A whole life policy also builds guaranteed cash value you can access during your lifetime, subject to the policy terms.

  • Yes — whole life insurance builds guaranteed cash value over time that you may be able to borrow against or withdraw, subject to the terms of your policy.

  • Participating whole life insurance lets you share in the performance of the participating account: eligible policies may receive policyholder dividends, which can increase your cash value and death benefit over time.

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