- 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.
About CALU
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