BMO Financial Group

BMO Financial Group

September 15, 2014 08:00 ET

BMO Insurance Simplifies Life Insurance with Introduction of insureNOW and insureNOW Plus

New offerings are ideal choices for younger Canadians looking for affordable, convenient insurance policies

TORONTO, ONTARIO--(Marketwired - Sept. 15, 2014) - BMO Insurance today introduced insureNOW and insureNOW Plus, two simplified insurance plans designed to provide hassle-free coverage. Both are ideal choices for young individuals seeking starter life insurance policies.

insureNOW is basic life insurance coverage for those aged 18-49. The coverage range is $50,000-$250,000, with guaranteed premiums payable to age 65.

insureNOW Plus has all of the features of insureNOW, as well as living benefit insurance, which covers four critical illness conditions including life threatening cancer, plus accidental disability coverage. insureNOW Plus policy holders and their family also receive access to an assistance services program, including a Best Doctors service that provides a second opinion on your critical illness diagnosis and treatment options. Both insureNOW and insureNOW Plus plans offer the option of extending life insurance coverage past age 65.

"We've introduced these innovative new plans for individuals who are looking for a fast, convenient and affordable way to purchase insurance - those who want coverage and want it now," said Peter McCarthy, President & CEO, BMO Insurance. "There's a gap in the market for a product of this kind - one that offers the benefit of an insurance plan with a simple application process and no medical test."

insureNOW and insureNOW Plus are available for purchase through insurance advisors today and will be available for customers to purchase online or over the phone at the end of October.

Younger Individuals Seeking All-In-One Coverage

According to a BMO study, almost three-quarters (72 per cent) of young Canadians (aged 18-34) feel that having comprehensive coverage is the most important part of an insurance policy. Further, over one-quarter (27 per cent) think it is important to have a plan that will provide acceptance without a medical exam.

"The younger generation knows that life insurance is critical to ensuring that they and their loved ones are well-prepared for life's unexpected events," said Mr. McCarthy. "We want to make sure that we are providing them with policy options that cover many of their needs, and with a simple and convenient application process."

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The BMO Survey was conducted by Pollara between July 2nd and 4th, 2014, with an online sample of 1,005 adult Canadians. Data has been weighted using the latest Canadian census information to be representative in terms of age, gender and region.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets exceeding $586 billion and approximately 47,000 employees at July 31, 2014.

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