BMO Insurance announced Sept. 23 that it has expanded its whole life insurance offering with the introduction of the Wealth Accelerator.
The company says the new plan option “addresses the needs of clients who want more liquidity in the early years after purchasing an insurance policy.” It is an alternative to the Estate Protector option, which focuses on superior long-term death benefit and cash values. Clients can choose either option when applying for a BMO Insurance Whole Life policy.
"Since the initial launch of BMO Insurance Whole Life in 2017, advisors and their clients have focused on the simple, flexible and guaranteed elements of this product," said Daniel Walsh, Vice-President, Business Development, BMO Insurance. "With the addition of the Wealth Accelerator, Canadians now have another option when considering strategies for financial protection of their estate or business."
BMO insurance says both the Wealth Accelerator and Estate Protector options offer “the same simple product design, built-in flexibility, guarantees, premium payment options, performance bonus and riders.”
Each option has its own premium rates, guaranteed cash values and death benefit growth to meet different needs.
The Wealth Accelerator option offers higher upfront cash values. “This may be an ideal solution for business owners preferring not to tie up their capital in a life insurance policy. They can use the higher upfront cash value as collateral for a third-party loan for business or other investment opportunities. This allows clients to get access to capital while still benefiting from valuable life insurance to protect their business or estate,” says the company.
