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New Level Cost of Insurance (LCOI) rates will be applied to all UL coverages issued on or after October 3, 2011. These changes will affect the following plans: Life Dimensions, LifeProvider, the Universal Life Investment Loan Plan and UL T100 Riders.
Increases to LCOI rates are focused on ages 50 and under, while at the same time maintaining our top competitive ranking at these ages. For example:
NEW LifeProvider ranking1 based on Minimum Premium (Standard Class)
| Male Non-Smoker |
| | Age 30 | Age 35 | Age 40 | Age 45 | Age 50 | Age 55 | Age 60 |
| $50,000 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
| $100,000 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
| $150,000 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
| $250,000 |
1 |
1 |
1 |
1 |
1 |
1 |
2 |
| $500,000 |
1 |
1 |
1 |
1 |
1 |
2 |
2 |
| Female Non-Smoker |
| | Age 30 | Age 35 | Age 40 | Age 45 | Age 50 | Age 55 | Age 60 |
| $50,000 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
| $100,000 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
| $150,000 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
| $250,000 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
| $500,000 |
1 |
1 |
1 |
1 |
1 |
1 |
1 |
Take a look at more great examples of how BMO Insurance will continue to make Level COI an affordable UL solution on LifeProvider and Life Dimensions for single and joint lives.
| To help facilitate processing applications through New Business and Underwriting prior to the September 30 cut-off date for old rates, we will only be accepting Wave 21 illustrations up to July 22, 2011. |
We strongly recommend that you begin quoting the updated LCOI rates as soon as you receive the new version of our illustration software (Wave 22), which will be mailed in early July. A downloadable version of Wave 22 will be available by Thursday, June 30, 2011 on our secure advisor website at bmoinsurance.com/advisor.
For full details, be sure to read the transition rules.
1 New BMO Insurance Level COI minimum premiums effective October 3, 2011 compared with current Level COI minimum premiums for nine other companies - Canada Life, Empire Life, Equitable Life, Industrial Alliance, Manulife, RBC Insurance, Standard Life, Sun Life and Transamerica. Source: Illustration Software for each company surveyed. The comparison was performed based on information believed to be reliable and in effect as of June 13, 2011. BMO Life Assurance Company is not liable for any errors or omissions in the information derived from third party sources.
MB 207 (2011/06/22)
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