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 for 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 footnote 1
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 footnote 1
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
Two unique plan options: Estate Protector and Wealth Accelerator to address distinct markets.
Performance Bonus
The Performance Bonus automatically increases the death benefit and cash value, and is guaranteed to never be negative.
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.
How to apply for whole life insurance?
Follow our simple application process to secure whole life insurance.
Consult
Contact your insurance advisor to review goals and set your plan.
Get a quote
Speak to your insurance advisor about coverage that’s right for you.
Apply footnote 3
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 insurance offers coverage for a set period (the term), with premiums remaining the same for that term.
Whole life insurance plans offer permanent protection for life. It can be ideal for individuals who want guaranteed level premiums, a guaranteed death benefit and a guaranteed cash value that increases over time.
Whole life is a type of permanent life insurance product, offering lifelong coverage.
A paid-up whole life insurance policy is for life, so the value of the policy will be paid when a claim is made upon your death.
The BMO Insurance whole life plan includes a guaranteed cash value which increases over time, as coverage is paid-up on your policy. You therefore have a source of cash just in case you need it. Your cash value can never decrease – unless you make a change to your policy.
Insights and tools
Life Insurance Calculator
How much life insurance do you need? Tell us a bit about yourself and we’ll calculate the amount of life insurance you need to help protect your family.
Estate planning with life insurance: how the right policy can help
Estate planning is an emotional task with major financial consequences – it can feel overwhelming at times. On the bright side, you have many helpful tools at your disposal.
Who should own your life insurance?
You’ve decided you need life insurance. Now it gets more technical: who should own the policy? Here are five factors to keep in mind.
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