Turning hesitation into action: Where competitive pricing meets a smoother path to sales

Advisors see it every day. Clients understand why life insurance matters but hesitate when it’s time to move ahead. Often, the barrier isn’t affordability but perception; as LIMRA research shows, many consumers think insurance costs far more than it actually does. ^footnote 1 

That hesitation and lack of understanding is where many conversations stall, leading to a troubling insurance gap that’s leaving millions of Canadians at risk. It is also where recent changes at BMO Insurance are designed to make a meaningful difference. At a time when affordability and simplicity matter more than ever, improvements in both pricing and process are designed to help advisors turn intent into action and bring more clients across the finish line. 

Stronger pricing where it matters most

Earlier this year, BMO Insurance introduced updated rates across its term lineup, with average premium reductions of approximately 5 per cent. More importantly, that competitiveness also shows up in the coverage amounts where many clients begin their insurance journeys.

Policies under $500,000 typically address practical needs such as mortgage protection or income replacement, and they’re where cost sensitivity is highest. Stronger pricing at these levels gives advisors a more compelling starting point, helping reset expectations and make coverage feel attainable. 

“Improving affordability is one of the most direct ways we can help close the insurance gap,” says Nicole Kennedy, Senior Vice President & Head, Advisory Business, BMO Insurance. “When coverage fits within a client’s budget, it becomes much easier to move from discussion to action.”  

Check the numbers: Where pricing stands out

At coverage levels under $500,000, which is where many conversations begin, pricing for non-smokers is consistently strong across key term lengths. ^footnote * 

• Term 10: #1 rank for pricing for females 45+   
• Term 15 and term 30: Consistent top-tier positioning across all ages. Term 15 offers a strong middle-ground option for clients balancing cost and duration, while term 30 is ideal for longer-term needs like income replacement or family protection.
• Term 20: Very competitive entry points for clients under 30, supporting early protection conversations where affordability is often the biggest concern.

Together, these results tell a clear value story. Whether the conversation starts with basic affordability or extends to longer-term protection, BMO Insurance offers competitive pricing across a range of client needs and planning horizons.

 ^{footnote star *}Source: The Wave 58.1 and Lifeguide. Ranking comparison was performed based on information regarding annual premiums of comparable term products, believed to be reliable and in effect as of June 15, 2026. BMO Insurance is not liable for any errors or omissions in the information derived from third party sources.

Affordability opens the conversation, but experience closes the case 

Competitive pricing can get a client to say yes, but what happens next determines whether that decision turns into coverage. Historically, insurance underwriting introduced a pause, creating uncertainty and, in some cases, lost momentum. 

With tools like BMO Insurance’s new SmartDecision powered by VUE – our virtual underwriting engine, underwriting decisions can often be delivered in real-time to give advisors and clients greater clarity during the application process itself. Instead of waiting for an underwriting follow-up, the conversation can continue with certainty and with fewer interruptions.

“SmartDecision brings underwriting directly into the point-of-sale moment, enabling real-time decisions while reducing friction and improving confidence for both advisors and clients,” says Katarina Nikolic, Vice President and Chief Corporate Underwriter, BMO Insurance. 

“This is more than a faster process. It changes the dynamic of the client interaction. When decisions happen earlier and the path forward is clear, it becomes easier to maintain engagement and support clients through to policy delivery.” 

SmartDecision also strengthens BMO Insurance’s end-to-end digital experience. Advisors can now submit business using SmartApp, receive faster decisions for eligible policies through SmartDecision, and deliver policies digitally through SmartDelivery. The goal is one smooth, efficient, online process from application to issue.