BMO Universal Life Insurance

Universal Life Insurance

What is Universal Life Insurance?

It is a permanent life insurance coverage combined with an investment component. With these types of policies generally, you can see what portion of your premiums are used to cover the cost for your insurance policy coverage and how much is left to invest in a tax-deferred investment account.

If you are looking for a permanent life insurance policy that can be utilized as a source of funds for your heirs, then Universal Life Insurance is the best option. It can help:

  • In covering your final expenses.

  • Replace your lost future income in the event of your death.

  • Offset the taxes which will become payable on your RRSP when you pass away.

  • Decrease the impact of taxes on other taxable assets in your estate.

  • Increase the transfer of your wealth to your dependants in a tax-efficient way

  • Leave a financial gift in your name to a charity of your choice.

Canadian LIC

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Financial protection plus a tax-deferred account

Are you looking for a way to increase the money for your loved ones and control the impact that taxes could have on the value of your property? Look no further than Universal Life Insurance coverage.

With Universal Life Insurance plans from BMO Insurance, you'll will receive:

  • Premiums that are flexible You have the option to choose a flexible premium schedule, depending onthe terms of your insurance policy and payment requirements. For example, you have the option to pay premiums over 5 or 10 years and have the monthly insurance charges taken away from the cash value of your policy.

  • Tax-free growth You can take advantage of the tax-deferred investment account within the policy by increasing your premium payments above the monthly charges. That ensures the investment in your policy remains tax-free up to certain limits specified in the Canadian Income Tax Act.

  • A large selection of investment options You can choose from a vast range of guaranteed interest and equity-linked investment accounts. Below mentioned are the various investment options:

    • Guaranteed-interest accounts have a guaranteed rate of return which is minimal.

    • Equity-linked investment accounts earn investment returns based on the performance of some of Canada's most well-established money managers.

    • Guaranteed Market Indexed Accounts and the Enhanced Market Indexed Account offer you discovery to equity market performance and net rates of return that are guaranteed never to be negative.

    For further enquiries or to find out more information on the various options available, please visit BMO InvestPro today or get in touch with the team at BMO Insurance.

  • Access to cash You may choose to access part of your tax-deferred investment account to earn extra income for your retirement, to fund your child's school or college education, to cover expenses if you become disabled from an accident, or even as an emergency financial account. Ask the professional insurance advisors at BMO Insurance for more information.

A wide range of plans to choose from:

Life Dimensions: This plan includes permanent coverage and access to investment options with tax-free accumulation. It also provides guaranteed bonuses to help boost the growth of the investment.

Life Dimensions (Low Fees): Universal Life Insurance includes access to investment options with tax-free accumulation and lesser fees. This plan also offers the ‘Investor Maximizer’ to help maximize the tax-deferred growth of the investment component.

Wealth Dimensions: Self-employed individuals or business owners looking to take complete advantage of tax-free investment options and are willing to make an initial investment of at least $25,000 when they purchasethe policy.

Optional extras: Each of BMO Insurance's universal life plans offers a wide variety of additional life and critical illness insurance coverages (called "riders") such as:

  • Term Insurance Rider: Life insurance coverage for 10, 15, 20, 25 or 30 years.

  • Accidental Death Rider: Life insurance coverage that pays a benefit if you die because of an accident.

  • Waiver of Premium: In case you become completely disabled, it covers your premium payments.

  • Children's Term Insurance Rider: Term life insurance for your children.

  • Critical Illness Rider: A lump-sum payment is provided to you if you are diagnosed with a critical illness.

  • Business Guaranteed Insurability Option: Suitable for business owners who wantto purchase additional life insurance protection plans in the future.


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