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BMO Insurance Introduces Wealth Accelerator, a New Option on its Whole Life Insurance Plan
  • New plan option offers higher upfront cash values that can be used as collateral for other opportunities, while allowing clients to benefit from the life insurance

TORONTO, Sept. 23, 2020 /CNW/ - BMO Insurance has expanded its Whole Life Insurance portfolio with the launch of a new plan option, the Wealth Accelerator. The new plan option addresses the needs of clients who want more liquidity in the early years after purchasing an insurance policy and 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."

One product, two plan options

Both the Wealth Accelerator and Estate Protector options on BMO Insurance Whole Life Insurance policies 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.

For Canadians favouring greater upfront liquidity in their life insurance policy, the Wealth Accelerator 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.

For more information about BMO's Whole Life Insurance plans, please visit:

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $974 billion as of July 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group

For further information: Media Contacts: Anke Suwanda, Toronto, | (416) 867-3996