BMO Insurance has updated its flagship whole life insurance product to enhance protection and value for policyholders without increasing premiums.
Whole life insurance provides permanent coverage with fixed premiums payable over a set number of years. This type of plan can help offset taxes that may reduce estate values and serve as a financial resource for heirs to cover final expenses, taxes, or charitable donations.
Rohit Thomas, president, and CEO of BMO Insurance, stated, “Given the evolving needs of our clients amid the most significant intergenerational wealth transfer now underway globally and in Canada, we saw an opportunity to enhance the long-term values of BMO’s whole life product.”