Mr. Aaron Sobeski reports

BMO INSURANCE ENHANCES FLAGSHIP WHOLE LIFE PRODUCT

Bank of Montreal's BMO Insurance is refreshing its flagship whole life insurance product to provide greater protection and more value for policyholders with no change to the premium.

Whole life insurance plans offer permanent life insurance protection with fixed-level premiums which are payable for a given number of years, while offsetting the impact taxes could have on overall estate values. This type of insurance can also be ideal as a source of funds for heirs to cover final expenses, offset taxes or leave a financial gift to a charity.

"Given the evolving needs of our clients amid the most significant intergenerational wealth transfer now under way globally and in Canada, we saw an opportunity to enhance the long-term values of BMO's whole life product," said Rohit Thomas, president and chief executive officer, BMO Insurance. "This change offers tremendous value for advisers and their clients who are focused on leaving a legacy and making real financial progress."

For the same premium, BMO Insurance Whole Life now offers:

• Estate protector option: Increases to the death benefit of up to 18 per cent (age and pay period dependent) at age 85;
• Wealth accelerator option: Increases to the death benefit of up to 17 per cent (age and pay period dependent) at age 85.

New rates will be applied to all applications received on or after Sept. 16, 2024.

First launched in 2017 with the goal of providing simple, flexible and guaranteed permanent insurance, the BMO Insurance Whole Life product is a non-participating permanent insurance product designed for Canadians who are looking for permanent life insurance protection that's simple to understand and adaptable to their changing needs.

Key features include:

• Guaranteed premiums that are payable for 10 years, 20 years or to age 100;
• Guaranteed cash values and reduced paid-up values;
• A performance bonus that automatically increases the death benefit and cash value;
• Two plan options: estate protector and wealth accelerator to address distinct needs;
• The BMO Insurance Health Advocate plan, at no additional cost;
• A premium switch option lets clients decrease payments without penalty;
• Additional payment option and premium offset option.

About Bank of Montreal

BMO Financial Group is the eighth-largest bank in North Americaby assets, with total assets of $1.4-trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets, and investment banking products and services to 13 million customers across Canada, the United States and in select markets globally.