- Applicants may now qualify for up to $5,000,000 of total life insurance coverage
without additional testing
TORONTO, Feb. 26,
2024 /CNW/ - BMO Insurance today announced
enhancements to its accelerated underwriting program. As part of
its digital first strategy, the enhancements help facilitate faster
case processing, improving productivity for financial advisors, and
making life insurance coverage more accessible to Canadians.
The enhancements are the result of a robust data analytics
platform that has allowed BMO Insurance to replace the protective
value of traditional diagnostic testing methods. Using targeted
medical and lifestyle questions, additional testing may be avoided
during the underwriting process. Furthermore, the electrocardiogram
(ECG) requirement has been removed for all life products. The motor
vehicle report requirement will also no longer apply for most ages
and coverage amounts1. These changes further speed up
and simplify the underwriting process.
The enhancements will apply up to and including:
- $5,000,000 of coverage for
applicants aged 18-40
- $3,000,000 of coverage for
applicants aged 41-50
- $750,000 of coverage for
applicants aged 51-60
"Investing in our data and analytics has been an important
strategic driver for us over the past few years. Eliminating
bottlenecks in the underwriting process has been a key part of our
modernization effort," said Rohit
Thomas, President and CEO, BMO Insurance. "These changes
will help financial advisors save time and ensure consumers can get
coverage in place faster and with less paperwork than ever
before."
"BMO Insurance is committed to creating and moving towards a
fully digital eco-system and 'paperwork' is altogether becoming a
thing of the past," said Katarina
Nikolic, Vice President and Chief Corporate Underwriter, BMO
Insurance. "In addition to accelerated underwriting, the BMO
Insurance SmartApp and SmartDelivery programs assist
financial advisors in applying for new coverage and deliver
approved policies through a more convenient and completely
paperless experience, helping their clients make financial
progress."
To find out more about Accelerated Underwriting at BMO
Insurance, please click here.
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1 For life
insurance coverages above $10M, the requirement may
apply.
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About BMO Financial
Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of
$1.3 trillion as of October 31, 2023. 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. Driven by a single
purpose, to Boldly Grow the Good in business and life, BMO
is committed to driving positive change in the world, and making
progress for a thriving economy, sustainable future, and inclusive
society.
SOURCE BMO Financial Group