Canada-based BMO Insurance has introduced two new insurance plans, insureNOW and insureNOW Plus, which are designed for young individuals.
The insureNOW is a basic life insurance coverage designed for individuals aged between 18 and 49 years.
With guaranteed premiums payable to up to age 65 years, the coverage range of the plan is $50,000-$250,000, according to the company.
The insureNOW Plus provides all the benefits of insureNOW, as well as living benefit insurance that covers four critical illness conditions, such as life threatening cancer and accidental disability coverage.
In addition, the policy holders of this plan have an option to access with an assistance services program, including a best doctors service that offers a second opinion on critical illness diagnosis and treatment options.
Both the plans have been provided with an option to extend life insurance coverage past age 65 years, noted BMO.
BMO Insurance president and CEO Peter McCarthy said the new plans have been introduced for individuals, who are looking for a fast, convenient and affordable way to purchase insurance.
"There’s a gap in the market for a product of this kind – one that offers the benefit of an insurance plan with a simple application process and no medical test," McCarthy added.
Image: BMO, Toronto. Photo: courtesy of Andrevruas.