Wealth Accelerator is aimed at clients who need more liquidity in the early years after purchasing an insurance policy along with a focus on long-term death benefit and cash values
BMO Insurance, a member of Canadian financial services provider BMO Financial Group, has expanded its Whole Life Insurance portfolio with the addition of a new plan option, dubbed Wealth Accelerator.
Wealth Accelerator is aimed at clients who need more liquidity in the early years after purchasing an insurance policy, along with a focus on long-term death benefit and cash values.
BMO Insurance business development vice-president Daniel Walsh said: “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.
“With the addition of the Wealth Accelerator, Canadians now have another option when considering strategies for financial protection of their estate or business.”
BMO to offer Wealth Accelerator as an alternative to Estate Protector option
The new plan is offered as an alternative to the Estate Protector option, where customers are allowed to choose between options plans Wealth Accelerator or Estate Protector while applying for a BMO Insurance Whole Life policy.
BMO Insurance said that both Wealth Accelerator and Estate Protector options on its Whole Life Insurance policies provide simple product design, built-in flexibility, guarantees, premium payment options, performance bonus and riders.
The option plans have their own individual premium rates, guaranteed cash values and death benefit growth to address different needs, said the company.
The new option would provide high upfront cash values for individual customers and for business owners who seek high upfront cash value.
Business owners can use the cash value as collateral for a third-party loan or investment, rather than linking their capital in a life insurance policy. Clients can get benefits from both capital and life insurance.
BMO is a diversified financial services provider, offering a wide range of personal and commercial banking, wealth management and investment banking products and services.