On the next release of The Wave, BMO Insurance will be announcing the following:
- “Interim” Accelerated Underwriting Guidelines Will Become Permanent
- BMO Insurance had temporarily implemented changes to our Accelerated Underwriting program for life products. We are pleased to announce that, effective November 2, 2020, these changes will become permanent. To summarize, the revised Accelerated Underwriting bands and requirements are as follows:
- Tele-Interview for issue ages 18 to 50 up to and including $1,000,000 of coverage.
- Tele-Interview for issue ages 51 to 60 up to and including $300,000 of coverage.
- Tele-Interview for issue ages 18 to 50 up to and including $1,000,000 of coverage.
IMPORTANT NOTES:
A new version of the desktop version of the Wave illustration software (v44.0) will be available for download on November 2, 2020.
While the Age and Amount requirements are already in effect, the changes mentioned above will be updated on SmartApp and online Wave on November 23, 2020.
- Updates to BMO Insurance Whole Life
- We have revised the Reduced Paid-Up (RPU) rates for the Wealth Accelerator plan option for all pay types
There are no rate changes to premiums, Guaranteed Cash Values, Paid-Up Additions (PUA) or the Performance Bonus.
- Sales concepts updates on The Wave
- We have made minor updates to some sales concepts available on universal life and whole life plans. This includes allowing the Insured Corporate Financing (ICF) to be illustrated with BMO Insurance Whole Life
- Improved usability – reformatting of concept columns
There will be no other rate changes in this release.
For more information, read our Transition Rules