On December 2, BMO Insurance will begin offering segregated funds.
According to documents obtained by Advisor.ca, the firm will offer non-registered, RRSP and RRIF plans. They will have automatic monthly locking-in and the term must be between 15 and 25 years.
Read: Talking to clients: Segregated funds
At maturity, the fundholder will receive 100% on deposits made at least 15 years and 75% on deposits made less than 15 years from the maturity date. At death, the fundholder’s beneficiary will receive 100% on deposits made before age 75 and 75% on deposits made on or after age 75.
Read: Segregated funds offer protection
The types of funds are:
- Money Market
- Canadian Balanced Growth
- Canadian Income Strategy
- U.S. Balanced Growth
- North American Income Strategy
RBC Insurance is the only other insurance arm of a Big 5 bank to offer segregated funds.
More to come.