BMO Insurance is launching insureNOW and insureNOW Plus, two plans designed for young people seeking starter life insurance policies.
insureNOW is basic life insurance coverage for those aged 18-49. The coverage range is $50,000-$250,000, with guaranteed premiums payable to age 65.
insureNOW Plus has those features as well as living benefit insurance. The living benefit insurance covers four critical illnesses, including cancer. It also has accidental disability coverage. Policy holders and their families also receive access to an assistance services program, including a service that provides a second opinion on critical illness diagnoses and treatment options. Both plans can be extended past age 65.
Read: Avert—and fix—mistakes
Comprehensive coverage is the most important part of an insurance policy for 72% of younger Canadians, indicates a BMO survey. Further, 27% think it is important to have a plan that will provide acceptance without a medical exam.