BMO Insurance now offers an increased death benefit, at age 85, for its estate protector and wealth accelerator whole life (non-participating) insurance options by up to 18% and 17%, respectively. The change is effective for all applications received on or after Sept. 16, the insurer said in a release on Monday.
The Toronto-based insurer reviewed its actuarial assumptions, such as mortality experience and market conditions, to increase the death benefit with no change to premiums, said Rohit Thomas, president and CEO of BMO Insurance, in an interview.
The increase in death benefit depends on factors such as the insured’s age and future market performance, Thomas said.
BMO launched the estate protector whole life option in 2017 and the wealth accelerator option in 2020. The estate protector focuses on building a large death benefit, and the wealth accelerator has a higher upfront cash value, Thomas said.
The changes help address evolving client needs.
“We see the wealth transfer happening, and we want to have a solution to address that market,” Thomas said.
Other product news
McIver Capital Management, CG Wealth Management, opened its Vancouver Growth Portfolio to accredited investors with a minimum of $150,000, the firm said on Wednesday. The hedge fund–like portfolio targets a 10% net annual return after all costs and focuses on growth themes such as artificial intelligence and nuclear energy. The minimums will gradually increase in subsequent years, to reach $10 million for individual investors in 2028.
RBC iShares has two new ETFs of RBC funds, and they began trading on Cboe Canada on Wednesday: the RBC Life Science and Technology Fund — ETF Series and the RBC U.S. Mid-Cap Growth Equity Fund — ETF Series. Each has a management fee of 0.75%.
On Tuesday, TD Asset Management introduced six new mutual funds: TD Global Disciplined Equity Alpha Fund, TD Target Maturity Bond Funds, TD Global Technology Leaders Index Fund, TD Preferred Share Fund, TD Canadian Long Term Federal Bond Fund and TD U.S. Long Term Treasury Bond Fund.