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1.   Changes to Universal Life: we’re increasing our Level COI rates but are maintaining a strong competitive position

• New Level COI rates for Life Dimensions, Life Dimensions (Low Fees) and Wealth Dimensions: represent both increases and decreases depending on age, sex, underwriting classification and sum insured
• The ESA calculation for joint coverage has increased by one year
• Changes to Term Life rider rates (see below)
• LifeProvider (Low Fees) will no longer be available for new business

Note: There are no changes to YRT 100 or YRT 85/20 COI rates

2.   Changes to Pure Term 100 (now renamed “Term 100”): a new simple all-in-one plan: 

• New premium rates: represent both increases and decreases depending on age, sex, risk class and sum insured
• Addition of new riders:
  • Term Life riders (see below)
  • Term 100 riders
  • Living Benefit (Critical Illness) riders (LB 10, 20, 75 and 100)
  • Business Guaranteed Insurability Option (BGIO)
• First Year Commission (FYC) rate on Term 100 base coverages and Term 100 Riders increased to 60%¹
• The ESA calculation for joint coverages has increased by one year
• No modal loading for monthly or semi-annual premiums

3.   Changes to Term Life Riders: 

• Available on all Universal Life plans and the BMO Insurance Whole Life Plan and include:
  • New rates for Term 10, 20 and 30 as well as new Term 15 and 25 rider options
• Note the following:
  • The standard non-smoker and smoker rates will be in line with Term Life base plans
  • The Term 10 Exchange Program has been updated: you can now exchange a Term 10 Rider to either a Term 15, 20, 25 or 30 base plan (available on Wave 36.0 plans or newer only)
  • Term 10, 15 and 20 riders are renewable and convertible
  • Term 25 and Term 30 riders are non-renewable and convertible

4.   Other illustration software changes: 

• Illustration enhancements for The BMO Insurance Whole Life Plan:
  • Collateral loans now available on the “Withdrawals/Loans” tab
  • New report pages including full report for Alternative Scenarios (including ACB and NCPI values)
• Illustration enhancements for Term 100 which includes:
  • Input for both the Term 100 base coverage and Term 100 Riders on the “Coverage” tab
  • Input for all other riders on a new “Riders” tab
• The Daily Interest Account (DIA) is the new default investment option on all Universal Life illustrations