Foresters may not be the name you think about when you’re shopping for life insurance and critical illness however they have a good product when it comes to Critical Illness insurance. Let’s take a look.

Critical Illness Terms

Foresters offer a term 10, term 20, and a level pay to age 80 (which is unique for the industry). Often when we get asked why a level pay to age 80 as opposed to whole life or level pay to 100, is because it comes down to affordability. Level to age 80 will be more affordable than whole life or level to 100. Foresters back this up with the statistic that anyone over the age of 80 who suffers a heart attack, stroke, or cancer is more likely to passageway from the illness than someone in their 50s.

Survival Period 

The survival period on foresters plan is very common in the industry which is a 30 day survival period. Meaning in order to have a claim payout the insured will have to survive for 30 days past the diagnosed date. Again, this is common for the industry.

 

Who is Foresters Best for?

Foresters are most competitive around their term 10 and term 20 products. In some age categories, they are the most affordable plan. So if you are looking for term coverage, and a very standard policy Foresters might be the right fit for you.

PROS

• Partial payment for 8 conditions (15% up to $50,000)
• Return of premium option is available
• Unique Term-to-80 option available (could help you save on some costs)
• Child Cover available (with 5 additional conditions)

CONS

• Partial payout reduces final coverage
• No limited payment options available
• No permanent coverage

All in all, Foresters offers a fairly strong plan and puts foresters right in the middle of the pack. As always, plans and policies do change, and it’s always best to speak to your advisor before applying for coverage.

Are you applying for Life Insurance and having trouble finding your BMO routing number to complete your application? Well, you are in the right place, this short article will show you how to get your BMO routing number so you can finish your application and make sure your family gets the protection they are looking for.

What is a routing number you might ask? 

As you already know, a routing number is an 8-digit code used by the major Canadian banks. It represents the financial institution (e.g., TD Bank, BMO, Tangerine, etc) and the specific branch (where that bank is physically located) that’s associated with a bank account. Along with your routing number is a branch number. The branch number is also known as the transit number. It’s 5 digits long, and it corresponds to the BMO branch that your bank account is based at. And it’s okay if that 5 digit number represents a branch you currently do not do your bank through. The institution number is 3 digits that is used to identify the bank your account is with. BMO institution number is 001. When combining all three, the routing number, the transit number, and the institution number your life insurance provider will have all the information they need to know which institution you wish to withdraw your premiums from. The only other information they will need is your account number. This allows them to know which bank account at that specific branch to take your payments from.

How do you find your routing number? 

The easiest way is to look at a blank cheque. At the bottom, you will see a 3 digit number. This is the cheque number and it shows you how many cheques you have used. From there you will see the 5 digit number, if you remember, is the transit number. Also known as the branch number. Next another 3 digit number. This will be your Financial institution number. This number is only three digits long and as we discussed BMOs is 001. The next setup number should be (on most cheques) the 4 digit destination number. This is for internal uses at BMO. Not something you would need on your application. Last is your Account number.  This is normally a 7-9 digit long number. And this number is specific to your bank account. Where all BMO clients will use 001 as the institution number. This account number is unique to you.

What if you don’t have a cheque handy?

Some people don’t have cheques and it’s become more common not at all. You can just look it up using your BMO online banking account. Here’s how to find it:

1. Log in to your BMO online banking account. (Google it if need be) 
2. Click on the “My Accounts” tab at the top of the page.
3. On the left side of the page, select the account that you want your routing number for.
4. You’ll see your branch number and institution number in the blue box at the top of the screen. Another way to get this information is to click on the “void cheque” link. Then simply download a PDF of a void cheque with your routing number and account details on it.

Why do I need to use my BMO routing number?

This is the easiest way insurance companies can withdraw your premiums. Once you have it set you don’t need to worry about it anymore. Back before banking was done electronically, insurance advisors would have to drive around every month and pick up cheques from their clients every month for their coverage. This process of using your routing information is much simpler even if it doesn’t seem like itAs

Equitable Life of Canada offers multiple term lengths which can help you find some flexibility in your coverage. Couple that with their options for children’s critical illness coverage and you have a good fit for anyone looking to get coverage for themselves and their families.

Critical Illness Terms 

Unlike many of the top critical illness insurance companies in Canada on our list, Equitable Life has a partial payout option for a hand full of their conditions. What this means is you could receive a partial payout if you have a licensed medical professional diagnose you with a condition before the 30 day survival period takes effect. Equitable Life partial payout is 15% of the coverage amount up to a maximum of $50,000. This can help with the unexpected cost associated with some critical illnesses.

Survival Period

Nothing special here, Equitable life has a 30 day survival period. This is the most common time frame for the insurance industry. What this means is if you are diagnosed with one of the 25 conditions they cover you will need to wait for 30 days before filing a claim.

Who Is Equitable Best For?

Equitable life is a good company. Based on their pricing and terms they offer a very run-of-the-mill critical illness coverage. It is always best to understand why you are looking for coverage and then find the best company for your specific needs.

PROS

• 25 Conditions covered under their policy
• Multiple terms available including Term 10, to age 75 and to 100
• Generous partial benefit payouts (this is where they are strong)
• Return of premium options (think of it like a forced savings account that gives your protection)
• Children’s critical illness coverage

CONS

• No limited pay options
• No second option
• Hard to understand the online client portal

As always, coverages and conditions change. It’s always best to speak with a licensed representative before applying for any coverage.

Empire Life comes to the table is a good range of products. This includes a multi-life policy which is rare for Critical Illness policies. Let’s take a look.

Critical Illness Insurance Terms

Empire Life has 3 term lengths. Term 10, Term 20, and level to age 75. This lineup is fairly normal compare to other top critical illness companies in Canada.

Other Features 

Empire Life has a maximum coverage of $2,000,00 per insured. Because empire life has a multi-life option you could have a max of $2,000,000 per insured. Another option Empire life has is an early detection payout. Depending on your condition, you could receive $5,000 – $50,000 in payout to help with early medical bills.

Survival Period 

Empire life is right in the middle of all insurance companies with a 30 day survival period. Meaning from the time you are medically diagnosed with one of their 25 conditions you have to survive 30 days in order to receive the critical illness benefits. This again is very normal for the critical illness space.

Who is Empire Life best for?

Empire Life might be the right fit for a couple looking for CI. Empire Life has an easy application process for couples.

PROS

• High coverage amounts available (Max $2,000,000 of coverage per person)
• Comprehensive: 25 conditions covered (very common for the industry)
• Multi-life coverage available
• Generous partial benefit payouts (6 conditions that could have partial benefits paid)

CONS

• No whole life coverage (term 75 is as close as they get)
• No limited pay options
• No Return of premium on death (ROPD)
• No coverage for children