Fillable LETS TALK INSURANCE! The purpose of this fact (Bank of Montreal)

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LETS TALK INSURANCE! The purpose of this fact (Bank of Montreal)

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Name of distributor:
Name of insurer:
Name of insurance product:
Reserved for use by the insurer:
Ce document contient de l'information et des champs de formulaire. Pour lire
l'information, appuyez sur la flèche vers le bas à partir d'un champ de formulaire.
The purpose of this fact sheet is to inform you of your rights.
It does not relieve the insurer or the distributor of their obligations to you.
LET’S TALK INSURANCE!
IT’S YOUR CHOICE
You are never required to purchase insurance:
• that is offered by your distributor;
• from a person who is assigned to you; or
• to obtain a better interest rate or any other benet.
Even if you are required to be insured, you do not have to purchase the insurance that
is being offered. You can choose your insurance product and your insurer.
HOW TO CHOOSE
To choose the insurance product that’s right for you, we recommend that you read the summary
that describes the insurance product and that must be provided to you.
DISTRIBUTOR REMUNERATION
A portion of the amount you pay for the insurance will be paid to the distributor as remuneration.
The distributor must tell you when the remuneration exceeds 30% of that amount.
RIGHT TO CANCEL
The Act allows you to rescind an insurance contract, at no cost, within 10 days after the purchase of your
insurance. However, the insurer may grant you a longer period of time. After that time, fees may apply if
you cancel the insurance. Ask your distributor about the period of time granted to cancel it at no cost.
If the cost of the insurance is added to the nancing amount and you cancel the insurance, your monthly
nancing payments might not change. Instead, the refund could be used to shorten the nancing
period. Ask your distributor for details.
The Autorité des marchés nanciers can provide you with unbiased, objective information.
Visit www.lautorite.qc.ca or call the AMF at 1-877-525-0337.
This fact sheet cannot be modified
BMO Bank of Montreal
The Canada Life Assurance Company
BMO Bank of Montreal Commercial Loan Insurance Plan
Group Policy 60253
BMO Bank of Montreal Commercial Loan
Insurance Plan
Product Summary
Name and
address of the
insurer:
The Canada Life Assurance
Company “Canada Life”)
330 University Avenue,
Toronto, ON M5G 1R8
Creditor Insurance Helpline:
1 866 995-8705
Website address
of the Autorité
des marchés
financiers:
https://lautorite.qc.ca/en/general-public/
Client number
listed in the in
Autorité des
marchés
financiers’
register of
insurers:
No. 2000737730
Name and
address of the
distributor:
BMO Bank of Montreal
(BMO)
(Stamp or write branch
address here)
Type of insurance
coverage
The Commercial Loan Insurance Plan offers you coverage for the following types of
insurance. You are covered by both these insurances:
• Life Insurance
• Accidental Dismemberment and Specific Loss Insurance
You must refer to the terms and conditions of the group insurance policy that Canada Life
signed with BMO, to determine when insurance benefits will be paid. A copy of this policy
is available by writing to Canada Life. You will also find all terms and conditions in the
sample certificate of insurance here: https://www.canadalife.com/insurance/personal-
insurance/creditor-insurance/distribution-guide-and-product-summary.html
Who is eligible for
insurance?
You are eligible for the BMO Commercial Loan Insurance Plan if you are:
• A Canadian resident between the ages of 18 and 64 and
• The owner of a borrowing corporation or
• A guarantor of the commercial loan or
• An individual whose role is essential to the ability of the borrower to meet their
financial obligations
• If your loan is an operating loan or line of credit, the loan must be obtained to
operate a small business.
Group Policy 60210
When does the
insurance
coverage begin?
Insurance coverage starts on the later of the following dates:
• the day Canada Life approves your insurance application; or
• the date funds are advanced, or
• the date the operating loan or line of credit is authorized.
Medical
Underwriting
There are certain instances where your application for insurance might be subjected to
Canada Life’s medical underwriting process. For more information, please refer to the
sample Certificate of Insurance found here:
https://www.canadalife.com/insurance/personal-insurance/creditor-insurance/distribution-
guide-and-product-summary.html
Automatic
Approval of
Insurance
Where your total amount of insurance under the BMO Commercial Loan Insurance Plan is
$50 000 or less your application for insurance will be automatically approved by Canada
Life and you will not be required to complete the Health Status Questionnaire.
Temporary
Insurance
coverage for
Accidental Death
Benefit
If you die because of an accidental injury after BMO approves and funds your loan, but
before your application is approved or declined by Canada Life, Canada Life will pay to
BMO the amount of Insurance applied for on the application, subject to the maximum
insurable limit.
Life Insurance
Who is covered
by Life
Insurance?
You are covered if you die before the age of 70
Your prior coverage may be recognized when replacing or refinancing a loan. For details,
please refer to the sample certificate of insurance here:
https://www.canadalife.com/insurance/personal-insurance/creditor-insurance/distribution-
guide-and-product-summary.html.
What is the
amount of the
benefit paid?
If you die, Canada Life will pay BMO the amount as more fully described below, up to a
maximum of $1 000 000:
For a commercial term loan:
• If you applied for insurance coverage that is equal to the loan amount, the benefit
paid will be the balance of the loan on the date of your death (including accrued
interest up to a maximum of 60 days)
• If you applied for insurance coverage that is a percentage of the loan amount, the
benefit paid is calculated by multiplying the percentage of coverage by the
outstanding balance owed to BMO on the date of your death (including accrued
interest for up to a maximum of 60 days)
Example: If you have selected to cover 25% of your $400,000 commercial
mortgage and your outstanding mortgage balance is $200,000 on the day you die,
the Life Insurance benefit paid is 25% of $200,000.
For an operating loan or line of credit:
• If you applied for insurance coverage that is equal to the loan amount, the benefit
payment will be the authorized limit of the operating loan or line of credit,
regardless of the outstanding balance (including accrued interest up to a maximum
of 60 days)
Group Policy 60210
• If you applied for insurance coverage that is a percentage of the loan amount, the
benefit payment is equal to the amount of the insurance coverage.
In some cases, there will be no reimbursement. See the next section for more information.
Applicable
limitations and
exclusions
No death benefit will be paid if you die because of:
• A pre-existing condition as defined in the Certificate of Insurance.
• Intentional self-inflicted injury, suicide, attempted suicide (whether you are aware
or unaware) within the first 24 months after your insurance coverage begins
Please note that other limitations and exclusions may apply to Life Insurance. Refer to
the sample certificate of insurance here: https://www.canadalife.com/insurance/personal-
insurance/creditor-insurance/distribution-guide-and-product-summary.html under What
your coverage does not include – Exclusions and Limitations, Exclusions and Limitations
for Life Insurance, for details.
Accidental Dismemberment and Specific Loss Insurance
Who is covered
by Accidental
Dismemberment
and Specific Loss
Insurance?
What is the
amount of the
benefit paid?
You are covered if you are under the age of 70 and you suffer a loss because of an
accidental injury.
If you suffer a loss because of an accidental injury, Canada Life will reimburse BMO the
lesser of the following amounts:
• The amount under your Life Insurance Benefit; or
• $50,000
Canada Life will pay a maximum of $50,000 no matter how many specific losses were
sustained due to the same accidental injury.
Applicable
limitations and
exclusions
No Accidental Dismemberment and Specific Loss Insurance will be paid if the accidental
loss is due to:
• Intentional self-inflicted injury (whether you are aware or unaware) within the first
24 months following the start of coverage
• Illness, physical or mental infirmity or
• Medical or surgical treatment.
A loss claim will only be paid if:
• It was caused solely and directly by an accident and
• Occurs within 365 days of the accident and
• Is beyond surgical or other remedy and
• Is one of the specific losses listed in the Certificate of insurance.
Please note that other limitations and exclusions may apply to Accidental
Dismemberment and Specific Loss Insurance. Refer to the sample Certificate of Insurance
here: https://www.canadalife.com/insurance/personal-insurance/creditor-
insurance/distribution-guide-and-product-summary.html, under What your coverage does
not include – Exclusions and Limitations; Exclusions and Limitations for Accidental
Dismemberment and Specific Loss Insurance, for details.
Group Policy 60210
Other information about your overall insurance coverage
How much can
you be insured
for?
The maximum insurance coverage you can get is $1 000 000 for all of your loans under
the BMO Commercial Loan Insurance Plan. This is also called the maximum insurable
limit.
Limitations and
exclusions for all
insurance
coverages
Benefits for any type of insurance coverage won’t be paid if they are related to:
• Events directly or indirectly relating to or arising from alcohol impairment or use of
illegal or illicit drugs
• Civil disorder, war whether declared or undeclared, unless you’re on active military
duty
• Events directly or indirectly relating to or arising from, your participation or
attempted participation in a criminal offence.
For details on all limitations and exclusions, refer to the sample Certificate of Insurance
here: https://www.canadalife.com/insurance/personal-insurance/creditor-
insurance/distribution-guide-and-product-summary.html.
End of insurance
coverage
Your insurance coverage ends on the earliest of the following dates:
• The first premium due date after your 70
th
birthday
• For an operating loan and line of credit, the date the loan is cancelled, assigned to
another creditor, refinanced or replaced
• For a commercial term loan, the date the loan is fully repaid, assigned to another
creditor or assumed by another debtor, refinanced or replaced
• The date you die
• The date your monthly premium is 30 days overdue
• The date the group policy terminates
• The date Canada Life receives your written request to cancel the insurance.
Canada Life grants a 30-day grace period for the payment of your premium. If the
premium has not been paid within 30 days of the expected payment date, the insurance
will be cancelled automatically. You can cancel your insurance coverage at any time by
calling Canada Life at 1866 995-8705.
For early loan repayment and refund rules, please refer to your Certificate of Insurance
What you will
have to pay
For operating loans and lines of credit:
This is how Canada Life calculates your monthly premium payment: your premium
rate as indicated in the table below will be multiplied by the insurance coverage you
requested. The resulting amount will be divided by 1,000 and that will be your monthly
payment. Provincial taxes will be added where applicable.
Premium table:
(Your premium rate is based on your age, gender and smoking status):
Age
Male – Non-
Smoker
Male - Smoker
Female – Non-
Smoker
Female –
Smoker
18 – 29 $ 0.10 $ 0.15 $ 0.09 $ 0.11
30 – 39 $ 0.12 $ 0.17 $ 0.10 $ 0.14
40 – 44 $ 0.18 $ 0.31 $ 0.14 $ 0.24
Group Policy 60210
45 – 49 $ 0.30 $ 0.49 $ 0.22 $ 0.35
50 – 54 $ 0.43 $ 0.72 $ 0.31 $ 0.48
55 – 59 $ 0.64 $ 1.09 $ 0.46 $ 0.73
60 – 64 $ 1.04 $ 1.54 $ 0.74 $ 1.06
65 - 69 $1.70 $2.55 $1.18 $1.72
Your monthly premium payment will automatically increase on the anniversary of the date
your coverage started if your age band changes
For commercial term loans:
This is how Canada Life calculates your monthly premium payment: your premium
rate as indicated in the tables below will be multiplied by the insurance coverage you
requested. The resulting amount will be divided by 1,000 and that will be your monthly
payment. Provincial taxes will be added where applicable.
Premium tables:
(Your premium rate is based on your age, gender and smoking status on the date of your
application, and the amortization period of the loan).
Male:
Non-
Smoker
Amortization Period (number
of months)
Age 0- 60 61-120
121-
300
18 – 29 $0.06 $0.07 $0.09
30 – 39 $0.08 $0.10 $0.13
40 – 44 $0.13 $0.17 $0.22
45 – 49 $0.18 $0.23 $0.33
50 – 54 $0.27 $0.36 $0.48
55 – 59 $0.42 $0.55 $0.70
60 – 64 $0.58 $0.70 $0.83
Smoker Amortization Period (number of
months)
Age 0 - 60 61 - 120 121 - 300
18-29 $0.11 $0.15 $ 0.20
30-39 $0.13 $0.18 $0.28
40-44 $0.23 $0.31 $0.42
45-49 $0.32 $0.44 $0.64
50-54 $0.51 $0.70 $0.95
55-59 $0.82 $1.08 $1.37
60-64 $1.20 $1.50 $1.66
Female:
Non-
Smoker
Amortization Period (number
of months)
Age 0 – 60 61 – 120
121 –
300
18 – 29 $0.05 $0.06 $0.08
30 – 39 $ 0.07 $ 0.08 $ 0.11
40 – 44 $ 0.11 $ 0.13 $0.17
45 – 49 $ 0.15 $0.19 $ 0.25
50 – 54 $ 0.22 $0.27 $ 0.35
55 – 59 $ 0.35 $0.42 $0.52
60 – 64 $ 0.49 $0.55 $0.62
Smoker Amortization Period (number of
months)
Age 0 – 60 61 – 120 121 - 300
18-29 $0.09 $0.11 $0.14
30-39 $0.11 $0.14 $0.20
40-44 $0.19 $0.24 $0.29
45-49 $0.27 $0.33 $0.43
50-54 $0.42 $0.52 $0.66
55-59 $0.68 $0.81 $0.95
60-64 $0.90 $1.02 $1.14
Your monthly payment does not increase with age but continues until the loan is fully
repaid or refinanced.
30-day “free look” You may cancel your insurance within 30 days from the date your coverage begins. Upon
receipt of your written cancellation request, Canada Life will issue a full refund of any
premium paid and the insurance coverage will be considered as if it had never begun.
Misrepresentation Any concealment, misrepresentation or false declaration made in:
• Your Commercial Loan Insurance Plan protection application; or
• Any medical evidence submitted in connection with the application; or
Group Policy 60210
• Any claim
will cancel the coverage if it has been in effect for less than two years.
How to submit
and appeal a
claim
No benefit will be paid unless proof of loss is provided. To make a claim you may obtain a
claim form from your local BMO branch or contact Canada Life by:
• Calling toll-free: 1 800 380-4572 Monday to Friday from 8 a.m. to 6 p.m. ET
• Writing to:
The Canada Life Assurance Company
Creditor Insurance, Claims Department
330 University Avenue
Toronto ON M5G 1R8
• Secure emailing: creditor_info@canadalife.com
Procedure and time limits: The completed claim form and any other necessary
supporting documentation must be submitted to Canada Life by no later than 12 months
from the date of death or twelve months from the date of Accidental Dismemberment and
Specific Loss.
Canada Life will notify you in writing of its decision to accept or refuse your claim within
five calendar days after receiving all of the information and documentation required to
process your claim.
If you disagree with the decision about your claim, you may appeal the decision in writing
at any time and include the reasons for appealing. The cost incurred for any medical
evidence in support of your claim for review, will be at your own expense.
How to make a
complaint to
Canada Life
To make a complaint, please visit the Canada Life website at
https://www.canadalife.com/about-us/consumer-information/customer-complaints.html.
This site will provide you with a summary of the complaint process and provide you
contact information to make a complaint.
Entered into on:
In:
(date of signature of contract)
(place of signature of contract)
(name of client)
(signature of client)
Pursuant to section 441 of the Act respecting the distribution of financial products and services, I hereby rescind insurance
contract no.:
Date: (dat
e of sending of notice)
(number
of contract, if indicated)
NOTICE OF RESCISSION OF AN INSURANCE CONTRACT
NOTICE GIVEN BY A DISTRIBUTOR
Section 440 of the Act respecting the distribution of financial products and services (chapter D-9.2)
THE ACT RESPECTING THE DISTRIBUTION OF FINANCIAL PRODUCTS AND SERVICES
GIVES YOU IMPORTANT RIGHTS.
The Act allows you to rescind an insurance contract, without penalty, within 10 days of the date on which it
is signed. However, the insurer may grant you a longer period.
To rescind the contract, you must give the insurer notice, within that time, by registered mail or any other
means that allows you to obtain an acknowledgement of receipt.
Despite the rescission of the insurance contract, the first contract entered into will remain in force. Caution, it
is possible that you may lose advantageous conditions as a result of this insurance contract; contact your
distributor or consult your contract.
After the expiry of the applicable time, you may rescind the insurance contract at any time; however, penalties
may apply.
For further information, contact the Autorité des marchés financiers at 1-877
-525-0337 or visit
www
.lautorite.qc.ca.
NOTICE OF RESCISSION OF AN INSURANCE CONTRACT
To : The Canada Life Assurance Company (“Canada Life”)
(name of insurer)
330 University Avenue
Toronto, Ontario
M5G 1R8
(address of insurer)
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LETS TALK INSURANCE The purpose of this fact (Bank of Montreal)

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Completed 22 December 2020

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