Bank of Montreal Insurance Updates – March 16, 2020

March 17, 2020

Bank of Montreal provides us with some important updates regarding protocol for their insurance products. Read below or find the full article by clicking here. 

WE ARE HERE TO SUPPORT YOU

In the past few days, we have seen extraordinary measures to safeguard everyones well-being. We recognize that these times are challenging and wanted to provide an overview of the actions BMO Insurance is taking to protect the health and safety of our employees, customers, and distribution partners.

In the past few weeks, BMO Insurance has implemented several precautionary measures. We have restricted non-essential travel, postponed large events, limited in-person business meetings, and established a guide to share up-to-date information about the situation with our teams. As you would expect, we have a business continuity plan in place, that is regularly tested and enhanced, to ensure that operations continue to run effectively. We are confident that with our plans, we will continue to serve you and our customers as we always have, compassionately and professionally.

UNDERWRITING

Given recent events, BMO Insurance has updated our Underwriting travel guidelines for both our life insurance and critical illness insurance applications.

At this time, we are postponing all cases related to individuals who have recently traveled to China, Hong Kong, South Korea, Japan, Italy, Iran and all travel on cruise ships that are currently in underwriting and not accepting any new applications related to this type of travel.

We will reconsider these applicants once they have returned to Canada for a minimum of one month and provided they have not experienced any recent symptoms including (but not limited to) any respiratory complaints and full details confirming their most recent consultation with their physician. All cases will also require a Statement of Insurability.

Our Underwriting Department will continue to closely monitor applications for travel, age and underlying medical history. Although we still believe the mortality impact to be low, we are treating each application on an individual basis. As you are aware, the spread of COVID-19 is continuously changing and our risk assessment may change as well depending on new information available to BMO Insurance.