BMO Insurance offers Joint Term coverage on Term 10, 15, 20, 25 and 30 base policies. Coverage is similar to ‘traditional’ Joint-First-to-Die plans with the added flexibility of continuing coverage after the first death. 

Here’s how it works

A BMO Insurance Joint Term plan covers two lives but has a death benefit that is payable upon the death of each life insured. 

Once the death benefit becomes payable upon the death of the first life insured, the policy then automatically continues on a single life basis for the surviving life insured – without having to provide additional evidence of insurability. A second death benefit equal to the face amount will also be paid upon the death of the second life insured.

For more details, take a look at the following case study.
 

Note: the Joint Term coverage described above is only available on policies issued under Wave version 42.0 or later.