Frequently asked questions about BMI life insurance

BMI offers six life policies of four types. The term policies are Term 95 and Term 100. The universal policies are Lifetime and Nova, and the indexed universal policy is Best Indexed. Horizon is a whole life policy with guaranteed issue for those who don't qualify due to health.

A term policy, such as Term 95 or Term 100, provides protection for a term of 5 to 30 years with a level premium, and is the most affordable option. A universal policy, such as Lifetime, Nova or Best Indexed, can last a lifetime. It also lets you adjust premiums and accumulates a cash value you can use through loans or partial withdrawals.

It is a permanent life policy in which the accumulated value grows according to a stock market index, without investing directly in the stock market. With BMI's Best Indexed you can choose between the S&P 500 and the NASDAQ 100. If the index closes the year negative, the policy guarantees a minimum interest of 1% per year.

Yes, in policies that accumulate value. With Lifetime, Nova and Best Indexed you can take out loans or make partial withdrawals from the available cash value. With Horizon, the guaranteed accumulated values are available through loans.

In accordance with current legislation, the death benefit is paid tax-free to the beneficiaries. The tax treatment depends on the country of residence of the insured and the beneficiaries. Check your case with a tax advisor.

The Lifetime, Nova and Best Indexed universal policies accept these riders: Accidental Death Benefit, Waiver of Charges for Total Disability, Term Insurance and Family Income. Accelerated Benefits for Terminal Illness are included at no cost. In Term 95 and Term 100, the 20- and 30-year terms accept the Return of Premiums rider.

The premium depends on the type of policy, the sum insured and the insured's age and health. Term policies start at US$250,000 of coverage and universal policies at US$100,000. All can be paid annually, semi-annually, quarterly or monthly.

Best Indexed is indexed universal life insurance with flexible premiums, adjustable benefits and accumulated values. It offers permanent protection and growth linked to the S&P 500 or the NASDAQ 100, as you choose, with no direct exposure to the stock market.

No. If the index closes the calendar year negative, Best Indexed guarantees a minimum interest of 1% per year on the accumulated value. That way you share in the index's growth without taking on its losses.

People aged 1 to 75 can take it out, with a minimum coverage of US$100,000. The policy matures at age 121 and the premium is paid annually, semi-annually, quarterly or monthly.

You can use it to buy a home, finance a business, pay for your children's university, cover emergencies or supplement your retirement. Upon death, the policy leaves a legacy to your beneficiaries.

You can add Accidental Death Benefit, Waiver of Charges for Total Disability, Term Insurance and Family Income. Accelerated Benefits for Terminal Illness are included at no cost.

Lifetime is universal life insurance with flexible premiums, adjustable benefits and accumulated values. It guarantees a minimum interest of 3% per year. It combines protection for your family with long-term savings you can use during your lifetime.

Yes. You can adjust the amount and frequency of premiums within certain limits. When the accumulated cash value is sufficient, it can temporarily cover the cost of the policy.

Yes. You can take out loans or make partial withdrawals from the available cash value for emergencies, other financial needs or investment opportunities.

People aged 20 to 75 can take it out, with a minimum coverage of US$100,000. The policy matures at age 121. It accepts riders such as Family Income or Accidental Death, and includes Accelerated Benefits for Terminal Illness at no cost.

Nova is universal life insurance designed for a conservative profile. It offers protection that can last a lifetime, flexible premiums, adjustable benefits and a guaranteed minimum interest of 3% per year. The accumulated value is available through partial withdrawals or loans.

Not on the target premium. Nova applies the same target premium to smokers and non-smokers.

Family Income is a rider that pays the beneficiaries a scheduled income for 10 or 20 years from the insured's death. It is added to the basic coverage and gives the family long-term financial stability.

Nova is issued from ages 1 to 75, so it can also be taken out for a minor; Lifetime, from 20 to 75. Both start at US$100,000, mature at age 121 and guarantee 3% per year. Nova also applies the same target premium to smokers.

Horizon is whole life insurance with guaranteed issue regardless of health and guaranteed accumulated values. It is designed for people aged 18 to 69 who cannot take out traditional life insurance because of their health.

Yes, with Horizon. The application has no medical questions and does not go through medical underwriting. All pre-existing conditions are accepted at no extra charge, such as insulin-dependent diabetes, dialysis, multiple sclerosis, lupus, Parkinson's or HIV.

The benefit increases with the years the policy has been in force. If death occurs between years 2 and 5, the beneficiaries receive the premiums paid. Between years 6 and 9 they receive an increasing percentage of the sum insured. From year 10, 100% of the sum insured.

From US$100,000 to US$500,000. The policy matures at age 100 and the premium is paid monthly, quarterly, semi-annually or annually. The accumulated values are guaranteed and available through loans.

Term 95 is term life insurance, renewable up to age 95 and not convertible. It is BMI's simplest and most affordable policy. The premium remains level and guaranteed for the chosen term (5, 10, 15, 20 or 30 years). At the end, it renews automatically for the same term, with no insurability requirements.

Yes. The policy can back a mortgage through a collateral assignment. If you pass away, your family is protected and does not inherit the debt.

Yes, if you add the Return of Premiums rider to the 20- or 30-year terms. The refund is received upon completing the contracted term. If you cancel earlier, there is no proportional refund.

It is issued from ages 21 to 75, with a minimum coverage of US$250,000 and a policy fee of US$75 per year. The premium is paid annually, semi-annually, quarterly or monthly.

Term 100 is term life insurance, renewable up to age 100 and not convertible. It offers level, guaranteed protection for 5, 10, 15, 20 or 30 years at an affordable cost. It renews automatically for the same term, with no insurability requirements.

The age up to which it can be renewed: 95 for Term 95 and 100 for Term 100. Otherwise they are the same: issue ages 21 to 75, minimum coverage of US$250,000, terms of 5 to 30 years and optional Return of Premiums at 20 and 30 years.

No. The return of premiums is not proportional. For example, if you take out 20 years and cancel in year 15, you don't get those 15 premiums back. To receive the refund you must complete the 20 years, which also keeps you protected for the whole term.

It is issued from ages 21 to 75, with a minimum coverage of US$250,000 and a policy fee of US$75 per year. The premium is paid annually, semi-annually, quarterly or monthly.