BMO Insurance is a division of one of Canada’s largest and most reputable financial institutions, BMO Financial Group. With over 200 years of history and experience in the market, BMO Insurance has established itself as a leading provider of life, health, and travel insurance products for Canadians.
This review takes an in-depth look at BMO Insurance’s offerings, pricing, customer satisfaction, pros and cons, and more to help you make an informed decision about whether their policies are right for your needs.
About BMO Insurance
A Trusted Name in Canadian Finance
BMO Insurance operates as a subsidiary of BMO Financial Group, which traces its roots back to 1817 when it was founded as the Bank of Montreal in Quebec. Over the last two centuries, BMO has grown to become Canada’s 8th largest bank and a leading North American financial services provider. (source: https://www.bmo.com/insurance/about-us).
This longevity and status as one of Canada’s big banks gives BMO Insurance the advantage of strong corporate financials and an established reputation for trustworthiness. BMO Insurance has an A rating from AM Best, indicating excellent financial strength.
Specializing in Insurance Solutions
While best known for banking, BMO has offered insurance solutions dating back to its early days. In 2009, it greatly expanded its presence in the insurance sphere by acquiring AIG’s Canadian subsidiary, AIG Life Insurance Company of Canada.
This expanded BMO’s insurance division and turned them into the second largest bank-owned life insurance provider in Canada. Today, BMO Insurance focuses on life, health, travel, and group insurance products.
BMO Life Insurance Product Options
BMO Insurance provides a wide selection of life insurance solutions to meet diverse needs. From temporary term life coverage to permanent lifelong protection, they offer varied products with unique features and benefits.
BMO Term Life Insurance
BMO Term life insurance policies provide affordable protection for a set period of 10, 15, 20, 25 or 30 years. Premiums are guaranteed not to increase during the term length. This budget-friendly option can help cover temporary needs like mortgages, income replacement, and final expenses.
Key features:
- Coverage amounts from $100k up to $5 million
- Term lengths of 10, 15, 20, 25 or 30 years
- Conversion option to switch to permanent life insurance anytime prior to age 70 without medical underwriting
- Renewability available on 10, 15 and 20 year terms to continue coverage without reapplying
- Accidental death, disability, critical illness, and children’s insurance riders available for additional protections
- Premiums guaranteed not to increase during the initial term period
- Coverage expires at age 85
- Fast and easy online quotes available
Ideal customers:
- Young families needing mortgage and income protection
- Parents wanting to cover college costs
- Anyone needing coverage for a set period of time
Term life insurance can provide crucial financial security for your loved ones during your working years or while your kids are growing up. It’s an affordable way to cover temporary needs that life throws your way.
BMO Permanent Life Insurance
For lifelong protection, BMO Insurance offers a suite of permanent life insurance options. These policies provide lifelong death benefit coverage along with tax-advantaged cash value savings that grow on a tax-deferred basis.
While more expensive than term life insurance, permanent policies offer guarantees and the security of knowing you’ll always be covered. BMO Permanent life insurance choices include:
BMO Whole Life Insurance
BMO’s whole life insurance provides permanent, lifelong coverage along with a savings component. Key features include:
- Lifelong coverage as long as premiums are paid
- Premiums payable for 10 or 20 years or to age 100
- Guaranteed death benefit amount
- Guaranteed cash value that grows on a tax-deferred basis
- Dividends may be used to purchase additional paid-up insurance
- Ability to make withdrawals or take out loans against the cash value
- Two plans offered: Estate Protector and Wealth Accelerator
- Additional payments above premiums can further grow cash value
- Riders available for disability waiver, accidental death, and more
Whole life insurance is ideal for estate planning purposes to maximize inheritance. The guaranteed cash value and set premiums also make it appealing to those who want permanent coverage.
BMO Universal Life Insurance
BMO’s universal life insurance combines permanent protection with flexible premiums and investment options. Key advantages include:
- Lifelong insurance coverage
- Flexible premium payments based on a minimum required amount
- Cash value accumulation directed across various investment accounts
- Wide selection of equity-linked, guaranteed interest, and index-linked investment options
- Ability to adjust death benefits and modify premiums
- Tax-deferred cash value growth
- Withdrawals and policy loans available
- Three main plans offered: Life Dimensions, Life Dimensions Low Fee, Wealth Dimensions
- A variety of optional riders like critical illness, disability, term insurance, and more
The flexibility and investment features of Universal Life Insurance allow customization to meet evolving needs and risk preferences. It provides permanent coverage with added unique benefits.
BMO Term 100
BMO’s Term 100 policy provides these features:
- Permanent life insurance until age 100
- Guaranteed level premiums until age 100
- No medical exam required for qualification
- Available for Canadians ages 18-80
- Death benefits from $50,000 up to $5 million
- Various supplementary riders available
- 30-day free look period
Term 100 offers a straightforward way to lock in permanent, lifelong insurance coverage with minimal underwriting requirements.
BMO Guaranteed Life Plus
This is a permanent life insurance policy from BMO Insurance that does not require any medical underwriting. It provides the following features:
- Available for Canadians ages 40-75
- Provides up to $50,000 in guaranteed life insurance coverage
- Also includes $250,000 in accidental death coverage
- No medical exam or health questions required for approval
- Premiums range from $20 – $120 per month
- 30-day free look period to cancel without penalty
The guaranteed acceptance makes this a good option for older applicants who may have health issues that make qualifying for traditional life insurance difficult.
BMO EasyOne Life
EasyOne Life is another permanent life insurance product from BMO Insurance designed for simplified underwriting:
- Available for Canadians ages 50-80
- Provides lifetime coverage ranging from $5,000 – $50,000
- No medical exam required, just a simple declaration of health
- Premiums paid annually or semi-annually
- 30-day free look period
- Part of the policy premium goes towards supporting health and wellness services
This product offers an easy way for older adults to put some guaranteed life insurance coverage in place later in life.
BMO Critical Illness Insurance
Receiving a critical illness diagnosis like cancer or heart attack can carry high treatment costs. BMO Insurance offers two critical illness insurance policies to provide financial support.
Key Features:
- Lump sum cash payment upon diagnosis
- Coverage from $25k up to $50k
- 25+ conditions covered
- Can be purchased standalone or as a rider
- 30-day survival period
- 10 or 20 year terms available
Life Recovery Plus
This is one of BMO’s critical illness insurance offerings. Key points:
- Available for Canadian residents ages 18-60
- Comes in Basic and Enhanced plans with total benefits up to $25,000 or $50,000
- Provides a mix of one-time, monthly, and daily cash payments for critical illness
- Guaranteed acceptance with a declaration of health
- Benefits paid out for covered diagnoses like cancer, heart attack, stroke
This critical illness plan focuses on providing cash benefits for recovery.
Living Benefit
The Living Benefit plan is BMO’s other main critical illness insurance policy. Details include:
- 10 or 20 year policy terms available
- Permanent options until age 75 or 100
- Covers 25+ critical conditions
- Maximum coverage up to $2 million
- Includes return of premium options on death or cancellation
- Pays lump sum cash benefit upon diagnosis
Living Benefit offers high maximum critical illness coverage with flexibility in terms and premium refund options.
Critical illness insurance can prevent financial hardship in the event of a serious health crisis. The lump-sum payouts provide flexibility to cover increased costs. Adding this coverage ensures complete protection.
In summary, BMO Insurance offers a diverse range of life and critical illness products to suit different needs and situations. These options provide guaranteed issue acceptance for older applicants or comprehensive critical illness protections.
Other Insurance Offerings
In addition to life insurance, BMO also offers:
Mortgage Life Insurance
- Covers outstanding mortgage balance upon death
- Payment made directly to the mortgage lender
- Available for mortgages up to $600,000
- Level premiums for the term of the mortgage
Further reading: Mortgage Protection Insurance
Travel Insurance
- Single-trip and multi-trip emergency medical plans
- Coverage options for trip cancellation, interruption, delay
- Baggage loss, travel accident benefits
- 24/7 emergency travel assistance included
Group Insurance
- Life, disability, dental, and healthcare options
- Tailored benefit packages for employer groups
- Access to insurance for businesses with 2+ employees
This selection of other insurance solutions provides comprehensive protection for all of life’s risks.
BMO Life Insurance Pricing and Costs
The cost of BMO life insurance policies varies based on the type of coverage, amount of protection, and personal factors such as:
- Age
- Gender
- Smoking status
- Health profile
- Family history
- High-risk hobbies
Getting a quote from BMO directly is the best way to understand exactly what your coverage will cost.
Here are some samples of BMO’s pricing.
BMO Term Life Sample Rates
Below are sample monthly rates for a 20-year $500,000 BMO term life policy:
| Age | Male NS | Female NS |
|---|---|---|
| 25 | $31.95 | $21.60 |
| 35 | $33.30 | $26.10 |
| 45 | $76.95 | $55.80 |
| 55 | $232.10 | $156.95 |
BMO’s term life rates are quite affordable, especially for young, healthy applicants. Term life provides temporary coverage and is typically the least expensive life insurance option.
BMO Whole Life Sample Rates
Here are estimated monthly rates for a $500,000 BMO whole life insurance policy:
| Age | Male NS | Female NS |
|---|---|---|
| 25 | $472.05 | $445.05 |
| 35 | $624.15 | $588.60 |
| 45 | $877.50 | $798.30 |
| 55 | $1,266.75 | $1,142.10 |
Whole life insurance from BMO is significantly more expensive than term life but offers permanent, lifelong protection. The premiums are guaranteed to remain level.
BMO Term 100 Sample Rates
Here are estimated monthly rates for a $500,000 BMO Term 100 life insurance policy:
| Age | Male NS | Female NS |
|---|---|---|
| 25 | $196.58 | $170.75 |
| 35 | $300.75 | $259.92 |
| 45 | $476.17 | $397.83 |
| 55 | $749.08 | $629.08 |
When comparing these Term 100 rates to the Whole Life rates provided earlier, you can clearly see Term 100 represents a more affordable permanent life insurance option from BMO Insurance. For instance, a 35-year-old male would pay around $300 a month for $500,000 in Term 100 coverage versus $600 a month for Whole Life coverage.
The main reason for the lower premiums for Term 100 is that it does not build up cash value within the policy, like Whole Life. For those primarily needing a lower-cost form of lifelong protection, BMO’s Term 100 policy represents an attractive value compared to permanent plans like Whole Life, which offer cash accumulation features. The trade-off is Term 100 only provides a death benefit, while Whole Life policies come with living benefits like tax-advantaged policy loans.
BMO Critical Illness Sample Rates
Sample monthly rates for a $50,000 10-year BMO critical illness policy:
| Age | Male | Female |
|---|---|---|
| 25 | $23.22 | $25.29 |
| 35 | $32.58 | $33.39 |
| 45 | $63.18 | $62.01 |
| 55 | $159.84 | $130.77 |
Critical illness insurance from BMO provides a lump-sum payout for 25+ covered critical conditions. It can be an affordable supplement to life insurance.
In summary, BMO offers competitive pricing on term life insurance for younger and healthier applicants but is pricier for whole life and critical illness coverage. Getting a customized quote is the best way to understand exactly what a policy will cost based on your age, gender, health, lifestyle, and desired coverage amount.
How BMO’s Pricing Compares To Other Insurers
When compared to other major Canadian life insurers, BMO’s rates are consistently among the most affordable, especially for term life insurance shoppers.
For example, the table below shows how 20-year term life rates for a 35-year-old non-smoking male buying $500,000 of coverage compare across top insurers:
| Insurer | Monthly Rate |
|---|---|
| BMO Insurance | $33.30 |
| Sun Life | $34.15 |
| Canada Life | $34.95 |
| RBC Insurance | $36.80 |
| Manulife | $37.05 |
While not the cheapest in every demographic, BMO’s prices are competitive. Their pricing advantage makes them stand out as a particularly smart budget choice for term life coverage. Those concerned mainly with minimizing premiums may still benefit from comparing quotes across multiple carriers to maximize savings.
In general, BMO Insurance offers some of the most affordable rates in Canada, making their policies an attractive option for price-conscious consumers. Term life insurance customers tend to benefit from especially competitive pricing. Permanent and critical illness coverage is more expensive but still reasonably priced relative to competitors. BMO’s pricing can provide good value for money. However, it always pays to compare market rates. Working with an independent broker guarantees you’ll get the best deal.
Applying for BMO Life Insurance
When applying for coverage from BMO Insurance, you’ll need to go through their underwriting process for assessment and approval. This involves providing information about your health and lifestyle.
Getting a Quote
You can easily get an initial quote online for term life and critical illness insurance without submitting any contact info. Quotes for permanent life insurance require speaking with an advisor.
Application & Underwriting
The applications can be completed either via paper forms or electronically through BMO Insurance’s e-app/smart app process and submitted through a licensed advisor. The application process includes:
- Providing personal information like occupation, finances, family health history
- Completing a detailed questionnaire about your health, medical history, medications, etc.
- Undergoing a medical exam and lab tests at a designated clinic, if required
- Providing any supplemental physician’s records, if needed, for certain conditions
Requirements Based on Age and Coverage Amount
The application requirements depend on your age and amount of coverage sought:
- Ages 18-50: Coverage up to $499,999 has simplified underwriting with just the application. Higher amounts trigger a medical exam.
- Ages 51-60: Coverage over $249,999 requires a medical exam.
- Ages 61+: All coverage amounts require full medical underwriting.
Attending Physician Statements : For certain medical histories, an Attending Physician’s Statement (APS) may be required where your doctor provides detailed records.
Approval Process
Once all application materials are submitted, BMO Insurance will review and assess your eligibility. The underwriting process can take 4-6 weeks. You will be notified if you are approved or declined or if further information is needed.
Issuing the Policy
If approved, BMO Insurance will issue your life insurance policy along with details on premiums and coverage. You will need to review and sign policy delivery documents.
The application process with BMO Insurance is fully medically underwritten. Be prepared to provide in-depth information on your health and medical background. An independent broker can guide you through the process.
Pros and Cons of Choosing BMO Insurance
Deciding whether BMO Insurance is the right fit for your life, health, or travel insurance needs comes down to understanding the key benefits and drawbacks of their offerings.
Key Advantages of Choosing BMO Insurance
Competitive Pricing
BMO Insurance consistently offers some of the most affordable premium rates in Canada. Their term life insurance pricing in particular gives consumers a great value option for temporary coverage needs. Even their permanent and critical illness options are competitively priced.
Range of Policy Options
With term, whole, and universal life insurance, plus extensive critical illness offerings, BMO provides a great range of options to suit different situations. Their variety of solutions allows customers to find tailored coverage.
Strong Financial Backing
As a subsidiary of one of Canada’s major banks, BMO Insurance policies come with the financial strength and stability of a longstanding, reputable institution. BMO’s 200+ year history provides peace of mind.
Renowned Brand
The established BMO brand inspires confidence and trust in customers seeking insurance protection. The good reputation adds further assurance that BMO Insurance will deliver on its commitments.
Access to Advisors
BMO Insurance provides access to licensed advisors who can answer questions and help customers identify the right insurance solutions. Having guidance can simplify the process.
Online Quoting
The ability to easily get quotes online for term and critical illness insurance makes the research and shopping process more convenient for customers.
Potential Shortcomings of BMO Insurance
Lack of Online Account Access
Unlike some insurers, BMO does not provide customers with an online account portal to review policy documents and details. Limited digital account management is an area for improvement.
Processing and Service Delays
Some customer reviews cite long lag times when applying for coverage and processing claims. BMO could enhance their customer experience by improving turnaround times.
Smaller Product Selection
While BMO offers varied solutions, some customers may desire a wider set of insurance products that they currently do not provide.
Complaint Resolution Process
A few negative reviews relate to unsatisfactory experiences handling customer complaints. Strengthening their resolution processes could improve perceptions.
Overall, BMO Insurance delivers competitive pricing, trusted reputation, access to advice and a decent product range. Some customer service, technology and product expansion opportunities exist to make them a company offering even greater value to insurance shoppers.
BMO Life Insurance Reviews: What Policyholders Say
Understanding customer satisfaction rates and reviews can provide valuable insight into an insurer. Here is what policyholders highlight about BMO Insurance.
BMO Insurance positive reviews
- Affordable pricing, especially on term life
- Range of flexible coverage options
- Ability to convert and renew term policies
- Compassionate Benefit program for terminally ill
- Strong reputation as a longstanding top Canadian bank
“I found BMO Insurance’s term life rates to be very reasonable compared to other big name insurance companies.”
BMO Insurance negative reviews
- Limited online account access and support
- Delays reported with applications, underwriting, and claims
- Paper-heavy application process
- Must go through an advisor to purchase
“My one complaint is the lack of online access for my policy. I’d prefer to have a login to review documents.”
While reviews of pricing and flexibility are positive, the consensus is there is room for improvement around digitization and customer service wait times.
BMO Insurance a Good Choice for You?
BMO Insurance offers a quality selection of life and health insurance coverage at competitive rates – especially for term life shoppers prioritizing affordability. Their pricing advantage combined with the backing of BMO’s rock-solid financials make it a strong contender. However, the lack of digital account access, and some negative reviews suggest room for improvement on the customer experience side. Moreover, applicants seeking a broader range of insurance products beyond BMO’s selection may need to look at other insurers.
Ultimately, the best way to decide if BMO Insurance fits your needs is to use an online comparison tool to get quotes from both BMO and competitor companies. This allows you to see in real-time who offers the best rates and coverage for your situation. Working with an independent broker further ensures you have objective, unbiased guidance in selecting the right BMO policy or alternate insurance product for your specific circumstances.
Want options beyond BMO Insurance? Check out our extensively researched articles reviewing Canada’s Biggest Life Insurance Firms. We cover revered industry leaders like Sun Life Financial, Manulife, Canada Life, iA Financial, RBC Insurance, Desjardins Life Insurance, and more top national carriers so you can find the right fit with confidence.
The Bottom Line
While BMO Insurance offers competitive pricing and a selection of quality insurance solutions, your specific circumstances require finding the right coverage at the optimal cost. Get free, customized quotes from over 20 top Canadian life insurance companies by answering a few quick questions. Compare plans, rates, and features across insurers to discover your best option. Consult with a licensed advisor at IDC Insurance Direct Canada for unbiased guidance and unlock your peace of mind knowing your loved ones will be protected.
FAQs on BMO Insurance in Canada:
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