BMO Insurance

by Mark Cluett
6 min read

The Bank of Montreal, known these days as BMO Financial Group, is Canada’s oldest bank and one of the 10 largest financial institutions in North America. During its 200-year history, BMO has expanded internationally, helping customers manage their money and protect their assets and loved ones. They are the only financial institution in Canada named to Ethisphere’s 2019 list of the World’s Most Ethical Companies.

BMO Financial Group is known mainly for the financial services they provide like everyday banking, long term savings, lending, and mortgages.

BMO Life Assurance Company, or BMO Insurance for short, offers various life insurance and related products in Canada and operates as one of the country’s largest insurers. Since BMO purchased the AIG Life Insurance Company of Canada in 2009, it has become one of the largest bank-owned insurance providers in the nation.

Contact Information

Address

BMO Life Assurance Company
60 Yonge Street
Toronto, Ontario
M5E 1H5

Phone Numbers

Canada-Wide Toll-Free: 1-855-745-7331

Website

BMO Insurance | Bank of Montreal Wikipedia Page

Financial Ratings

Based on 2019 financial reports.

Total premiums and deposits: $2 Billion
Assets under administration: $11.2 Billion

LICAT ratio: 124%
DBRS Limited Financial Strength Rating: AA (high), Stable (for parent company Bank of Montreal Financial Group)

Schedule a Call

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

Term Life Insurance

Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.

BMO Insurance life insurance policies are available in terms of 10, 15, 20, 25, and 30 years.

  • All term life policies are convertible to a permanent policy at any time before age 70.
  • Term 10 plans can be exchanged for longer terms depending on age.
  • Term 10, 15 and 20-year plans are renewable.
  • Maximum coverage is $10,000,000.

There are riders for critical illness, accidental death, waiver of premium in case of disability. One can also add a children’s life insurance rider.

For more information and an in-depth look at their coverage, read our BMO Insurance Term Life Insurance Review.

Permanent Life Insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. As long as you pay premiums into the policy, the coverage never expires.

BMO Insurance offers 5 different permanent life insurance policies.

EasyOne Life

  • Available to Canadians between the ages of 50 and 80 who have no serious illnesses
  • No medical exam required and immediate coverage from the day BMO receives your application
  • Life long coverage with a tax-free benefit between $5,000 and $50,000

Guaranteed-Life Plus

  • Available to Canadians between the ages of 45 and 75
  • Guaranteed coverage and no medical exams or health questionnaires required
  • Lifetime coverage as long as payments are paid up to age 95
  • $50,000 in basic coverage (after 2 years without claims) and $250,000 accidental death coverage

Term 100

  • Lifelong coverage
  • Fixed level premiums which you pay until age 100
  • Coverage amounts available between $50,000 and $5,000,000
  • Much like BMO Insurance’s term life insurance policies, many optional riders are available for Term 100

BMO Insurance Whole Life Insurance

  • Guaranteed cash value, and guaranteed premiums payable for 10 or 20 years or to age 100
  • Non-participating
  • Unique features like premium switching, premium offset, additional payments and policy loans make it a very flexible coverage option
  • Two plan options (Estate Protector and Wealth Accelerator) to service different end-of-life financial needs

Read our full review of BMO Insurance Whole Life Insurance.

Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.

BMO Insurance’s universal coverage offers three different universal life insurance policies: Life Dimensions, Life Dimensions (Low Fees) and Wealth Dimensions.

All these options boast:

  • Flexible premiums and terms
  • Extensive investment options
  • Early access to cash-value
  • Optional riders for more coverage:
    • term life insurance rider
    • accidental death rider
    • waiver of premium
    • children’s term insurance rider
    • critical illness rider

Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

BMO Insurance offers 2 different critical illness insurance policies.

Life Recovery Plus

  • Basic and enhanced plans that offer $25,000 and $50,000 in coverage, respectively
  • Guaranteed acceptance when you provide a declaration of health
  • Cash benefits are a mix of one-time, monthly, and daily benefits to help you financially while you recover
  • The survival period is 30 days

Living Benefit

  • Offers enhanced coverage (25 life-threatening medical conditions)
  • Maximum coverage for critical illness insurance is $2 million
  • Offers coverage for loss of independent existence and partial payouts for 7 different conditions
  • The survival period is 30 days
  • Available in 10 and 20-year terms or coverage up to 75 or 100 years of age
  • There is a 15-pay option available on some policies

For more information and an in-depth look at their critical illness coverage, read our BMO Insurance Critical Illness Insurance Review.

Travel Insurance

BMO Insurance offers travel insurance on a per-trip and annual basis, with different plans offering coverage for medical emergencies, trip cancellation, flight delays, lost baggage, and more.

Investment Products and Other Financial Products

Besides insurance, BMO Financial Group offers countless investment solutions and personal financial products as well as business banking solutions.

Need help?

Call us at 1-888-601-9980 or book time with our licensed experts.

The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.

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