BMO Critical Illness Insurance Review - PolicyAdvisor
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BMO Critical Illness Insurance Review

SUMMARY

BMO offers one of the most comprehensive critical illness plans for the price because of the long list of conditions covered and high coverage amounts available. Their critical illness insurance covers up to $2 million and includes up to 25 conditions as well as partial payouts for up to 7. As Canada’s oldest bank and one of the biggest insurance companies, BMO has a large, national customer service and support team with online application options.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
4 min read
IN THIS ARTICLE

As one of Canada’s largest financial institutions, BMO can take advantage of its heft and economies of scale to offer clients comprehensive, customizable critical illness coverage at the best prices through its Living Benefit suite of products.

Product

Living Benefit

AM BEST RATING

A

POLICYADVISOR RATING

Most Comprehensive Critical Illness Insurance for Price

Pros

  • Comprehensive: 25 conditions covered
  • High coverage amounts available
  • Multiple terms available, including whole life cover
  • Limited pay and Return of premium options available

Cons

  • No online access
  • No children’s coverage available
  • No second option available
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Product Name Living Benefit
Critical Illness coverage Enhanced coverage (25 life threatening medical conditions covered)
Available Terms 10 years, 20 years, and to age 75 and age 100
Limited Pay option Yes. 15-pay option available on some plans
Maximum coverage Up to $2 million
Conditions covered Enhanced – 25 conditions
Loss of Independent Existence coverage Yes
Partial payout conditions 7 eligible conditions
Partial payment or early detection payment Yes, 15% up to $50,000
Childhood illnesses coverage Not available
Survival period 30 days
Return of Premium on death Yes
Return of Premium on expiry/cancellation Yes available, on certain term lengths
Second option None
Electronic application Yes
Online account access None

Who is BMO?

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 are known mainly for their financial services like everyday banking, long term savings, lending, and mortgages. Through BMO Insurance  they offer various life insurance and related products in Canada and operate as one of the country’s largest insurers.

Does BMO sell critical illness insurance?

Yes. BMO’s critical illness insurance product is named Living Benefit. It offers Enhanced Coverage (covering 25 life-threatening medical conditions).

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What critical illness insurance coverage and terms does BMO offer?

BMO’s maximum coverage for critical illness insurance is $2 million. 

BMO’s living benefit critical illness product offers coverage for loss of independent existence.  It also offers partial payouts for 7 different conditions with payment of up to 15% of the policy coverage up to a maximum of $50,000. 

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

BMO offers critical illness insurance for 10- and 20-year terms or coverage up to 75 or 100 years of age.

There is a 15-pay option available on some BMO critical illness insurance plans.

Does BMO critical illness insurance offer a return of premiums?

BMO offers return of premiums on death and on early cancellation or expiry for some of their term lengths.

How do I apply for BMO’s critical illness insurance?

BMO lets you apply for critical illness insurance electronically through the best online life insurance broker. You can enter your information and look up quotes with the Apply Now button below or schedule a call with one of our licensed brokers to apply for BMO’s critical illness insurance.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
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The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP

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