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- BMO offers term life insurance policies with flexible options ranging from 10 to 30 years (Term 10, Term 15, Term 20, Term 25, and Term 30), allowing you to select the term that best fits your financial needs
- BMO’s term life insurance policies are renewable, meaning you can extend coverage without undergoing another medical exam
- BMO Insurance allows you to convert your term policy to permanent coverage at any time before age 70, without the need for medical evidence
- Premiums for BMO term life insurance are affordable, with a monthly premium starting at $21.60 for females and $31.95 for males, based on a $500,000 coverage for a non-smoker for a 20-year term
- BMO offers the ability to add riders, such as critical illness coverage and accidental death benefit, to your term life policy, enhancing the protection for you and your family
- Who is BMO Insurance?
- What are the key features of BMO term life insurance?
- Our BMO life insurance rating and review
- What types of term life insurance policies does BMO Insurance offer?
- How much does BMO term life insurance cost?
- What other insurance policies does BMO Insurance offer?
- What are the pros and cons of BMO life insurance?
- Is BMO Insurance the right fit for you?
- Frequently asked questions
BMO Term Life Insurance offers simple, affordable coverage backed by one of Canada’s oldest and most trusted banks, Bank of Montreal. BMO term life insurance offers a variety of term lengths (Term 10, Term 15, Term 20, Term 25, and Term 30), flexible plan exchange options, coverage up to $30 million, and more such features.
In this updated 2025 review, we’ll break down BMO’s term life options, highlight key benefits, and discuss the cost of purchasing this policy. If you’re weighing your life insurance choices, this review will help you decide if BMO’s term life coverage is the right fit for your needs.
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Who is BMO Insurance?
BMO Insurance is a member of the BMO Financial Group, which was founded in 1817, and is another of Canada’s largest financial institutions. Operating as a separate business unit, BMO Insurance offers term and permanent life insurance, accident, travel, and critical illness insurance. BMO Insurance also offers income annuities and guaranteed investment funds. The BMO Life Assurance Company portfolio was bolstered by the acquisition of AIG’s life insurance business in 2009.
Key facts about BMO Life Assurance Company
When was BMO Insurance founded? 1817
Where is BMO Insurance’s headquarters? Toronto, Ontario
AM Best Rating: A (Excellent)
Better Business Bureau Accreditation and Rating: N/A
Assets: $11.2-billion
Annual Premiums: $ 2.0 billion
Website: bmo.com/insurance
What are the key features of BMO term life insurance?
BMO term life insurance offers flexible coverage, catering to a wide range of policyholders and their unique needs. The coverage types include single policies, combined policies, and joint-last-to-die policies. BMO offers term lengths spanning from 10 to 30 years and coverage amounts ranging from $100,000 to $30 million.
Policies are renewable and convertible to permanent life insurance up to the age of 71 without additional medical exams. BMO’s optional riders, such as critical illness benefits and waiver of premium, make its term life insurance a comprehensive choice for Canadians.
Key features of BMO term life insurance
| Feature | Details |
| Term lengths | 10, 15, 20, 25, and 30 years |
| Coverage type |
|
| Coverage amounts | $100,000 to $30 million |
| Eligibility age |
|
| Policy expiry age | Coverage expires at age 85 |
| Renewability | All plans are renewable |
| Convertibility | Convertible to permanent life insurance without medical exams before age 71 |
| Exchange option | 10-year and 15-year term policies can avail full or partial exchange options for longer terms within the first 5 years |
| Optional riders | Critical illness benefit (available if under 60 at application) for both single and joint plans
Additional riders for single policies
Additional riders for joint policies
|
| Medical Exam Requirement | No medical exam required for coverage amounts under $250,000 for applicants aged 18 to 65; health questionnaire required |
| Premiums | Guaranteed level premiums for the duration of the term |
| Under-writing classifications |
|
| AM Best Rating | A |
Our BMO life insurance rating and review
BMO Insurance’s term life insurance is a great option for individuals, couples, or business owners. It can cover mortgages and other debts, final expenses like funeral expenses, replace future income, and provide for dependents. The plan can also be used to protect businesses and their key employees. Lastly, the death benefit can be used to leave a financial gift to a favourite charity.
BMO Insurance term life insurance policies offer terms ranging from 10 to 30 years. Death benefits (tax-free payments to a beneficiary) can go all the way up to $10,000,000. All term life plans can be converted to a permanent life insurance policy at any time before age 70. Term 10 plans can be exchanged for longer terms: Term 15, 20, 25, or 30. Term 10, 15, and 20-year plans are renewable and convertible. Term 25 and 30 plans are convertible, although not renewable.
There are riders for critical illness insurance, accidental death insurance, and waiver of premium in case of disability. One can also add a children’s life insurance rider.
Another great feature of BMO Insurance is its unique Compassionate Benefit Program. This is a non-contractual cash benefit offered by BMO Insurance to term life policyholders with a limited life expectancy who may require a source of funds to help them manage their medical bills and unexpected financial costs.
For term life policyholders, an initial advance of up to 50% of the base coverage (maximum of $250,000) may be paid out if the policyholder is diagnosed with a terminal illness with a life expectancy of 12 months or less. This is available on individually-owned single and joint life policies as well (max of 2 insure with joint ownership policies).
What types of term life insurance policies does BMO Insurance offer?
BMO Insurance offers its Term Life insurance product with many options, such as Term 10, Term 15, Term 20, Term 25, and Term 30 plans to personalize coverage for those applying.
Medical underwriting is generally required, depending on the age of the applicant and the amount of insurance applied for
Premiums are guaranteed
Term 10 plans have an exchange program, where the policyholder can renew for another eligible term policy after 1 year but before 5 years of their initial term 10 coverage.
There are riders for critical illness, accidental death, and waiver of premium in case of disability. One can also add a children’s life insurance rider.
Coverage types offered by BMO term life insurance
BMO Insurance offers three primary coverage types within its term life insurance policies, including single and joint policies, allowing policyholders to select the structure that best fits their personal or family needs:
- Single Life: Covers one individual; the death benefit is paid upon the death of the insured
- Combined Life: Covers two individuals; the death benefit is paid upon the death of each insured person
- Joint Last-to-Die: Covers two individuals; the death benefit is paid upon the death of the last surviving insured person
How much does BMO term life insurance cost?
The cost of your BMO term life insurance policy will depend on factors such as your age, gender, health history, smoking status, and the type of coverage that you’re opting for.
Typically, the monthly cost of term life insurance for a non-smoker in good health seeking $500,000 in coverage for a 20-year term plan can range between $31 to $681 for male individuals and $21 to $479 for female individuals.
Monthly cost of BMO term life insurance for various age groups
| Age | Male | Female |
| 20 | $31.95/mo | $21.60/mo |
| 25 | $32.40/mo | $22.05/mo |
| 30 | $32.85/mo | $22.95/mo |
| 35 | $33.30/mo | $26.10/mo |
| 40 | $49.05/mo | $36.90/mo |
| 45 | $76.95/mo | $55.80/mo |
| 50 | $131.40/mo | $91.80/mo |
| 55 | $242.10/mo | $166.95/mo |
| 60 | $427.50/mo | $305.10/mo |
| 65 | $681.75/mo | $479.25/mo |
*Illustrated the cost of premiums for a non-smoker in good health seeking $500,000 in coverage for a 20-year term plan
What is the Term Exchange Program offered by BMO insurance?
BMO’s Term Exchange Program allows individuals with a Term 10 or Term 15 policy to exchange their existing coverage for a longer-term policy—Term 15, 20, 25, or 30—without the requirement for additional medical underwriting.
The exchange can be initiated on or after the 1st policy anniversary if you’re opting for a full exchange. In case you’re opting for a partial exchange, the initiation should be made on or after the 2nd policy anniversary.
Some of the benefits of the Term Exchange Program include:
- No additional medical underwriting: Policyholders can adjust their coverage without undergoing a new medical examination, simplifying the process
- Extended coverage: Provides the opportunity to secure a longer-term policy, ensuring continued protection as long as needed.
- Flexible adjustment: Allows for both full and partial exchanges, accommodating varying coverage needs
What other insurance policies does BMO Insurance offer?
In addition to Term plans, BMO Insurance also offers whole life insurance, universal life insurance, permanent life insurance, critical illness insurance, travel insurance, and more. Policyholders can opt for one or more policies based on their specific needs.
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, BMO life insurance coverage never expires.
BMO Insurance offers several 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 permanent life insurance coverage from the day BMO Life Insurance receives your application
- Lifelong 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 life insurance 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 permanent life insurance 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 to meet varied insurance needs
Whole life insurance
- Guaranteed cash value, and guaranteed premiums payable for 10 or 20 years or to age 100
- Non-participating permanent life insurance
- Unique features like premium switching, premium offset, additional payments, and policy loans make it a very flexible BMO life insurance coverage option
- Two plan options (Estate Protector and Wealth Accelerator) to service different end-of-life financial needs
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 Life 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 BMO life insurance coverage:
- term life insurance rider
- accidental death rider
- waiver of premium
- children’s term life insurance rider
- critical illness insurance 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 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.
BMO 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.
What are the pros and cons of BMO life insurance?
BMO’s term life insurance has several advantages in terms of affordable pricing, multiple coverage types and lengths, easy term exchange policy for a 10 and 15-year plan, comprehensive benefits package, and more. However, the only disadvantage is in terms of not having a digital policy option and an online account facility.
Pros and cons of BMO term life insurance
| Pros | Cons |
| Value for money pricing | No online account |
| Multiple term life insurance lengths, flexible coverage options | Only issues paper policies, no digital option |
| Ability to exchange a 10-year policy into a longer term policy (15, 20, 25, and 30-year coverage options) | |
| Comprehensive benefits like the compassionate benefit program allow advancement of the term life insurance coverage amount for policyholders needing financial support while dealing with a terminal illness | |
| Options to convert into multiple types of permanent insurance policies |
Is BMO Insurance the right fit for you?
BMO Insurance offers unique life insurance coverage products that are a great fit for many Canadians. As insurance advisors for BMO Insurance’s life insurance products, we can help you decide if BMO Insurance products are the best fit for you and find you instant quotes.
Canadians commonly use BMO Life Insurance policies to cover lines of credit, funeral costs, the outstanding balance on credit cards, provide peace of mind, secure future education for dependents, or augment their current life insurance plans. If you’re not sure how much coverage you need, check out our life insurance calculator or read more in our insurance learning centre.
As Canada’s best online insurance advisor, we can assist you in comparing and choosing products across all our partner companies. Speak to our licensed insurance advisors, and we will be able to help you find the best coverage for your needs and answer any questions you have about BMO term life insurance, permanent life insurance, critical illness and disability protection, simplified coverage without medical exams, and more.
Frequently asked questions
Can I increase my BMO term life coverage after the policy starts?
No, BMO does not permit increasing the coverage amount mid-term. To obtain additional coverage, you would need to apply for a new policy. However, exchange options are available for 10 and 15-year policies.
- For a 10-year term policy: You can exchange for higher term plans such as Term 15, Term 20, Term 25, or Term 30 policies
- For a 15-year term policy: You can exchange for higher term plans such as Term 20, Term 25, or Term 30 policies
These exchanges can be availed within the first 5 policy years without providing new medical evidence.
What happens if I outlive my BMO term life insurance policy?
If you outlive your term and choose not to renew or convert the policy, the coverage ends, and no benefits are paid out. BMO allows renewal up to age 85 and conversion to permanent life insurance before age 71, providing options to maintain coverage as your needs evolve.
Is BMO term life insurance suitable for business protection?
Yes, BMO’s term life insurance can be an effective tool for business protection. It can be used for purposes such as funding buy-sell agreements, covering business loans, or insuring key personnel.
BMO offers high coverage limits (up to $30 million) and fixed premiums, making it suitable for small to medium-sized businesses seeking predictable costs.
Does BMO offer joint term life insurance for couples?
Yes, BMO offers joint term life insurance for couples through two distinct policy types: Combined Life Coverage and Joint Last-to-Die Coverage. Combined coverage insures two individuals under a single policy, providing a death benefit upon the death of each insured person. After the first death takes place, the policy continues to cover the surviving insured individual.
Joint Last-to-Die Coverage, on the other hand, also covers two lives but pays out the death benefit only after both insured individuals have passed away. This type of coverage is often used for estate planning purposes, as it provides funds to cover estate taxes or to leave a legacy to beneficiaries.
BMO Life Insurance is a competitively priced term life insurance with the ability to convert into a broad suite of proprietary permanent products. Options for BMO’s life insurance include term lengths of 10, 15, 20, 25, and 30 years, as well as Term 100, permanent life insurance, critical illness insurance, and more at reasonable prices.
