BMO Term Life Insurance Review (2026)

What is BMO term life insurance?

BMO term life insurance is a temporary life insurance policy that provides affordable coverage for a predetermined period. If the insured person dies during the policy term, BMO pays a tax-free lump-sum death benefit to the named beneficiaries. BMO offers five coverage terms: Term 10, Term 15, Term 20, Term 25, and Term 30. The coverage amount ranges from $100,000 to $30 million. 

The premiums for BMO term life insurance are guaranteed during the selected term, and the policy is renewable up to the insured’s attained age of 85. To further customize coverage, policyholders can add optional riders such as critical illness benefits, waiver of premium, accidental death benefit, children’s term insurance, and a business guaranteed insurability option.

Key features of the BMO term insurance policy:

Who is eligible for BMO life insurance?

To qualify for BMO Term Life Insurance, applicants must meet the insurer’s age and underwriting requirements. BMO uses Age Nearest when determining issue age. Eligibility includes:

• Age requirements vary by term length:
  • Term 10: Ages 18-75
  • Term 15: Ages 18-70
  • Term 20: Ages 18-65
  • Term 25: Ages 18-60
  • Term 30: Ages 18-55 
• Applicants must complete BMO’s underwriting process, where eligibility and premiums are determined based on factors such as health, medical history, smoking status, and lifestyle

Types of BMO term life insurance plans

BMO Term Life Insurance is available in five term lengths: 10, 15, 20, 25, and 30 years, so you can choose a coverage period that aligns with your financial goals and obligations. The premiums are guaranteed for the duration of your selected term, and the policy is renewable if you wish to continue coverage afterward, until age 85.

BMO also provides flexibility if your insurance needs change over time. Eligible Term 10 policies can be exchanged for Term 15, 20, 25, or 30, while Term 15 policies can be exchanged for Term 20, 25, or 30 without purchasing a new policy. Additionally, all BMO term policies can be converted to an eligible permanent life insurance policy before age 71 without providing new medical evidence, helping you maintain lifelong coverage if your needs evolve.

What is covered under BMO term insurance?

The primary benefit of a BMO Term Life Insurance policy is the tax-free death benefit, which is paid to your beneficiaries if you pass away during the policy term. Your loved ones can use this payout to replace lost income, pay off a mortgage or other outstanding debts, cover funeral expenses, fund your children’s education, or meet other financial obligations. In addition to the death benefit, BMO life insurance includes the following:

• Conversion privilege: Convert your term policy to an eligible permanent life insurance policy before age 71 without providing new evidence of insurability. BMO also offers a Term Conversion with Reset option, allowing you to convert part of your coverage to permanent insurance while keeping the remaining coverage as a new term rider. At least 50% of the total converted sum insured must be allocated to permanent coverage
• Optional riders: Enhance your policy with add-ons such as living benefit (Critical Illness) riders, waiver of premium, accidental death benefit, children’s term insurance benefit, and a business guaranteed insurability option 
• Complimentary loss support services: BMO Insurance provides beneficiaries with bereavement support through its partnership with Empathy. This complimentary service helps beneficiaries navigate grief, estate settlement, funeral planning, and other practical tasks following a loss
• Term exchange: You can exchange all or part of the sum insured of Term 10 policy for a Term 15, 20, 25, or 30 policy, subject to certain limits, during the first five years of coverage. You can also convert your policy to an eligible permanent insurance policy at any time before age 71, without undergoing a medical exam or completing a health questionnaire

Pros and cons of BMO term life insurance

How much does BMO term insurance cost?

The cost of BMO term life insurance starts at approximately $8/month for a healthy 20-year-old non-smoking female and around $9.45/month for a non-smoking male, with $100,000 of coverage and a 10-year term. Your actual premium will depend on factors such as your age, gender, smoking status, health, coverage amount, and the term length you choose.

Cost of BMO term life insurance (2026)

*Illustrative term life insurance cost for male and female non-smoker seeking $100,000 in coverage for 10-year term

What riders are available with BMO life insurance?

BMO term life insurance offers optional riders that let you customize your policy based on your family, health, or business needs. Some of these riders are listed below:

• Living benefit (critical illness) rider: Provides critical illness coverage that pays a lump-sum benefit if you are diagnosed with a covered critical illness, helping you manage medical expenses, replace lost income, or cover other recovery-related costs. BMO offers Living Benefit with Term 10 and Term 15 policies, while Living Benefit 10 or 20 riders are available with Term 20, Term 25, and Term 30 policies
• Waiver of premium rider: If you become totally disabled and meet the rider’s eligibility requirements, the waiver of premium rider allows your policy to remain in force without requiring you to continue paying premiums. This helps ensure your life insurance coverage stays active during periods of financial hardship caused by disability. The rider is available on single-life policies only
• Accidental death benefit rider: The accidental death benefit rider provides an additional insurance payout if the insured dies as a result of a covered accident. This extra benefit is paid in addition to the policy’s regular death benefit, offering greater financial protection for your beneficiaries. It is available for each insured person under eligible joint-life policies
• Children’s term insurance benefit: This rider extends life insurance coverage to your eligible children under a single policy. It provides an affordable way to protect your family while giving your children access to life insurance coverage during their younger years. Under joint-life policies, this rider is available on the youngest insured parent
• Business guaranteed insurability option: Designed for business owners, this rider allows you to increase your life insurance coverage at specified future events without providing new medical evidence, subject to the rider’s terms and conditions. It can be valuable for businesses expecting growth or changes in ownership, helping ensure insurance coverage keeps pace with evolving business needs

What is BMO’s complimentary loss support service?

BMO life insurance includes complimentary loss support services for beneficiaries through Empathy, a bereavement support platform that combines technology with personalized human guidance. This service is available at no additional cost to eligible BMO Insurance policyholders and is designed to help families go through the emotional, administrative, and practical challenges that arise after losing a loved one.

The service provides a range of resources to support beneficiaries during the claims and estate settlement process, including:

• Personalized care plans: Receive tailored guidance based on your family’s unique circumstances and immediate needs
• Grief support resources: Access educational materials and emotional support to help cope with the loss of a loved one
• Funeral planning assistance: Get help organizing funeral arrangements and managing related tasks during a difficult time
• Estate settlement guidance: Receive assistance with administrative responsibilities such as estate-related paperwork, account notifications, and other post-loss tasks

What is BMO’s term conversion with reset option?

BMO’s term conversion with reset option lets you convert your term life insurance policy into a combination of eligible permanent life insurance (such as whole life or universal life) and a new term rider. This conversion is possible before you reach age 71 and can be done without undergoing another medical exam or providing new evidence of insurability. To use this option, at least 50% of your converted coverage must be allocated to the new permanent life insurance policy. The remaining coverage can be added as a new term rider, with a term length that matches or exceeds your original policy’s term. 

Does BMO offer combined term insurance plans?

Yes, BMO offers a combined term life insurance option that allows two people to be insured under a single policy instead of purchasing separate policies. This can simplify policy management by combining coverage under one contract while potentially reducing administrative costs compared to maintaining two individual policies. Unlike joint last-to-die coverage, which pays the death benefit after the last surviving insured person dies, combined coverage pays a death benefit on the death of each insured person.

What is BMO’s terminal illness advance benefit?

BMO Insurance provides a terminal illness advance benefit through its compassionate and financial hardship programs. This allows policyholders to access part of their life insurance death benefit while they are living. The benefit is available to qualifying policyholders diagnosed with a terminal illness and a limited life expectancy, typically five years or less, and may be particularly helpful for those facing financial hardship or significant medical-related expenses.

Through this, policyholders can access up to 50% of their policy’s death benefit, up to a maximum of $250,000. Depending on the program, the advance may be paid as a lump sum or in annual installments over five years.

How does BMO life insurance compare to other providers?

BMO Term Life Insurance is a strong choice for those looking for flexible, long-term protection with high coverage limits. It offers five term lengths (10, 15, 20, 25, and 30 years), coverage of up to $30 million, guaranteed premiums, renewable coverage, and the option to convert to eligible permanent life insurance without additional medical underwriting. 

While other insurers may differentiate themselves through wellness programs or other policy features, BMO offers a well-rounded combination of flexibility, conversion options, optional riders, and family-focused support services. To compare BMO with other leading insurers based on pricing, features, customer service, and policy options, read our guide on the best term life insurance companies in Canada.

Our advisor’s take on BMO term life insurance

At PolicyAdvisor, we work with different client profiles on a daily basis. Recently, one of our advisors worked with a 35-year-old business owner who wanted affordable life insurance to protect both his family and growing business. He needed flexible coverage that could adapt over time without requiring another medical exam if his insurance needs changed.

Client profile:

• Age: 35-year-old non-smoking Canadian
• Coverage need: $1.5 million to cover a mortgage, replace family income, and protect business liabilities
• Primary concern: Flexible term life insurance with high coverage limits, strong conversion options, and the ability to adjust coverage as his financial responsibilities evolved

Our comparison: We compared BMO Term Life Insurance with other leading Canadian insurers based on premium competitiveness, term options, conversion flexibility, optional riders, and value-added benefits. For this client, BMO stood out because its five term lengths offered flexibility around his family’s changing financial needs, while the Term Conversion with Reset feature provided a way to add permanent coverage later without additional medical underwriting.

Why we recommended BMO term life insurance:

• Offers five flexible term lengths (10, 15, 20, 25, and 30 years) to suit different life stages and financial goals
• Provides a comprehensive selection of optional riders, including critical illness, waiver of premium, accidental death, children’s insurance, and business guaranteed insurability
• Includes complimentary loss support services through Empathy, helping beneficiaries navigate bereavement and estate-related responsibilities during a difficult time

How to buy BMO term life insurance?

To buy BMO term life insurance with PolicyAdvisor, you will need to follow a few simple steps such as those listed below:

• Compare personalized quotes: Share a few details about your age, health, lifestyle, and coverage needs to receive customized quotes from BMO and other top life insurance companies in Canada
• Speak with a licensed advisor: Our advisors will get in touch with you and explain your options, compare policy features, and recommend the most suitable coverage based on your budget and financial goals
• Complete your application: Apply online with guidance from our team. We will help you with paperwork, medical requirements (if any), and any other things that might be required
• Receive your policy: Once approved, your BMO term life insurance policy is issued, and your coverage begins

So, schedule a call with our licensed insurance expert now and get a BMO term life insurance quote in a few simple steps!

Frequently asked questions

What happens if I outlive my BMO 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.

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.

Can I convert my BMO life insurance to permanent life insurance?

Yes, BMO allows you to convert your term policy to an eligible permanent life insurance policy before age 71 without providing new medical evidence. It also offers a unique term conversion with reset option that lets you combine permanent coverage with a new term rider.

What optional riders can I add to my BMO term life insurance policy?

The optional riders you can include in your BMO term life insurance policy are living benefit (critical illness), waiver of premium, accidental death benefit, children’s term insurance benefit, and a business guaranteed insurability option.

Does BMO offer a reduced fee if I buy multiple insurance policies?

Yes, BMO offers reduced policy fees when you buy multiple insurance policies. This feature reduces the annual policy fee by $25 on the second and each subsequent eligible policy when multiple qualifying applications are submitted within 60 days of the first application.

What term lengths are available with BMO term life insurance?

BMO offers five term lengths: 10, 15, 20, 25, and 30 years. This allows you to choose a policy that matches your financial commitments, whether you are covering a mortgage, protecting your family, or securing business obligations.