BMO's term life insurance premiums are around 2% lower than the rest of the industry.
BMO has a really wide range of term and permanent life insurance offerings.
As such, BMO policies are best suited to people that want a lot of optionality from their provider.
There is no option to apply for a life insurance policy online, it must be done over the phone.
There are comparatively more medical requirements for BMO policies.
Our BMO life insurance review
Our BMO life insurance review will give you details on their different products, pricing, and customer satisfaction.
Our rating: ★★★☆☆(3/5)
BMO prices are 2% lower than the price of life insurance from competitors which makes them an affordable option for Canadians looking to buy term life insurance. But it is very possible to find better premiums elsewhere.
BMO requires more medical information (i.e. longer questionnaire or a medical exam) for to apply buy online, which indicates that the company may not be very innovation-focused.
And their permanent life insurance options tend to be 5–15x more expensive than their term life insurance policies.
Who is BMO Insurance?
BMO Insurance is a subsidiary of BMO, a longstanding bank in Canada. BMO announced a net income of $247 million in the first quarter of 2023, on top of the fact that they were again named the "Most Sustainable Bank in Canada".
Among their products is term life insurance as well as three different permanent life insurance options. They also offer other insurance products, namely critical illness insurance and travel insurance.
BMO Insurance quick facts:
BMO was founded in 1817 in Montreal, Quebec
Term life insurance policies can be 10–30 years long, by increments of 5 years
Maximum converge is $5M for term policies and $20M for permanent policies
You can get a quote online but applications must go through a BMO advisor
BMO life insurance rates
BMO's life insurance rates for a term life insurance policy start at a monthly premium average of $26.10 for a woman and $33.30 for a man.
Their permanent life insurance rates tend to cost about 10-15x more than term.
The table below shows the monthly premium for a policy for a 30-year-old, non-smoking person with $1M coverage.
See how BMO’s premiums for term policies compare to their permanent term 100 policies.
Policy Type
Women
Men
10-year term
$27.90 / month
$38.70 / month
15-year term
$35.10 / month
$47.70 / month
20-year term
$38.70 / month
$54.00 / month
25-year term
$51.30 / month
$71.10 / month
30-year term
$60.30 / month
$82.80 / month
Term 100 policy
$400.33 / month
$457.83 / month
With PolicyMe, you can get some of the most affordable rates for term life insurance. Get a quote in just a few clicks and see how much you could save.
BMO life insurance customer reviews
These BMO life insurance reviews from BMO customers can help you know what to expect from the company’s customer service team.
Positive BMO life insurance customer reviews:
“Easy to do, very helpful staff.”
“BMO offers a professional service[...]”
Negative BMO life insurance customer reviews:
“Culture of foot-dragging when you want to cancel”
“Worst customer services ever, especially the claims department.”
“Without confirming with me if I want to renew my agreement, they have started taking $309.00 per month from my account.”
BMO life insurance: pros and cons
Here are some of BMO life insurance's pros and cons based on their options and customer experience.
Pros of BMO life insurance:
Comfort of buying from one of the oldest banks in Canada
Financial strength rating: A
Multiple permanent life insurance options
Get a quote online
Cons of BMO life insurance:
More medical requirements if you want to buy without meeting in person
Fewer options for term lengths and coverage amounts
Life insurance application is on paper, not online, making the buying process longer
Life insurance plan must be bought through a commissioned advisor with the bank
Negative reviews on InsurEye suggest that customer service is poor
BMO term life insurance
BMO term life insurance policies have different options for coverage, length, renewability, and more.
BMO has one term life insurance option. See all the key details below to decide if a BMO term policy is right for you.
Renewal isavailable for 10-, 15-, 20-year term policies without a medical exam if you’re eligible; no renewal option for 25- and 30-year term policies after the initial term
Option to convert your term policy to a permanent life insurance policy
Optional riders: critical illness insurance and waiver of premium if you become disabled
CLHIA defines riders as changes or add-ons to your policy that can expand its advantages.
But do your research before getting riders for your policy because they might not be worth the extra cost.
BMO term life insurance compared to competitors
BMO’s term life insurance tends to be around 2% lower, when compared to other companies like RBC and Sun Life.
But BMO isn't necessarily the most affordable option on the market. See how the cost of BMO compares to other Canadian insurance solutions:
Want to see how affordable your premiums could be with PolicyMe? Find out in just a few clicks below:
In general, permanent insurance is more pricey than their term life insurance plans. It’s usually not worth it if you only need coverage for a specific period of time in your life, like to cover your mortgage or while your kids are growing up.
Read more on BMO’s permanent life insurance options below.
BMO Term 100 Life
Coverage amount: $50K to $5M
Policy length: Until age 100 when policy will expire
Eligibility: ages 18–80
Medical questions / medical exam might be required
Optional riders are available
Level premiums (meaning they won’t change)
BMO Insurance Whole Life
Coverage amount: $50K to $20M
Policy length: Until age 100 when policy will expire
Eligibility: ages 0–80; policy expires at age 100
Medical questions / medical exam might be required
Cash benefits (on top of the lump sum cash payment your family will get as a death benefit)
Level premiums (meaning they won’t change)
BMO Universal Life Insurance
Coverage amount: $50K to $20M
Policy length: Until age 100 when policy will expire
Eligibility: ages 0–80; policy expires at age 100
Medical questions / medical exam might be required
Optional riders are available
Includes investment options and access to cash value
Flexible premium payment schedule: Caution — this can result in your policy collapsing, like if your payments are too low for the policy to actually payout.
How do you get a BMO life insurance quote?
To get a BMO life insurance quote, you can fill out an online form or talk to a licensed advisor over the phone.
BMO life insurance quotes are only available online for term life policies and permanent term 100 policies. To get a quote, they will ask you about the following:
BMO life insurance company is good for giving you a competitive term life insurance premium rate. And they have various permanent life insurance plans.
However, their customer reviews suggest their customer service is poor.
What life insurance does BMO offer?
BMO offers a range of life insurance products. They have term life insurance and three types of permanent life insurance plans.
Each policy has different eligibility requirements and coverage amounts. Generally, their permanent policies are more expensive than their term policies.
What is BMO life insurance’s contact information?
BMO’s life insurance contact information depends on which types of life insurance you want to talk about.
For term policies and permanent policies (Term 100 and whole life), call 1-855-422-8690
For universal life insurance policy:
Call 1-800-608-7303 for Ontario
Call 1-866-217-0514 for Quebec and Atlantic Canada
Call 1-877-877-1272 for Western and Northern Canada
Curious about other life insurance options? Check out more reviews of Canadian life insurance:
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