BMO Life Insurance Review: Updated for 2022

BMO's term life insurance premiums are around 2% lower than the rest of the industry. But there are downfalls to going with them as your life insurance provider, like more medical requirements and no online application process.

Our BMO life insurance review will give you details on their different products, pricing, and customer satisfaction.

Our rating: 3/5

Our BMO life insurance review

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.

BMO life insurance 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 reviews:

  • “Easy to do, very helpful staff.”
  • “BMO offers a professional service[...]”

Negative BMO life insurance 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 rates

BMO 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

* Based on publicly available data as of November 2022.

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: 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

Who is BMO Insurance?

BMO Insurance is owned by BMO, a longstanding bank in Canada. BMO announced in 2022 that they had a deal to buy California's Bank of the West for USD$16.3-billion (Investment Executive).

They focus on personal financial services. They offer term life insurance and three different permanent life insurance options.

They also offer other products: critical illness insurance, travel insurance and investment products.

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 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.

  • Coverage amount: $100K to $5M. Not sure how much coverage you need? Try our life insurance calculator.
  • Term periods: 10, 15, 20, 25, or 30 years
  • Eligibility: ages 18–75; policy expires at age 85
  • Required medical exam
  • Renewal is available 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:

BMO life insurance review - cost comparison

Want to see how affordable your premiums could be with PolicyMe? Get a life insurance quote today in a few clicks.

BMO permanent life insurance products

BMO permanent life insurance products are:

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:

In the end, your specific premium rate depends on your age, gender, health status, and other factors. Which is why they collect this information.

If you’re interested in other permanent life insurance options, you’ll have to book a call with an advisor. 

And if you want to apply for or buy life insurance with BMO, again you need to talk to an advisor. You can't buy BMO life insurance online.

Bottom line: BMO is more cheaper than some, but not the most affordable option

  • BMO term life insurance has competitive rates compared to some other insurers. 
  • Their permanent life insurance policies are significantly more expensive.
  • BMO has a maximum coverage of $5M for term life insurance and $20M for permanent life insurance.
  • PolicyMe term life insurance premiums can be up to 20% more affordable than the rest of the industry.
  • Whichever life insurance type you want, you should shop around with different companies to see who can offer your the best deal.

Read from this wide range of reviews for the best life insurance companies in Canada.

FAQ: BMO life insurance

Is BMO life insurance company good?

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:

Laura McKay

COO & Co-Founder

About the Author

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