BMO Life Insurance Review: 101 Guide


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In This Article

Key takeaways:

  • BMO is best known for their universal life insurance policies.
  • Their universal life insurance has 200+ investment options to choose from.
  • BMO's term life insurance premiums are around 2 per cent lower than the rest of the industry. 
  • There are more medical requirements for BMO policies, in comparison to other Canadian providers.

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 per cent 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) than other companies.

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

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
  • CBC reported that an 82-year-old woman tried to cancel her life insurance policy, but BMO allegedly told her that she’d receive no cash back. She wanted to cancel because she had paid $580 over the value of the $3,200 policy (meaning she paid premiums totalling $3,780). Despite this, she was required to keep paying until she turned 95 and the death benefit would stay at $3,200.

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 for anyone in Canada.
  • 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

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 options of permanent life insurance for Canadians, 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.

FAQ: BMO life insurance

Is the BMO life insurance company any 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

Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

Laura McKay

COO & Co-Founder
About the Author

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