Life Insurance
Universal vs. Term Life Insurance: Which Is Better? (2022 Guide)
November 15, 2022
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8 minutes
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.
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.
These BMO life insurance reviews from BMO customers can help you know what to expect from the company’s customer service team.
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.
* 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.
Here are some of BMO life insurance's pros and cons based on their options and customer experience.
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 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.
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’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? Get a life insurance quote today in a few clicks.
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.
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.
Read from this wide range of reviews for the best life insurance companies in Canada.
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.
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.
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:
Curious about other life insurance options? Check out more reviews of Canadian life insurance:
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