BMO Life Insurance Review: What You Need to Know

BMO life insurance review (2026 update)

The Bank of Montreal, now the BMO Financial Group, began its history in 1817 and added life insurance to its offerings in 2009. Thanks to the backing of the eighth largest bank in North America, BMO Insurance holds a financial strength rating of ‘A’ from S&P Global.

It also has a large product selection. Aside from term and permanent life insurance, BMO also sells critical illness, travel, pet, and credit and loan insurance.

BMO life insurance: ★★★★☆ (3.5)

^{* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years for $500,000 of coverage.}

As one of the Big 5 banks in Canada, BMO Insurance has a wide product selection, including:

• EasyTerm term life insurance with $100,000 - $30 million in coverage for 10-30 years
• Estate Protector and Wealth Accelerator whole life insurance with lifetime coverage, guaranteed cash values, and yearly performance bonuses
• Guaranteed Life Plus guaranteed life insurance with $3,500 - $50,000 in lifetime coverage and no medical exams
• Term 100 life insurance with $50,000 - $20 million in lifetime coverage
• Wealth Dimensions universal life insurance with $25,000 - $20 million in lifetime coverage and investment options

The bank’s other lines of business include everyday chequing and savings accounts as well as investment products, loans, mortgages, and credit cards. 

Methodology

PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers. 

Our analysis combines 450,000+ quotes for 50+ life insurance products with in-depth research on 20+ providers. We assigned each product a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 12 categories.

Rankings are determined first by star rating and then by price, with preference given to expert recommendations by PolicyMe’s team of life insurance advisors. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice.

BMO life insurance pros & cons

BMO Insurance consistently ranks among the top 10 term life insurance products, and its permanent insurance offerings are among the top 5. As a big bank, it offers a polished shopping experience and plenty of customer resources.

Here’s an overview of the pros and cons of BMO life insurance:

BMO life insurance cost & value

BMO’s EasyTerm term life insurance rates hover around the industry average, with slightly lower premiums for smokers and older adults. Rates remain level for the life of the policy, and you may be eligible for a discount if you pay year-by-year instead of month-by-month.

^{* These figures reflect the average monthly cost for $500,000 of coverage for men and women of average health across a term length of 10-30 years.} 

^{** Compared to the average monthly cost for $500,000 of coverage for men and women of average health across a term length of 10-30 years and 26 term life insurance products.}

About pricing comparisons

To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 18-29 with $500,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.

BMO life insurance products at a glance

BMO sells one term life insurance product and five permanent coverage options, including guaranteed issue life insurance with no medical exams. Its term product, EasyTerm, is the best deal for most Canadians because it provides simple, affordable financial protection for up to 30 years.

Permanent policies such as Wealth Dimensions, Estate Protector, and Wealth Accelerator are a better fit for high net worth individuals who have already maxed out their TFSA and RRSP contributions, or are interested in estate planning. Permanent life insurance policies allow buyers to leave a tax-free payout to their beneficiaries while earning modest interest, but you’ll have to call an advisor to get the full details.

BMO life insurance riders

Every BMO life insurance plan except Guaranteed Life Plus can be customized with an optional life insurance rider, with up to 17 choices available. The full list includes:

• Accidental Death Benefit
• Additional Term 10, Term 20 and Term 30
• Annual Renewable Term
• Business Guaranteed Insurability Option Rider
• Children's Term Rider
• Critical Illness Rider
• Joint Last-to-Die Special Death Benefit Rider
• Payor Waiver of Premium on Death
• Payor Waiver of Premium on Death and Total Disability
• Term 10, Term 20 and Term 30
• Term 100 Rider
• Term Insurance Rider
• Total Disability Waiver of Premium

How BMO compares to other providers

^{* These figures reflect the average monthly cost for $500,000 of coverage for a healthy, non-smoking woman between 30-44 across a term length of 10-30 years.}

^{** Compared to the average monthly cost for $500,000 of coverage for a healthy, non-smoking woman between 30-44 across a term length of 10-30 years and 26 term life insurance products.}

The bottom line: Who should consider BMO?

If you’re looking to save, invest, and protect your money all in one place, BMO can handle most of your financial needs. It offers a polished one-stop shop for banking, borrowing, credit, insurance, and investment products, and benefits from the financial strength and resources of a big bank.

Said resources include an app, a large network of life insurance advisors, lots of optional add-ons (especially for permanent coverage), and brick-and-mortar stores for in-person shopping and consultations. Because they stick close to the industry average, BMO’s prices present fairly good value for Canadians looking for customizability and a large product selection.

FAQs: BMO life insurance

–

^{*** The life insurance premium rates in this article are based on publicly available figures as of May 2026.}