bmo insurance review

EDITORIAL REVIEW

BMO Life Insurance Review

Term Insurance

Wondering whether BMO is the right life insurance company for you? It doesn’t have to be a guessing game.

See below for ratings, quotes, and an in-depth review of BMO’s life insurance products.

OUR RATING

4.0

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THE BOTTOM LINE

BMO prices are 2% lower than prices of competitors which makes them a great option for Canadians looking to buy term life insurance.  However, BMO requires enhanced medical requirements for customers looking to buy non face-to-face.

Company facts

CUSTOMER COMPLAINTS

3.4 / 5

BBB RATING

Not Rated

Price

BMO term life insurance pricing vs. competitor term life insurance products

Looking for the best value? See how the price of BMO’s term life insurance stacks up against the prices of products offered by other Canadian term life insurance providers.

Scores are based on PolicyMe’s Term Insurance Price Index, an in-depth analysis of prices for 108 combinations of gender, age, term length, coverage amount, health status, and smoking status.

CompanyRankingAverage price relative to market
RBC Insurance16% lower
Canada Life25% lower
Desjardins32% lower
BMO Insurance42% lower
Industrial Alliance51% lower
Manulife6Average
Sun Life71% higher
Humania84% higher
Ivari96% higher
Assumption Life1014% higher
TD Insurance1118% higher

BMO insurance pricing by customer traits

Even if you and your next-door neighbour buy life insurance from the same insurance company, you may not pay the same price. That’s because life insurance companies base your price largely on your age, policy coverage amount, policy duration, smoking status, and current health status. Some companies are more lenient about specific customer characteristics and provide better pricing than other companies for people with these characteristics.

Here’s a breakdown of how BMO’s life insurance prices compare to prices offered by other companies for various customer characteristics.

Customer characteristicsPricing
Low coverage need (<$500,000)Average
Large coverage need (>$500,000)Excellent
Shorter coverage need (10 years) Excellent
Longer coverage need (20 years) Average
MaleExcellent
FemaleAverage
Under age 40Average
Over age 40Excellent
Exceptional healthExcellent
SmokersExcellent

Excellent – The company’s prices are more affordable than the rest of the market for customers with these characteristics

Good – The company’s prices are in line with the rest of the market for customers with these characteristics

Poor – The company’s prices are more expensive than the rest of the market for customers with these characteristics

Want a personalized life insurance quote?

The first step to buying life insurance is figuring out how much coverage you need. Complete our free online life insurance checkup to identify your needs based on your life circumstances and financial situation.

Product

  • Term lengths of 10, 15, 20, 25 and 30 years
  • Coverage from $100,000 to $10,000,000

Common features

  • Level premiums– Premiums remain the same for the entire length of your term
  • Guaranteed renewability– When your term insurance policy expires, you can renew  it without undergoing a medical review
  • Convertible– You can convert your term insurance policy into a permanent policy without undergoing a medical review
  • No-obligation review period– Once you receive confirmation that your policy has been issued, you have 30 days to sign a delivery receipt and authorize your payment method

Eligibility

  • Max issue age is 75 years old (may be smaller for longer policy lengths)

Pros and Cons

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  • Averages 2% lower prices than competitors
  • Non face-to-face sales permitted
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  • Non face-to-face sales require enhanced medical evidence requirements (blood / urine always required)
  • No credit card payments allowed

Ready to shop for life insurance?

The first step to buying life insurance is figuring out how much coverage you need. Complete our free online life insurance checkup to identify your needs based on your life circumstances and financial situation.