BMO Life Insurance Review
See below for ratings, quotes, and an in-depth review of BMO's life insurance products.
Life Insurance Company Reviews > BMO Life Insurance Review
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.
|Company||Ranking||Average price relative to market|
|RBC Insurance||1||6% Lower|
|Canada Life||2||5% Lower|
|BMO Insurance||4||2% Lower|
|Industrial Alliance||5||1% Lower|
|Sun Life||7||1% Higher|
|Assumption Life||10||14% Higher|
|TD Insurance||11||18% 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.
|Low coverage need (<$500,000)||Average|
|Large coverage need (>$500,000)||Excellent|
|Shorter coverage need (10 years)||Excellent|
|Longer coverage need (20 years)||Average|
|Under age 40||Average|
|Over age 40||Excellent|
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
Product Options and Features
- Term lengths of 10, 15, 20, 25 and 30 years
- Coverage from $100,000 to $10,000,000
- 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