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BMO Life Insurance

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BMO is one of the largest financial institutions in Canada, and it offers a wide range of financial services including life insurance plans.

BMO Term life insurance provides you with coverage for 10, 15, 20, 25 or 30 years. Get a free quote through PolicyAdvisor.

Details

Insurance ProductsLife Insurance
Medical Exam RequiredNo
Province AvailabilityOntario, Alberta, Manitoba

The Bank of Montreal is one of Canada’s most established banks and financial institutions. It offers flexible life insurance options at competitive rates and benefits from having a network of dedicated customer service professionals across Canada that are equipped to give you the correct information about BMO‘s insurance options.

What is BMO Life Insurance?

BMO Life Insurance gives Canadians another credible option to purchase life insurance. BMO Life Insurance provides flexible coverage options and competitive rates. The following are the two most common life insurance packages that BMO offers:

  • Term life insurance. This is a flexible option where you choose the amount and length of coverage. It’s designed to help cover those financial obligations that are due over the next several years (i.e. mortgage, tuition and everyday expenses).
  • Permanent life insurance. This is lifelong coverage with either guaranteed acceptance or a simple health declaration. It’s a good option for those who want peace of mind that they’ll always be covered.

What other insurance coverage options does BMO offer?

On top of life insurance, BMO also offers a few other insurance coverage plans.

  • Accident & Critical Illness insurance. This plan provides your dependants with some financial assistance in the event of your death due to an accident.
  • Travel insurance. Get a single trip or an annual insurance plan depending on the frequency and type of your travels.

BMO insurance bundles

BMO offers insurance bundles for those looking to take advantage of multiple insurance plans while also saving money at the same time. Right now, BMO offers bundle packages on life and critical illness insurance.

What exclusions do I need to know about?

Like most life insurance plans, there are a number of conditions and exclusions associated with these policies. BMO Life Insurance is no different and the following are some of the more notable exclusions:

  • Attempted suicide
  • Self-inflicted injuries
  • Use of drugs or the operation of a motor vehicle while under the influence of alcohol
  • Attempt to commit a criminal offense
  • Providing false, incorrect or incomplete information during the application process

Benefits of BMO Life Insurance

  • Flexible options. Within BMO‘s term life insurance and permanent life insurance packages, there are a number of different options that offer you flexibility and the coverage you want.
  • Flexible prices. Because BMO has a few different options under their term life and permanent life insurance packages, it offers insurance plans at prices you’re comfortable paying.
  • Continuity. If you already bank with BMO and if you are considering purchasing life insurance, it might make sense to purchase it from them as well to achieve continuity among your financial portfolio.

Drawbacks of BMO Life Insurance

  • Poor customer feedback. There have been countless complaints made against BMO that may or may not be truly reflective of its insurance offerings.

What do customers say about BMO Life Insurance?

The Bank of Montreal does not have a very good reputation on the Better Business Bureau website. BMO currently has an F rating on the BBB website and has had numerous complaints made against them by customers. However, we must note that the complaints made against BMO are against BMO and not necessarily against the offerings and service they received from purchasing BMO Life Insurance.

How to contact BMO Life Insurance?

Depending on your inquiry, there are a number of ways you can contact BMO Life Insurance.

  1. For any general BMO insurance inquiries, you can call their toll-free number at 1-855-745-7331.
  2. For any general BMO insurance inquiries, you can also send them an email at insurance.directadmin@bmo.com.
  3. For inquiries about BMO insurance products purchased through an independent insurance adviser, you can call their toll-free number at 1-800-387-4483 or you can send them an email at insurance.clientservices@bmo.com.

BMO Life Insurance mobile app

BMO does not have a mobile app for its insurance offerings. However, customers can log in online to their secure web portal, SmartApp, where they can view and manage everything related to their insurance plan.

Compare other life insurance providers

Name Product Types of Insurance Coverage Range Issue Ages Medical Exam Required Province Availability
PolicyMe Life Insurance
Term Life
$100,000 - $5,000,000
18 - 75 years old
No
Alberta, British Columbia, Manitoba, Nova Scotia, Ontario and Prince Edward Island
Get fast and affordable term life insurance without the need for a medical exam with PolicyMe.
TermLite Term Life Insurance
Term Life
$10,000 - $1,000,000
18 - 80 years old
No
All of Canada
Get fast and easy-to-understand term life insurance with no medical exam and no paperwork required.
RBC Life Insurance
Term Life
$50,000 - $25,000,000
18 - 75 years old
No
Ontario, Alberta and Manitoba
Select from two unique RBC term life insurance plans to get flexible and affordable coverage that suits your lifestyle and budget. Get a free quote through PolicyAdvisor.
Manulife Life Insurance
Term Life
$100,000 - $1,000,000
18 - 70 years old
No
Ontario, Alberta, Manitoba
Manulife's CoverMe Term life insurance is simple and straightforward coverage that suits your lifestyle and budget. Get a free quote through PolicyAdvisor.
Empire Life Insurance
Term Life
$50,000 - $10,000,000
18 - 75 years old
No
Ontario, Alberta and Manitoba
Empire Life offers affordable, flexible term life insurance coverage and can provide lifetime coverage if needed. Get a free quote through PolicyAdvisor.
BMO Life Insurance
Term Life
$100,000 - $5,000,000
18 - 75 years old
No
Ontario, Alberta, Manitoba
BMO Term life insurance provides you with coverage for 10, 15, 20, 25 or 30 years. Get a free quote through PolicyAdvisor.
Desjardins Life Insurance
Term Life
$50,000 - $10,000,000
18 - 75 years old
No
Ontario, Alberta and Manitoba
Desjardins offers a number of different term life insurance options to cover fixed-term needs including lifestyle protection and mortgage coverage. Get a free quote through PolicyAdvisor.
Wawanesa Life Insurance
Term Life
$50,000 - $10,000,000
18 - 75 years old
No
Ontario, Alberta and Manitoba
Wawanesa offers simple and straightforward term life insurance coverage. Choose from single and joint coverage options. Get a free quote through PolicyAdvisor.
Canada Life Insurance
Term Life
$100,000 - $10,000,000
18 - 75 years old
No
Ontario, Alberta and Manitoba
Choose from 4 different term life insurance options from Canada Life. Get a free quote through PolicyAdvisor.
Canada Protection Plan Life Insurance
Term Life
$50,000 - $1,000,000
18 - 70 years old
No
Ontario, Alberta, Manitoba
Canada Protection Plan's Preferred Term life insurance is suitable for those in good health. Get a free quote through PolicyAdvisor.
Assumption Life Insurance
Term Life
$50,000 - $4,000,000
18 - 75 years old
No
Ontario, Alberta, Manitoba
Choose from five different term life insurance plans with Assumption Life. Get a free quote through PolicyAdvisor.
Sun Life Go Simplified Term Life Insurance
Term Life
$50,000 - $100,000
18 - 69 years old
No
All of Canada
Sun Life Go Simplified Term Life Insurance covers you for 10 years, during which time your premiums are guaranteed not to rise. Apply for up to $100,000 in coverage.
Sun Life Go Term Life Insurance
Term Life
$100,000 - $1,000,000
18 - 69 years old
No
All of Canada
Sun Life Go Term Life Insurance is a standard term life insurance option that guarantees your premiums in the first 10 or 20 years of your policy.
Sun Life Go Guaranteed Life Insurance
Whole Life
$5,000 - $25,000
30 - 74 years old
No
All of Canada
Permanent life insurance coverage that guarantees fixed premiums until 95 years old (and no premiums thereafter).
 Life Insurance Through PolicyAdvisor.com
Whole Life, Term Life, Universal, No Medical
$25,000 - $5,000,000
18 - 75 years old
No
Alberta, Manitoba, Ontario
PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.
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Compare up to 4 providers

Bottom line

BMO Life Insurance is a good option to get that peace of mind knowing that you and your loved ones will be financially protected in the event that something fatal happens to you. It can make even more sense to purchase BMO Life Insurance if you also do your banking with BMO.

Frequently asked questions

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