BMO Life Insurance review

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 BMO Life Insurance 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

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, you can log in online to their secure web portal, SmartApp, where you can view and manage everything related to your insurance plan.

Compare other life insurance providers

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Name	Product	Types of Insurance	Coverage Range	Issue Ages	Medical Exam Required	Province Availability
PolicyMe Life Insurance		Term Life, Critical Illness	$100,000 - $5,000,000	18 - 75	No	AB, BC, MB, NB, NL, NS, ON, PEI, QC, SK, YT, NT, NU	Get fast and affordable term life insurance. Personalize your policy details and get an estimate price within seconds. No phone call, meeting or paperwork required. Get an instant decision.	Get a quote More Info	Compare	loading Fetching your data...
PolicyAdvisor		Whole Life, Term Life, Universal, No Medical	$25,000 - $25,000,000	18 - 75	No	AB, BC, MB, ON	PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.	Get a quote More Info	Compare	loading Fetching your data...

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Frequently asked questions about BMO Life Insurance

• Why should I buy life insurance?

  It depends on what is going on in your life. You might want to buy life insurance if you’ve bought a home, landed a new job, been recently married or have had children.

• How much life insurance is enough?

  It depends on who you ask. To ensure their funeral expenses and debt are covered and their dependants are supported financially, the average married Canadian parent believes they need more than $300,000 in life insurance. Meanwhile, single Canadians feel they need closer to $190,000.

• When do people feel like it's the right time to buy life insurance?

  It depends on what is driving the purchase. For 63% of Canadians, the right time to buy life insurance is as soon as they can afford it.

• What is term life insurance?

  Term life insurance provides protection for a specific period of time. If you die during that time, benefits are paid to the person or people you choose (beneficiaries). Term life insurance premiums stay the same for specific periods of time and may rise at pre-designated renewal dates.

• Do I need critical illness insurance?

  Workplace disability insurance may not be enough if a life-altering critical illness keeps you home or in the hospital. Child care, home care, living expenses, medications and travelling for treatment can cause financial pressure on you and your family. If you’re concerned about any of these issues and want peace of mind going forward, consider the advantages of critical illness and or accident insurance.