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BMO Life Insurance review

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BMO Life Insurance
On PolicyAdvisor's site
Types of Insurance
Term Life
Minimum Coverage
$50,000
Maximum Coverage
$35,000,000
Age Range
0 - 80
Medical Exam Required
No

Summary

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

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 Life Insurance.

BMO Life Insurance is worth considering if you want the peace of mind that comes with knowing that your loved ones will be financially protected in the event that something happens to you. It can make even more sense to purchase BMO Life Insurance if you also do your banking with BMO.

Pros

  • Flexible options. Within BMO Life Insurance 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 Life Insurance 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 Life Insurance and if you are considering purchasing life insurance, it might make sense to purchase it from them as well to achieve continuity in your financial portfolio.

Cons

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

In this guide

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  • Details
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Details

Product Details

Insurance Products Life Insurance
Medical Exam Required No
Province Availability AB, MB, ON

Coverage Details

Age Range 0 - 80
Minimum Coverage $50,000
Maximum Coverage $35,000,000

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.
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.
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