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BMO Life Insurance Reviews! The Best on the ‘Net

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BMO Life Insurance Reviews! They are financially stable, have a long history, and offer affordable term rates!

They also have a popular Critical Illness offering. 

If you’re Googling BMO Life Insurance Policy and trying to sift through all the info out there,

Good for you! This means you are ahead of the game and know how important doing your homework is…

BMO Life Insurance: Their Stor

The Bank of Montreal, or BMO, was founded in 1817 and is Canada’s oldest bank. This fantastic company has a long history.

“Psst: Interesting fact. BMO is so well managed that it hasn’t missed a dividend payment since 1824. Quite the feat when you consider World Wars, the Great Depression and multiple recessions that happened while they have been in business!”

They are an international company, opening their first foreign branch in NYC in 1818, which shows just how motivated the leaders were from the get-go! Their international flare didn’t end there. In 1995, BMO opened a branch in Guangzhou, becoming the first Canadian bank to operate in China… and in 2010, they became the first Canadian bank to incorporate there.

Although BMO started as a bank offering traditional services, it branched into life insurance when it acquired AIG. 

They are now the second-biggest bank offering life insurance in Canada. AM Best also gives them an A rating so you are financially secure with BMO. 

BMO Life Insurance Policy: Products

One of the most important aspects of my job is continuing education.

As I mentioned above, not all life insurance companies are created equal. Online quotes are pretty deceiving because they allow clients to assume the prices and products are generally the same.

NOT true.

Each company handles its underwriting process (an insurer’s procedure to determine your premiums) differently.

Some companies are more lenient than others regarding specific medical issues, which can change the result and ultimately increase your premiums.

There are some creative approaches to each company’s various products. So, let’s see how BMO Life Insurance stacks up.

BMO term life insurance

BMO Term Life Insurance 

Ahh, BMO term life insurance, how do I love thee!

It’s a fantastic product that provides coverage for a limited period. Most people use it to replace their income for their families should death occur unexpectedly. 

Term life insurance is cheap, flexible, and protects your loved ones when they most need it.

The basics of term are as follows:

  • Temporary coverage: You select a term that best fits your needs (10,20, 30 years)
  • Select a face amount: The coverage value you need to replace your income (100K, 250K, 500K, etc.).
  • Take a medical exam: most traditional term insurance requires a medical exam depending on your age and the coverage amount you choose. If you’re averse to needles and blood tests, no medical exam coverage may be a viable option, but expect to pay more.

BMO Life Insurance doesn’t offer a ton of information. Here are the basics of their term product:

  • Coverage from $100K – $5Million
  • You have to be 18 – 75 years of age to qualify
  • A medical exam is likely required
  • Coverage for 10, 15, 20, 25 or 30-year terms
  • You may renew or covert your coverage to permanent insurance

“Finally, look at how much you want to spend. Term life insurance policies are the most affordable option, while whole life policies cost quite a bit more. Shop around and compare free quotes online, and talk with an insurance agent or broker. An insurance agent who understands your needs and your family’s can help you find the right plan for your situation.”

Term vs. Whole Life Insurance: How Do You Choose?, MoneyWise

BMO Mortgage Insurance

BMO, along with other major financial institutions including RBC, TD, and Manulife, offers clients its unique brand of mortgage protection. Interestingly, this product is underwritten by Sun Life Assurance of Canada.

Nevertheless, this insurance is offered when you have your mortgage with BMO and is often bundled with your closing documents. Many consumers think it is mandatory, but I’m here to tell you it’s not. I think it’s your worst option when it comes to protecting your home and family. 

Mortgage protection purchased through your bank is designed to protect them and NOT you.

Read all about the pros and cons of mortgage life insurance here.

So, how do you best protect your BMO mortgage?

Instead of buying BMO mortgage protection insurance, you should purchase individual term life insurance policies with BMO or another carrier. This is hands down the most affordable option and saves you thousands of dollars!

BMO Permanent Life Insurance

BMO Permanent Life Insurance is a more specialized product. It’s fantastic—IF you fit into a very narrow group of people who should consider it.

Coverage until the day you die is the hallmark of permanent insurance; if that’s your goal, this is your product. It works the same as term in that you:

  • Select a face value (the amount of coverage you need)
  • Take a medical exam (although you can get no medical exam coverage)

The main difference in permanent life insurance is that you also typically have a cash value accumulation feature that can be set up in many ways.

Permanent life insurance is a complicated product that requires careful consideration. Do not buy a BMO Life Insurance policy without discussing the details with an independent life insurance agent, as this could be a very costly mistake.

Let’s check out BMO’s tproducts now!

1. BMO Whole Life Insurance 

  • Available for ages 0-80
  • $50k to $20 Million of coverage
  • May require medical exam
  • Ideal for estate & tax planning 

2. BMO Universal Life Insurance

  • Available for ages 0-80
  • $50k to $20 Million of coverage
  • May require medical exam
  • Ideal for estate & tax planning 

3. BMO Term to Age 100

  • Available for ages 18-80
  • $50k to $20 Million of coverage
  • May require medical exam
  • you want coverage for life

BMO Critical Illness Insurance

Critical Illness Insurance is increasingly being sold because people are living longer after serious illnesses such as cancer. 

Click here to find out more about Critical Illness Insurance

Illness can cause as many issues for your family as a sudden death. It can cause even more financial pain if your situation goes on for years.

Critical Illness insurance covers your income if such an event occurs. You select a plan and coverage amount, and if you are diagnosed with a covered medical condition, your family receives a tax-free cash benefit.

BMO also offers your spouse $0.95 off per month if they sign up when you do. Another perk? BMO rewards non-smokers who haven’t taken marijuana, tobacco, or nicotine substitutes over the past 12 months.

This coverage also provides access to top specialists through the Best Doctors Program. BMO has two levels of coverage:

Enhanced Plan 

  • If you are diagnosed with one of the covered illnesses listed in the plan and survive for over 30 days, you will receive a lump sum cash payment of $12K.
  • Monthly cash payments $1,000 per month for 12 months or until you die, which ever occurs first. Once again, if you survive more than 30 days.
  • Daily cash payments of $200 per day up to 100 days or $20K while you are hospitalized within two years of diagnosis.
  • Lump sum cash payment of $6K for surgery related to your diagnosis within two years of diagnosis.
  • Total cash benefits up to $50K

Basic Plan 

  • If you are diagnosed with one of the covered illnesses listed in the plan and survive for over 30 days, a lump sum cash payment of $6K is available. 
  • Monthly cash payments $500 per month for 12 months or until you die, which ever occurs first. Once again, if you survive more than 30 days. 
  • Daily cash payments of $100 per day up to 100 days or $10K while you are hospitalized within two years of diagnosis. 
  • Lump sum cash payment of $3K for surgery related to your diagnosis within two years of diagnosis. 
  • Total cash benefits up to $25K 

BMO Life Insurance Policy: Rates

Policy Architects
Age $250,000 $500,000
35 Year Old Male $21.83 $32.40
35 Year Old Female $20.93 $26.10
40 Year Old Male $28.58 $45.00 
40 Year Old Female $25.65 $36.00
45 Year Old Male $46.35 $71.55
45 Year Old Female $36.23 $55.35
50 Year Old Male $73.80 $124.20
50 Year Old Female $57.15 $89.10
55 Year Old Male $133.88 $223.20
55 Year Old Female $93.83 $152.55 
60 Year Old Male $235.80 $403.20
60 Year Old Female $162.23 $281.25
65 Year Old Male $303.75 $538.20
65 Year Old Female $220.95 $381.15

*Quotes above are for BMO’s Preferred Term 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. July 2024. 

BMO Life Insurance Pros

  • BMO is VERY Solid Company With a Long History & Terrific Financial Rating
  • BMO Has a Great Site & Rate Estimates
  • Affordable Term Life Insurance Rates
  • Great Suite of Critical Illness Products

BMO Life Insurance Cons

  • Jack of All Trades
  • Conservative Underwriting

“It is very important to discuss your options and weigh the pros and cons with your financial advisor and insurance professional before canceling your life insurance coverage or modifying your benefits. Health can change in an instant and it may not be possible (or financially feasible) to re-purchase insurance later.”

Forbes, You Probably Don’t Need Life Insurance Forever

Is BMO Life Insurance Right for YOU?

BMO is one of the best life insurance companies in Canada. If you are looking for a stable reputation and rating, look no further.

You are safe in their hands with affordable products and good customer service

But, and this is a big but! Depending on your health, family background, and personal life insurance needs, BMO may not be the suitable carrier for you.

Picking the right company saves you THOUSANDS over your term. 

Get in touch with Policy Architects Today! We can help you find the perfect fit for your circumstances.

BMO Life Insurance Policy Architects

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James Heidebrecht

Written by James Heidebrecht licensed agent, Policy Architects founder.

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