Looking Through BMO Life Insurance Reviews?
We've Got All The Info You Need!
Are you searching through all the BMO Life Insurance Reviews online trying tosift through all the info out there?
Good for you! This means you are ahead of the game and know how important doing your homework really is…
…and if you are wondering how valuable your research is, it can save you 10’s of thousands over the course of your term.
If you are scoping out BMO Life Insurance I’m sure that you know what a powerful and well-known insurer it is.
That being said, is it the RIGHT company for YOU? Find out now!
Who Am I & Why Do I Care?
Howdy! My name is James Heidebrecht and I am the founder of Policy Architects. We help people throughout Canada to find the MOST comprehensive coverage at the BEST rates!
How do we do this? Well, we operate independently, which means we have access to the top life insurance companies in Canada. We are NOT tied to any one insurer.
Now you may be wondering why this is SUCH a big deal. In a nutshell, the big deal is this…
….freedom allows us to give you some AWESOME savings. Not all life insurance companies are created equal and we will dig more into this later in the review.
Suffices to say, you can’t go wrong by contacting us. Our advice is free and you are a client for life if you opt to use us.
You know I hear that a lot. Sadly most people are out of touch when it comes to how much money it takes to run a home. Most of us have two incomes.
What happens if one suddenly stops - never to return? Will your family be able to keep the house?
They sure do and the thing is most of us don’t plan on it. Sure some of us get a heads up – but for many death comes out of the blue.
Whether you are hit by a car or diagnosed with cancer life can be brutal. Sadly my wife and I know a few people this has happened to and it sends the family into a financial tailspin.
Don’t worry if:
- You have substantial savings or resources.
- A good financial support system – aka your family or loved ones have lots of cash they will give you to help you get back on your feet.
- The income you lost is easily replaced.
BUT if you are like most people, that doesn’t apply to you.
After doing a financial needs analysis most of my clients are shocked to see what the numbers are to continue life, as usual, . For example, let’s talk about a couple that thinks they’ll be just fine with $250K of coverage for a stay at home parent.
The argument is this parent doesn’t even earn an income, so $250K is even overkill.
NOPE! This parent adds serious value as they take care of the kids, do all the driving, cooking, cleaning and organizing.
What’s it going to cost to replace these duties? $50, $60, $70K per year depending on where you live and what you want!
So how does that pan out over 10 or 15 years? So let’s take the lowest figure for 10 years because the kids are young. That’s $500K before you consider ANYTHING else. Do you see what I mean?
Planning is KEY!
It’s details like this that really trip people up and WHY you have to speak with a knowledgeable independent agent BEFORE you make any decisions…
The simple fact is you need life insurance if you have debt and dependents.
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.
BMO Life Insurance: Their Story
Why are we getting into their history?
For me it's the present that matters. Can't we just move on with it!
Everyone who buys life insurance should know a bit about the background of the company they are considering. Why? Because if an insurer has a long history you can surmise they are a solid business.
The Bank of Montreal, or BMO, was founded in 1817 and is Canada’s OLDEST bank! So as you can see this amazing 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 out as a bank offering traditional services, they branched out into life insurance when they acquired AIG Life Insurance.
They are now the second-biggest bank offering life insurance in Canada.
BMO Life Insurance: Financial Rating
Wow that's amazing. In fact, I have a new found respect for BMO. I had no idea their history is so long and illustrious!
Yeah! It's pretty cool. They are really a force to be reckoned with. BUT there is more to this than meets the eye.
Did you know official agencies rate life insurance companies? Pinpointing the financial ratings are another step you need to take to make make sure the company you select is SOLID!
BMO Life Insurance Reviews on Google
If you are reading my reviews, you know that I am torn about putting a lot of stock into online comments.
First of all, virtually ANYONE can review a company, whether they are a client or NOT. This leaves a lot of room for skullduggery and fabrication.
Secondly, the process of collecting a claim or purchasing life insurance is fraught with stress. If there was ever a time to get annoyed with customer service this is it…
…not to mention the fact that many of these companies offer a TON of very diverse products. You need to be sure the comments are made in connection with the branch of the business you intend to interact with.
All this said, BMO has some great life insurance reviews. 4.1 stars out of 5 which is one of the highest scores I have seen thus far…
…AND the comments are good. The only issue seems to be concerning email and phone contact. Now, this is sweet!
BMO Life Insurance Reviews: Insureye
I also wanted to check out the Insureye reviews. They are another good resource for digging a little deeper into the reputation of a life insurance company.
BMO Life Insurance seems to have a very good reputation here too! 3 out of 5 stars. Once again I will reiterate this is a good score compared to many of the others I have read over the past 2 years.
Once again there are complaints about reaching people in customer service
Aha! I never really thought about reviews that way. I always took them at face value. You gave me some food for thought!
I know exactly what you mean! It wasn't until I started these reviews that I put any real thought into it either. Now I am super aware when perusing ANYONE'S reviews.
BMO Life Insurance: Products
One of the most important aspects of my job is continuing education.
As I mentioned above all life insurance companies are not created equal. Those online quotes are quite deceiving because they leave room for client’s to assume the prices and products are generally the same.
Each company handles the underwriting process (the procedure an insurer uses to determine your premiums) differently.
Some companies are more lenient than others for specific medical issues – which can mean a very different result for the premiums you ultimately pay.
Not to mention the different products each company offers. There are some VERY creative approaches. So let’s see how BMO Life Insurance stacks up.
BMO Term Life Insurance
It’s an awesome product that provides finite coverage for a period of time you feel you’re most vulnerable. For the most part, people use it to replace their income 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 value of the coverage you need to replace your income (100K, 250K, 500K, etc.).
- Take a medical exam: All traditional term insurance requires a medical exam. However, no medical exam coverage is available at a price.
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 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.
BMO Permanent Life Insurance
Permanent insurance is a more specialized product. In my opinion, it’s awesome – IF you fit into a very narrow group of people that are in the market for it.
Coverage until the day you die is the hallmark of permanent insurance and if that’s your goal is the product for you. 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 is with permanent life insurance you also have a cash value accumulation feature that can be set up in any number of ways.
Permanent life insurance is a complicated product that needs a lot of direction. Do NOT buy a permanent 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 three products now!
BMO EasyOne Life
This is a Whole Life Insurance product that offers the following to policyholders 50 – 80 years of age:
- No medical exam: simply sign a declaration stating you don’t have a serious illness
- $5K – $50k of tax free coverage
- Access to Helping Hands health and wellness program
- Return of your remains at no charge if you die less than 200km from your home
- No waiting periods – immediate coverage the day BMO receives your application
- 30 day trial period (you can cancel without penalty during this period)
BMO Guaranteed Life Plus
Guaranteed acceptance coverage for people ages 40 – 75.
- No medical exam or questions asked
- Up to $50K of coverage
- $250K accidental death benefit (ends age 85)
- Premiums from $20 – $120 per month
- 30 day trial period (you can cancel without penalty)
BMO Term 100
Yes, I know this is confusing but Term 100 is permanent life insurance as it provides you with coverage until the day you die.
- Guranteed level premiums to age 100
- Coverage amounts from $50k to $5Million
- Access to BMO’s assistance services
Optional riders are available, but they are not listed on the site. You have to speak to advisor to find out about those details.
BMO Critical Illness Insurance
Critical Illness Insurance is increasingly being sold because people are living longer after serious illnesses such as cancer.
If you get critically ill but don’t die this can cause as many issues for your family sustains a sudden death. In fact, it can cause even more financial pain if your situation goes on for years.
Critical Illness insurance is meant to cover 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 if they haven’t taken marijuana, tobacco or nictotine substitutes in the past 12 months.
This coverage also provides access to top specialists through the Best Doctors Program. BMO has two levels of coverage:
- Lump sum cash payment of $12K if you are diagnosed with one of the covered illnesses listed in the plan and survive for more than 30 days.
- 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
- Lump sum cash payment of $6K if you are diagnosed with one of the covered illnesses listed in the plan and survive for more than 30 days.
- 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 - Application Process
BMO Term Life Insurance Application
Well now, here we are! You took a look at BMO’s offerings and you want to get an idea of how much they are charging for coverage.
At the end of the day, the cost is what most people are interested in. Some life insurance companies invest a serious amount of money into keeping up with the technology and offer some cool tools to give you an idea of how much you’ll spend…
….while others simply provide you with a way to give an agent your contact info.
BMO has a nice calculator. They don’t ask for any personal contact info which I REALLY like – simply give them your birthday, gender, smoking status, and desired face value and they spit out results for 10, 15, 20, 25 or 30 year terms.
At the bottom is a red button to request a call from a BMO agent. This is where you provide personal details so they can contact you.
Remember These Quotes Are Only Estimates!
So while I really like the fact that they get to the point when it comes to their rates – you should always speak to an independent agent before connecting with a tied agent.
A BMO agent ONLY promotes BMO products. While this might work really well for your circumstances it also may not.
Not all life insurance companies are created equal which means another company may have products better suited to your circumstances…
….or they maybe more lenient when it comes to a medical condition, smoking or weight.
An independent agent will take a look at competing companies to find the insurer that’s the right fit for you.
Also, remember when you go with a boutique agency you are a client for life. No large bank or online platform gives you this level of service.
BMO EasyOne Life Application
BMO obviously has done a lot of work on their site. I love it!
If you are looking for rates connected to this product you can use their unique tool. Simply give them your date of birth, gender, and smoking status and they spit out some estimates.
Remember this life insurance is only available for those 50 – 80 years of age.
Then select your desired monthly payment that’s connected to the face value you want and presto you can purchase your policy online…
…or can you? Buyer beware although it says you can buy this life insurance online you always have to speak to an agent.
Overall this is a GREAT tool.
BMO Guaranteed Life Plus Application
BMO offers virtually the same tool they use for the EasyOne application with the same buy now option.
BMO Term 100 Application
This is very similar to the EasyOne and Guaranteed application processes.
…the only difference is you have to plug in the face value you are looking for and then they bring you to a schedule a call button.
Another win for BMO.
So, all in all, I really LOVE BMO’s site and how easy it is to get information about how much you’ll pay for a policy through them. However don’t ever contact a tied agent before you speak to an independent life insurance agent because we can save you a lot of time, money and hassle by selecting the RIGHT company for your needs…
…and it MAY or may NOT be BMO! Now let’s look at their rates…
BMO Life Insurance - Rates
|35 Year Old Male||$23.85||$33.30|
|35 Year Old Female||$22.95||$25.20|
|40 Year Old Male||$31.95||$50.85|
|40 Year Old Female||$27.90||$36.45|
|45 Year Old Male||$51.08||$81.00|
|45 Year Old Female||$38.93||$56.25|
|50 Year Old Male||$81.45||$139.95|
|50 Year Old Female||$58.95||$92.25|
|55 Year Old Male||$142.43||$252.45|
|55 Year Old Female||$97.20||$169.65|
|60 Year Old Male||$250.88||$447.75|
|60 Year Old Female||$168.08||$312.30|
|65 Year Old Male||$399.38||$715.50|
|65 Year Old Female||$278.83||$486.90|
*Quotes above are for BMO’s Preferred Term 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. November 2019.
BMO Life Insurance - Pros
BMO Has a Great Site & Rate Estimates
BMO has a great site. It’s easy to navigate and provides you with terrific estimates without forcing you to provide your personal information. This is a wonderful thing.
It’s sleek and simple to use. What more could you want!?
BMO is VERY Solid Company With a GREAT Financial Rating
BMO is the oldest bank in Canada – which means they have weathered wars, recessions and a depression. Now that’s a company that is well managed!
Sure the life insurance arm is relatively new, but it’s obvious they are spending serious time and resources on this division and it shows. After acquiring AIG BMO is the second largest bank offering life insurance. WOW!
If you’ve been reading my reviews you know just how brutal reviews of life insurance companies are. Well, when it comes to BMO customers seem pretty darned happy. 4 out of 5 stars for Google and 3 out of 5 for insureye.
Thus far these are the best online reviews I have seen.
Seniors Take Note
BMO life insurance offers seniors pretty affordable coverage. If you are in your older years BMO may be a good company to consider.
Competitive Pricing - Especially for Higher Face Values & People in Their Senior Years
BMO Life Insurance is priced well! It’s not the cheapest coverage on the market for younger people but they switch that around when it comes to senior policies.
BMO Life Insurance - Cons
Limited Product Availability
BMO life insurance products are fairly limited. If you are looking for investment options you are better served elsewhere.
If You're Young and Healthy & Looking for Lesser Coverage Amounts You Could do Better
BMO Life Insurance is typically very competitive but if you are young and healthy and looking for lesser coverage amounts they may not be the best choice.
The truth is – no matter where you stand another company might better fit your needs. That’s why it’s so important NOT to call their tied agents before you speak to an independent life insurance agent.
This simple call could save you thousands.
Why You Need to Call Policy Architects TODAY
BMO life insurance ROCKS. They are one of the best life insurance companies in Canada. If you are looking for a stable reputation and rating, affordable products and good customer service – you are safe in their hands…
BUT and this is a big but! They may not be the right life insurance company for you. Depending on your health, family background and personal life insurance needs there may be a better fit.
The thing is this is no minor issue.
When a life insurance company fits you to a T – you get a comprehensive policy, and the best rates with a insurer that will process your claims efficiently.
Picking the right company may also save you THOUSANDS over the course of your term.
Call Policy Architects today. We can help you find the perfect fit for your circumstances.