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BMO Life Insurance Reviews

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James Heidebrecht Ivari Reviews 2020

We give BMO 4 stars. They are a terrific insurer: financially stable with a long history and very affordable term rates! They also have a popular Critical Illness offering. 

James Heidebrecht Founder of Policy Architects

Are you searching Google for all the BMO Life Insurance Reviews 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 really is…

…and if you are wondering how valuable your research is, it can save you 10’s of thousands of dollars 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!

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

BMO Life Insurance: Their Story

BMO Life Insurance Questions

Why are we getting into their history? 
For me it's the present that matters. Can't we just move on with it! 

BMO Life Insurance Answers

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

BMO Life Insurance Questions

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! 

BMO Life Insurance Answers

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  

bmo guaranteed life insurance

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 that 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. 

Their comments are also good. The only issues I found seem to be connected to email and phone contact. 

BMO Life Insurance Reviews: Insureye

I also checked 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 wane to reiterate this is a good score compared to many of the others I have read over the past 2 years.

The few complaints I found are about reaching people in customer service. 

BMO life insurance customer service

BMO Life Insurance Questions

Aha! I never really thought about reviews that way. I always took them at face value. You gave me some food for thought! 

BMO Life Insurance Answers

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.

NOT true.

Each company handles their 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 can change the result and ultimately increase the premiums you 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 

Ahh, term life insurance how do I love thee!

It’s an awesome product that provides coverage for a limited period of time. For the most part, people use it to replace their income for their family 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: most traditional term insurance requires a medical exam depending on your age and the coverage amount you choose. If you’re adverse 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 own unique brand of mortgage protection. Interestingly, this product is underwritten by Sun Life Assurance of Canada

Nevertheless, this insurance is offered to you when you have your mortgage with BMO. It is often bundled with your closing documents. Many consumers think it is mandatory but I’m here to tell you that it’s not. In fact, 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 pitfalls of mortgage life insurance here.

So how do you best protect your BMO mortgage?

Instead of buying BMO mortgage protection insurance  – which is not really BMO as it’s underwritten by Sun Life – purchase individual term life insurance with BMO or another carrier. This is hands down the most affordable option and will literally save you thousands of dollars!

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 should consider it.

Coverage until the day you die is the hallmark of permanent insurance and if that’s your goal this 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 when it comes to permanent life insurance is you also have a cash value accumulation feature that can be set up any number of ways.

Permanent life insurance is a complicated product that needs a lot of direction. Do NOT buy a 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. 

  • Guaranteed level premiums to age 100 
  • Coverage amounts from $50k to $5Million 
  • Access to BMO’s assistance services

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

Critically illness can cause as many issues for your family as 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 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 

  • 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

Basic Plan 

  • 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 to keep up with technology and offer 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 provide them with 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 there 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 purchasing any life insurance product.

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 insurer may have products better suited to your circumstances. 

Also, some insurers are more lenient than others when it comes to a medical condition, smoking or weight.

An independent agent compares competing companies to pinpoint the insurer that’s the right fit for you.

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.

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

Policy Architects
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 is VERY Solid Company With a Long History & Terrific 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’s 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!

BMO Has a Great Site & Rate Estimates 

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!?

Affordable Term Life Insurance Rates

BMO is consistently at the top of the chart with RBC insurance when it comes to low term rates!

Great Suite of Critical Illness Products

If you’re thinking about critical illness coverage, BMO is definitely a company to consider. They have a 15- pay option as well return of premium (ROP) on all their CI products. Desjardins is another carrier with a good critical illness offering.

Good Reviews! 

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.

BMO Life Insurance - Cons

BMO has such a well-rounded insurance offering, it’s hard to be critical. That’s why the CONS below are only partial CONS.

Jack of All Trades

BMO is not only one of the 5 largest banks in Canada but it’s also one of the ten largest insurance companies. As such, can this behemoth be specialized in every niche? I don’t think so. If you’re looking for something beyond basic term life insurance, make sure you shop around.

Conservative Underwriting

Similar to other large banks like Scotia & RBC, BMO’s underwriting is conservative or standard. If you have any mild to moderate health issues, it may be worthwhile to go with a carrier like iA Financial.

If you’re concerned about health issues, schedule a call with us here.

Is BMO Life Insurance Right for YOU?

BMO ROCKS. They are one of the best life insurance companies in Canada. If you are looking for a stable reputation and rating, look no farther. With affordable products and good customer service, you are safe in their hands. 

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

When a life insurance company fits you to a T, you get a comprehensive policy and the best rates.  Picking the right company will save you THOUSANDS over the course of your term. But what if you pick the wrong one?

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

Click the button below to get a free quote or schedule a call here.


James Heidebrecht BMO Life Insurance Reviews

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