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Life Insurance Company Reviews Category

Looking Through BMO Life Insurance Reviews?

BMO Life Insurance Reviews! We give this terrific insurer 4 stars. They are financially stable with a long history and offer very affordable term rates!

They also have a popular Critical Illness offering. 

If you're Googling BMO Life Insurance Policy 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 this research is, it can save you 10's of thousands of dollars over the course of your term.

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
  • BMO is VERY Solid Company With a Long History & Terrific Financial Rating
  • Great Suite of Critical Illness Products
  • Good Reviews! 

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

BMO Life Insurance: Their Story 

BMO Life Insurance Questions

Why are we getting into the 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.

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! 

Reviews on Google  

bmo guaranteed life insurance

If you read 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 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 Policy: 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, BMO 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

BMO Permanent life 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 in any number of ways.

Permanent life insurance is a complicated product that needs a lot of direction. 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 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 Insurance Plus 

BMO Guaranteed Life Insurance 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 

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.

BMO Life Insurance Policy: Rates

Policy Architects
Age$250,000$500,000
35 Year Old Male$22.50$33.30
35 Year Old Female$20.93$26.10
40 Year Old Male$29.48$49.05
40 Year Old Female$25.88 $36.90
45 Year Old Male$47.25$76.95
45 Year Old Female$36.23$55.80
50 Year Old Male$75.38$131.40
50 Year Old Female$57.15$91.80
55 Year Old Male$135.23$242.10
55 Year Old Female$94.28$166.95
60 Year Old Male$239.28$427.50
60 Year Old Female$163.13  $305.10
65 Year Old Male$379.35$681.75
65 Year Old Female $265.50$479.25

*Quotes above are for BMO’s Preferred Term 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. June  2021.

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 further.

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.

Picking the right company saves you THOUSANDS over the course of your term. 

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! 

James Heidebrecht BMO Life Insurance Reviews

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