BMO's Critical Illness Insurance: 2025 Review

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Our expert's opinion on BMO

Last update: August 27, 2025
BMOBMO
3.2
hellosafe-logoScore
A. Fruchard
A. Fruchard
Insurance expert

BMO’s Living Benefit plans offer a robust critical illness insurance solution, rated highly for its comprehensive coverage of 25 conditions and 7 early discovery illnesses, flexible plan structures, and high benefit amounts up to $2,000,000. The policies feature standard 30-day survival periods for most conditions, though a 90-day waiting period—where signs or symptoms leading to a diagnosis nullify a claim—applies to cancer and benign brain tumours. Against competitors, BMO stands out with its strong, multi-claim early discovery benefit and included Health Advocate™ services, positioning itself as a premium, feature-rich choice rather than a low-cost leader.

BMO’s offerings are particularly well-suited for professionals and families seeking extensive, long-term coverage with multiple riders and permanent policy options.

As one of Canada's largest banks, BMO has significant financial strength, though specific ratings from S&P/Moody's are not published; however, its public customer satisfaction score is a low 1.4/5 on Trustpilot based on 172 reviews for its broader banking services, while policyholders benefit from extensive value-added support through the BMO Insurance Health Advocate™ Plan.

A waiting period is a moratorium at the start of the policy (e.g., 90 days for cancer) during which a diagnosis or its preceding signs will not be covered, while a survival period is the time (e.g., 30 days) you must live after a diagnosis to qualify for the benefit.

  • Comprehensive coverage (25 critical, 7 early discovery)
  • Valuable built-in health advocacy services
  • Multiple plan options from term to age 100
  • Generous early discovery benefit up to $50,000
  • High maximum coverage of $2,000,000
  • Term policies convertible to permanent coverage
  • Optional Return of Premium riders available
  • Standard 30-day survival period requirement
  • 90-day waiting period for cancer diagnosis
  • Strict definitions for life-threatening cancer
  • Numerous specific procedural and condition exclusions
  • Poor institutional customer service ratings (Trustpilot)
BMOBMO
3.2
hellosafe-logoScore
  • Comprehensive coverage (25 critical, 7 early discovery)
  • Valuable built-in health advocacy services
  • Multiple plan options from term to age 100
  • Generous early discovery benefit up to $50,000
  • High maximum coverage of $2,000,000
  • Term policies convertible to permanent coverage
  • Optional Return of Premium riders available

Our expert's opinion on BMO

Last update: August 27, 2025
A. Fruchard
A. Fruchard
Insurance expert
  • Comprehensive coverage (25 critical, 7 early discovery)
  • Valuable built-in health advocacy services
  • Multiple plan options from term to age 100
  • Generous early discovery benefit up to $50,000
  • High maximum coverage of $2,000,000
  • Term policies convertible to permanent coverage
  • Optional Return of Premium riders available
  • Standard 30-day survival period requirement
  • 90-day waiting period for cancer diagnosis
  • Strict definitions for life-threatening cancer
  • Numerous specific procedural and condition exclusions
  • Poor institutional customer service ratings (Trustpilot)
BMOBMO
3.2
hellosafe-logoScore
  • Comprehensive coverage (25 critical, 7 early discovery)
  • Valuable built-in health advocacy services
  • Multiple plan options from term to age 100
  • Generous early discovery benefit up to $50,000
  • High maximum coverage of $2,000,000
  • Term policies convertible to permanent coverage
  • Optional Return of Premium riders available
BMO’s Living Benefit plans offer a robust critical illness insurance solution, rated highly for its comprehensive coverage of 25 conditions and 7 early discovery illnesses, flexible plan structures, and high benefit amounts up to $2,000,000. The policies feature standard 30-day survival periods for most conditions, though a 90-day waiting period—where signs or symptoms leading to a diagnosis nullify a claim—applies to cancer and benign brain tumours. Against competitors, BMO stands out with its strong, multi-claim early discovery benefit and included Health Advocate™ services, positioning itself as a premium, feature-rich choice rather than a low-cost leader. BMO’s offerings are particularly well-suited for professionals and families seeking extensive, long-term coverage with multiple riders and permanent policy options. As one of Canada's largest banks, BMO has significant financial strength, though specific ratings from S&P/Moody's are not published; however, its public customer satisfaction score is a low 1.4/5 on Trustpilot based on 172 reviews for its broader banking services, while policyholders benefit from extensive value-added support through the BMO Insurance Health Advocate™ Plan. A waiting period is a moratorium at the start of the policy (e.g., 90 days for cancer) during which a diagnosis or its preceding signs will not be covered, while a survival period is the time (e.g., 30 days) you must live after a diagnosis to qualify for the benefit.
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Why trust HelloSafe?

At HelloSafe, our critical illness insurance experts review the terms and pricing of insurance policies on the market every year to provide you with a reliable and unbiased analysis. Thanks to this rigorous approach, hundreds of thousands of users in Canada trust us each month to guide them in their most important financial decisions.

The Guarantees of BMO Critical Illness Insurance

BMO's Living Benefit plans cover 25 critical conditions, including cancer, heart attack, and stroke, plus a separate partial benefit for 7 early discovery conditions, with lump-sum payouts ranging from $25,000 to $2,000,000.
Claims require a 30-day survival period after diagnosis and are subject to waiting periods, notably a 90-day moratorium for cancer and a one-year moratorium for Parkinson's Disease.
While the term plans are guaranteed renewable up to age 75, none of the policies offer an indexation option to protect the benefit amount against inflation.

FeatureDetails
🎯 Coverage scope25 critical conditions (e.g., cancer, heart attack, stroke) and 7 early discovery conditions.
💲 Benefit amountsLump-sum from $25,000 to $2,000,000. Partial early discovery benefit of 15% (up to $50,000).
⏱️ Waiting period90-day moratorium for cancer, benign brain tumour, and early discovery conditions; 1-year for Parkinson's Disease.
Survival period30 days for applicable conditions.
🔒 Guaranteed renewabilityYes, term plans (Living Benefit 10 & 20) are renewable until age 75.
📈 Indexation
The Guarantees of BMO Critical Illness Insurance
🎯 Coverage scope
Details
25 critical conditions (e.g., cancer, heart attack, stroke) and 7 early discovery conditions.
💲 Benefit amounts
Details
Lump-sum from $25,000 to $2,000,000. Partial early discovery benefit of 15% (up to $50,000).
⏱️ Waiting period
Details
90-day moratorium for cancer, benign brain tumour, and early discovery conditions; 1-year for Parkinson's Disease.
Survival period
Details
30 days for applicable conditions.
🔒 Guaranteed renewability
Details
Yes, term plans (Living Benefit 10 & 20) are renewable until age 75.
📈 Indexation
Details
The Guarantees of BMO Critical Illness Insurance
👉 Compare the best critical illness insurance plans in for free.Discover the offers

How much does BMO critical illness insurance cost?

BMO determines critical illness insurance premiums in Canada based on a personalized risk assessment, with the final lump-sum benefit being paid out completely tax-free.
Your final monthly cost is influenced by several key factors, including your age, health, smoking habits, and the amount and duration of coverage you select.

  • Age: Premiums increase significantly with age, as the risk of illness rises.
  • Health status: Individuals with pre-existing conditions may be placed in a rated class, resulting in higher premiums than the standard rate.
  • Smoker status: Smokers can expect to pay up to 100% more than non-smokers for the same coverage.
  • Coverage amount: The premium increases in direct proportion to the benefit amount chosen.
  • Policy term: Longer-term policies (e.g., Level to 75) typically have higher initial premiums than shorter renewable term plans (e.g., Term 10).

Below are some sample monthly premiums for a BMO Living Benefit 20 plan:

ProfileCoverage amountNon-smoker premiumSmoker premium
30 years old, healthy$100,000$55 / month$90 / month
45 years old, pre-existing condition$100,000$175 / month (rated)$280 / month (rated)
55 years old, healthy$100,000$280 / month$490 / month
Premiums for BMO's critical illness insurance
30 years old, healthy
Coverage amount
$100,000
Non-smoker premium
$55 / month
Smoker premium
$90 / month
45 years old, pre-existing condition
Coverage amount
$100,000
Non-smoker premium
$175 / month (rated)
Smoker premium
$280 / month (rated)
55 years old, healthy
Coverage amount
$100,000
Non-smoker premium
$280 / month
Smoker premium
$490 / month
Premiums for BMO's critical illness insurance

Optional Riders for BMO Critical Illness Insurance

BMO offers several optional riders to enhance its Living Benefit critical illness plans, allowing policyholders to customize their coverage for greater financial security.

  • Return of Premium on Death (ROPD): This rider refunds all eligible premiums paid into the policy to a designated beneficiary if the insured person passes away while the policy is active without having made a critical illness claim.
  • Return of Premium on Surrender or Expiry: Available on permanent plans, this option allows you to receive a refund of a portion or all of your paid premiums if you decide to cancel (surrender) your policy after a specified time, such as 15 years, or when the policy term ends.
  • Waiver of Premium: If you become totally disabled and are unable to work, this rider will waive your future premium payments after a predetermined waiting period (typically 90 to 180 days) has passed, ensuring your coverage remains in force.
  • Children's Term Rider: This cost-effective rider extends critical illness coverage to your dependent children, providing a smaller lump-sum benefit if they are diagnosed with a covered condition.
  • Accidental Death Benefit: This rider provides an additional lump-sum payment to your beneficiaries if your death is the direct result of an accident, supplementing any other life insurance coverage you may have.
  • Conversion Option: Included with renewable term plans (Living Benefit 10 and 20), this feature guarantees your right to convert your policy to a longer-term plan (Living Benefit 75 or 100) before age 60, without needing to provide new evidence of insurability.

What are the exclusions for BMO critical illness insurance?

To ensure clarity on your coverage, BMO’s critical illness policies contain specific exclusions where a benefit will not be paid. It is crucial to understand these limitations before purchasing a policy.

  • Cancer Moratorium Period: No benefit is paid if cancer is diagnosed or investigated within 90 days of the policy start date.
  • Survival Period Failure: The insured must survive for 30 days following diagnosis to be eligible for the full benefit payout.
  • Undeclared Pre-existing Conditions: Claims can be denied for conditions that existed but were not disclosed during the application process.
  • Condition-Specific Exclusions: Certain low-grade cancers, Transient Ischaemic Attacks (TIAs), and viral meningitis are specifically not covered.
  • Self-Inflicted Injury: No benefit is paid if the illness results from an attempted suicide or intentionally self-inflicted harm.
  • Criminal Acts: Illness sustained while committing or attempting to commit a criminal offence is not covered under the policy.
  • Conditions Not Explicitly Covered: Only the 25 critical illnesses and 7 early discovery conditions listed in the policy are eligible for benefits.

The BMO Critical Illness Insurance Claims and Payout Process

Filing a critical illness claim with BMO involves a structured process of notification and document submission, with an average payout time of 10–15 business days once all required paperwork is received.
The assessment is designed to be efficient, ensuring you receive your lump-sum benefit promptly after a qualifying diagnosis.
Additionally, new policyholders are protected by a 10-day cooling-off period, allowing for a full refund if the policy is cancelled within this window.

  • Claim notification: Notify BMO by contacting your advisor or their dedicated claims phone number to start the process.
  • Documentation review: You must submit completed claim forms along with all relevant medical reports from your physician.
  • Underwriting assessment: BMO's claims department will review your file to confirm eligibility under the policy terms.
  • Payout execution: Upon approval, the tax-free lump-sum benefit is typically issued within a few business days.

BMO customer reviews

On Trustpilot, BMO has a "Bad" rating of 1.4 out of 5 stars based on over 170 reviews. It is important to note that these reviews are for BMO as a whole financial institution, not specifically for its insurance division. However, they reveal widespread customer dissatisfaction that may be relevant.

Common complaints include:

  • Poor customer service: Unhelpful staff and long wait times.
  • Account management issues: Extended and unexpected holds on deposited funds.
  • Payment processing problems: Issues with pre-authorized payments and sudden credit limit decreases.

Positive feedback is very rare but occasionally highlights helpful individual employees.

How to Contact BMO and Access Ancillary Services

DetailInformation
🏢 Head office address60 Yonge Street, Toronto, ON, M5E 1H5, Canada
📞 Phone1-855-422-8690 (For general inquiries and quotes)
✉️ EmailNot provided for general inquiries; contact is primarily via phone or an advisor.
🌐 Websitebmo.com/insurance
💬 Live chatNot available for insurance inquiries.
📱 Social mediaNot specified as a direct channel for critical illness policy support.
Operating hoursStandard business hours (Monday-Friday, 9:00 AM - 5:00 PM EST).
BMO Insurance Contact Information
🏢 Head office address
Information
60 Yonge Street, Toronto, ON, M5E 1H5, Canada
📞 Phone
Information
1-855-422-8690 (For general inquiries and quotes)
✉️ Email
Information
Not provided for general inquiries; contact is primarily via phone or an advisor.
🌐 Website
Information
bmo.com/insurance
💬 Live chat
Information
Not available for insurance inquiries.
📱 Social media
Information
Not specified as a direct channel for critical illness policy support.
Operating hours
Information
Standard business hours (Monday-Friday, 9:00 AM - 5:00 PM EST).
BMO Insurance Contact Information
  • Health Advocate™ Plan: Every policy includes complimentary access to services from Teladoc Medical Experts® and TELUS Health for you and your immediate family.
  • Expert Medical Opinion: You can have your medical records reviewed by a world-leading specialist to confirm your diagnosis and treatment plan, ensuring you have peace of mind.
  • Professional Counselling Support: Gain 24/7 access to confidential, short-term virtual counselling to help manage the emotional and mental stress associated with a critical illness diagnosis.
  • Personal Health Navigator: Receive one-on-one guidance from an expert to help you navigate the complexities of the Canadian healthcare system efficiently.
  • Return of Premium on Surrender: Certain plans offer an optional rider that allows you to surrender your policy after a specified period (e.g., 15 years) and receive a refund of some or all of the premiums you paid.

FAQ

What conditions are covered by BMO's critical illness insurance?

BMO's Living Benefit plans provide comprehensive coverage for 25 full-payout critical illnesses, including common conditions like life-threatening cancer, heart attack, and stroke. The plans also include an Early Discovery Benefit, which provides a partial payment for 7 different early-stage conditions without reducing your main benefit amount. You can select coverage ranging from $25,000 up to a maximum of $2,000,000, allowing you to tailor the financial protection to your specific needs.

What are the waiting and survival periods for a claim?

To ensure eligibility for a benefit, BMO's policies include specific timeframes. There is a 30-day survival period following the diagnosis of a covered critical illness before the lump-sum benefit is paid. Additionally, a 90-day waiting period applies from the policy's start date for any cancer or Early Discovery condition diagnosis. For Parkinson's Disease, this waiting period is extended to one year, ensuring the condition was not pre-existing at the time of application.

How are premiums calculated, and do smokers pay more?

Your premium is determined by several personal factors, including your age, gender, health history, and the specific plan you choose, such as the term length and coverage amount. Smoker status has a significant impact on cost; individuals who use tobacco or nicotine products typically pay substantially higher premiums than non-smokers due to the increased health risks. Selecting a longer-term plan, like the Living Benefit 100, secures a level premium for life, offering long-term cost predictability.

What is the process for submitting a critical illness claim?

To initiate a claim, you should contact BMO or your insurance advisor as soon as possible after receiving a diagnosis. You will need to complete the required claim forms and provide supporting medical documentation from your physician confirming the diagnosis of a covered condition. BMO's claims department will then review your submission to ensure it meets the policy's terms. Once approved, the tax-free lump-sum payment is processed and issued directly to you.

Can I add optional benefits like a Return of Premium rider?

Yes, BMO offers several valuable riders that you can add to your policy at the time of application. The most popular options include the Return of Premium on Death (ROPD) rider, which refunds all premiums to your beneficiary if you pass away without making a claim. You can also select a Return of Premium on Surrender or Expiry rider on certain plans, which allows you to get your money back if you outlive your policy term or decide to cancel it after a set number of years.

Is it possible to make changes to my coverage after my policy is issued?

BMO provides flexibility for your changing needs. If you have a renewable term policy like the Living Benefit 10 or 20, you have the option to convert it to a permanent plan (Living Benefit 75 or 100) before you turn 60, without needing to provide new medical evidence. For other adjustments, such as decreasing your coverage amount to lower your premiums, you should discuss the available options with your financial advisor to ensure the policy continues to meet your needs.

What are the rules for cancelling a policy and getting a refund?

You have the right to cancel your policy at any time. All policies come with a 10-day "free look" period, during which you can cancel and receive a full refund of any premiums paid. After this period, you can still cancel, but premiums will not be refunded unless you have a specific Return of Premium on Surrender rider. This rider enables you to recoup some or all of your premiums if you surrender the policy after a specified duration, such as 15 or 20 years.

What conditions are covered by BMO's critical illness insurance?

BMO's Living Benefit plans provide comprehensive coverage for 25 full-payout critical illnesses, including common conditions like life-threatening cancer, heart attack, and stroke. The plans also include an Early Discovery Benefit, which provides a partial payment for 7 different early-stage conditions without reducing your main benefit amount. You can select coverage ranging from $25,000 up to a maximum of $2,000,000, allowing you to tailor the financial protection to your specific needs.

What are the waiting and survival periods for a claim?

To ensure eligibility for a benefit, BMO's policies include specific timeframes. There is a 30-day survival period following the diagnosis of a covered critical illness before the lump-sum benefit is paid. Additionally, a 90-day waiting period applies from the policy's start date for any cancer or Early Discovery condition diagnosis. For Parkinson's Disease, this waiting period is extended to one year, ensuring the condition was not pre-existing at the time of application.

How are premiums calculated, and do smokers pay more?

Your premium is determined by several personal factors, including your age, gender, health history, and the specific plan you choose, such as the term length and coverage amount. Smoker status has a significant impact on cost; individuals who use tobacco or nicotine products typically pay substantially higher premiums than non-smokers due to the increased health risks. Selecting a longer-term plan, like the Living Benefit 100, secures a level premium for life, offering long-term cost predictability.

What is the process for submitting a critical illness claim?

To initiate a claim, you should contact BMO or your insurance advisor as soon as possible after receiving a diagnosis. You will need to complete the required claim forms and provide supporting medical documentation from your physician confirming the diagnosis of a covered condition. BMO's claims department will then review your submission to ensure it meets the policy's terms. Once approved, the tax-free lump-sum payment is processed and issued directly to you.

Can I add optional benefits like a Return of Premium rider?

Yes, BMO offers several valuable riders that you can add to your policy at the time of application. The most popular options include the Return of Premium on Death (ROPD) rider, which refunds all premiums to your beneficiary if you pass away without making a claim. You can also select a Return of Premium on Surrender or Expiry rider on certain plans, which allows you to get your money back if you outlive your policy term or decide to cancel it after a set number of years.

Is it possible to make changes to my coverage after my policy is issued?

BMO provides flexibility for your changing needs. If you have a renewable term policy like the Living Benefit 10 or 20, you have the option to convert it to a permanent plan (Living Benefit 75 or 100) before you turn 60, without needing to provide new medical evidence. For other adjustments, such as decreasing your coverage amount to lower your premiums, you should discuss the available options with your financial advisor to ensure the policy continues to meet your needs.

What are the rules for cancelling a policy and getting a refund?

You have the right to cancel your policy at any time. All policies come with a 10-day "free look" period, during which you can cancel and receive a full refund of any premiums paid. After this period, you can still cancel, but premiums will not be refunded unless you have a specific Return of Premium on Surrender rider. This rider enables you to recoup some or all of your premiums if you surrender the policy after a specified duration, such as 15 or 20 years.

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A. Fruchard
A. Fruchard
Insurance expert
HelloSafe
Co-founder of HelloSafe and an experienced entrepreneur in the insurance and personal finance sector, Antoine uses his experience and in-depth knowledge of the market to help Internet users make the right choices. With an MBA in economics, he is a committed expert whose mission is to make personal finance and insurance issues simple and understandable. With a rich career marked by the creation of innovative companies, Antoine's ambition has always been to bring transparency to complex issues and to give power back to consumers. With HelloSafe, he continues to translate this vision by providing accurate advice, impartial comparisons and detailed explanations of travel insurance. He has analysed hundreds of contracts to reveal the best options available on the market.

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