BMO Critical Illness Insurance Review (2022)

Great critical illness insurance is an incredible asset if the worst happens. Not only can a heart attack, stroke or cancer diagnosis sideline you from working, but the financial aspect can be a difficult weight to bear alone.

Have you ever thought about how you would provide for yourself and your dependents if you were to get ill? Whereas disability insurance can provide you with a monthly income when you are stopped from working, critical illness insurance can provide a large lump sum payment to defray the immediate costs of medical care and lifestyle changes.

Critical illness insurance comes in a wide range of coverage types and benefit amounts, so it is not always easy to pick the best one for you. 
Are you wondering if BMO’s critical illness insurance is right for you? This page explores their offer in detail. Get our BMO review, a breakdown of available coverage options and much more.

Who is BMO?

Founded in 1817, BMO, or the Bank of Montreal, is Canada’s oldest bank. Additionally, BMO is among the 10 largest financial institutions in North America. Besides banking services, they are a well-established and trusted insurance provider. They offer diverse insurance products including life insurance, travel insurance and accident and critical illness insurance. 

Today BMO Insurance is one of Canada’s largest life insurance companies. It has earned an A rating for Financial Strength from A.M. Best Company.   

BMO Insurance takes pride in its customer service and knowledgeable support team. This page looks at BMO critical illness insurance coverage, which is available as a standalone plan or as an option on their term, traditional life and universal life insurance plans.

Why sign up for BMO critical illness insurance?

Critical illness insurance from BMO or another provider give you a powerful financial safety net should you contract a critical illness or condition. A serious diagnosis is likely to affect your ability to work while engendering serious expenses. These include:

  • Medical costs and specialists not covered under a different policy
  • Transportation to see specialists
  • Chair lifts or ramps at home
  • Therapy and counseling
  • Retrofitting vehicles for accessibility

Beside these additional costs you still need a plan for continuing to pay your rent or mortgage, child care, groceries and other day-to-day living expenses. The flexibility of the large lump-sum benefit from critical illness insurance means that you'll have the ability to cover these bills as you see fit. You can take care of yourself and your family while focusing on recovery.

Our review of BMO:

BMO is a major critical illness insurance provider in Canada, but not all clients have the same needs or situation. Here is what we like about BMO’s critical illness insurance offer and some considerations to weigh as you shop for coverage options.

Pros of BMO critical illness insurance:

A variety of critical illness insurance offers
$2 million maximum issue amount
Sign up available online or over the phone
Large list of covered illnesses
Early discovery benefits available
Can get coverage even with a family history of heart attack, stroke or cancer
Discounts available for spouses
Discounts for non-smokers
Coverage starts immediately after you complete your application and pay your first premium
Optional Return of Premium on Death benefit (Living Benefits plans)

Cons of BMO critical illness insurance:

Coverage unavailable for purchase after age 60 (Life Recovery Plus)
Disqualification for not following relevant medical advice before the policy becomes effective
Diagnostic surgery does not qualify for cash benefit
Online application unavailable in Quebec

Get free quotes and choose a BMO critical illness insurance policy. Our expert can help you find the right coverage that fits the needs of you and your family.

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What critical illness insurance plans does BMO offer?

BMO offers a number of critical illness insurance options. Notably, this includes the following programs:

  • Life Recovery Plus - Basic Plan: This gives benefits of up to $25 000 including a cash benefit of $6000, a monthly cash payment of $500 for up to 12 months and additional payments for hospitalization and surgery 
  • Life Recovery Plus - Enhanced Plan: This gives benefits of up to $50 000 including gives a cash benefit of $12 000, a monthly cash payment of $1000 for up to 12 months and additional payments for hospitalization and surgery. 
  • Living Benefits 10 and 20 Plans: These are customizable plans with a 10 or 20-year term.
  • Living Benefit 75 and 100 Plans: These are customizable plans available until you turn 75 or 100 years old. 
    If you are unsure how much coverage you need, BMO offers an online critical illness insurance calculator to help you

For more on BMO's critical illness insurance offer see the pdf below.


What illnesses and conditions qualify for BMO critical illness insurance?

The following illnesses and conditions may qualify a BMO policyholder for critical illness benefits.

-Aortic Surgery
-Aplastic Anemia
-Bacterial Meningitis
-Benign Brain Tumour
-Cancer (Life-Threatening)
-Coronary Artery Bypass Surgery
-Dementia, including Alzheimer’s Disease
-Heart Attack
-Heart Valve Replacement or Repair
-Kidney Failure
-Loss of Independent Existence
-Loss of Limbs
-Loss of Speech
-Major Organ Failure on Waiting List
-Major Organ Transplant Paralysis
-Motor Neuron Disease
-Multiple Sclerosis
-Occupational HIV Infection
-Parkinson’s Disease and Specified Atypical Parkinsonian Disorders
-Severe Burns

Early Discovery Benefits: BMO Insurance’s Living Benefit Plans also offers payment of 15% of the sum insured on the date of diagnosis for the following conditions (up to $50 000):
-Coronary Angioplasty
-Early Breast Cancer
-Early Prostate Cancer
-Early Skin Cancer
-Early Stage Blood Cancer
-Early Stage Intestinal Cancer
-Early Thyroid Cancer

Be aware that plans may cover fewer conditions than those listed below.

Good to know

Different insurers have different criteria for determining the severity of an illness or condition and whether it qualifies. If you have questions, it's best to refer to the policy documents and speak with your insurance broker or BMO advisor.

How do I apply for BMO insurance?

Apply for BMO critical illness online through BMO's website or by calling 1-877-742-5244. You may also compare critical illness insurance quotes on this website to be put in contact with an expert.

Before settling on an offer with BMO it's smart to compare critical illness insurance quotes from other providers. You can do this below to be put in contact with an expert.

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How much does BMO critical illness insurance cost?

Unfortunately, it is difficult to provide an accurate price range for BMO critical illness Insurance. Pricing varies widely based on the following factors

  • Age
  • Pre-existing conditions
  • General health
  • Smoking status
  • The amount of coverage desired

For general information, the table below summarizes the average price of critical illness insurance for various ages with a $25 000 benefit for the average provider. This is meant solely to provide a rough indication. Speak with an advisor for an exact BMO critical illness insurance quote.

AgePrice per month
Under 25$7
51 to 55$27
56 to 60$44
61 to 65$56
Example critical illness quotes by age

Good to know

Need help deciding how much coverage to buy from BMO? Our critical illness insurance calculator can help you make an informed decision.

How do I contact BMO?

Contact BMO insurance by simply calling 1-855-422-8690.