Our 2024 Review on BMO's Critical Illness Insurance

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Alexandre Desoutter updated on 9 January 2024

Facing a major health challenge like a heart attack or cancer doesn't just impact you – it affects your entire family. Besides the emotional toll, there's the financial burden.

Enter critical illness insurance, like BMO Critical Illness Insurance, offering a lump sum to help you and your family navigate these tough times. Wondering if BMO's plan fits your needs? Our review breaks down the coverage, pros, cons, and costs of BMO Critical Illness Insurance plans.

You can then use our comparator to compare BMO with other critical illness plans in the market, and get free personalized quotes to guide you in making the right choice for your family's well-being.

BMO Critical Illness Insurance: Key takeaways

  1. BMO provides a variety of critical illness insurance plans with customizable terms.
  2. Covers major illnesses like cancer, heart attack, and stroke.
  3. Online signup is available, and immediate coverage upon approval.
  4. Early discovery benefits offer additional support for certain early-stage conditions.
  5. Discounts for non-smokers and spouses.

Our 2024 review of BMO Critical Illness Insurance

BMO Critical Illness Insurance offers a diverse range of plans with immediate coverage, providing a powerful financial safety net for individuals facing major health challenges like cancer or heart attacks.

With a maximum issue amount of $2 million, online signup options, and discounts for non-smokers and spouses, BMO caters to various needs. It's ideal for those seeking comprehensive coverage and financial support during critical illnesses.

However, individuals over 60 may find limited options and residents of Quebec must apply offline, making BMO best suited for a broad audience with specific considerations.

If you want to quickly check how BMO fares against other insurance policies, you can do it right here. Use our comparator below to explore the best critical illness insurance policies in Canada, compare coverage, and get free personalized quotes in no time.

Find a critical illness insurance policy that's right for you

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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
  • 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

Who offers BMO critical illness insurance?

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 (just like how RBC also provides RBC 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. BMO critical illness insurance coverage is available as a standalone plan or as an option on their term, traditional life, and universal life insurance plans.

How much does BMO critical illness insurance cost?

Critical illness insurance premiums largely depend on individual situations. 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
51 to 55
56 to 60
61 to 65
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.

Why sign up for BMO critical illness insurance?

Critical illness insurance from BMO or another provider gives 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 are not covered under a different policy
  • Transportation to see specialists
  • Chair lifts or ramps at home
  • Therapy and counseling
  • Retrofitting vehicles for accessibility

Besides 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.

What critical illness insurance plans does BMO offer?

BMO offers several 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 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
  • Blindness
  • Cancer (Life-Threatening)
  • Coma
  • Coronary Artery Bypass Surgery
  • Deafness
  • 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
  • Stroke

Early Discovery Benefits: BMO Insurance’s Living Benefit Plans also offer 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 above.

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. However, we recommend that you get personalized quotes and compare BMO with other plans like Manulife critical illness insurance, Canada Life plans, and more, before buying a policy. You can do it right here on this website.

Use our free comparator below to compare the best critical illness insurance plans in Canada from the country's most reputed providers and get free personalized quotes in no time.

Shop critical illness policies now

Compare prices then speak with an expert

How do I contact BMO?

Contact BMO Insurance by simply calling 1-855-422-8690 and a customer service agent will guide you through whatever questions you may have. Alternatively, you could fill up a form on the BMO Critical Illness website under the section "Request a call" and a licensed insurance advisor from the company will contact you.

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Alexandre Desoutter Redactor in chief

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a contributor to several publications. In this sense, his role leads him to carry out steering and support work with all HelloSafe editors and contributors so that the editorial line defined by the company is fully respected and declined through the texts published daily on our platforms. As such, Alexandre is responsible for implementing and maintaining the strictest journalistic standards within the HelloSafe editorial staff, in order to guarantee the most accurate, up-to-date information on our platforms and expert as possible. Alexandre has in particular undertaken for two years now the implementation of a system of systematic double-checking of all the articles published within the HelloSafe ecosystem, able to guarantee the highest quality of information.