Is BMO Life Insurance Good? 2024 Review
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Discover the methodologyWith more than 150 life and health insurance providers in Canada, it's important to do your research well before making a final decision.
To aid you in making a wise choice, here is our in-depth BMO Life Insurance review. Did you know that they even provide life insurance policies with no medical test and no-health-question acceptance requirements?
Read on to learn what BMO Life Insurance does well, its coverage, and more. You can use our free comparator to see how it stacks up against the competition and also get free life insurance quotes from multiple providers so you can decide on a policy that suits your budget and needs the best.
BMO life insurance: 5 Key takeaways
- BMO offers flexibility with various coverage options, including no-medical-test plans for ages 40-75.
- They provide a compassionate benefit program for policyholders facing terminal illnesses.
- Policyholders can convert their 10-year insurance into longer terms (15, 20, 25, or 30 years).
- It offers affordable pricing for their life insurance policies.
- Some drawbacks include the inability to renew longer-term policies and a lack of online account management.
Our review on BMO Life Insurance: Best for those seeking flexible options
BMO Life Insurance offers flexible coverage options and competitive pricing, making it an appealing choice for individuals seeking customizable solutions. It stands out with policies like BMO Guaranteed-Life Plus, which requires no medical tests and caters to those aged 40 to 75. This accessibility can be particularly advantageous for older applicants or those with health concerns.
Additionally, BMO's compassionate benefit program for terminal illnesses and the ability to convert term insurance into longer durations provide added value.
However, BMO may not be the best fit for those looking for online account management, as it lacks this feature, and customers have mentioned a preference for online policy access. Furthermore, individuals seeking the renewal of longer-term policies, like BMO Term Life Insurance 25 and 30, may need to explore other options, as these policies cannot be renewed.
Overall, BMO caters to a broad audience, but its limitations in online services and policy renewals could impact its suitability for certain individuals.
Therefore, before deciding if BMO is the right option for you, you must compare multiple providers. You can do it right here using our free comparator below. Compare multiple plans and get free life insurance quotes in seconds.
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Like any other insurance product, BMO's policies come with pros and cons. To help you with your choice, let's explore them below:
Pros of BMO Life Insurance
- Affordable pricing
- Various term life insurance durations, adaptable coverage options
- The compassionate benefit program in the Term life product offers prepayment of the coverage amount to support policyholders facing terminal illnesses
- Ability to convert 10-year insurance into one with a longer term (15, 20, 25, and 30-year coverage)
- Options for switching to several kinds of permanent life policies
Cons of BMO Life Insurance
- Products with longer life spans cannot be renewed
- It doesn't have online accounts
- No online claim forms
- Only provides printed policies, mentioned as a concern among BMO life insurance reviews from customers
How much does BMO Life Insurance cost?
The BMO Life Insurance calculator was used to determine the cost of the Term and Permanent coverage products. This calculator is straightforward to use and it provides personalized results.
The following profile was used to obtain the BMO Term product quote: man, non-smoker, with a $100,000 maximum policy. The figures mentioned are BMO life insurance payment for a month.
| BMO Term Life Insurance Length | 30-year-old | 45–year-old | 60-year-old |
|---|---|---|---|
| 10 year | $11.43 | $17.91 | $56.97 |
| 15 year | $12.33 | $21.60 | $84.96 |
| 20 year | $13.05 | $28.98 | $139.05 |
| 25 year | $14.76 | $33.93 | |
| 30 year | $14.94 | $40.86 |
Next, let’s take a look at quotes for the company's permanent life product. In this instance, it’s important to mention that the company offers three different permanent life products: BMO Whole Life Insurance, Universal Life Insurance and Life Insurance Term 100. Only Term 100 has a price that’s available online. For the other products, you must get in touch with a company-authorized agent or broker.
Here’s the BMO product quote for Term 100 for the same profiles as before.
| BMO Term 100 - Total Coverage Amount | 30–year-old | 45–year-old | 60-year-old |
|---|---|---|---|
| $50,000 | $35.58 | $62.96 | $125.87 |
| $100,000 | $52.92 | $107.25 | $216.00 |
| $150,000 | $73.37 | $154.87 | $318.00 |
| $300,000 | $128.75 | $296.25 | $615.50 |
| $500,000 | $203.67 | $476.17 | $997.00 |
| $1,000,000 | $394.50 | $909.50 | $1,937.83 |
| $3,000,000 | $1,159.50 | $2,704.50 | $5,789.50 |
| $5,000,000 | $1,924.50 | $4,499.50 | $9,641.16 |
To get a quote on BMO's Whole Life product, you must speak to a company advisor at 1-855-422-8690. For BMO Universal Life quotes, you can contact BMO at:
- Ontario: 1-800-608-7303
- Quebec & Atlantic Canada: 1-866-217-0514
- Western & Northern Canada: 1-877-877-1272:
- Email: [email protected]
You must compare premiums from multiple life insurance providers before settling on one. You can do it right here. Use our comparator below and get free life insurance quotes from Canada's best life insurance companies in seconds, and based on your unique needs.
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What does BMO Life Insurance policy cover?
Depending on the sort of product you are interested in, BMO has several coverage options for every need. For more information, refer to the chart below.
BMO product | Coverage Amount | Disability insurance option | Critical illness option |
|---|---|---|---|
| BMO Term Life Insurance | From $100,000 to $5,000,000 | ||
| BMO Life Insurance Term 100 | From $50,000 to $5 million | ||
| BMO Universal Life Insurance | From $50,000 to $20 million | ||
| BMO Whole Life Insurance | From $50,000 to $20 million |
Some plans offer the following options to augment your coverage:
- Disability insurance option: pays your premiums or another sum in the event that you become disabled.
- Critical illness insurance option: in the event that you are given a critical illness diagnosis, it pays you a lump sum.
What types of BMO life insurance does the company offer?
It offers four distinct forms of life insurance products. They fall into two primary groups: Term Life Insurance and Permanent Life Insurance. Here is an explanation for each of them to help you understand better what each product has in store for you.
BMO Term Life Insurance
BMO Term Life Insurance provides coverage for a certain number of years and is often the least expensive option. Rates are initially lower because policyholders are only insured for the selected duration. This type of product may be most beneficial in three of the following cases:
- If you are just starting
- If your family is expanding
- Alternatively, if you recently took on a sizable amount of debt, such as a mortgage.
Just one type of Term Life Insurance is offered by the company. See below for more details on the product.
| Coverage Amount | Who can get | Medical exam | Type of life insurance |
|---|---|---|---|
| From $100,000 to $5,000,000 | Ages 18 to 75 | Is required | Term |
BMO Permanent Life insurance
BMO Permanent Life insurance provides coverage for your whole lifetime. Depending on your policy, your premiums may never rise as you age.
The provider has three types of permanent life insurance (BMO Whole Life Insurance, BMO Universal Life Insurance, and BMO Life Insurance Term 100). Here’s a brief table on them:
| BMO Life Insurance | Coverage Amount | Who can get | Medical exam | Type of life insurance |
|---|---|---|---|---|
| BMO Life Insurance Term 100 | From $50,000 to $5 million | Ages 18 to 80 | May be required or not | Permanent |
| BMO Universal Life Insurance | From $50,000 to $20 million | Ages 0 to 80 | May be required or not | Permanent |
| BMO Whole Life Insurance | From $50,000 to $20 million | Ages 0 to 80 | May be required or not | Permanent |
How to get BMO Life Insurance quotes?
Get a quote quickly on their website or by speaking with a BMO Life Insurance advisor. As seen in the images below, to obtain a Term Life quote or Term 100, simply go to their website, and click "Get a Quote," to go to the calculator.
If you’d like to get quotes on the BMO Whole Life Insurance or BMO Universal Life Insurance you would need to either request a call or contact an authorized advisor of the company directly by using the following contact details based on your location:
- 1-800-608-7303: Ontario
- 1-866-217-0514: Quebec & Atlantic Canada
- 1-877-877-1272: Western & Northern Canada
- Or by email: [email protected]
Before deciding on a policy, be sure to compare your life insurance options. Quickly get quotes from Canada's best life insurance companies with our free comparator below. It only takes a few moments to use and you get over 20 life insurance quotes.
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What is the BMO Life Insurance login feature?
Neither a BMO Life Insurance application nor online accounts are available through the company's website. In the sense that there isn't a facility for you to process your requests like buying a policy or other essential services online. This has been stated as a drawback in customer reviews online.
In the same way, there is no online BMO Life Insurance claim available for their customers. For example, if you’d like to file a BMO Life Insurance death claim form you would have to follow 4 steps:
- Get in contact with a BMO Life Insurance phone number: 1-855-587-8995 or 1-866-355-8855.
- The forms will be sent to you; once you receive them, fill them out completely.
- Return the BMO claim forms by secure email, fax, or by mail in the self-addressed, stamped envelope provided by BMO.
- Your appropriate claim based on your form will be examined, and they will let you know the outcome.
Before delivering the materials, please carefully review them and make sure you have all the required paperwork. If the information is incorrect or there are missing documents, this could delay the processing of your claim.
On the other hand, a BMO Life Insurance advisor login is available, as well as a BMO Life Insurance application called SmartApp to access benefit information and other assistance services.
How to contact BMO Life Insurance customer service?
If you are looking for information on a BMO Life Insurance phone number or other contact details, You've come to the right place. Here are the contact numbers based on the product category.
| BMO Life Insurance section | Contact |
|---|---|
| BMO Life Insurance Advisor - Universal Insurance | 1-855-599-5929
|
| Whole or Term 100 Insurance | 1-855-422-8690 |
| General | 1-800-387-44831-855-745-7331: for products purchased through an Independent company advisor |
| General | You can request a call back by filling up the form upon clicking the "Request a call" button and a licensed advisor will get in touch with you based on your needs. |
How much life insurance do I need?
The HelloSafe life insurance calculator provides a user-friendly and efficient way to determine the optimal life insurance coverage tailored to your unique circumstances. By inputting key financial details such as final expenses, existing debt, annual living expenses, total income, estate value, and the desired coverage duration, you can swiftly obtain an estimate of the life insurance amount you should consider.
This calculator ensures a more personalized approach, accounting for individual needs beyond a simple income multiplier. Whether you have dependents, outstanding debts, or specific financial obligations, the HelloSafe calculator helps you make a well-informed decision on the right life insurance coverage for you, offering peace of mind for your loved ones.
How to cancel my BMO policy?
To initiate the cancellation of your policy, your first step should involve a thorough review of your existing contract, followed by a discussion of potential alternatives with your advisor.
Should you decide to proceed with the cancellation, you will need to complete the necessary form in collaboration with your advisor. You can conveniently access and download the "Form (747E) Request to Cancel or Surrender Your Policy" (84KB - PDF) directly from our website right here.
Crucially, ensure that any communication sent to BMO includes your policy number and your signature for proper identification and processing.
