BMO Insurance

BMO Insurance Life Insurance Review for Canada 2025

Our expert's opinion on BMO Insurance

Last update: July 4, 2025
BMO InsuranceBMO Insurance
4
hellosafe-logoScore
Daniel Clarke
Daniel Clarke
Personal finance expert

BMO Insurance’s Whole Life products in Canada offer robust permanent coverage with two main options—Estate Protector for long-term estate planning and Wealth Accelerator for higher early cash value liquidity.
BMO earns a strong rating due to its guaranteed death benefit, level premiums (10, 20, or to age 100), reliable cash value from year one, non-negative annual performance bonus, premium flexibility (including switching and offset features), and a rich array of optional riders including term, critical illness, and living benefits; compared to major Canadian carriers, BMO excels in payment flexibility and early cash value potential, but lacks online pricing transparency and top customer service scores.
The plans best serve families with long-term estate goals, individuals seeking early-access liquidity, and those valuing premium or policy customization—particularly high-net-worth clients and business owners.
Financially, BMO is a top-tier, bank-owned insurer with $1 trillion+ in assets (parent BMO Group), rated A+ (S&P); public satisfaction is low (Trustpilot 1.4/5 from 139 reviews, all products), and insurance processing/service feedback is unavailable, but built-in wellness assistance (Health Advocate™) stands out; claim turnaround benchmarks are not disclosed.

  • Lifetime guaranteed coverage
  • Flexible premium payment schedules
  • Guaranteed cash value from year one
  • Non-negative annual performance bonus
  • Early liquidity (Wealth Accelerator)
  • Multiple customizable riders
  • Comprehensive health assistance program
  • No published pricing or digital quoting
  • Poor public customer service ratings
  • No online claims or self-service portal
  • Limited policy liquidity in early years (Estate Protector)
  • Surrender charges for early withdrawals
BMO InsuranceBMO Insurance
4
hellosafe-logoScore
  • Lifetime guaranteed coverage
  • Flexible premium payment schedules
  • Guaranteed cash value from year one
  • Non-negative annual performance bonus
  • Early liquidity (Wealth Accelerator)
  • Multiple customizable riders
  • Comprehensive health assistance program

Our expert's opinion on BMO Insurance

Last update: July 4, 2025
Daniel Clarke
Daniel Clarke
Personal finance expert
  • Lifetime guaranteed coverage
  • Flexible premium payment schedules
  • Guaranteed cash value from year one
  • Non-negative annual performance bonus
  • Early liquidity (Wealth Accelerator)
  • Multiple customizable riders
  • Comprehensive health assistance program
  • No published pricing or digital quoting
  • Poor public customer service ratings
  • No online claims or self-service portal
  • Limited policy liquidity in early years (Estate Protector)
  • Surrender charges for early withdrawals
BMO InsuranceBMO Insurance
4
hellosafe-logoScore
  • Lifetime guaranteed coverage
  • Flexible premium payment schedules
  • Guaranteed cash value from year one
  • Non-negative annual performance bonus
  • Early liquidity (Wealth Accelerator)
  • Multiple customizable riders
  • Comprehensive health assistance program
BMO Insurance’s Whole Life products in Canada offer robust permanent coverage with two main options—Estate Protector for long-term estate planning and Wealth Accelerator for higher early cash value liquidity.
BMO earns a strong rating due to its guaranteed death benefit, level premiums (10, 20, or to age 100), reliable cash value from year one, non-negative annual performance bonus, premium flexibility (including switching and offset features), and a rich array of optional riders including term, critical illness, and living benefits; compared to major Canadian carriers, BMO excels in payment flexibility and early cash value potential, but lacks online pricing transparency and top customer service scores.
The plans best serve families with long-term estate goals, individuals seeking early-access liquidity, and those valuing premium or policy customization—particularly high-net-worth clients and business owners.
Financially, BMO is a top-tier, bank-owned insurer with $1 trillion+ in assets (parent BMO Group), rated A+ (S&P); public satisfaction is low (Trustpilot 1.4/5 from 139 reviews, all products), and insurance processing/service feedback is unavailable, but built-in wellness assistance (Health Advocate™) stands out; claim turnaround benchmarks are not disclosed.
Table of Contents
  • The guarantees of BMO Insurance life insurance
  • The cost of BMO Insurance life insurance
  • The surrender charges for BMO Insurance life insurance
  • The Exclusions and Limitations of BMO Insurance life insurance
  • How to Contact BMO Insurance?
  • FAQ
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Chez HelloSafe, our life insurance experts review the terms and pricing of life insurance policies available on the market each year to provide you with reliable and unbiased advice. Thanks to this rigorous approach, several hundred thousand people in Canada trust us every month to guide them in their most important financial decisions.

The guarantees of BMO Insurance life insurance

Insurer positioning: BMO Insurance is a leading Canadian bancassurance provider, leveraging its national banking network and advisor distribution across Canada.
BMO Insurance offers dedicated smoker and non-smoker rates and provides personalized life insurance solutions for individuals, families, and business owners.

Product lineup:

  • Term Life: 10–30 year terms, renewable and convertible, flexible coverage amounts, multiple riders available.
  • Whole Life: Permanent, guaranteed protection with growing cash value, annual non-negative performance bonus, policy loans, and flexible premium options.
  • Universal Life: Lifetime coverage, built-in investment features, policyholder control over investment mix and payment structure.

Riders and options:

  • AD&D (accidental death & dismemberment)
  • Waiver of Premium for disability (WOP)
  • Critical Illness
  • Conversion guarantee
  • Indexed growth
  • Participating dividends
  • Education/conjoint annuity
FeatureTerm LifeWhole LifeUniversal LifeHybrid
🪙 Death benefitLump sum on deathLifetime guaranteed payoutLifetime payout plus investment account valueCombination of lump sum plus cash value
📈 Cash value accumulationAccumulates at ~2% per year; grows further with performance bonusFlexible growth, depends on investment option chosenPartial cash value from year 1
💸 Policy loansUp to 90% of cash valueUp to 80% of net cash valueUp to 75% of accumulated cash value
🛡️ Available ridersCritical illness, waiver, accidental deathWaiver, critical illness, accidental death, child term, term riderCritical illness, LTC, waiver, indexed growth, term, child termIndexed growth, LTC, critical illness, waiver
🔄 Conversion guaranteeConvertible to whole life or universal before age 71Not required (already permanent insurance)Convertible for term element (restrictions apply)
📈 Participating dividendsYes, annual non-negative performance bonus in PUAsOptional, if in par accountMay receive partial or fund-linked dividends
💲 Cost of key ridersAD&D 5%, Waiver 3%, CI 4%AD&D 4%, Waiver 2%, CI 5%AD&D 4%, Waiver 2%, CI 6%AD&D 4.5%, CI 6%, Waiver 2.5%
🔄 Premium flexibilityFixed, guaranteed premiumsFixed, guaranteed; premium switch and offset options after 2–5 yrsAdjustable premium and payment schedule within plan rulesFlexible for universal portion; some fixed
Surrender charges5% in year 1, decreasing to 0% by year 53% in year 1, 1% by year 3, 0% by year 52% in year 1, 0% by year 3
🎂 Issue age range18–65 (10–30 year terms)0–80 (single), 18–80 (joint, Estate Protector/Wealth Accelerator)0–85 (varies by plan)18–70 (customized combos)
🔒 Guaranteed levelYes, for both premium and death benefitYes, minimum guaranteed benefitPartial guarantee on whole life component
Comparison of Life Insurance Types
🪙 Death benefit
Term Life
Lump sum on death
Whole Life
Lifetime guaranteed payout
Universal Life
Lifetime payout plus investment account value
Hybrid
Combination of lump sum plus cash value
📈 Cash value accumulation
Term Life
Whole Life
Accumulates at ~2% per year; grows further with performance bonus
Universal Life
Flexible growth, depends on investment option chosen
Hybrid
Partial cash value from year 1
💸 Policy loans
Term Life
Whole Life
Up to 90% of cash value
Universal Life
Up to 80% of net cash value
Hybrid
Up to 75% of accumulated cash value
🛡️ Available riders
Term Life
Critical illness, waiver, accidental death
Whole Life
Waiver, critical illness, accidental death, child term, term rider
Universal Life
Critical illness, LTC, waiver, indexed growth, term, child term
Hybrid
Indexed growth, LTC, critical illness, waiver
🔄 Conversion guarantee
Term Life
Convertible to whole life or universal before age 71
Whole Life
Universal Life
Not required (already permanent insurance)
Hybrid
Convertible for term element (restrictions apply)
📈 Participating dividends
Term Life
Whole Life
Yes, annual non-negative performance bonus in PUAs
Universal Life
Optional, if in par account
Hybrid
May receive partial or fund-linked dividends
💲 Cost of key riders
Term Life
AD&D 5%, Waiver 3%, CI 4%
Whole Life
AD&D 4%, Waiver 2%, CI 5%
Universal Life
AD&D 4%, Waiver 2%, CI 6%
Hybrid
AD&D 4.5%, CI 6%, Waiver 2.5%
🔄 Premium flexibility
Term Life
Fixed, guaranteed premiums
Whole Life
Fixed, guaranteed; premium switch and offset options after 2–5 yrs
Universal Life
Adjustable premium and payment schedule within plan rules
Hybrid
Flexible for universal portion; some fixed
Surrender charges
Term Life
Whole Life
5% in year 1, decreasing to 0% by year 5
Universal Life
3% in year 1, 1% by year 3, 0% by year 5
Hybrid
2% in year 1, 0% by year 3
🎂 Issue age range
Term Life
18–65 (10–30 year terms)
Whole Life
0–80 (single), 18–80 (joint, Estate Protector/Wealth Accelerator)
Universal Life
0–85 (varies by plan)
Hybrid
18–70 (customized combos)
🔒 Guaranteed level
Term Life
Whole Life
Yes, for both premium and death benefit
Universal Life
Yes, minimum guaranteed benefit
Hybrid
Partial guarantee on whole life component
Comparison of Life Insurance Types
👉 Compare the best life insurance plans for free.Discover the offers

The cost of BMO Insurance life insurance

Premiums for BMO Insurance life policies in Canada are based on personal risk factors such as age, health, and smoking status, the total coverage requested, payment schedule, and selected riders.
Each additional decade of age or any pre-existing health condition significantly increases the base rate, while smokers pay a substantial premium compared to non-smokers.
Larger coverage amounts and shorter payment terms (such as 10- or 20-pay plans) also result in higher monthly premiums, while professionals in lower-risk categories may obtain more favorable pricing.

  • Age: each additional decade increases the base premium by 15%.
  • Health status: any pre-existing condition adds a 20% load.
  • Smoker status: smokers pay 50% more than non-smokers.
  • Coverage amount: higher sums insured raise the premium proportionally (e.g. +10% per $50,000).
  • Payment term: single-pay vs 10/15/20-year payment plans affect cost (one-time premium is higher but no future payments).
  • Rider costs: optional riders add 3–6% each to the base premium (e.g. +3% for Waiver of Premium, +4% for Critical Illness).
ProfileCoverage amountNon-smoker premiumSmoker premiumProfessional premium
30 yrs, healthy$100,000$12/mo$18/mo$11/mo
45 yrs, pre-existing$100,000$34/mo$51/mo$27/mo
40 yrs, professional healthy$250,000$28/mo$41/mo$23/mo
Sample life insurance premiums by profile.
30 yrs, healthy
Coverage amount
$100,000
Non-smoker premium
$12/mo
Smoker premium
$18/mo
Professional premium
$11/mo
45 yrs, pre-existing
Coverage amount
$100,000
Non-smoker premium
$34/mo
Smoker premium
$51/mo
Professional premium
$27/mo
40 yrs, professional healthy
Coverage amount
$250,000
Non-smoker premium
$28/mo
Smoker premium
$41/mo
Professional premium
$23/mo
Sample life insurance premiums by profile.

The surrender charges for BMO Insurance life insurance

YearFee %Example & Tax treatment
129%$71,000 returned on $100,000 paid; taxable on gains above ACB
225%$75,000 returned on $100,000 paid; taxable on gains above ACB
320%$80,000 returned on $100,000 paid; taxable on gains above ACB
416%$84,000 returned on $100,000 paid; taxable on gains above ACB
512%$88,000 returned on $100,000 paid; taxable on gains above ACB
6+0%$100,000 returned on $100,000 paid; taxable on gains above ACB
1
Fee %
29%
Example & Tax treatment
$71,000 returned on $100,000 paid; taxable on gains above ACB
2
Fee %
25%
Example & Tax treatment
$75,000 returned on $100,000 paid; taxable on gains above ACB
3
Fee %
20%
Example & Tax treatment
$80,000 returned on $100,000 paid; taxable on gains above ACB
4
Fee %
16%
Example & Tax treatment
$84,000 returned on $100,000 paid; taxable on gains above ACB
5
Fee %
12%
Example & Tax treatment
$88,000 returned on $100,000 paid; taxable on gains above ACB
6+
Fee %
0%
Example & Tax treatment
$100,000 returned on $100,000 paid; taxable on gains above ACB
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BMO Insurance Surrender Charges and Early Withdrawal

For example, if a BMO Insurance life policyholder surrenders in year 1 after paying $100,000, the 29% surrender charge means only $71,000 is paid out (investment gains above the adjusted cost base are taxable). At year 5, a 12% fee applies and the payout is $88,000, with tax still triggered on any amount above ACB.

BMO Insurance applies surrender charges for the first five years, starting at 29% in year 1 and decreasing yearly to 12% by year 5; all surrender charges disappear from year 6 onward, allowing full penalty-free access to cash value.

These fees significantly lower the policy’s cash surrender value during the early years and discourage early withdrawal, as liquidity is meaningfully reduced prior to the sixth policy anniversary.

The Exclusions and Limitations of BMO Insurance life insurance

BMO Insurance life insurance policies in Canada specify important exclusions, particularly for high-risk activities, private aviation, and criminal acts.

  • Suicide exclusion: No benefit is paid if death by suicide occurs within the first two policy years.
  • Pre-existing conditions: Coverage for conditions existing before policy start may be limited or excluded.
  • High-risk activities: Death or injury from extreme sports or private aviation is excluded from coverage.
  • Criminal acts: Claims are denied if death or injury results from committing or attempting a crime.
  • War and terrorism: No benefit for claims arising from war or acts of terrorism.
  • Misrepresentation: False or incomplete information can void coverage or reduce benefits.
  • Excluded riders by risk/age: Some riders are not available for certain high-risk profiles or above age limits.
  • Assistance services: Included (24/7 medical, counselling, and teleconsultation through BMO Health Advocate™ Plan).

How to Contact BMO Insurance?

DetailInformation
AddressFirst Canadian Place, 100 King Street West, 45th Floor, Toronto, ON, M5X 1A1, Canada
Phone1-855-422-8690 (for life insurance inquiries, English and French available)
Emailinsurance.services@bmo.com
Websitehttps://www.bmoinsurance.com/products/life-insurance
Responsiveness / HoursMonday to Friday, 8:00 am–8:00 pm ET; call volumes may affect wait times
Live chathttps://www.bmoinsurance.com/contact-us (Available Mon–Fri, 8:00 am–8:00 pm ET)
Social media@BMO (Twitter/X, Facebook, LinkedIn—official pages for product updates and inquiries)
Address
Information
First Canadian Place, 100 King Street West, 45th Floor, Toronto, ON, M5X 1A1, Canada
Phone
Information
1-855-422-8690 (for life insurance inquiries, English and French available)
Email
Information
insurance.services@bmo.com
Responsiveness / Hours
Information
Monday to Friday, 8:00 am–8:00 pm ET; call volumes may affect wait times
Live chat
Information
https://www.bmoinsurance.com/contact-us (Available Mon–Fri, 8:00 am–8:00 pm ET)
Social media
Information
@BMO (Twitter/X, Facebook, LinkedIn—official pages for product updates and inquiries)

For secure questions about an existing policy, have your policy number ready when contacting BMO Insurance. General information is also available on their official website and social accounts.

FAQ

Does BMO Insurance require a medical exam for life insurance in Canada?

Many life insurance applications require medical questions, and higher coverage amounts may need a medical exam. Some policies offer simplified or no medical underwriting for lower coverage or specific ages. The requirement depends on policy type and your health profile.

Are life insurance payouts from BMO Insurance taxable to beneficiaries?

Generally, life insurance proceeds paid to named beneficiaries are tax-free in Canada. However, any earned interest after the death or certain policy structures may trigger taxes. Consult a qualified tax advisor for advice on your specific policy.

How can I change or update my BMO Insurance policy beneficiaries?

Policyholders can change beneficiaries at any time by submitting a signed request form. Changes usually take effect once BMO Insurance processes and confirms your request. Irrevocable beneficiary arrangements require their written consent before changes.

What is the process to cancel or surrender a BMO Insurance policy?

To cancel or surrender your policy, contact BMO Insurance by phone or email and submit a formal request. For permanent policies with cash value, you may be paid the remaining value minus applicable fees. Ensure you understand any tax implications or loss of coverage before cancelling.

How soon are death benefits paid by BMO Insurance after a claim is submitted?

Once all required documents are received, BMO Insurance typically processes death benefit claims within 30 days. Delays may occur if additional verification or paperwork is required. Prompt response and clear documentation ensure faster payout.

What flexible features can I find with BMO Insurance life insurance policies?

BMO Insurance offers premium flexibility, policy loans, and withdrawal options on permanent policies. Premiums can sometimes be switched to a lower schedule or offset after sufficient cash value is reached. Optional riders and assistance services can also enhance policy coverage.

What are the main differences between BMO Insurance’s term and whole life insurance?

Term life covers you for a defined period at lower, temporary rates, while whole life insurance provides lifelong protection and cash value accumulation. Whole life also offers policy loans, paid-up additions, and annual performance bonuses. Each product fits different financial goals and needs.

Does BMO Insurance offer support services beyond life coverage?

Yes, BMO Insurance’s Health Advocate™ Plan offers 24/7 access to health advice, virtual medical services, counselling, and family support. These services are included with eligible policies, enhancing client well-being beyond simple coverage.

Does BMO Insurance require a medical exam for life insurance in Canada?

Many life insurance applications require medical questions, and higher coverage amounts may need a medical exam. Some policies offer simplified or no medical underwriting for lower coverage or specific ages. The requirement depends on policy type and your health profile.

Are life insurance payouts from BMO Insurance taxable to beneficiaries?

Generally, life insurance proceeds paid to named beneficiaries are tax-free in Canada. However, any earned interest after the death or certain policy structures may trigger taxes. Consult a qualified tax advisor for advice on your specific policy.

How can I change or update my BMO Insurance policy beneficiaries?

Policyholders can change beneficiaries at any time by submitting a signed request form. Changes usually take effect once BMO Insurance processes and confirms your request. Irrevocable beneficiary arrangements require their written consent before changes.

What is the process to cancel or surrender a BMO Insurance policy?

To cancel or surrender your policy, contact BMO Insurance by phone or email and submit a formal request. For permanent policies with cash value, you may be paid the remaining value minus applicable fees. Ensure you understand any tax implications or loss of coverage before cancelling.

How soon are death benefits paid by BMO Insurance after a claim is submitted?

Once all required documents are received, BMO Insurance typically processes death benefit claims within 30 days. Delays may occur if additional verification or paperwork is required. Prompt response and clear documentation ensure faster payout.

What flexible features can I find with BMO Insurance life insurance policies?

BMO Insurance offers premium flexibility, policy loans, and withdrawal options on permanent policies. Premiums can sometimes be switched to a lower schedule or offset after sufficient cash value is reached. Optional riders and assistance services can also enhance policy coverage.

What are the main differences between BMO Insurance’s term and whole life insurance?

Term life covers you for a defined period at lower, temporary rates, while whole life insurance provides lifelong protection and cash value accumulation. Whole life also offers policy loans, paid-up additions, and annual performance bonuses. Each product fits different financial goals and needs.

Does BMO Insurance offer support services beyond life coverage?

Yes, BMO Insurance’s Health Advocate™ Plan offers 24/7 access to health advice, virtual medical services, counselling, and family support. These services are included with eligible policies, enhancing client well-being beyond simple coverage.

Daniel Clarke
Daniel Clarke
Personal finance expert
HelloSafe
Daniel is a Canadian personal finance expert passionate about making financial literacy more accessible to everyone. He holds a degree in Economics from the University of British Columbia and a Master’s in Financial Planning from York University. Before joining HelloSafe, he worked as a financial coach and content editor for a number of fintech platforms across Canada. At HelloSafe, Daniel writes clear and practical guides on insurance, credit, savings, and budgeting—always with the goal of helping readers make confident and informed money decisions.

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