BMO Life Insurance Review 2024

Life is unpredictable, but BMO Life Insurance helps you secure your family’s future no matter what. Whether you need short-term financial protection, lifelong security, or grow your wealth, BMO offers Term Life, Universal Life, Whole Life, and Term 100 plans to suit your needs.

Did you know they even provide BMO life insurance policies with no medical exam requirements? But is it the right choice for you?

In this BMO Life Insurance review, find out about its coverage options, costs, how to file claims, contact information, and more. You can use our free tool to compare BMO life insurance quotes with rates from several other Canadian companies and find a policy that suits you best.

Our review on BMO Life Insurance: Best for those seeking flexible options

BMO Life Insurance offers a wide range of products designed to adapt to your evolving needs, whether you’re looking for short-term protection or lifelong security for your loved ones. With coverage amounts ranging from $50,000 to $35 million, BMO provides options for individuals with temporary financial obligations as well as families planning for long-term estate security.

If you’re seeking coverage for a specific period, BMO Term Life Insurance is an affordable and flexible option. It provides fixed terms of 10, 15, 20, 25, or 30 years, with coverage amounts up to $30 million. This type of policy is ideal for protecting financial obligations such as mortgages or your children’s education. You’ll enjoy fixed premiums during the term, the ability to renew your policy until age 85, and the flexibility to convert it to permanent coverage without medical exams, up to age 71.

What truly sets BMO apart from competitors like Beneva Insurance or Humania is the ability to adapt term policies to the changing needs of the insured, especially as they approach retirement. This means you’re not locked into one type of coverage—BMO allows you to transform your policy as your life evolves, ensuring it always aligns with your financial goals.

For lifelong protection that also helps grow your wealth, BMO Universal Life Insurance is a fantastic choice. With coverage up to $20 million, this plan combines permanent protection with tax-deferred investment opportunities, allowing you to build savings alongside your coverage. You can adjust premiums, invest in a range of options, and use the policy’s cash value for retirement, emergencies, or education expenses.

If you prefer the simplicity of permanent coverage with guaranteed premiums, BMO Whole Life Insurance and Term 100 Insurance offer peace of mind. BMO Whole Life policies provide guaranteed cash value growth and bonuses, with coverage up to $35 million, making them ideal for estate planning. Term 100 offers straightforward lifelong protection with fixed premiums until age 100, after which no further payments are required.

BMO stands out with its high coverage limits of up to $35 million — among the highest in the industry and much higher than big insurers like TD Insurance and Foresters Financial Insurance — and customizable options, such as critical illness, child term insurance, and accidental death riders. The BMO Insurance Health Advocate™ Plan enhances its offerings by providing wellness and support services to policyholders.

While BMO excels in offering flexible, high-limit coverage, it does have some limitations. BMO Insurance doesn’t provide participating life insurance policies with dividends, and claims cannot be filed online. However, for those seeking adaptable, high-value policies that grow with your needs, BMO Life Insurance is an outstanding choice, particularly for those planning long-term financial security or wealth transfer.

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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How to contact BMO Life Insurance customer service?

If you want to speak to a BMO advisor for general queries or are an existing customer with doubts about your policy, you can use the following BMO Life Insurance contact details.

Contact Method	Details
BMO Life Insurance Phone Number for General Queries	1-855-745-7331
Email	[email protected]
BMO Insurance purchased through an Independent Insurance Advisor	1-800-387-4483
Email (for plans purchased through advisor)	[email protected]
Call Back	Fill out the form upon clicking the "Request a call" button and a licensed advisor will get in touch with you based on your needs
Mailing Address	BMO Life Assurance Company, 60 Yonge Street, Toronto, ON M5E 1H5

What does BMO Life Insurance cost in 2024?

Here is the BMO life insurance quote for: male, non-smoker, with a $100,000 policy. The figures mentioned are BMO life insurance payments or premiums for a month. The online BMO Life Insurance calculator was used to determine the coverage.

BMO Term Life Insurance Length	Premium/month for 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

Here’s the BMO life insurance quote for the Term 100 policy.

BMO Term 100 - Total Coverage Amount	Premium/month for 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

The prices above are indicative and you must get personalized quotes. You can get your free BMO life insurance quote and the best rates through our partner link below.

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 types of life insurance does BMO offer?

BMO Insurance offers four life insurance products. It offers term life insurance in varying term lengths and three types of permanent life insurance namely BMO Whole Life Insurance, BMO Universal Life Insurance, and BMO Life Insurance Term 100.

Overview of BMO Life Insurance Company Products

Product	Coverage amount	Coverage Duration	Who can get it	Key Features	Ideal For
Term Life	$100,000 to $30 million	10, 15, 20, 25, or 30 years; renewable to 85	Ages 18 to 75	Fixed premiums during the term Convertible to permanent insurance before 75	Mortgages Education Short-term financial obligations
Universal Life	$50,000 to $20 million	Lifetime coverage	Ages 0 to 80	Flexible premiums Tax-deferred investments Access to cash Customizable riders.	Maximizing wealth transfer Offsetting estate taxes Building savings alongside protection
Whole Life	$50,000 to $35 million	Lifetime coverage	Ages 0 to 80	Guaranteed premiums Growing cash value Performance bonuses	Long-term financial planning Estate preservation, and leaving a legacy
Term 100	$50,000 to $20 million	Lifetime coverage; premiums payable to age 100	Ages 18 to 80	Fixed premiums Lifetime protection	Estate planning Financial security for heirs

Here is a detailed explanation for each of them to help you understand better what each product has in store for you.

BMO Term Life Insurance

If you’re looking to cover temporary financial responsibilities like a mortgage, your children’s education, or everyday expenses, Term Life Insurance is an affordable option. It gives you the flexibility to choose a coverage term that aligns with your life stage.

Key Features:

• Choose coverage terms of 10, 15, 20, 25, or 30 years.
• Your premiums remain fixed during this period, and coverage can be renewed up to age 85.
• Coverage amounts range from $100,000 to $30 million, so you can tailor it to your needs.
• You can convert your term policy to permanent life insurance without needing another medical exam before age 71.

Optional Extras:

• Add a Critical Illness Benefit to receive financial support if you’re diagnosed with a covered illness like cancer or heart disease.
• With the Waiver of Premium, you won’t have to pay premiums if you become totally disabled.

Universal Life Insurance

Want a plan that protects your loved ones and grows your wealth? BMO Universal Life Insurance combines lifelong security with tax-deferred investment opportunities, helping you make the most of your savings.

Key Features:

• Coverage starts at $50,000 and goes up to $20 million.
• Enjoy flexible premiums—you can adjust your payments or even use the policy’s cash value to cover them.
• Use the tax-deferred investment component to grow your policy’s cash value.
• You can even withdraw funds for retirement, emergencies, or education expenses.
• Choose from investment options like guaranteed interest accounts, equity-linked accounts, or market-indexed options for added growth potential.

Extras to Enhance Your Policy:

• Customize your coverage with riders for term insurance, accidental death, child term insurance, or critical illness benefits.
• Enjoy the BMO Insurance Health Advocate™ Plan, which provides wellness and support services to you and your family.

Whole Life Insurance BMO

Looking for lifelong protection with a financial safety net? BMO Whole Life Insurance gives you fixed premiums, a guaranteed cash value, and the ability to leave a legacy for your loved ones.

Key Features:

• Coverage ranges from $50,000 to $35 million.
• Guaranteed premiums for 10 years, 20 years, or until age 100.
• Build a guaranteed cash value over time, giving you financial flexibility when you need it.
• Earn a Performance Bonus that increases your cash value and death benefit—guaranteed to never be negative.
• Need to adapt? Use your policy’s cash value for loans, adjust premiums, or reduce coverage as your circumstances change.
• Access wellness and support services with the BMO Insurance Health Advocate™ Plan, included at no extra cost.

Term 100 Insurance

If you want a straightforward plan to ensure your family’s financial security, BMO Term 100 Insurance offers lifelong coverage with fixed premiums you can rely on.

Key Features:

• Coverage lasts as long as you live, with no expiry date.
• Choose a coverage amount between $50,000 and $20 million.
• Pay fixed premiums until age 100—after that, no further payments are required.
• Enjoy access to the BMO Insurance Health Advocate™ Plan, offering comprehensive assistance services for you and your family.

How to file a BMO life insurance claim?

Here are the steps to file a BMO life insurance claim.

1. Contact BMO by Phone:
   • If the policy was purchased directly from BMO, call 1-855-587-8995 (Monday to Friday, 9 a.m. to 6 p.m. ET).
   • If the policy was purchased through an independent advisor, call 1-866-355-8855.
2. Prepare the Necessary Information:
   Before making the call, have the following details ready:
   • Policy number.
   • Name of the insured and beneficiaries.
   • Cause of disability or death.
   • For life insurance claims, the place of death.

A BMO representative will guide you through the next steps to complete the claim process. You cannot file BMO life insurance claims online.

How much life insurance do I need?

You can use a free BMO life insurance calculator to determine how much life insurance you need. You'll be asked to enter information on your debts and final expenses, your family’s financial needs, and your assets and investments. The whole process should take less than a minute. BMO also has an offline BMO life insurance calculator that you can download right here and use at your convenience.

You can also try the HelloSafe life insurance calculator which provides a user-friendly and efficient way to determine the optimal life insurance coverage tailored to your unique circumstances. By entering 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 life insurance 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 appropriate BMO life insurance cancellation form in collaboration with your advisor. You can conveniently access and download the "Form (747E) Request to Cancel or Surrender Your Policy" (84KB - PDF) right here.