BMO Life Insurance is a competitively priced term life insurance with the ability to convert into a broad suite of proprietary permanent products. Options for BMO’s life insurance include term lengths of 10, 15, 20, 25, and 30 years, as well as Term 100, permanent life insurance , critical illness insurance , and more at reasonable prices.
Term life insurance is the most affordable type of policy, and we’ve rated BMO Insurance as the most affordable company in Canada.
Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.
BMO Insurance ’s term life insurance is a great option for individuals, couples, or business owners. It can cover mortgages and other debts, final expenses like funeral expenses , replace future income , and provide for dependents. The plan can also be used to protect businesses and their key employees. Lastly, the death benefit can be used to leave a financial gift to a favourite charity . BMO Insurance term life insurance policies offer terms ranging from 10 to 30 years. Death benefits (tax free payments to a beneficiary) can go all the way up to $10,000,000. All term life plans can be converted to a permanent life insurance policy at any time before age 70. Term 10 plans can be exchanged for longer terms: Term 15, 20, 25 or 30. Term 10, 15 and 20-year plans are renewable and convertible. Term 25 and 30 plans are convertible, although not renewable. There are riders for critical illness insurance , accidental death insurance , waiver of premium in case of disability. One can also add a children’s life insurance rider. Another great feature of BMO Insurance is its unique Compassionate Benefit Program. This is a non-contractual cash benefit offered by BMO Insurance to term life policyholders with a limited life expectancy who may require a source of funds to help them manage their medical bills and unexpected financial costs. For term life policyholders, an initial advance of up to 50% of the base coverage (maximum of $250,000) may be paid out if the policyholder is diagnosed with a terminal illness with a life expectancy of 12 months or less. This is available on individually-owned single and joint life policies as well (max of 2 insure with joint ownership policies).
