The Bank of Montreal also referred to as BMO Financial Group is a Canadian establishment that offers banking and financial services. Founded in 1817, the establishment has risen in the ranks, becoming the fourth largest bank in Canada by assets and capitalization.

As one of the oldest and most distinguished companies in its field, people often choose BMO for its long-standing success. Those who seek life insurance often choose companies with longevity, ensuring that a policy can be paid out without a problem.

BMO has not missed a dividend payment since 1829. Additionally, the company puts emphasis on paying dues on time and they have become a reliable financial resource for many Canadians.

For those who want to know more, BMO’s Annual Report for 2017 discusses the company’s performance highlights, financial snapshots, and more.

The information below discusses the life insurance policies that the BMO Life Assurance Company offers.

BMO Term Life Insurance

Term life insurance offers an easy and straightforward way to find affordable coverage. This kind of policy is a great option for young families, as well as those who are running a business.

Much of the time, people who choose a term life policy have a specific budget for expenses, but they still have insurance needs. With term life, premiums are cheaper to pay and policies are easy to understand.

With a range of options to choose from at BMO, people can customize their term life protection to suit their needs. This includes choosing a coverage amount and a term time that makes the most sense for them.

BMO Term Life

This policy is an ideal option for people who want coverage right now, but who may consider renewing or upgrading later.

Benefits:

  • Coverage ranges from $100,000 to $5,000,000
  • A range of terms to choose from
  • Affordable, especially in younger years

BMO insureNow

This policy makes sense for those people who are seeking protection until thee age of 65. Furthermore, it is also a smart choice for those who don’t want to complete a medical exam before approval.

Benefits:

  • No medical exam required
  • Covers $50,000 to $250,000
  • Simplified life insurance

Benefits of BMO Term Life Insurance:

  • Easy application process
  • Coverage options ranging from $100,000 to $5 million
  • Guaranteed premiums that never increase during the term
  • Choice of multiple term lengths including 10, 15, 20, 25 or 30-year terms
  • Lump-sum payments to beneficiaries are made tax-free
  • Renewal happens automatically at the end of a term, without the need for a medical examination
  • Within the first 5 years of a term, a person may exchange or pay the partial amount paid and change their term length
  • Ability to convert to a permanent plan before the age of 70 without any medical examinations

Additional add-ons:

Policyholders can choose to add on extras including the Critical Illness Benefit or the Waiver of Premium. These coverages can help an individual in the case that they become critically ill, or that they become totally disabled.

Disadvantages of BMO Term Life insurance:

  • Coverage is not permanent
  • Lump sums are not paid out if any false information is provided
  • Lump sums are not paid out if the insured dies outside of their designated term
  • No investment opportunities

BMO Permanent Life Insurance

People who seek lifelong protection will benefit from a permanent life insurance policy from BMO. A range of options are available, catering to people with specific budget needs, medical requests, final expenses, and more.

BMO EasyOne Life

Ideal for those 50+ who are looking for very affordable insurance that covers them for life.

Benefits:

  • Coverage ranges from $5,000-$50,000
  • Automatically approved with the consent of having no serious illness
  • Life-long coverage that is affordable
  • Only for ages 50-80

BMO Guaranteed Life Plus

This is a beneficial policy for anyone who needs life insurance as well as accidental death benefits and no medical examination.

Benefits:

  • Applicable for people aged 40-75
  • No medical exam required
  • Coverage up to $50,000
  • As much as 5x basic benefits for accidental death coverage

BMO Term 100

Canadians who are looking for straightforward, permanent life insurance may benefit from this policy. It offers guaranteed protection as well as higher coverage options.

Keep in mind, this policy requires a medical examination.

Benefits:

  • Can be obtained by anyone aged 18-80
  • Coverage ranges from $50,000-$5 million
  • Easy, long-term coverage

BMO 3-in-1 Coverage Insurance

This unique plan offers a combination of coverages including term life insurance, critical illness insurance and accidental disability insurance. The three policies are combined into one, and the plan lasts until the person reaches 65 years.

Often many people assume that life insurance and critical illness insurance cover the same things. In reality, they cannot stand in for the other.

Someone who becomes injured or ill and cannot provide income will not be supported by their life insurance policy. Having 3-in-1 coverage, however, can be helpful.

This is a great plan for people seeking full coverage, regardless of the unforeseen events that can happen in life.

Benefits:

  • No medical examination required
  • Life insurance can cover anywhere from $5,000-$250,000
  • Critical illness covers up to 50% of life insurance coverage
  • Accidental disability insurance covers up to 15% of life insurance coverage
  • Anyone aged 18-40 can purchase it

BMO Life Assurance Company Reviews

BMO Insurance reviews have a user rating of 3.4 out of 5 stars.

Some of the advantages of working with this company include:

  • Long-term experience

BMO has been working with Canadians and their financial needs for more than 100 years. With that, comes the ability to understand people’s changing needs and the ability to help them find the perfect policy.

  • Flexible Products

BMO doesn’t try to fit everyone into the same box. Their insurance products reflect the pressing needs of their customers, and they are tailored to be flexible.

With so many products to choose from, customers are sure to find the protection they need at the price they want.

Conclusion

The BMO Life Assurance Company might be the perfect solution to your life insurance needs. To find the most affordable rates, consider speaking with a few established companies to find the policy that works best for you.

Resources

https://www.bmo.com/home/about/banking/investor-relations/annual-reports-proxy-circulars
https://www.bmo.com/insurance