BMO Critical Illness Insurance

Critical Illness

What is Critical Illness Insurance?

Critical Illness Insurance provides you with a lump sum amount upon a medical diagnosis of Critical Illnesses such as a heart attack, cancer, or stroke.It is an important insurance protectionplan that can help you cut out the extra expenses that often accompany a severe health condition like:

  • Certain medical expenses that are not covered by your standard provincial health care policy.

  • Housekeeper and nurse expenses.

  • Getting medical care outside the country or going to a private clinic.

  • Medical equipment like wheelchair, prosthetics etc.

  • Renovating your home or vehicle to make it easier to commute.

  • Travel expenses for medical treatments.

  • Expenses for childcare.

Canadian LIC

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Regardless of health, it could happen to anyone, at anytime

With advancements in medicine and technology, many individuals have survived Critical Illnesses that used to often causes death. However, as much as we have progressed in innovation, we must remember that the treatment and recovery period for these illnesses can often be long, and without proper planning, could put a dent on your finances. That is why there is Critical Illness Insurance, to safeguard yourself and your family from any financial discomfort in the event of an illness.

Choosing Critical Illness Insurance plans from BMO Insurance, you are entitled to:

  • A wide variety of living benefit plans (10 years, 20 years, or up to age 75 or 100)with certain terms and conditions.

  • The option of renewing your coverage with the 10-year and 20-year term options with renewal premiums that are guaranteed when you first buy your policy. For the “to age 75” or “to age 100” options, premiums are fixed as long as you have the policy.

  • Coverage that expires when you turn 75 for the 10-year and 20-year plan and for the 75 to 100 plan up to the age of 100

  • With BMO Insurance, you can get Critical Illness coverage as a independent plan or you can club optional riders on our Term, Traditional Life and Universal Life plans.

Living Benefit 10 and 20 plans

  • Automatic renewal guaranteed on your 10 or 20-year coverage until you are 75 without needing to undergo medical exams or filling health questions. Note: Premiums are based on your age at renewal.

  • Freedom for you to convert to a permanent Living Benefit 75 or 100 policy.

  • Optional Return of Premium on Death benefit (ROPD)

Living Benefit 75 and 100 plans

  • Coverage to age 75 or up to100 years.

  • Premiums are guaranteed to never increase.

  • Premiums for Living Benefit 100 policy can also be paid over 15 years.

  • Optional Return of Premium on Death (ROPD) benefit.

  • Optional Return of Premium on Surrender or Expiry (ROPS) benefits.

Covered conditions

Our Critical Illness protection plans cover around 25 medical conditions such asstroke, heart attack, and cancer, as well as serious conditions such as deafness, kidney failure, dementia, deafness, Parkinson’s disease and much more. Through our Early Discovery Benefit, the policy also include coverage of seven extra medical conditions.For furtherdetails, please see our full list of covered conditions

Please note:BMO Insurance will not charge you on the service provided, as the service provided is on a referral basis. Morneau Shepell and Best Doctors will not charge you for the services they undertake. You may, however, attract additional costs for services or for providers that may be referred to you by Morneau Shepell or Best Doctors. These additional charges are incurred at your own discretion and BMO Insurance will not be liable for their payment.

Life Recovery Plus

Key benefits of Life Recovery Plus policy:

  • Get a tax-free cash benefit to give your finances time to recover so you can focus on getting better.

  • Receive cash benefits to help find the best medical treatments, replace lost income or cover expenses any way you choose.

  • If you can provide a declaration of health, your acceptance is guaranteed even if your family has a history of heart attack, stroke, or cancer.

  • Optional Return of Premium on Death (ROPD) benefit.

  • Eligible for free access to leading global medical specialists through the Best Doctors® program so you make the right decisions about your care.

Key features of Life Recovery Plus policy

  • You will receive tax-free benefits if you’re diagnosed with a life-threatening illness.

  • Get complete access to the Best Doctors program as well as details regarding the program.

  • As soon as we receive your completed application and your first premium is paid, you are covered.

  • Special discounts for spouses and non-smokers:

    • Spousal: If you and your spouse enrol at the same time, we will reduce your spouse's premium by $0.95 per month.

    • Non-smokers: You qualify for a discount if you have not used any tobacco, nicotine substitutes or marijuana in the past 12 months.

What is not covered in the Life Recovery Plus policy

You will not be covered by the Life Recovery Plus Insurance policyif you received treatmentor saw a doctor for any sign, symptom or medical condition that later lead to a diagnosis of a covered illness before the policy came into effect.

You also will not be entitled to any benefits if:

  • You were diagnosed with a covered illness previously.

  • Within six months from the start of your policy, you get or are diagnosed with a covered illness such as a positive HIV test, diabetes, transient ischemic attack (TIA), cancer, hepatitis, hepatitis carrier state, chronic kidney disease, permanent paralysis, or heart disease.

  • If you are diagnosed with a kidney disease, a positive HIV test, heart disease, cancer, diabetes, hepatitis, chronic, permanentparalysis, or transient ischemic attack (TIA), hepatitis carrier state before the policy comes into effect.

  • You have carcinoma in situ, stage 1A malignant melanoma, any non-melanoma skin cancer that has not metastasized, stage A (T1a or T1b) prostate cancer or any tumour if you also have HIV.

  • You don't follow important medical advice received either before or within six months afteryour policy came into effect.

  • You presentincorrector incomplete information to ascertain if you're eligible for this insurance protection plan.

The Surgery Benefit does not cover payment for diagnostic surgery, including biopsy or aspiration, or if your hospital stay is shorter than 24 hoursunless the surgery is for a lumpectomy, mastectomy, or breast reconstruction.

The actual terms, exclusions and limitations are mentioned clearly in the policy.

Who qualifies for the Life Recovery Plus insurance policy?

  • Canadian residents between the ages of 18 to 60 years can enrol.

  • As long as you continue to pay your premiums, the coverage can run till your 70th birthday.

  • Your Life Recovery Plus insurance application won’t be turned down if you provide a declaration of health. It does not matter even if your family has a history of heart attack, stroke, or cancer.

Choose from two levels of coverage
Enhanced Plan Basic Plan
You will receive a cash payment on diagnosis of covered illnessif you survive for 30 days $12,000 $6,000
You will receive a cash payment on diagnosis of covered illness if you survive for 30 days $12,000 $6,000
($1000/month for 12 months or until death, if earlier) $12,000 ($1000/month for 12 months or until death, whichever is earlier) ($500/month for 12 months or until death, if earlier) $6,000 ($500/month for 12 months or until death, whichever is earlier)
You will receive cash for each day of hospitalization within two years of diagnosis $200 a day for up to 100 days $100 a day for up to 100 days
Up to $20,000$200 a day for up to 100 days Up to $20,000 Up to $10,000$100 a day for up to 100 days Up to $10,000
You will receive cash payment for surgery related to diagnosis within two years of diagnosis $6,000 $3,000
Total cash benefits: Up to $50,000 Up to $25,000
  • Under the current tax legislation. If you earn any interest during the claims process, it may be taxable.

  • Through the Best Doctors program, your family is entitled to take advantage of this service once every three years.

  • You must be hospitalized as an in-patient for at least 24 hours.

  • If your claim is denied, in this case, your premiums will be fully refunded.

  • YA signed declaration of health confirming that you have never been declined for Critical Illness coverage, or you've never been diagnosed with a chronic kidney disease, deafness,cancer, HIV, diabetes, heart disease, hepatitis, heart attack,transient ischemic attack (TIA), or permanent paralysis.


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