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Call 1 844-542-4678 to speak to our advisors.
Common questions
- Life Insurance can protect your family from any financial crisis
- You leave a completely tax-free inheritance to your dear ones or beneficiaries
- Life Insurance can pay for your funeral expenses
- You can clear your debts and loans with Life Insurance
Term Life Insurance
Term Life Insurance policy provides the insured with coverage for a fixed period. This insurance coverage is one of the most cost-effective options out there. Your premiums are only covered for the term you choose; hence they are lower initially. If you are expanding your family, or just took on a mortgage, Term Life Insurance is a good option.
| 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 ($1000/month for 12 months or until death, if earlier) $12,000 ($1000/month for 12 months or until death, whichever is earlier) |
$6,000 ($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 Up to $20,000$200 a day for up to 100 days Up to $20,000 |
$100 a day for up to 100 days
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 |
Life insurance 101: What it is and how it works?
We cannot control our destiny or choose what happens to us in life, but what we can surely do is be prepared for whatever life throws our way. And that is where a life insurance policy comes into the picture. Below was a survey carried out to understand how many Canadians are aware of the different types of life insurance policies.
- Canadians that understand how life insurance works – 16%
- Canadians that are not familiar with the different types of life insurance options available – 88%
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
Get the best Insurance Quote from BMO Insurance
Call 1 844-542-4678 to speak to our advisors.
What is Term Life Insurance?
Term Life Insurance is a simple life insurance policy that helps protect your family financially if they need money to sustain themselves for when you are no more. They can use the money they receive from the insurance plan to:
- Pay any outstanding debts like mortgage
- Fund your children education and other tuition costs
- Cover daily expenses to live comfortably
- Pay off any other short-term financial obligations
The term for your coverage amount is fixed, and your premiums will remain the same. At the conclusion of the term, you can decide to renew the coverage by continuing to pay the same premium or you can choose to pay for a different premium. Please note, the Term Life Insurance coverage ends at a certain age.
Choosing Term Life Insurance plans form BMO Insurance, you will get:
- 10-year, 15-year, and 20-year term options with the option to renew your coverage for another term. Coverage expires at the age of 85.
- 25-year and 30-year term options. After the initial term, the coverage expires and cannot be renewed.
- Coverage from $50,000 up to $5 million.
Added flexibility
- You have the choice to exchange your10-year term policy for a new 15, 20, 25 or 30-year term policy, ifrequired.
- You have the option to convert your term policy to permanent life insurance without you having to take any further medical exams or fill up health questionnaires.
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Life Insurance Quote Form
Get the best Insurance Quote from BMO Insurance
Call 1 844-542-4678 to speak to our advisors.
Critical Illness Benefit
If you are aged 60 and below at the time of applying, you have the choice to receive a lump sum amount if you are diagnosed with a critical illness that is covered in the policy. You can choose to spend the amount however you see fit.
Waiver of Premium
At the time of application, if you are 55 or below, you can add this option to your coverage, so you won’t have to pay your premiums while you are completely disabled, provided you have been disabled for at least six consecutive months.
What is not covered in the policy:
Your beneficiary will not receive benefits if:
- You provide incorrect or incomplete information during the application process.
- If you commit suicide within two years from the date of your policy comes into effect. In this case, we will repayyour premiums.
Critical illness
You will not be entitled to receive payment of benefits for a covered critical illness that results from a condition that proves you received treatment before the policy became effective.
You will not be entitled to receive the benefits of critical illness insurance from:
- Attempting suicide or from injuries that are self-inflicted.
- Criminal offences
- The use of drugs or handling a motor vehicle under the influence of alcohol.
Waiver of Premium
No premium will be waived from:
- Attempting to commit suicide.
- Injuries that are self-inflicted.
- The attempt to commit a criminal offence.
- The use of nefarious drugs.
- Driving a motor vehicle under the influence of alcohol.
The information above-mentioned is just a summary. The actual terms, limitations, and exclusions are describedclearly in the policy.
- You may exchange the full or partial amount of the sum insured of any eligible term 10 plan to a term 15, 20, 25, or 30-year policy. The policy is subject to certain limits within the first 5 years after your policy has been in effect.
- Any time before the age of 70, you can convert your insurance policy to any eligible permanent policy with no medical exams undertaken or health questionnaires to be filled.