BMO Insurance Review

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About BMO Insurance

In 1817, Bank of Montreal was established as the very first bank in Canada. Backed by over 200 years of history, BMO is supported by an abundance of assets and resources. The expert advisors at BMO are dedicated to providing customers with affordable and competitive rates.

BMO Insurance offers life and health insurance, critical illness insurance, home and auto insurance, travel insurance, and insurance for businesses. Policyholders are able to bundle insurance, and what makes BMO Insurance different from others is the ability to integrate banking resources with insurance products and services via the same channel.

As one of Canada’s largest financial institutions by revenue, BMO is backed by a strong reputation, resources, and assets. BMO is committed to providing exceptional customer service to its clients.

BMO Insurance Key Information

Company NameBank of Montreal
Head Office Address 119 rue Saint-Jacques, Montreal,
QB, H2Y 1L6
Fax: 1-844-739-1152
In Business Since 1817
A.M. Best Rating -
Financial AssetsC$1.14 Trillion
Terms and Conditions

How Do I Purchase a Plan with BMO Insurance?

BMO Insurance can be purchased directly on their website, or by phone. 

How Can I Reach BMO Insurance by Telephone?

Contact BMO Insurance by phone at 1-877-225-5266. 

How Do I File a Claim with BMO Insurance?

Visit the BMO Insurance claims page here in order to submit a claim.

BMO Insurance Pros and Cons

As with any product or service, and depending on your individual needs, there’s always advantages and disadvantages. Let’s take a look:

Why BMO Insurance Could Be Right for You:

  • Convenient - do your banking and get insured with the professionals at BMO
  • Strong financial stability, BMO Financial Group is one of the most abundant banks in the country
  • Financially strong organization

Why BMO Insurance May Not Be Right for You:

  • Insurance products offered are complex and not straight-forward to understand, deterring potential policyholders 
  • Limited availability
  • Cost can be higher than other companies

What Does BMO Insurance Cover?

BMO offers a comprehensive selection of insurance options to address a spectrum of needs. These encompass life insurance, providing financial security for loved ones; health and dental insurance, ensuring access to medical services; travel insurance, safeguarding journeys against unexpected events; home insurance, protecting residences and possessions; auto insurance, covering vehicles against accidents; and critical illness insurance, offering support during major health challenges. BMO's array of insurance choices caters to various aspects of personal well-being and security.

BMO Life Insurance

BMO provides diverse life insurance options designed to offer financial protection and peace of mind. These include term life insurance, which covers a specific period; whole life insurance, providing lifelong coverage; and universal life insurance, combining coverage with potential cash value growth. Each type caters to different preferences and long-term goals for individuals and their families.

BMO Universal Life Insurance 

BMO Universal Life Insurance is a life insurance plan that has both a death benefit, and an investment component to it. This plan comes with life insurance, and a tax-free deferred investment plan built into the policy. Part of your premium is used to cover your insurance, and the remainder of your premiums are used to invest in your future. Any generated interest as a result of the investments will not be taxed until they are withdrawn. Policyholders are able to add riders such as a critical illness rider. Coverage for the BMO Universal Insurance plan ranges from $50,000 to $20,000,000. 

BMO Insurance Whole Life Insurance 

BMO Insurance Whole Life Insurance is a permanent life insurance policy. The premiums are fixed and guaranteed, and are payable to you for 10 years, 20 years, or until you turn 100 years old. Coverage for this plan ranges from $50,000 to $20,000,000. Premiums with this plan remain fixed for a given number of years. BMO Insurance Whole Life also comes with either an Estate Protector, or a Wealth Accelerator. 

BMO’s Term 100 

BMO’s Term 100 is a permanent life insurance policy from BMO that covers you until you reach 100 years of age. Term 100 provides effective and excellent coverage ranging $50,000 to $5 million. The plan is for Canadians between the ages of 18 and 80 years old, and the premiums for this plan do not change. Term 100 has several optional extras and riders that can be used to customize your plan to suit what you want, such as the BMO insurance health advocate plan at no additional charge. 

BMO’s Term Insurance 

BMO’s Term Life Insurance allows you to choose a term at a 10, 15, 20, 25 or 30-year plan. The coverage option for this plan is between $100,000 and $5 million. The coverage amount is paid directly to your beneficiary and it is tax-free. Premiums are guaranteed to remain the same during the entire duration that you hold your policy. The coverage is tax-free, and it will be paid directly to your beneficiaries. You can convert your coverage to any of the eligible permanent insurance policy plans offered by BMO, but you can only do so before you turn 70, and a health examination will not be required in order for you to do so. The plan is customizable by adding top-ups such as the critical illness benefit (if you are under 60 at the time of application) and/or waiver of premium (if you are under 55 at the time of application).

BMO Travel Insurance

BMO offers a range of travel insurance options to ensure a secure journey. These encompass single trip coverage for individual trips, annual medical plans for frequent travelers, and enhanced protection plans for extended stays. BMO's travel insurance offerings are designed to provide necessary safeguards and support, tailored to varying travel needs and durations.

The Annual Medical Travel Insurance 

The Annual Medical Travel Insurance is a cost-effective plan for frequent travellers. This policy is cost-effective if you wish to take more than two trips in the year. You can also purchase a family plan that effectively covers all dependent children at no additional cost. The coverage amount for this plan is up to $5 million for each insured person. The plan covers a number of features such as emergency hospital, ambulance and medical expenses; private duty nursing; emergency air transportation and evacuation; emergency dental expenses; and other professional services such as the service of a professional chiropractor, physiotherapist, podiatrist, osteopath, chiropodist and so forth. The service also includes 24/7 trip assistance on an unlimited number of trips. To qualify for this plan, you must be resident in Canada, below the age of 75, and also be covered by a Canadian government health insurance plan.

You may need to go through a medical questionnaire if you are 60 and above, to confirm your eligibility. In addition, you need to pay your first premium before leaving on your first trip.

Annual Enhanced Plan 

The Annual Enhanced Plan covers you sufficiently against the unexpected. Annual Enhanced Travel Insurance is complete permanent life insurance that protects against trip cancellation, trip interruption, baggage and flight expenses, and it covers unlimited numbers of travels in a year. There are two coverage options for this plan; the 10-day and the 23-day Annual Enhanced Plans. The plan covers emergency hospital, ambulance and medical expenses, private duty nursing, emergency air transportation or evacuation, emergency dental expenses and also the service of other professionals such as physiotherapists, osteopath, chiropodist, chiropractor, and podiatrists.

Annual Enhanced Travel Insurance 

The Annual Enhanced Travel Insurance is a travel insurance from BMO that can be used on an unlimited number of trips throughout the year. With the Annual Enhanced Travel Insurance, 24/7 trip assistance is available to you, and it covers a number of features such as trip cancellation, trip delay and interruption, baggage and personal effects and flight delay. You must be a Canadian resident below the age of 75, and currently be covered by the Canadian government health insurance plan. Should you experience a medical emergency while travelling, you may be covered for up to $5 million. You can choose the 10-day or the 23-day annual enhanced plan. The plan covers emergency hospital, ambulance and medical expenses, private duty nursing, emergency air transportation or evacuation, emergency dental expenses and also the service of other professionals such as physiotherapist, osteopath, chiropodist, chiropractor, and podiatrists.

Single Trip Medical Plan

The BMO Single Trip Medical Plan is a straight-forward travel medical plan that is available for Canadians who are covered by the Canadian government health insurance plans. This policy covers up to $5 million in basic out of province or country medical expenses, and 24/7 assistance is available to you. You are able to customize the premium based on your trip details. 

The out-of-province or out-of-country emergency medical insurance covers several features such as private duty nursing, emergency air transportation or evacuation, emergency dental expenses, as well as emergency hospital, ambulance, and medical expenses, and the service of other professionals such as osteopath, chiropractor, physiotherapist, podiatrist and so forth.

You need to confirm your eligibility with a medical questionnaire if you are 60 years of age or older.

Single Trip Enhanced Travel Insurance 

The Single Trip Enhanced Travel Insurance is a reliable plan that covers up to $5 million for medical emergencies when you travel outside Canada or outside your province. 

It can also cover flight delays and interruptions, trip cancellation, baggage expenses and so forth. It is a more comprehensive package for you if you travel often. The Single Trip Enhanced Travel Insurance is an all-encompassing out-of-province, or country emergency medical coverage that offers private duty nursing services up to $5,000, emergency dental expenses to $2,000 per insured person, emergency air transportation or evacuation, and also emergency hospital, medical and ambulance expenses. It also covers the service of other professionals such as chiropractor, physiotherapist, osteopath, podiatrist, and chiropodist up to a maximum of $150 per insured per professional service.

Single Trip Protection Plan

The Single trip Protection Plan covers flight delays, unexpected trip cancellations and interruptions, lost baggage and some other personal expenses. It covers everything that is not part of your travel plan that comes in the way of your trip. Trip cancellations due to unexpected death, illness or any other unexpected event are covered up to $1,000 per insured person and up to $2,000 per policy. It also covers up to $500 per trip for flight delay and further traveling and accommodation expenses if your flight is delayed for over 6 hours. Additional coverage includes trip interruption and delay, 24/7 trip assistance and so forth.

BMO Health Insurance

BMO is able to offer you a health insurance-like policy at no additional cost to you. The BMO Insurance Health Advocate is available to you as a current policyholder or rider with BMO Insurance only, and you have to have one of the following policies in order to qualify: Critical Illness insurance policies, Critical Illness insurance riders, Universal Life insurance policies, Permanent Whole Life insurance policies. The BMO Insurance Health Advocate is a specially curated medical concierge program available to you. You will have access to a team of medical professionals who can better assist you with things like better understanding your condition, referring you to specialists, and consolidating your team of medical professionals, as well as provide you with additional health-related resources and tools.

Downloadable Forms

  • New Business Applications
  • Underwriting Questionnaires
  • Policy Service Forms
  • Claims
  • BMO GIF Administration & Regulatory Documents
New Business Applications
Underwriting Questionnaires
Policy Service Forms
BMO GIF Administration & Regulatory Documents
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