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BMO Critical Illness Insurance Review – Updated 2024
BMO offers one of the most comprehensive critical illness plans for the price because of the long list of conditions covered and high coverage amounts available. Their critical illness insurance covers up to $2 million and includes up to 25 conditions as well as partial payouts for up to 7. As Canada’s oldest bank and one of the biggest insurance companies, BMO has a large, national customer service and support team with online application options.
BMO Insurance Critical Illness Insurance rating and review
As one of Canada’s largest financial institutions, BMO can take advantage of its heft and economies of scale to offer clients comprehensive, customizable critical illness coverage at the best prices through its Living Benefit suite of products.
Pros and cons
Pros
- Comprehensive: 25 conditions covered
- High coverage amounts available
- Multiple terms available, including whole life cover
- Limited pay and Return of premium options available
Cons
- No online access
- No digital/e-policy, only a paper policy will be issued
- No children’s coverage available
- No second option available
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Who is BMO?
The Bank of Montreal, known these days as BMO Financial Group, is Canada’s oldest bank and one of the 10 largest financial institutions in North America. During its 200-year history, BMO has expanded internationally, helping customers manage their money and protect their assets and loved ones. They are the only financial institution in Canada named to Ethisphere’s 2019 list of the World’s Most Ethical Companies.
BMO are known mainly for their financial services like everyday banking, long term savings, lending, and mortgages. Through BMO Insurance they offer various life insurance and related products in Canada and operate as one of the country’s largest insurers.
Types of critical illness insurance policies BMO Insurance offers
Yes. BMO’s critical illness insurance product is named Living Benefit. It offers Enhanced Coverage (covering 25 life-threatening medical conditions).
| Product Name | Living Benefit |
|---|---|
| Critical Illness coverage | Enhanced coverage (25 life threatening medical conditions covered) |
| Available Terms | 10 years, 20 years, and to age 75 and age 100 |
| Limited Pay option | Yes. 15-pay option available on some plans |
| Maximum coverage | Up to $2 million |
| Conditions covered | Enhanced – 25 conditions |
| Loss of Independent Existence coverage | Yes |
| Partial payout conditions | 7 eligible conditions |
| Partial payment or early detection payment | Yes, 15% up to $50,000 |
| Childhood illnesses coverage | Not available |
| Survival period | 30 days |
| Return of Premium on death | Yes |
| Return of Premium on expiry/cancellation | Yes available, on certain term lengths |
| Second option | None |
| Electronic application | Yes |
| Online account access | None |
Coverage and policy details
BMO’s maximum coverage for critical illness insurance is $2 million.
BMO’s living benefit critical illness product offers coverage for loss of independent existence. It also offers partial payouts for 7 different conditions with payment of up to 15% of the policy coverage up to a maximum of $50,000.
The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.
BMO offers critical illness insurance for 10- and 20-year terms or coverage up to 75 or 100 years of age.
There is a 15-pay option available on some BMO critical illness insurance plans.
Does BMO critical illness insurance offer a return of premiums?
BMO offers return of premiums on death and on early cancellation or expiry for some of their term lengths.
How do I apply for BMO’s critical illness insurance?
BMO lets you apply for critical illness insurance electronically through the best online life insurance broker. You can enter your information and look up quotes with the Apply Now button below or schedule a call with one of our licensed brokers to apply for BMO’s critical illness insurance.
