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A Closer Look: BMO Insurance’s Direct Term
In 2001, Bank of Montreal's Life Insurance division, BMO Life, began offering a unique twist on term life insurance through their BMO Direct Term product.
It's only available directly from a liscensed agent via their call centre, but before you pick up the phone, let's take a closer look at what you're getting with BMO Direct Term:
Payouts range from $25,000 to $5 million spread out through $1,000 installments and the premiums are guaranteed. As BMO is the only bank in Canada to offer AirMiles with their banking products, naturally their insurance products, including Direct Term, qualify for AirMiles as well.
Immediate coverage is offered at a face amount of up to $250,000, if you can answer no to certain health questions over the phone. Still, if you don't immediately qualify for coverage, BMO can offer you a $100,000 accidental death benefit.
Unfortunately, pricing is much higher than traditional indvidual term plans, especially if you're purchasing a policy with a shorter term.
40-year-old Male, Non Smoker, at a Preferred Rate of $500,000
Term 10: BMO $49.27 – RBC Insurance $26.01
Term 20: BMO $64.76 – Equitable Life $46.80
Term 30: BMO $85.30 – Unity Life $81.00
Since BMO's Direct Term Plan can only be purchased over the phone, you also miss out on the personal touch of a face-to-face meeting, like what you would get if you were represented by a broker. The representatives on the other end of the line are unable to advocate on your behalf and shop around for the best rate, the way a broker can.
While BMO's Direct Term Life insurance policy has some unique features, it can't offer customized advice and strategies the way a broker can.
You can get a free quote by visiting our Instant Quote Page or feel free to contact me directly at 1.866.899.4849
Direct line: 905.248.4849 Email:
Who do I contact to get information on an insurance policy that stared with AIG. I have been paying premiums and require information as there has been no information sent to me about this policy.
Please have someone contact me as soon as possible.
Thank you
Rob
Hi Rob,
Thanks for the note. You can contact BMO (contact details below) or your broker and they can send you a policy summary. Regards …
Bank of Montreal
119 Rue St-Jacques
Montreal, Quebec
H2Y 1L6
Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance)
i have a small policy through BMO and would like to fnow if i have a cash value on it that i can take out ?
Hi Arthur,
Thanks for the note. You would have to contact your broker or BMO directly. Their customer service centre number is 1.800.387.4483
I have a Universal life policy that is over half paid out. I would like to change the investment portion on this policy . Is it possible to do this without excess fee’s or penalties? How would I go about it?
Hi Doug,
Thanks for the note. You should be able to do this at no charge but you would have to contact your BMO broker or BMO directly.
Regards … Lorne