BMO Insurance’s Critical Illness Insurance Plan: Life Recovery Plus

BMO Insurance's Life Recovery Plus is a Critical Illness plan marketed directly to consumers.The plan is available in either a basic plan, which pays up to $25,000 in insurance benefits, or an enhanced plan, which pays up to $50,000 in insurance benefits upon diagnosis of life threatening cancers, stroke or heart attack.

The payout is broken down into the following four components:

1. Diagnosis Benefit Paid immediately upon diagnosis of a covered illness. (Enhanced Plan $12,000, Basic Plan $6,000)
2. Monthly Income Benefit Paid to the insured over 12 months (Enhanced Plan $1,000, Basic Plan $500)
3. Hospital Cash Benefit Paid to the insured for every day in the hospital within two days of diagnosis. (Enhanced Plan $200/day up to 100 days, Basic Plan  $100/day up to 100 days.)
4. Surgery Benefit Paid to the insured if surgery is required for a covered illness within two days of diagnosis. (Enhanced Plan $6000, Basic Plan $3,000) 

Advantages of the Plan

There are no medical tests and no health questions.

Disadvantages

There are several exclusions under the policy,the most notable being if the insured, prior to the effective date the policy, is diagnosed with a critical illness, no benefit will be payable.

Traditional Critical Illness pays out a lump sum, tax-free benefit, which the insured is free to spend how he or she wishes and this is generally more desirable than having the benefit paid in bits and pieces, dependent on a variety of requirements.

The premium for a 55-year-old, male non-smoker is $133/month. This does not stack up favourably with competing critical illness plans, which cover additional illnesses. BMO's traditional Term 10 Critical Illness would only be $89.01/month and Manulife's would be $97.79/month. Both plans offer far superior coverage. You can get a comparison for yourself by visiting our free, Critical Illness Instant Quote Page or by calling our office at 1-866-899-4849.