BMO Life Assurance Company (formerly AIG Life Insurance)

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President & CEO: Peter McCarthy

AM Best Rating: A (Excellent)

Total Assets: $6.73 billion

Net Income: $10.3 million

Net Premiums Written: $559.5 million

Financial Size Category: X ($500 million to $750 million)

FSR Outlook: Stable

Best’s Issuer Credit Rating: a

ICR Outlook: Stable

As of Date: 12-07-2012

Organization Type: Stock

Specialty Lines of Business: Accident, Sickness and Life Insurance

Marketing Type: Broker Direct Response


BMO Life Assurance Company of Canada
60 Yonge Street
Toronto, Ontario
M5E 1H5

Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance)

Web Address:

*Information courtesy of AM Best Key Ratings Guide 2013.

BMO Financial Group is a Canadian-based North American bank, established in 1817 as Bank of Montreal. The group provides a broad range of retail banking, wealth management and investment banking products and solutions to more than 7 million clients across Canada.

* Rating courtesy of

*Info courtesy of BMO Financial Group Annual Report 2011 Personal & Commercial Banking Segment and

The company recently completed an acquisition of AIG Life Insurance Company of Canada (AIG Life of Canada). From the 1st of April, 2009, the former AIG Life of Canada became BMO Life Assurance Company and adopted the BMO Insurance brand for all of its marketing, broker and customer communications. It is now operating within BMO’s wealth management division, the Private Client Group. It should be noted that BMO Life Insurance which existed prior to the AIG acquisition still exists under a seperate distribution arm.

News about BMO Life Assurance Company

LSM Insurance is an independent Life Insurance Brokerage and is Not Directly Affiliated to BMO Life Assurance Company (formerly AIG Life Insurance).

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BMO Life Assurance Company Policies


1. They have a very well-priced term insurance line, that’s including term 10, term 20, and term 30 policies.
2. The universal life plans offer over 400 different investment options.


1. They do not offer disability insurance.
2. They do not offer participating whole life policies.

1 year stock chart for Bank of Montreal

The above stock charts are for the parent company, Bank of Montreal of which BMO Financial Group is a subsidiary. These stock charts are for informational use only and are meant to reflect the current financial well-being of the parent company.


  1. claudette 05/07/2009 at 6:59 am

    I just noticed that BMO took over Aig Insurance in January could u let me know why i was not notified about it and does it change anything for our life insurance and when will i get the papers from the bank because i guest now my papers from AIG are worth nothing. Please let me know as soon as u can. Thank you

  2. LSM Insurance 05/07/2009 at 8:32 am

    Hi Claudette,

    Thanks for the note. I am not sure why you were not notified. We have been in touch with all of our BMO (formerly AIG) clients to let them of the change. The policies provisions remain unchanged.

    You will not receive a new policy so hold onto your old documents. The contract remains intact just the company administering the policy has changed.

    I hope this helps clarify things. Regards … Lorne

  3. LSM Insurance 05/07/2009 at 3:48 pm

    It should also be the noted the BMO deal was actually completed on April 1, 2009. BMO maintains two separate companies 1) BMO Life Insurance and 2) BMO Life Assurance Company (formerly AIG Life of Canada)

    Regards … Lorne

  4. Alison 05/19/2009 at 7:40 pm

    If I get life/mortgage insurance from BMO am I buying from a bank or from an insurance company. I want my insurance underwritten as soon as I sign up for it, not when I want to claim it. Is BMO the way to go?

  5. LSM Insurance 05/19/2009 at 8:23 pm

    Hi Alison,

    Thanks for the note – it’s a great question. BMO offers creditor insurance where the bulk of the underwriting is done at the time of claim. These plans also have a declining death benefit

    They also offer individual insurance sold through their broker network. With this type of plan the underwriting is done at the time of application.

    Best Regards … Lorne

  6. loreta alonzi 05/27/2009 at 1:18 am

    i just got your notice in the mail informing me of the change…. since we live in italy and i pay by ank draft .. what do i do now…. who do i send it to now…. i tried to call the 800 number but it doesnt work from europe so i dont even know who i can contact with my questions…. thanx loreta

  7. LSM Insurance 05/27/2009 at 5:39 am

    Hi Loreta,

    Thanks for the note. You would have to call BMO directly or you broker of record to verify the best way to proceed.

    The premiums on Canadian life policies generally have to be paid in Canadian dollars.

    Regards … Lorne

  8. Gladys Noble 06/25/2009 at 7:19 am

    Why was this insurance taken over by BMO?

  9. LSM Insurance 06/25/2009 at 9:28 am

    Hi Gladys,

    Thanks for the note. I can not speak for BMO but I’m assuming they found value in the AIG Life of Canada’s book of business.

    From a consumer perspective it’s a win win. There original policy provisions remain intact and there policy is now administered by one of Canada’s premier financial service providers.

  10. Elizabeth 07/19/2009 at 10:34 am

    I am an AIG Insurance policy holder and I have received a letter from BMO on the acquisition. I need to update my residential address which has changed. Can I do it online or do I have to call my financial advisor? Thank you.



  11. LSM Insurance 07/19/2009 at 1:42 pm

    Hi Elizabeth,

    Thanks for the email. Yes you can contact BMO directly at Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance) or your broker of record.

    Regards … Lorne

  12. Nat 07/22/2009 at 12:45 am

    Hi there, i was not aware of the change. How do i update my address information with the new company?

  13. LSM Insurance 07/22/2009 at 8:38 am

    Hi Nat,

    You would have to contact BMO directly at Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance) or your broker of record.

  14. Gus 09/08/2009 at 2:24 pm

    I don’t recall to have received a notification for the transfer from AIG to BMO. Although your website indicates that there is no change in the policy, I would appreciate to receive a written confirmation thereof and my new contact, etc.
    Is it possible to have the premium paid automatically from my Visa account?

  15. LSM Insurance 09/08/2009 at 5:22 pm

    Thanks for the note. You should be able to get a comfort letter from BMO or your broker of record

    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)

    Web Address:
    Email Address: [email protected](English), [email protected] (French)

  16. rowena 09/21/2009 at 6:08 pm

    i was not aware of changed until i read my bank statement that bmo deducting the monthly payment from my come i was not informed about it?

  17. LSM Insurance 09/21/2009 at 6:16 pm

    Hi Rowena,

    We informed all our BMO (Formely AIG clients about the change) Your policy features and guarantees remain intact but I agree your broker should of informed you about the change. Regards … Lorne

  18. Brian 10/10/2009 at 5:10 pm

    Can I have a notice on my life insurance for my policy originally purchased from Norwich union that was taken over by AIG. my file number or policy number is 8225547. I would like to have up-to-date paperwork.
    thank you


  19. LSM Insurance 10/12/2009 at 12:05 pm

    Hi Brian,

    Thanks for the note. You would have to contact your broker or BMO directly:

    Phone: 1-800-387-4483 (BMO Life Assurance Company) 1-866-360-9765 (BMO Life Insurance)

    Email Address: [email protected]

  20. Florence 11/14/2009 at 1:18 am

    My mother I believe had a life insurance policy but not positive which it was. I was told Norwich was the name . But on the other hand she also dealt with the bank of Montreal some time ago so it could be BMO life assurance co.

    How can I find out if her policy is with them?

  21. LSM Insurance 11/14/2009 at 1:35 pm

    Hi Florence,

    You could call BMO directly at 1-800-387-4483 (BMO Life Assurance Company) or 1-866-360-9765 (BMO Life Insurance).

    Regards … Lorne

  22. BMO Insurance has Competitive Term 20 Rates : 06/20/2013 at 2:36 pm

    […] BMO Insurance offers competitive rates for its Term 20 life insurance plans. […]

  23. Jessica 06/28/2013 at 3:12 am

    How much is for me for $300,000 Term 100, I hd a heart attack 12 years mid 50’s

  24. LSM Insurance 06/28/2013 at 1:37 pm

    Hi Jessica,

    The premiums will depend on your date of birth and smoking status as well as the extent of the heart attack and other medical conditions.

  25. Howard 07/11/2013 at 1:07 pm

    How much for $300,000 of BMO Term 30 – I’m 60 years old.

  26. LSM Insurance 07/11/2013 at 1:47 pm

    Howard, unfortunately you are above the age limit for BMO’s Term 30 but you could qualify for their Term 100 plan. We will send you a separate email now. Thanks

  27. Temal Sukhu 07/22/2013 at 11:58 am

    Now Since BMO has taken over AIG other than basic changes are there any changes so far as to the policies and rates of the clients under AIG? Will this affect previous policies in any way?.

  28. LSM Insurance 07/22/2013 at 12:06 pm

    Thanks for the Temal. Your policy would maintain the same rates and provisions.

  29. Radar 08/29/2013 at 8:22 pm

    How did this acquisition benefit customers? Did it? Will rates become more expensive in the future because of it as its one company now …

  30. LSM Insurance 08/30/2013 at 8:28 am

    The acquisition had little change to existing policyholders as the rights and provisions of the existing policies remained the same.

  31. Lloyd 10/12/2013 at 11:52 pm

    Can I get a quote on $300,000 of term 30 life insurance I’m 52

  32. LSM Insurance 10/13/2013 at 11:53 am

    We are happy to help with a BMO Insurance Term 30 Life Insurance quote. The premiums depend on your age nearest age and your smoking status.

  33. Juan Y 11/13/2013 at 7:57 pm

    How much is a $300,000 Term 30 for a 57 year old.

  34. LSM Insurance 11/14/2013 at 9:17 am

    Hi Juan, Thanks for the note. This would depend on your actual birth date. BMO and most insurance companies use age nearest pricing meaning the age you are closest to determines your premiums. You health and smoking status also influence the price.

  35. Rose 01/04/2014 at 8:42 am

    How Can get more details on my Guaranteed Life Plus Plan I want to cancel it.

  36. LSM Insurance 01/04/2014 at 8:47 am

    You would have to call BMO directly at 1-800-387-9855. This policy is sold direct by BMO and not available via their broker network.

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