Get BMO Life Insurance Quote and compare to other companies

Address
BMO Life Assurance Company 60 Yonge Street Toronto, Ontario M5E 1H5
Phone Numbers
BMO Life Assurance Company 60 Yonge Street Toronto, Ontario M5E 1H5
Ranking
A (Excellent)
Financials (CAD Millions)
Revenue, 2018: $1,879 million Net Earnings, 2017: n/a
Life Insurance products
Life insurance Accident Insurance Critical Illness Insurance Hospital Insurance Travel Insurance
President & CEO
Peter C McCarthy

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Examples of  BMO Life Insurance Quotes

Here are a few examples of Canada Protection Plan Life Insurance quotes (as of December 2018). Please consider that these are approximate rates.

Term 10,
Coverage $100,000
Male, non-smoker
$ per month
Female, non-smoker
$ per month
30 years old$11.79$9.54
35 years old$12.06$10.35
40 years old$12.87$11.79
45 years old$17.19$14.22
50 years old$22.14$17.28
55 years old$32.58$25.65
60 years old$52.20$39.42
65 years old$85.59$61.83
Term 20,
Coverage $100,000
Male, non-smoker
$ per month
Female, non-smoker
$ per month
30 years old$14.04$12.33
35 years old$15.66$13.32
40 years old$20.70$16.20
45 years old$29.52$22.41
50 years old$45.18$34.38
55 years old$76.95$54.72
60 years old$131.31$90.81
65 years old$232.65$159.21

BMO Life Insurance: Overview

The company acquired AIG Life Insurance Company of Canada (AIG Life of Canada) 2009 and became BMO Life Assurance Company. It 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 separate distribution arm.

Strengths / PlussesWeaknesses / Minuses
  • Very well-priced term insurance line, that’s including term 10, term 20, and term 30 policies
  • Do not offer disability insurance
  • Do not offer participating whole life policies.

Please note that the Canada Protection Plan is underwritten by Foresters Insurance.

BMO Life Insurance: Products

In general, BMO Life insurance products are not extremely sophisticated – they include Term Life and Permanent Life including a Term 100 product and No Medical Life insurance product.
Their flagship direct life insurance plan is BMO Guaranteed Life Plus (No Medical Life Insurance). This plan is a guaranteed-issue policy, which provides coverage with no health questions and no medical tests. However, the policy still has a death benefit, which is limited in the first two years, unless the death is accidental, to a return-of-premium.
BMO Insurance also offers a range of life insurance products via its broker network.

 
LSM Insurance is an Independent Life Brokerage celebrating 25 years in Canada. We are contracted with BMO Life Insurance and over 15 leading life insurance companies in Canada, helping make sure you get the best plan at the best price.

Interested to see how BMO Life Assurance Company rates compare with others?

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  • Howard
    July 11, 2013 at 1:07 pm

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

    • LSM Insurance
      July 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

  • Jessica
    June 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

    • LSM Insurance
      June 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.

  • BMO Insurance has Competitive Term 20 Rates : TrafficInsurance.net
    June 20, 2013 at 2:36 pm

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

  • LSM Insurance
    November 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

  • Florence
    November 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?

  • LSM Insurance
    October 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]

  • Brian
    October 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

    Brian

  • LSM Insurance
    September 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

  • rowena
    September 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 account.how come i was not informed about it?

  • LSM Insurance
    September 8, 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: http://www.bmolife.com
    Email Address: [email protected](English), [email protected] (French)

  • Gus
    September 8, 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?
    Gus

  • LSM Insurance
    July 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.

  • Nat
    July 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?

  • LSM Insurance
    July 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

  • Elizabeth
    July 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.

    Regards,

    Elizabeth

  • LSM Insurance
    June 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.

  • Gladys Noble
    June 25, 2009 at 7:19 am

    Why was this insurance taken over by BMO?

  • LSM Insurance
    May 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

  • loreta alonzi
    May 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

  • LSM Insurance
    May 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

  • Alison
    May 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?

  • LSM Insurance
    May 7, 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

  • LSM Insurance
    May 7, 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

  • claudette
    May 7, 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