BMO Affordable Term Life Solutions

BMO cropped

BMO Life Assurance Company has recently tweaked its pricing on its term insurance line-up as it moved to conquer more of the Canadian life insurance market.

On April 1st, the former AIG of Canada became BMO Life Assurance. Its first distribution arm, BMO Life Insurance, which existed prior to the acquisition of AIG, is still their direct life insurance arm.

Despite what you may think, buying direct doesn’t give you the lowest prices. In almost all instances, the plans offered by BMO’s Life Assurance Broker Network are lower, and better yet, the brokers there are independent, free to go after the best price if BMO’s company rates are out of line.

BMO Life Assurance is one of the only life insurance companies in Canada to offer Term 10, Term 20 and Term 30 life insurance products. These term plans are guaranteed renewable without a medical and guaranteed convertible to a full line-up of permanent plans:

  • They offer multi-life discounts for two spouses with plans available on a joint-life basis.

  • They offer a whole host of value-added riders, including a critical illness rider with base amounts as small as $25,000.

  • Their critical illness rider also includes membership to Best Doctors, a resource featuring the best medical advice from around the world on the various critical illnesses you may be diagnosed with.

  • The cost of an individual Best Doctors membership is $18.75/month, [as of April 21, 2009] so to have that built-in to the rider is a significant perk.

The following pricing chart shows examples of term 10, term 20 and term 30 plans with $250,000 of coverage for a 45-year-old, male non-smoker at a standard rate:

$250,000 of Term 10 coverage @ $31.05/month

$250,000 of Term 20 coverage @ $57.38/month

$250,000 of Term 30 coverage @ $104.85/month

You can also get a free no-hassle quote by visiting our Term Life Instant Quote Page.

If you have any other questions please don’t hesitate to contact us at 1.866.899.4849.

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  • LSM Insurance
    September 27, 2011 at 9:02 am

    Hi Deepak,

    If you do qualify for a traditional life insurance policy it will likely be heavily rated i.e. a surplus premium would be charged for past health history.

    You may qualify for a simplified issue i.e. no medical tests and 3 to 12 health questions.

    In a worst case scenario you can apply for a Guaranteed Issue policy No Medical Tests and No Health Questions.

    Guaranteed Issue policies have a 2 year waiting period on no accidental deaths and the maximum face amounts are usually very limited.

    Regards, LSM

  • Deepak
    September 26, 2011 at 8:46 pm

    I have a preexisting heart condition and type2 diabetes what kind of insurance can I get

  • Tom Jackson
    September 17, 2010 at 3:13 pm

    I am looking to purchase some extra life insurance I do have a medical condition that is not life threatening this is to help my wife and ease her mind.

  • LSM Insurance
    January 4, 2010 at 5:23 pm

    Thanks for the note Debra. We are happy to help out. I will send you a seprate email now. Regards … Lorne

  • debra
    January 4, 2010 at 4:41 pm

    I am interested in life insurance.I and my husband have no exisisting medical problems and are 40 and 41 years old .We have an autistic 3 year old son who I stay at home to care for.I worry that If something where to happen to my husband we would be out on the street with no income .What could you do for us? Debra Furo

  • LSM Insurance
    December 3, 2009 at 5:40 pm

    Hi Peter,

    Thanks for the note. We offer non medical plans where there are no health questions and others with health questions. I will send you a separate email now. Regards … Lorne

  • Peter I. Katzenstein
    December 3, 2009 at 5:09 pm

    I am interested in a $50,000 term life insurance. No medical. I have an exisiting medical problem. I am 69 years old. Could you give me a quote?