BMO Insurance’s Guaranteed Life An In Depth Analysis

Posted on November 17, 2009 and updated June 10, 2020 in BMO Life Insurance, Canadian Life Insurance Companies, Life Insurance Canada News 3 min read

BMO Insurance’s Guaranteed Life Plus is only available through BMO’s call centre and not through its broker network. It is a Guaranteed Issue policy so there are no medical tests or health questions. On the surface this looks attractive but this convenience comes with many underlying issues.

The plan features the following:

  • Coverage for the insured aged 40 to 75

  • Coverage is available in five premium options: $20/month, $30/month, $75/month, $100/month and $120/month.

  • Cash values accumulate in the plan from year three

  • Non-smokers and smokers pay the same rate. (This has been recently changed and now non smokers pay a lower premium)

  • There is a two year waiting period on the basic death benefit

  • The death benefit by non-accidental death is limited in the first two years to a return of premium without interest.


  • There are no health questions

  • Smokers pay the same rate as non-smokers, so if you smoke, you get a good deal. (This has been recently changed and now non smokers pay a lower premium)

  • The plan pay out 5 times the initial face amount if the insured dies by accident prior to age 85.  The accidental death coverage also starts from day one.


  • Premiums are very high when compared with coverage from other carriers.

  • There’s a two year waiting period on the death benefit with no interest.

The following is pricing on BMO’s Guaranteed Life Plus Plan for a 60-year-old female non smoker:

$20/month is $4,450 of basic coverage

$30/month is $6,300 of basic coverage

$75/month is $18,550 of coverage

$60/month is $25,200 of coverage

$75/month is $29,800 of coverage

As stated above plans pays five times the face amount in the event of accidental death prior to 85. Below is a comparison with BMO’s primary competitors in the non-medical life insurance market, Assumption Life and Canada Protection Plan.

The same 60-year-old female non-smoker would pay $51.45/month with Assumption Life and $50.63 with Canada Protection Plan for $15,000 of basic coverage. The Canada Protection Plan plan does not pay out extra for death by accident and the Assumption pays out double for death by accident.  These plans do have a limited number of health questions, but they pay out the death benefit from day one.

You can get more details by visiting our Non-Medical Life Insurance Instant Quote Page or contact us at 1-866-899-4849.

LSM Insurance
LSM Insurance

Hi Ralph,

Thanks for the note. There is a 2 year wait on death benefit of BMO’s Guarateed Life Plus death benefit unless the death is by accident.

Ralph Lawrence
Ralph Lawrence

So do you have to wait two years after death before you get the money?? please write me back and let me know thank you
Ralph lawrence