BMO Term Insurance: Should I Buy Direct, or Through an Independent Broker?

Posted on April 1, 2010 and updated November 16, 2010 in BMO Life Insurance, Canadian Life Insurance Companies, Insurance Types, Life Insurance Canada News, Term Insurance 2 min read

BMO Insurance offers a variety of competitively priced term insurance policies sold through two distribution channels:

1)Direct; applications are completed online or by phone.

2)Independent Insurance Brokers; applications are completed by brokers.

 

The following is a comparison of buying a BMO term policy Direct or through Independent broker:

  • Face amounts: Direct $25,000 to 5,000,000. Independent Brokers, $100,000 to 10,000,000.

  • Issue ages: Direct, 18 to 64. Independent brokers, 18 to 75.

  • Plans available: Direct, 10 years to a maximum term of age 85. Independent Brokers, 10, 20 and 30-year terms or Term 100.

  • Premium payment method: Direct, monthly. Independent brokers, monthly, semi-annually, or annually.

  • Can coverage be renewed beyond the initial term? Direct, no. Independent Broker, yes.

  • Are joint life policies available? Direct, no.  Independent Broker, yes.


Additionally, the independent broker channel can compare policies with other carriers to ensure you get the best possible value. BMO Direct Insurance advisors only offer BMO products.

The following is a price comparison between BMO Direct and the plan sold through Independent Brokers:

For a 40-year old male, non-smoker with $500,000 of coverage.

Term 10
BMO Direct is $57.31/month.
BMO Independent Brokers: $37.35/month.

Term 20
BMO Direct, $79.39/month
BMO Independent Broker, $63.90 a month.

Term 30
BMO Direct: $107.35/month
BMO Independent Broker: $119.70/month.

BMO’s term plans sold through independent brokers also offer also offer preferred rates to individuals, who earn very good health and have very good family health history. In the case of a $500,00 Term 30 for a 40-year-old, non-smoker receiving preferred rates the monthly premium reduces to $93.15 a month.

For more details, please contact us at 1-866-899-4849, or visit our Instant Quote

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LSM Insurance
LSM Insurance

Hi Brenda,

Sorry to hear about this.

Unfortunately you would have to contact BMO directly to cancel your policy. If the payments are coming out on a pre-authorized basis one option is to put a stop billing on the policy.

Happy New Year!

Brenda
Brenda

I am trying to cancel a policy through BMO Life Assurance Policy …. I have been on hold through the 800# provided for 90 minutes now…and thoroughly frustrated now and want nothing more to do with this policy…This is the Well Woman Insurance Policy ….. I do not want any monies removed from my account for this policy, and I find it poor customer service to have no other way to contact anyone regarding this!!!