BMO life insurance: what BMO sells, and where to buy it
BMO Insurance is the insurance arm of Bank of Montreal. Its individual policies are sold through independent advisors, not just at the branch. Here is what it offers and how it compares.
The short answer
BMO Insurance is the brand of BMO Life Assurance Company, part of BMO Financial Group (Bank of Montreal, founded in 1817). Its individual life insurance grew after BMO bought AIG's Canadian life business in 2009. It sells term life (10, 15, 20, 25 and 30 years), BMO Insurance Whole Life with Estate Protector and Wealth Accelerator options, Term 100, universal life, Living Benefit critical illness, annuities and Guaranteed Investment Funds. Individual policies are sold mainly through independent advisors, so you can buy BMO without going to a branch, at the same premium.
BMO Insurance at a glance
BMO Life Assurance Company is a separate business unit of BMO Financial Group. Mortgage and loan insurance offered at a branch is a different, group creditor product; the individual policies on this page are owned by you.
BMO Insurance insurance and investment products
What each product does and who it suits. Names and features as published by BMO Insurance, reviewed October 2026.
| Type | Product | What it does | Good for |
|---|---|---|---|
| Term life | Term 10, 15, 20, 25, 30 | Level premiums for the term. Term 10, 15 and 20 renew to age 85; Term 25 and 30 don't renew. Convertible to permanent coverage. Riders: Living Benefit CI, waiver of premium, accidental death, children's term. | Mortgages, young families, income replacement |
| Whole life (non-par) | BMO Insurance Whole Life: Estate Protector | Guaranteed premiums for 10 years, 20 years or to age 100. An annual Performance Bonus, which can't be negative, buys paid-up additions. Strong long-term cash values. | Estate planning, leaving a tax-free amount |
| Whole life (non-par) | BMO Insurance Whole Life: Wealth Accelerator | Same plan with higher cash values in the early years for more liquidity. Issue ages 0 to 80; from $50,000 coverage. | Business owners, people who may need the cash value |
| Permanent, no cash value | Term 100 | Guaranteed level premiums to age 100 for lifelong coverage, without cash value. Issue ages 0 to 80. | Lowest-cost lifelong coverage |
| Universal life | BMO universal life | Flexible premiums with guaranteed interest accounts and market-indexed accounts inside a tax-sheltered policy. | Tax-sheltered growth after RRSP and TFSA room |
| Critical illness | Living Benefit 10, 20, 75 and 100 | 25 covered conditions plus 7 early-discovery conditions that pay 15% of the benefit, up to $50,000. Standalone or as a rider; LB 10 and 20 convert to LB 75 or 100 up to age 60. | Income protection if cancer, heart attack or stroke strikes |
| Retirement income | BMO Insurance annuities | Term certain, single life and joint life annuities, registered or non-registered, with optional guaranteed periods. | Guaranteed retirement income |
| Investments | BMO Guaranteed Investment Funds (GIFs) | Segregated funds with deposit guarantees at a maturity date you choose and at death. | Market growth with downside protection |
Availability, ages and amounts depend on the product, province and underwriting. The contract and illustration govern.
Which BMO Insurance product fits you?
Pick your main goal, age and health. You'll see the BMO Insurance products to ask about, and when another insurer may be the better fit.
A planning aid, not advice or underwriting. Pankaj compares BMO Insurance with the other insurers he represents before recommending.
Where BMO Insurance stands out
- Term conversion options into whole life, Term 100 or universal life without new medical evidence.
- Whole life Performance Bonus can't go negative and buys extra paid-up coverage each year.
- Living Benefit CI pays early-discovery benefits for 7 less severe conditions.
- Backed by one of Canada's largest banks.
What to watch
- No no-medical or simplified-issue individual life plans.
- Term 25 and Term 30 can't be renewed when the term ends.
- Branch mortgage insurance is a different product; don't confuse the two.
- Performance Bonus amounts above zero are not guaranteed.
How to buy BMO Insurance through Pankaj
The premium is the same as buying direct; you also get an advisor who compares other insurers.
1. Talk about needs
Income, debts, family, goals and budget. Pankaj runs a needs analysis and compares BMO Insurance with other insurers.
2. Apply
Most applications are electronic, with e-signature. Some coverage needs a phone interview, paramedical exam or tests.
3. Policy and service
Pankaj delivers and explains the policy, then helps with changes, beneficiary updates, renewals and claims.
BMO Insurance: frequently asked questions
Should I buy BMO life insurance at the bank or through a broker?
For individual life insurance, an independent advisor can sell you the same BMO policy at the same premium and compare it with other insurers.
Branch staff mostly offer creditor insurance tied to your mortgage or loan. That coverage usually shrinks as the balance goes down, and the lender is paid first. An individual BMO term policy is owned by you, keeps the same amount and pays your chosen beneficiary.
Is BMO mortgage insurance the same as BMO term life?
No. Mortgage protection from a lender is group creditor insurance; BMO Term 10 to 30 is an individual policy you own.
Individual term often costs less for healthy people and is portable if you move your mortgage. Ask Pankaj to compare both.
Can BMO term life be renewed?
Term 10, 15 and 20 renew to age 85 without new medical evidence. Term 25 and Term 30 don't renew.
All BMO term plans can be converted to permanent coverage within the conversion period.
What is the difference between Estate Protector and Wealth Accelerator?
Both are BMO Insurance Whole Life. Estate Protector builds higher long-term values; Wealth Accelerator gives higher cash values in the early years.
Premiums can be paid for 10 years, 20 years or to age 100. A yearly Performance Bonus buys paid-up additions and can't be negative.
What does BMO Living Benefit critical illness cover?
25 critical conditions, including cancer, heart attack and stroke, plus 7 early-discovery conditions.
An early-discovery claim pays 15% of the benefit, up to $50,000, according to BMO's product summary.
Who owns BMO Insurance?
BMO Life Assurance Company is part of BMO Financial Group.
Its life business grew when BMO bought AIG's Canadian life insurance operations in 2009.
Can I buy BMO Insurance through Pankaj Bhatia?
Yes. Pankaj represents BMO Insurance and compares it with the other insurers he works with.
The premium is the same as buying through any other advisor.
Written by Pankaj Bhatia, CHS, PFA
Licensed insurance & financial advisor · Insure In Canada Inc. · Mississauga & Cambridge, Ontario
Pankaj is a licensed insurance and financial advisor (Insure In Canada Inc.) who represents BMO Insurance alongside other Canadian insurers. He has helped families with life, critical illness and investment planning for 11 years.
Call 647-640-2222 · WhatsApp · About Pankaj · Google reviews
Get a BMO Insurance quote or a second opinion
Send Pankaj your age, coverage amount and goal. He'll show you the BMO Insurance option and how it compares.
Sources and related pages
Other insurers Pankaj represents
- iA Financial Group
- Empire Life
- Foresters Financial
- Co-operators
- Wawanesa Life
- Equitable Life
- Assumption Life
Other insurer guides
Independent guide by Pankaj Bhatia, a licensed advisor; not published by BMO Insurance. Product names and features are summarized from BMO Insurance's published materials and independent reviews as of October 2026 and can change. The policy contract, illustration and fund facts govern. Segregated fund values fluctuate except for the applicable maturity and death benefit guarantees.