BMO Critical Illness (CI) Review

BMO is one of the more well-known names on our lists, however, you always have to ask yourself if the name is what is best for you. When it comes to insurance big banks often have a large client base, but that doesn’t always mean they are competitive in the insurance space. So let’s take a look BMO Critical Illness Insurance:

Available Terms

BMO Insurance offers a wide variety of terms including term 10, term 20, and both to age 75 and age 100. This is a normal selection that allows a wide range of clients to find a policy that fits them. This mixed with the fact that you can apply up to $2.5 Million of coverage, makes for a fairly competitive option when comparing to other critical illness insurance companies in Canada out there.

Other Features

BMO also offers several other features including:

• 15-year limited pay options
• Partial payments for eligible conditions
• Return of premium on death
   

Survival Period

The survival period is the amount of time you need to wait before the critical illness benefit will be paid out. Like many companies on our list, BMO has a 30 day survival period.

Who is BMO best for?

BMO (as of March 2021) has a fairly strong offering. They have a wide variety of term lengths and coverage amounts as well as some extra features should they be important to you. What you should do before applying to BMO is look at your other options. Although BMO offers a wide range of options, it always comes down to price. When we look at the affordability of BMO policy there is normally another company that will offer the same term length and coverage amount that will be more affordable.

PROS

• Comprehensive 25 conditions covered (Which is very normal for CI policies)
• High coverage amounts (up to $2.5 Million in coverage)
• A wide number of term lengths
• Limited pay options

CONS

• No online portal for clients
• No coverage for children (if that is important to you)
• A little more expensive than other insurance companies

Final thought. With CI plans are always changing. Depending on when you read this, coverage amounts, term lengths, and conditions could have changed. Its always recommended to double-checking with your advisor before applying.