Change Language | Region*
American flag

*Products and services featured on our websites are only available to residents of the selected country.

Set your homepage
    Set your homepage

HomePersonal BankingWealth ManagementSmall BusinessCommercialCorporate & InstitutionalAbout BMO

Protect your Line of Credit

Add insurance at the time you take out a Line of Credit or any time after your Line of Credit is in place.

Available on Homeowner ReadiLine, Personal Lines of Credit, Homeowner's Line of Credit, Student Line of Credit, Semi Revolving Instalment Loan and select Small Business Financing options.

Life Insurance for your Line of Credit

  • Pays your loan balance in the event of your death.
  • Insures up to:
    • $300,000 for Homeowner Readiline (revolving arrangement)
    • $600,000 for Homeowner Readiline (instalment arrangement)
    • $150,000 for all other instalment and revolving arrangements
Age Yrs
Life
Monthly rate per $1,000 average Loan balance
Single Joint
(2 insured)
Under 40 $0.27 $0.41
40 – 44 0.40 0.60
45 – 49 0.48 0.72
50 – 54 0.65 0.98
55 – 59 0.95 1.43
60 – 64 1.35 2.03
65 – 69 2.35 3.53
70 – 74 4.25 6.38
75 + 6.25 9.38

Any provincial sales tax on insurance coverage premiums will be added

  • Maximum of 2 borrowers are eligible
  • Single and Joint coverage available
  • Must be a Canadian resident between 18 and 64 years of age at the time of application
  • Guaranteed acceptance for limits up to $50,000 - no medical questionnaire to complete
  • Pre-existing health conditions not covered in the first 12 months
  • 30 Day Money Back Guarantee
  • Sample Certificate for Line of Credit Insurance (PDF - 52Kb)

Disability Insurance for your Line of Credit

    Ensures your monthly payments will continue to be made if you can't work due to injury and/or illness.
  • Insures up to:
    • $3,000 per month for Homeowner ReadiLine (instalment arrangement)
    • $1,500 for all other instalment and revolving arrangements
Age
Yrs
Disability Insurance
Revolving
Monthly rates are per $1,000 of average Loan balance.
Instalment
Rates are per $100 of Loan Payment
Single Joint
(2 insured)
Single Joint
(2 insured)
18 – 69 $0.50 $0.90 $2.50 $4.50

Any provincial sales tax on insurance coverage premiums will be added

  • Maximum of 2 borrowers are eligible
  • Single and Joint coverage available
  • Guaranteed acceptance for limits up to $50,000 - no medical questionnaire to complete
  • Pre-existing health conditions not covered in the first 12 months
  • Must be a Canadian resident between 18 & 64 years of age at the time of application
  • Must be working at least 25 hrs per week
  • Coverage continues till age 70
  • Premiums are calculated monthly based on your average outstanding balance and your age. For instalment agreements, premiums are included in blended payments
  • 30 Day Money Back Guarantee
  • Sample Certificate for Line of Credit Insurance (PDF - 52Kb)

Disability Plus Job Loss Insurance for your Line of Credit

  • Ensures your monthly payments will continue to be made if you can't work due to injury, illness or because of involuntary job loss.
  • Insures up to:
    • $3,000 per month for Homeowner ReadiLine (instalment arrangement)
    • $1,500 for all other instalment and revolving arrangements
Age
Yrs
Disability Plus Job Loss Insurance*
Revolving
Monthly rates are per $1,000 of average Loan balance.
Instalment
Rates are per $100 of Loan Payment
Single Joint
(2 insured)
Single Joint
(2 insured)
Under 40 $0.80 $1.40 $4.00 $7.00
40 - 44 $0.80 $1.40 $4.00 $7.00
45 - 49 $0.80 $1.40 $4.00 $7.00
50 - 54 $0.80 $1.40 $4.00 $7.00
55 - 59 $0.50* $0.90* $2.50* $4.50*
60 - 64 $0.50* $0.90* $2.50* $4.50*
65 - 69 $0.50* $0.90* $2.50* $4.50*
70 - 74 N/A N/A N/A N/A
75+ N/A N/A N/A N/A

Any provincial sales tax on insurance coverage premiums will be added
*Job Loss coverage ends at age 55.

  • Maximum of 2 borrowers are eligible
  • Single and Joint coverage available
  • Guaranteed acceptance for limits up to $50,000 - no medical questionnaire to complete
  • Pre-existing health conditions not covered in the first 12 months
  • Must be a Canadian resident between 18 & 54 years of age at the time of application
  • Continuously employed for 6 months with the same employer and eligible for EI benefits
  • Not self-employed or working for a business in which you have controlling interest
  • Not be aware of pending unemployment
  • Coverage available till age 55
  • Premiums are calculated monthly based on your average outstanding balance and your age. For instalment agreements, premiums are included in blended payments
  • 30 Day Money Back Guarantee
  • Sample Certificate for Line of Credit Insurance (PDF - 52Kb)
Life, Disability and Disability Plus Job Loss Insurance for Lines of Credit are underwritten by Sun Life Assurance Company of Canada. For limitations and exclusions please refer to the Certificate of Creditor Insurance (KB - PDF).