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HomePersonal BankingWealth ManagementSmall BusinessCommercialCorporate & InstitutionalAbout BMO

Protection for your BMO MasterCard

BMO MasterCard Balance Insurance is there to help - providing affordable protection. Under this insurance plan, when BMO MasterCard Balance Insurance makes your BMO MasterCard payments, your debt is being managed and your credit rating is preserved. Your spousal cardholder is covered as well, at no extra cost.

Call us now at 1-800-263-2263 to enrol. No medical underwriting is required.

Benefits

BMO MasterCard Balance Insurance will pay your entire BMO MasterCard balance (up to a maximum of $15,000) for specific insurance events including:

  • Critical Illness: If you are diagnosed with cancer, have a heart attack, coronary artery bypass surgery, or a stroke;
  • Accidental Dismemberment: if you lose your sight or limb;
  • Life Insurance: if you pass away.

BMO MasterCard Balance Insurance benefit will cover your minimum monthly payments on your BMO MasterCard (up to a maximum of $15,000) in the event of:

  • Job Loss: you lose your job through no fault of your own;
  • Disability: you become totally disabled.

Eligibility

You must be between the ages of 18 and 65, a resident of Canada and have entered into a BMO MasterCard Cardholder Agreement.

Insurer


The Manufacturers Life Insurance Company (Manulife) is the Insurer of this policy for all benefits except Job Loss, which is offered by First North American Insurance Company.

Manulife will send you a Welcome Letter and Certificate of Insurance following enrolment. If you live in Quebec, you will also receive a Distribution Guide. These documents describe in detail all of the benefits of this insurance plan, as well as any limitations and exclusions that may impact the amount of benefit you may receive at time of claim. Please make sure to read these documents carefully and keep them in a safe place.

Cost

The monthly premium for BMO MasterCard Balance Insurance is 94 cents (plus applicable taxes) for each $100 of outstanding statement balance, calculated each month and added to your statement balance the following month. Benefits reduce at the age of 65.

Learn more about BMO MasterCard

All benefits described herein are subject to EXCLUSIONS AND LIMITATIONS. Some benefits reduce at the age of 65. Please refer to your Certificate of Insurance for details of your coverage.
Questions? Ready to Apply?
  • Call 1-800-263-2263