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HomePersonal BankingWealth ManagementSmall BusinessCommercialCorporate & InstitutionalAbout BMO

Protection for your BMO MasterCard

BMO Credit Card Balance Protection is there to help. Under this insurance plan, when BMO Credit Card Balance Protection makes your BMO MasterCard minimum 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 Credit Card Balance Protection will pay your entire BMO MasterCard balance (up to a maximum of $15,000) for specific insurance events including:

  • Life Insurance – if you pass away
  • Critical Illness – if you are diagnosed with cancer, have a heart attack, stroke or coronary artery bypass surgery
  • Hospitalization – if you are hospitalized for more than 30 consecutive days

BMO Credit Card Balance Protection will make monthly payments to BMO of $20 or 10% of your credit card balance, whichever is more in the event of:

  • Disability - you become totally disabled
  • Job Loss – you lose your job through no fault of your own
  • Hospitalization – 1 monthly payment - if you are hospitalized for more than 24 hours but not more than 30 consecutive days
  • Terminal Illness Care Giving Benefit - 6 monthly payments - in the event of a terminal illness of a dependent child or adult.

Eligibility

To enrol for coverage you must be the primary cardholder or a small business owner, be at least 18 years of age and under age 65, be a resident of Canada and have a valid BMO credit card.

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

Your premium is based on your Total Average Daily Balance for the billing cycle. Your total average daily balance is determined by adding up your credit card outstanding balances at the end of each day in the billing cycle, including any interest charges, and dividing it by the number of days in the billing cycle.

The premium rate is $0.94 for every $100 of your total average daily balance. At age 70, coverage is reduced to Life Insurance only. Accordingly, the premium rate will reduce to $0.40 for every $100 of your total average daily balance.

All benefits described herein are subject to EXCLUSIONS AND LIMITATIONS. Benefits are reduced to Life insurance only at the age of 70. Please refer to your Certificate of Insurance for details of your coverage.
Questions? Ready to Apply?
  • Call 1-800-263-2263