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HomePersonal BankingWealth ManagementSmall BusinessCommercialCorporate & InstitutionalAbout BMO

BMO Mortgage Payment Protection

Payment Protection is designed to pay or reduce your regular mortgage payments in the event of disability or job loss.

BMO Mortgage Payment Protection’s Disability Insurance coverage will pay or reduce your mortgage payment should you become disabled. Taking care of your biggest liability will help you focus on your recovery.

Eligibility

You can apply for Disability Insurance when you first apply for a Mortgage or anytime after if you are:

  • the borrower or co-borrower on a Mortgage;
  • a Canadian resident between 18 and 65 years; and
  • actively working
Features & Benefits

Disability Insurance Benefits

You may elect to insure 50% or 100% (Percent of Payment Covered) of your mortgage payment up to $3000 per month which is the maximum insurable limit for Disability Insurance.

If you request to insure 100% of your mortgage payment, Sun Life will pay BMO 100% of your mortgage payment and any other monthly BMO Insurance premiums owing should you become disabled.

Disability benefits are paid for up to 24 months per disability.

There is a 30–day qualifying period during which time no benefits will be paid.

Underwriting

Approval is automatic if you meet the eligibility criteria when you apply and the amount of your mortgage multiplied by your selected Percent of Payment Covered (50% or 100%) is $50,000 or less.

If this amount of coverage is more than $50,000 you must answer two simple health status questions, and may, depending on your response be automatically approved for coverage without requiring medical underwriting.

Terms & Conditions

The complete terms and conditions, including exclusions and limitations of this coverage are outlined in the Certificate of Insurance that you will receive when you apply. You can review a sample of the Certificate for Insurance here.

Premiums

Your insurance premium, plus any applicable provincial sales tax is charged in arrears and collected with your mortgage payment.

Disability Insurance premium rates are based on your age when you apply and do not change.

Our Mortgage Protection Calculator can help you figure out the monthly premium applicable to you.

Claims

At BMO, we realize that making a claim can be a stressful process. Here are three simple steps that will make submitting a claim easier.

Other Info & Key Contacts

Cancellation

You can cancel your insurance at any time. If you cancel within the first thirty (30) days of being covered, any premiums you have paid will be refunded.

Contact Us

For more information please contact Sun Life at 1-877-271-8713 or visit your nearest BMO Bank of Montreal Branch.

BMO Mortgage Payment Protection’s Job Loss Insurance coverage will pay or reduce your mortgage payment should you become unemployed. Taking care of your biggest liability and safeguarding your credit rating will give you peace of mind while you job search.

Eligibility

You can apply for Job Loss Insurance when you first apply for a Mortgage or anytime after if you are:

  • the borrower or co-borrower on a Mortgage;
  • a Canadian resident between 18 and 55 years old
  • have applied for Disability Insurance; and
  • have been continuously employed for 6 months with the same employer and are eligible to receive Employment Insurance benefits.
Features & Benefits

Job Loss Insurance Benefits

You may elect to insure 50% or 100% of your mortgage payment up to $3000 per month which is the maximum insurable limit for Job Loss Insurance.

If you request to insure 100% of your mortgage payment, Sun Life will pay BMO 100% of your mortgage payment and any other monthly BMO Insurance premiums owing should you suffer a job loss.

Job loss benefits are paid for the same period you are receiving Employment Insurance Benefits up to a maximum of 6 months per Job Loss.

There is a 60–day qualifying period during which time no benefits will be paid.

Underwriting

There are no health status questions to answer for Job Loss. You are automatically approved if you meet the eligibility criteria.

Terms & Conditions

The complete terms and conditions, including exclusions and limitations of this coverage are outlined in the Certificate of Insurance that you will receive when you apply. You can review a sample of the Certificate for Insurance here.

Premiums

Your Insurance premium, plus any applicable provincial sales tax is charged in arrears and collected by the Bank with your mortgage payment.

Job Loss Insurance premium rates are based on your age when you apply and do not change.

Our Mortgage Protection Calculator can help you figure out a monthly premium.

Claims

At BMO, we understand that job loss can be an emotional and stressful experience. That is why we want to ensure that the claim process is as easy for you as possible.

The Mortgage Job Loss Claim Guide and FAQs will walk you through the claim submission process and to answer any initial questions you may have with respect to filing a claim.

Other Info & Key Contacts

Cancellation

You can cancel your Insurance at any time. If you cancel within the first thirty (30) days of being covered, any premiums you have paid will be refunded.

Contact Us

For more information please contact Sun Life at 1-877-271-8713 or visit your nearest BMO Bank of Montreal Branch.

Questions? Ready to Apply?