What is life insurance?
As life changes, insurance needs can change too. If you’ve recently bought a home, landed a new job, had children, got married, or went through any other life-changing event, you may want protection. Life insurance can help provide you with comprehensive coverage to ensure your family’s financial future is protected.
Benefits of life insurance
We can't control everything that happens to us in life, but life insurance can help us prepare for the unexpected. Browse key benefits of life insurance to help you consider your options:
Plan with the end in mind
Replace your income to maintain your family’s standard of living.
Support the next generation
Help secure your dependent’s future by covering education and other needs.
Shelter your loved ones
Cover your home expenses and debts.
Manage your estate and tax strategy
Pay for final expenses, funeral costs, and leave a legacy for your loved ones.
How does life insurance work?
We offer different types of life insurance and can help you find the solution that’s right for you. Choose between term life insurance and permanent life insurance - both customized coverage options ready to meet your needs.
Provides you with coverage for a set number of years.- Often is one of the most cost-effective options.
- Your premiums are initially lower as you are only covered for the term you choose.
- Right for you: if you are just starting out, are expanding your family or if you just took on a lot of debt like a mortgage.
- Provides you with coverage for life.
- Your premiums will be level for entire duration of the policy.
- Good solution if you simply want the confidence that you will always be covered.
- Right for you: if you’re looking for investment opportunities and the potential for growth.
How to apply for life insurance
Follow our simple application process to secure life insurance.
Consult
Contact your insurance advisor to review goals and set your plan.
Get a quote
Speak to your insurance advisor about coverage that’s right for you.
Apply footnote 1
Complete your application with your advisor to obtain coverage.
Frequently asked questions about life insurance
The cost of a life insurance plan depends on several factors such as age, health, and the type of policy. The BMO Insurance Life Insurance Calculator can offer insight into how much insurance you may need. Your insurance advisor can help you tailor a life insurance plan to meet your needs and fit your budget.
Term life insurance offers coverage for a set period (the term), with premiums remaining the same for that term.
Whole life insurance plans offer permanent protection for life. It can be ideal for individuals who want guaranteed level premiums, a guaranteed death benefit and a guaranteed cash value that increases over time.
If you outlive the end of a term policy, coverage may be renewed by paying a different premium. Coverage expires at age 85.
Permanent insurance is for life, so the value of the policy will be paid when a claim is made upon your death.
You may have options to turn your policy into cash. Consult with your insurance advisors to determine the BMO Insurance product that fits this need.
Insights and tools
Life Insurance Calculator
How much life insurance do you need? Tell us a bit about yourself and we’ll calculate the amount of life insurance you need to help protect your family.
Estate planning with life insurance: how the right policy can help
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Who should own your life insurance?
You’ve decided you need life insurance. Now it gets more technical: who should own the policy? Here are five factors to keep in mind.
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