What is term life insurance?
Term life insurance is a simple form of life insurance to help you financially protect your family if your surviving family needed access to cash to help:
Cover expenses
Make the payments or pay the outstanding balance of your mortgage and cover daily expenses
Financially secure their future
Pay for final funeral costs and fund your children’s education costs
Replace your lost income
Continue to maintain your family’s standard of living
Fulfill your wishes
Leave money to your favourite charity
Understand what term life insurance offers
With coverage for a set number of years and as typically one of the most cost-effective options with premiums initially lower as you are only covered for the term you choose – term life insurance can be good if you are just starting out, are expanding your family or if you just took on a lot of debt like a mortgage. Browse our table below to learn more about our term life policy requirements and benefits to help you determine if term life insurance is right for you.
Term life insurance plan details
Coverage amount | From $100,000 to $30 million |
|---|---|
| Who can buy | Ages 18 to 78 |
Assessment of your health | A medical exam maybe required footnote 2 |
This product may be right for you if: |
|
How does term life insurance work?
Term life insurance provides coverage for a set number of years and then terminates. If you die during that period, the death benefit would be paid to the person or people you choose – the beneficiary. Premiums typically stay the same for the duration of the term. At the end of the term, coverage may be renewed by paying a new premium. Coverage expires at age 85.
Benefits of term life insurance
How our affordable term life coverage provides options to help meet your insurance needs.
Terms: 10, 15, 20, 25, and 30 Year Terms with options to renew - Coverage: $100,000 to $30 million, depending on the coverage you need: Critical Illness Riders, Living Benefit 10 and 20, Accidental Death Benefit, Children's Term Rider, Business Guaranteed Insurability Option, Waiver of Premium
- Flexibility: If your needs change, exchange terms or convert your term policy to permanent life insurance footnote 1
Complimentary loss support services for beneficiaries
As a BMO Insurance policyholder, footnote dagger your beneficiaries receive complimentary access to Empathy – a service that blends technology and human care to guide families through grief and estate-related tasks. Empathy offers: personalized care plans, grief support resources, custom funeral assistance and more.
How to apply for term life insurance
Follow these steps to get term life insurance protection.
Get a quote
Use the Term life get a quote tool and speak to an insurance advisor.
Choose
Select your policy term length and additional coverage benefits.
Apply footnote 2
Complete your application with your advisor to obtain coverage.
Frequently asked questions about term life insurance
Term insurance can be one of the most cost-effective life insurance options, but premiums vary depending on your age, the type of coverage purchased and the types of riders you want to add. With our Life Insurance Calculator, you can calculate the amount of life insurance you need to protect your family.
Term insurance can be good if you are just starting out, are expanding your family or if you just took on a lot of debt like a mortgage.
Permanent insurance can be a good solution if you simply want coverage for life, or you do not have life insurance but want final expenses to be covered. Browse our informative Understanding Term Life Insurance 343E brochure to learn more.
Term Life Insurance is a flexible option where you choose the amount and length of coverage. Permanent Life Insurance provides you with coverage for life.
Once your policy terminates, the policy ends and coverage ceases. If you die after coverage ends, your beneficiaries will not receive the death benefit outlined in the policy.
Our term plans include a conversion option, which allows you to change your term policy to permanent life insurance coverage. Depending on the type of permanent plan you choose, your policy may accumulate a cash value. Consult with your insurance advisor to explore your options.
Insights and tools
Estate planning with life insurance: how the right policy can help
Estate planning is an emotional task with major financial consequences – it can feel overwhelming at times. On the bright side, you have many helpful tools at your disposal.
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.
Life insurance claims with BMO Insurance: Here’s what you need to know
BMO Insurance has a strong track record of paying life insurance claims. Learn how the claims process works.
Contact us
There are various ways to get in touch. Choose your preferred method.
Call us
Please give us a call Monday – Friday from 9am to 6pm E S T.
Let us contact you
Have a licensed insurance advisor contact you.
Get a quote
Use the Term Life get a quote tool and speak to an insurance advisor.
Footnote 1 details You may exchange the full or partial amount of the Sum Insured of any eligible Term 10 plan to a Term 15, 20, 25 or 30 policy, subject to certain limits within the first 5 years after your policy has been in effect. Any time before the age of 71 you can convert your insurance policy to any eligible permanent policy with no medical exams or health questionnaires.
2 Subject to full underwriting requirements.
Footnote dagger details All new and existing term life, universal life, whole life, term 100 and critical illness policies with a ROPD rider, and segregated fund policies will include complimentary access to Empathy’s resources.
The Empathy services, mobile and online apps and beneficiary care program(s) described are offered by The Empathy Project Inc. Empathy’s bereavement services and platform are provided through an agreement with The Empathy Project, Inc., (doing business as Empathy). Empathy is not an affiliate of BMO Insurance, and the services Empathy provides are separate and apart from the insurance provided by BMO Insurance.
Information contained in this publication is general in nature and should not be construed as legal or tax advice. You are encouraged to seek the advice of other professionals such as legal and tax experts. Please consult the appropriate policy contract for details on the terms, conditions, benefits, guarantees, exclusions and limitations. The actual policy issued governs. Each policyholder’s financial circumstances are unique, and they must obtain and rely upon independent tax, accounting, legal and other advice concerning the structure of their insurance, as they deem appropriate for their particular circumstances. BMO Life Assurance Company does not provide any such advice to the policyholder or to the insurance advisor.
Issuer: BMO Life Assurance Company