Our most competitive Term rates in years

For many Canadians, Term life insurance remains one of the most effective ways to secure meaningful protection at an affordable cost. Yet a troubling gap persists: Millions of Canadians either lack insurance altogether, or are underinsured.

As Canadians’ needs change—mortgages, growing families, debt repayment—advisors like you play a critical role in ensuring clients get the right coverage at the right time. That’s why we’re pleased to introduce a reprice across our entire term plan lineup, designed to help you deliver even more value to your clients.

“Making Term insurance more affordable is one of the most direct ways we can help close Canada’s protection gap,” says Daniel Walsh, Senior Vice-President and Head of Individual Insurance & Annuities, BMO Insurance. “When coverage becomes more accessible, more families can get the protection they truly need.”   

Effective February 23, 2026, BMO Insurance has lowered rates for Term life 10, 15, 20, 25 and 30 base plans, as well as term riders. These changes represent one of our most comprehensive updates in years, with decreases across all ages and coverage bands. On average, this amounts to a 5% overall premium reduction, helping you quote stronger, more compelling options in a market where pricing differences can determine whether a client moves forward now or later.

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Check the numbers: See how BMO Insurance Term stacks up

Term 10 non-smoker

Term 20 non-smoker

Term 30 non-smoker

To explore the new pricing and changes, read the transition rules and download Wave 58.0. You’ll find updated rates for all term plans and riders.  

Renewal rates that support long-term protection 

We’ve also introduced proportionately lower renewal rates, strengthening the long-term value of our Term solutions. As clients approach their renewal periods, pricing can be a critical factor in whether they maintain coverage, convert to permanent insurance or explore alternative options.  

This enhancement also supports you in preserving long-term relationships. Lower renewals reinforce your advice, ease the pressure during annual reviews, and create opportunities to discuss broader needs like conversion, layering coverage or adjusting protection as circumstances evolve. 

Added value with the new Empathy program 

Every BMO Insurance Term policy now includes Empathy loss support services at no additional cost. This service provides compassionate, practical support to beneficiaries during one of life’s most difficult moments. From managing administrative tasks to guiding families through complex decisions, Empathy helps reduce emotional and logistical burdens when support matters most. 

For you as an advisor, Empathy represents added value you can highlight in conversations, demonstrating that BMO Insurance offers not only competitive pricing but also meaningful support when it’s needed most. It strengthens your ability to recommend Term life as a holistic solution that extends beyond financial protection. 

The bottom line 

The Term life improvements are part of a broader effort at BMO Insurance to modernize how Canadians experience insurance protection. 

“Affordability is only part of closing Canada’s protection gap,” says Rohit Thomas, President and CEO, BMO Insurance. “We’re also modernizing how coverage gets placed — from simplifying underwriting with data and analytics to introducing digital tools like Rovr AI. By removing complexity for advisors and making insurance easier to understand and accessible for our clients, we’re building a more inclusive protection experience for Canadians.” 

Have questions? Reach out to your regional sales team. If you’re pressed for time and need help understanding specific details about the policy, try asking Rovr AI, our AI-powered digital assistant.  

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