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 with mortgages, growing families and, debt repayment, advisors like you play a critical role in ensuring clients get the right coverage at the right time. Making coverage more affordable and creating a smoother path to coverage are important parts of that equation.

The lower term rates introduced in February remain among our most comprehensive updates in years, with decreases across all ages and coverage bands. On average, this amounts to around 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.

“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 experience for Canadians.”   

Check the numbers: See how BMO Insurance Term stacks up

 ^{Footnote star details *}Source: The Wave 59 and Lifeguide. Ranking comparison was performed based on information regarding annual premiums of comparable term products, believed to be reliable and in effect as of August 31, 2026. BMO Insurance is not liable for any errors or omissions in the information derived from third party sources.

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.

Faster underwriting with SmartDecision

Added value with the new Empathy program 

Every BMO Insurance Term policy also 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 and underwriting improvements are part of a broader effort at BMO Insurance to modernize how Canadians experience insurance protection. From competitive pricing and lower renewal rates to digital innovations such as SmartDecision, we're helping advisors deliver a more efficient and client-friendly insurance experience.

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.  

Frequently asked questions

How is BMO Insurance making term insurance easier to place?

BMO Insurance continues to invest in digital tools designed to simplify the insurance journey for advisors and clients. SmartApp enables electronic insurance applications, while eligible applications may receive an underwriting decision through SmartDecision during the application process. Together, these capabilities can help streamline application submission and underwriting. Learn more.

How competitive is BMO Insurance Term pricing at lower coverage amounts? 

For clients seeking more modest amounts of coverage, competitive pricing at lower coverage bands can help make protection more affordable and accessible. Learn more in Where competitive pricing meets a smoother path to sales.

What is a term rider reset strategy? 

A term rider reset strategy can help clients maintain needed temporary coverage while creating flexibility to transition portions of their insurance plan toward permanent coverage over time. Learn more in Term rider resets explained.

How can I help clients understand term insurance conversion options? 

Many term life insurance policies include conversion privileges that may allow clients to transition to permanent insurance without additional medical evidence, subject to policy terms and conditions. Share this explainer to help clients understand how term insurance conversion works. 

How can I help clients understand combined coverage term insurance?

Combined coverage term insurance can provide two full death benefits under a single policy, offering administration simplicity and potential cost advantages compared to purchasing separate policies. Share the Combined coverage term insurance explainer with clients. 

Are there special insurance planning options for business owners?

The Business Guaranteed Insurability Option (BGIO) rider allows eligible clients to purchase additional insurance without medical evidence, subject to financial qualification requirements. It can support planning for business growth, succession, key-person coverage and buy-sell agreements. Learn more about Business Guaranteed Insurability Option (BGIO).