- What is Critical Illness insurance?
- What is BMO Life Critical Illness Insurance?
- Why do I need critical illness insurance?
- Aren’t group insurance and extended health benefits enough?
- Who can apply?
- When does the BMO Life Critical Illness Insurance coverage end?
- What are the covered Critical Illnesses?
- What is the Return of Premium Benefit?
- Are the BMO Life Critical Illness Insurance premiums guaranteed ?
- How much BMO Life Critical Illness Insurance can I buy?
- How can I pay for the coverage?
- How does the 30-day money back guarantee work?
- How can I use the money I receive?
- What medical questions will you ask me?
- How can I apply?
- Are there any exclusions?
- Are there any other conditions where the insurance may not be paid
Critical illness insurance is insurance protection that provides you with a lump-sum payment in the event that you are diagnosed with a specified critical illness and you survive the diagnosis by a certain period of time. Once a benefit is received, you can use it however you wish. There are no restrictions.
Critical illness insurance is insurance protection that provides you with a lump-sum payment in the event that you are diagnosed with a specified critical illness and you survive the diagnosis by a certain period of time. Once a benefit is received, you can use it however you wish. There are no restrictions.
Unlike life insurance that provides a benefit for your loved ones after you are gone critical illness insurance provides you with a living benefit of a cash payment if you're diagnosed with one of the covered illnesses under the policy.
This payment can be used any way you want. It provides you with the financial resources to offset the strain on increased expenditures at a critical time in your life. This financial assistance will help maintain your quality of life and financial security during the recovery period and help you face your new challenges.
Hundreds of thousands of Canadians suffer and more importantly, recover from serious illnesses each year*.
With these statistics, chances are good that if you become critically ill, you will recover. But recovery may require costly treatments or changes to your lifestyle. And that’s where critical illness insurance can help.
Critical illness insurance provides you with a lump-sum payment, when you need it most, to be used any way you see fit. This can mean covering treatment costs that the government does not cover, getting help at home or doing home renovations or supplementing your income - it's your choice.
For more information on some of the covered critical illnesses:
Group insurance and extended health care benefits may cover some of your needs for a period of time, but often there are other expenses associated with a critical illness that are not covered by your benefits plan. Recovery can take months, and may mean time away from work, and a possible decrease in or loss of income. At the same time, related out-of-pocket expenses such as travel, home care, or therapy may be added to your regular household expenses. The need for additional money may result in depleted savings, reduced retirement or education plan contributions or the liquidation of assets.
BMO Life Critical Illness Insurance is available to Canadian residents between the ages of 18 and 64.
You will have full coverage up to age 70.
The 6 covered critical illnesses are:
Heart attack
Life threatening Cancer
Stroke/Cerebral Vascular Incident
Kidney failure
Major Organ transplant
Coronary Artery Bypass Surgery
Your initial premium is guaranteed not to increase for 5 years. After that the premium will increase every 5 years until the policy expires at your age 70.
You can buy any amount between $25,000 to $100,000 in $1,000 increments.
We offer 2 easy methods: you may choose to pay the monthly premium with your MasterCard or Visa or through the pre-authorized chequing option from your bank account.
You have 30 days to review the BMO Life Critical Illness Insurance Plan. If you do not agree that it offers you full value for your money, simply call the 1-800 number in your fulfilment package for a full refund.
If you are diagnosed with one of the covered critical illnesses, BMO Life will pay you a one-time lump sum, tax free benefit. You can use this money any way you wish. You don't have to provide receipts or explain how you’ll use it.
What medical questions will you ask me?
Call 1 866 366-8611
Yes, there are. No amount of insurance will be paid if the Insured Person, while sane or insane, suffers a Covered Condition as a result, directly or indirectly, of any of the following:
In addition, no amount of insurance will be paid if the Insured Person received medical treatment, consultation or care for any Covered Condition, whether diagnosed or not, for which symptoms first occurred, medical care or testing was recommended, required or obtained, or prescription drugs were prescribed prior to the Coverage Effective Date or latest date of reinstatement.
Yes, there are. No amount of insurance will be paid if the Insured Person received medical treatment, consultation or care for any Covered Condition, whether diagnosed or not, for which symptoms first occurred, medical care or testing was recommended, required or obtained, or prescription drugs were prescribed prior to the Coverage Effective Date or latest date of reinstatement.
