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Frequently Asked Questions - Life Insurance

Sales support

  • Yes. B M O Insurance supports paper-based applications as well as SmartApp, the B M O Insurance eApp. You can order the paper-based application through your M G A or print a copy right from the home page of the BMO Insurance Advisor website. The SmartApp is accessible from the BMO Insurance Advisor Support portal.
  • When your contract is activated you will receive 2 emails; one with your User I D and one with your temporary password. The two emails will be sent to the email address indicated in your contracting paperwork. You will have 7 days to activate your account.
    Once you have successfully logged in (activated your account), you will be asked to change your temporary password and to establish your challenge questions.
    If you have not received your User I D and temporary password and your B M O Insurance contract is active, go to the BMO Insurance Advisor Support portal, and select “Other issues with Sign-in?”. Complete and submit the required information and you will be contacted. Alternatively, you can send an email to insurance.agencyservices@bmo.comwith the subject line user i d required. Be sure to provide your name, active advisor code, email address and phone number.
  • Commissions are generated each Wednesday and include cases settled from the prior Thursday to Tuesday. You can track your case from submit through settle on the BMO Insurance Advisor Support portal. Once you have logged in, select the Portfolio tab; Sales Tracking will be the default page. You can view your business by selecting Pending, Settled or All Statuses from the Status drop down menu and choose a date range from the Period drop down menu. You can also search by policy number or insured last name.
  • Yes. Login to BMO Insurance's Advisor Support portal. Once logged in, select the Commission tab. On the left-hand side under Financial heading, select Detailed Activity; the default view will be the current commission period. Use the Previous button to scroll back one commission cycle (week) at a time. Your commission statements can be viewed under the Reporting heading by selecting Commission Stmt.
  • Login to BMO Insurance's Advisor Support portal, under the Forms and Agreements tab, select Contracting and Compensation Forms. Select the Schedule of Commissions 425E.
  • Yes. Direct deposits are made for all amounts of 50 dollars and more where we have banking information on file; for payments by paper cheque there is a 500 dollar limit before the payment will be made. If you wish to register for E F T, login to the BMO Insurance Advisor Support portal, under Forms and Agreements and select Advisor Profile. Complete Section 4 and fax to 416-350-7600 or email your completed form to insurance.agencyservices@bmo.com.
    Note: Commission payments for former Norwich Union, Hartford Life and Alico business are not eligible for E F T.
  • Login to the BMO Insurance Advisor Support portal, select the Portfolio tab. Select Policy Listing and the listing of the policies you service will generate.

New business

  • Information regarding conversions can be found on the BMO Insurance Advisor page by searching the keyword “conversion”.
    Conversion Guidelines
    Conversion Form
    Note: There is a conversion check box on the Wave illustration software. When checked, it will display the plans available for conversion. Keep in mind minimum plan requirements must be met.
  • Be sure to answer all questions on the application as completely as possible; any missing information will cause delays. For universal life and the B M O Insurance Whole Life plan applications, be sure to include a signed illustration with client and policy details that match the application details. Fully complete and submit all required supplementary forms with the application. Be sure that you add details to all questions with “yes” answers. Remember to include: reason, dates, results, pending investigations and any additional details the client may give you. If completing a fillable form non face-to-face application, ensure all processing and eligibility requirements are met in advance of completing the application. Ensure that you use the current version of The Wave illustration software and current version of our Application for Life Insurance and Critical Illness Insurance 126E. Ensure that your licence and E&O insurance are always current.
  • For status reports, please contact your MGA or access Sales Tracking, which can be found in the Portfolio tab on the BMO Insurance Advisor Support portal. Once you have logged in, select the Portfolio tab; Sales Tracking will be the default page. You can view your business by selecting Pending, Settled or All Statuses from the Status drop down menu and choose a date range from the Period drop down menu. You can also search by policy number or insured last name.
  • No. Non face-to-face applications are to be completed using SmartApp. Hand written paper applications completed over the phone will not be accepted and will be returned to the Advisor to be completed electronically.
  • If a Paramedical or Medical Exam is an age and amount requirement for the plan requested, you may choose to not complete the Medical Information section and the Medical History section. Note that if you choose not to complete the medical questions on the application and your client is subsequently rated or declined coverage due to medical history developed, the underwriter will not be able to provide you with details of the decision due to privacy legislation.
  • Yes, we will deduct the initial premium to place a policy inforce when you select this option on the application.
    Note: We will deduct the initial premium once all other settling requirements have been received in head office. If the initial premium method is chosen, temporary insurance is not available.
  • Yes, we accept visa and MasterCard to pay the initial annual premium only.
    Note: The maximum that can be paid is 50 thousand dollars. Please complete the credit card section of the application 126E. For SmartApp you must complete the Credit Card Authorization 464E and upload it with the application.
  • For Universal Life plans, simply divide the annual premium by 12. For all other plans, multiply the annual premium by the modal factor (Monthly = Annual x 0.09, Semi-annual = Annual x 0.52).
  • Cases where all settling requirements are received in our head office by Monday, will have commissions paid on the following Wednesday. Should the Monday be a statutory holiday, settlement requirements received by the previous Friday will be paid commissions on the following Wednesday.

Underwriting

  • Attending Physician Statements are required to clarify or elaborate on the applicant’s history and to corroborate test results. Attending Physician Reports can be ordered as an age/amount requirement and are frequently required for impairments such as: history of heart problems (heart attack, by pass, murmurs), cancer and diabetes. An underwriter usually requests a report from the Attending Physician to include copies of reports from all specialists seen.
  • Questionnaires should be used to help provide additional details or to provide the advisor with guidance on what questions to ask. Questionnaires are frequently used for: avocations, hobbies (e.g. private aviation, heli-skiing etc.), travel and mental/nervous problems.
  • This financial information is used to determine if the amount of coverage in force and applied for is justified financially and to support the purpose of insurance.
  • We need this information combined with the client’s income and net worth to justify the total amount of coverage on any one life. If an application is submitted to more than one company at the same time, be sure to provide company name, type of coverage, amount of coverage per company, reason for coverage and indicate the total amount of coverage to be placed with all companies. Also be sure to indicate which company will be obtaining medical and/or financial requirements.
  • If you are submitting a paper application, be sure to complete the Financial Information section of the Face-to-Face Application for Life Insurance and Critical Illness Insurance 126E and include a complete copy of the illustration presented to your client.
    If you are completing the SmartApp, mandatory fields will guide you. In both cases, a cover memo including the known facts of the sale, the sales concept that was presented, financial data related to corporate entities including organizational charts and financial statements are all beneficial and can help in the success of your case in getting the best offer.
  • Yes, however it depends on the type of drug, when last used, if treatment was required, associated impairments and lifestyle factors. Completion of a Drug Questionnaire or Cannabis Questionnaire will be required.
  • Yes, underwriters are available to discuss a particular case or potential client. Underwriters do not issue status reports. For status reports, please contact your M G A or access Sales Tracking which can be found in the Portfolio tab of the BMO Insurance Advisor Support portal. You can also call the B M O Insurance New Business Case Management team for a current case status.

Client services

  • Login to the BMO Insurance Advisor Support portal. In the Search bar on the top right-hand side of the screen, you can search by policy number or insured last name.
    Note: For information regarding policies sold by Norwich Union, please contact Client Services at 1-800-387-4483 or by email at insurance.clientservices@bmo.com
  • B M O Insurance’s Underwriting Guidelines 319E are accessible through:
  • B M O Insurance’s forms and questionnaires can be found through:
  • Information regarding conversions can be found on the BMO Insurance Advisor page by searching the keyword “conversion”.
    Conversion Guidelines
    Conversion Form
    Note: There is a conversion check box on the Wave illustration software. When checked, it will display the plans available for conversion. Keep in mind minimum plan requirements must be met.
  • Cash withdrawals and face amount decreases within a universal life policy may incur surrender charges; please contact Customer Service at 1-800-387-4483 or insurance.clientservices@bmo.com with the policy number for complete details.
  • No. The BMO Insurance Advisor Support portal requires a unique User I D and password that is linked to your book of business.
  • Your B M O Insurance User I D and password is unique to you and is linked to your book of business. You are responsible for keeping your clients’ information and need to take steps to ensure their privacy.

Claim service

  • Each policy is customized to the needs of the insured. At the time of a claim, B M O Insurance makes every effort to ensure that we provide the appropriate forms for completion based on the type of coverage and type of claim.
    To request claims forms on behalf of your client:
    1. Go to the BMO Insurance Advisor website.
    2. Select the Forms and Materials tab.
    3. Select Start a claim.
    4. Complete the form and Submit.
    You could also request forms from the Advisor Support portal:
    1. Login through BMO Insurance Advisor Support portal.
    2. Select the Forms and Materials tab.
    3. Select Start a claim.
    4. Complete the form and Submit.
    If you have any questions, contact us at 1-866-355-8855 or email us at Insurance.claims@bmo.com
  • A claim is considered contestable if the claim event occurs within 2 years of the policy issue date or the date of the latest reinstatement. Medical records will be requested to confirm that:
    • all health questions on the application were answered correctly
    • the full medical history was disclosed as required
    • coverage should have been issued as approved by BMO Insurance.
  • This information is required to:
    • verify the cause of death
    • confirm the diagnosis
    • confirm smoking status
    • obtain medical history
    • review contestable claim
  • Benefit payment can be made by:
    • cheque
    • direct deposit into the claimant’s account with certain restrictions., star
    • Direct deposit is only available for payments to the claimant’s personal account at a Canadian Bank or Canadian financial institution
    • Direct Deposit cannot be used if the claimant/beneficiary is an estate, trust, corporation or other entity