BMO Credit Card Balance Protection41

With BMO Credit Card Balance Protection, we'll help pay your balance or monthly payments when the unexpected happens.

Getting BMO Credit Card Balance Protection is easy and there’s no medical exam or questionnaire required to apply.


Be prepared with the following coverage¹:

Terminal Illness Caregiving Benefit
Makes 6 monthly payments in the event of a terminal illness of a dependent child or adult.
 
Life & Critical Illness Insurance
Pays your BMO Mastercard balance, up to a maximum of $15,000, for specific insurance events including heart attack or stroke, coronary artery bypass surgery, being diagnosed with cancer or loss of life.
Hospitalization Insurance
Pays your BMO Mastercard balance, up to a maximum of $15,000, if you are hospitalized for more than 30 consecutive days or, makes 1 monthly payment if you are hospitalized for more than 24 hours but less than 30 consecutive days.
 
Total Disability & Involuntary Job Loss Insurance
Makes your monthly payment of $20 or 10% of your credit card balance, whichever is more, up to a maximum of $15,000.
Download Insurance Certificate (487 KB, PDF) for full coverage details.
Distribution Guide (138KB-PDF) for Quebec customers.

Fees:

Get up to $15,000 in coverage at a premium of just $0.94 for every $100 of your total average daily balance. E.g. If your total average daily balance was $1,000, you would pay just $9.40 for the month.

Eligibility Requirements:

  • Primary cardholder or small business owner
  • Between the ages of 18 and 64
  • Canadian resident with a valid BMO credit card

Complaints

If you have a complaint, we encourage you to let us know and give us the opportunity to resolve your concerns as retaining your confidence and trust is of utmost importance. Please call 1-866-881-9054.

Claims

For a BMO Credit Card Balance Insurance claim please call: 1-800-268-5962 (toll-free within Canada and the United States)


Add BMO Credit Card Balance Protection to your BMO Mastercard today.

Call 1-844-840-8142

 

Frequently Asked Questions

 

How are BMO Credit Card Balance Protection Premiums billed?

Your BMO® Credit Card Balance Protection statement date will be the billing date for your Balance Protection premiums. Premiums are calculated based on your total average daily balance for the billing cycle. Your total average daily outstanding balance is calculated by adding up your credit card balances at the end of each day during the billing cycle, including any interest or other charges, and then dividing this amount by the number of days in the billing cycle. The monthly premium is $0.94 for every $100 of your total average daily balance Premiums may be subject to provincial sales taxes.

 

Example
Balance daily is $1,000 from day 1 to day 15
Balance daily from day 16 to day 20 is $1250
Balance daily from day 21 to day 30 is $1500

 

Average daily balance for this month is:
$1,000 x 15 = $15,000
$1250 x 5 = $6,250
$1500 x 10 - $15,000
TOTAL $36,250

 

Average Daily Balance = $36,250 ÷ 30 days = $1208.33

 

Monthly Premium = $1208.33 ÷ $100 = 12.08 x $.94 = $11.35 + $0.91 PST (8% - Ontario) = $12.26


Can BMO Credit Card Balance Protection Premiums still be posted to my BMO Mastercard Account after I cancel my coverage?

Yes, since BMO Credit Card Balance Protection premiums are calculated on the previous month's average daily balances, it will appear on the statement following your cancellation request.


When does coverage begin and end?

Coverage begins on the date the Primary Cardholder or small business cardholder enrolls. If applicable, a spousal cardholder or co-owner is also covered from that date.

Coverage ends for the Primary Cardholder immediately if:

  • The date the Primary Cardholder turns 70 (except for life insurance, which continues for as long as premiums are being paid)
  • The Primary Cardholder requests cancellation
  • The Primary Cardholder's death
  • The termination of the Group Policy
  • The date that BMO cancels the Primary Cardholder's credit card or their rights and privileges on the card
  • The date that Manulife Financial cancels the Primary Cardholder's insurance for non-payment of premiums due

Coverage ends for all other insured cardholders (for example, spouses and small business co-owners) on the earlier of:

  • The date that coverage ends for any of the reasons above
  • The date of an insured cardholder's death
  • The date the insured cardholder turns 70 (except for life insurance, which continues for as long as premiums are being paid) or
  • The date that an insured cardholder no longer holds a valid BMO credit card

Are there exclusions or limitations?

Exclusions and limitations vary by coverage. Upon enrolment you will receive the BMO Credit Card Balance Protection Welcome Letter, Certificate of Insurance and Distribution Guide (the Distribution Guide will only be available to Quebec customers), which will provide you with full product details including the exclusions and limitations.


Is the BMO Credit Card Balance Protection Premium considered a retail purchase? Will I receive reward points?

No, the premium charge is classified as a fee and is not subject for award points.


What will I be charged if the balance is less than $100?

The calculation does not change despite the balance amount, and is pro-rated. If the balance amount is $50, then the premium on the monthly statement would be $0.47 plus any applicable sales tax.


Can I call Manulife directly to sign-up for BMO Credit Card Balance Protection?

No, this product may be purchased through the BMO Customer Contact Centre at 1-800-263-2263.


If I am enrolled for BMO Credit Card Balance Protection and my balance is greater than $15,000, will I be charged the fee for the full amount (even though the maximum balance that would be covered for any one of the benefits is $15,000)?

No, the maximum fee charged will be $141.00 plus any applicable sales tax, which is equivalent to a $15,000 balance, even if the balance is greater than $15,000.


What's the cancellation policy?

You have a 30-Day Right to Examine. This means you will receive a full refund if cancellation is within 30 days from the date you receive your Certificate of Insurance.


How do I cancel my BMO Credit Card Balance Protection?

You simply call Manulife at 1-800-268-5962.


¹ BMO Credit Card Balance Protection, an optional insurance coverage, is provided by The Manufacturers Life Insurance Company and First North American Insurance Company (a Manulife subsidiary). Limitations and exclusions apply, for full details see the Certificate of Insurance.

The Manufacturers Life Insurance Company (Manulife) is the Insurer of this policy for all benefits except Job Loss, which is offered by First North American Insurance Company.

Manulife will send you a Welcome Letter and Certificate of Insurance following enrolment. If you live in Quebec, you will also receive a Distribution Guide. These documents describe in detail all of the benefits of this insurance plan, as well as any limitations and exclusions that may impact the amount of benefit you may receive at time of claim. Please make sure to read these documents carefully and keep them in a safe place.

™/® Trademarks of Bank of Montreal.
®* Registered trademarks of MasterCard International Incorporated. Used under license.