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Critical illness cover is designed to act as a financial safety net if you are diagnosed with a covered condition. It pays you a lump sum, allowing to pay for various expenses without dipping into your life’s savings.
If you don’t have critical illness cover yet or are not particularly happy with your existing plan, BMO could be an option. In this post, we take a detailed look at its critical illness cover, including main features, pros and cons, and policy term options.
Our BMO Critical Illness Insurance Review
BMO’s critical illness insurance — Living Benefit — can be an option for Canadians looking for comprehensive coverage. It provides protection against 25 illnesses and conditions and is available in multiple term lengths, which means you can easily match the coverage to how long you’ll have dependents in your care.
Couple that with their add-on options, like return of premium on expiry/cancellation, and you have an enhanced critical illness cover that you can tailor to your family’s needs.
Who is BMO Insurance?
BMO stands for Bank of Montreal, which is the oldest bank in Canada. Apart from offering a wide range of financial services, the BMO Financial Group provides many life insurance products, including critical illness insurance.
BMO Critical Illness Insurance Product Offering
BMO offers enhanced critical illness cover through its product Living Benefit. It provides protection against 25 medical conditions and offers up to $2 million in benefits. The coverage is available in different term lengths, making it easier for you to pick a term that matches your insurance needs.
The survival period — a short period of time you must survive before you can collect the benefits — is 30 days and a partial payout is available for as many seven eligible conditions. Return of premium on death and return of premium on cancellation/expiry riders are available as add-ons.
There are four variants of Living Benefit: Living Benefit 10, Living Benefit 20, Living Benefit 75, and Living Benefit 100.
Living Benefit 10 and 20
- Your premiums will not change for the duration of your policy term (10 or 20 years)
- Guaranteed renewal up to age 75 (meaning, you won’t have to undergo a medical exam to renew your plan)
- Your premiums will increase at renewal, but the increase will solely be based on age
- Option to add return of premium on death rider
Living Benefit 75 and 100
- Coverage until age 75 or 100
- Guaranteed level premiums
- 15-pay option available with Living Benefit 100 plans
- Option to add return of premium on death rider and return of premium on expiry/cancellation
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Find the best rates
How much you will pay for BMO’s Critical Illness Cover?
How much you will pay for BMO critical illness cover depends on your personal situation and coverage needs. BMO considers many factors while setting your premium rate, including:
- Age
- General health
- Pre-existing conditions
- Smoking status
- Amount of coverage needed
- Desired policy term
- Waiting period
While it is difficult to give an accurate price range for BMO critical illness insurance, you can nevertheless improve your chances of securing an affordable rate by following these tips:
Get coverage early in life
Critical illness insurance premiums increase with age. Applying for coverage early in life, while you are young and in good health, can help you lock in low rates for a few decades.
Give up smoking
Smokers tend to pay higher rates for critical illness than non-smokers. Not smoking for just 12 months can help you qualify for better premium rates.
Increase the waiting period
The length of the waiting period is inversely related to the coverage cost.
Choose riders carefully
While riders give you access to additional benefits and features, they come at a cost. Pick only those that you really need.
Why get BMO Critical Illness Insurance?
BMO’s critical illness cover is designed to give you financial relief if you are diagnosed with a covered condition. You can use the policy proceeds however you see fit. For example, in the event of loss of income, you can use the payout to pay living expenses, mortgage payments, and other expenses while you’re laid up.
Some critical illnesses can significantly alter your way of life, resulting in additional expenses, such as in-home care, home modifications, and travel expenses for seeking a second or third opinion. Your policy amount can help you pay for these expenses and other medical expenses not covered by your personal or group health insurance plan.
How to apply for BMO Critical Illness insurance
You can apply for BMO’s critical illness cover through their website or by contacting them at 1-877-742-5244. Or, contact us to get help from an experienced independent life insurance broker.
Conclusion
BMO’s critical illness cover is as comprehensive as they come. It protects you from 25 illnesses and conditions, provides coverage of up to $2 million, and lets you customize the plan according to your needs. Nonetheless, before you decide on an offer from BMO, it would be a good idea to compare its quotes with other critical illness plans. You can do that right here on this website.
Dundas Life, Canada’s top independent insurance advisor, provides you with free price quotes from multiple top insurers, so that you can pick the critical plan that’s best for you. Book your call today.
Frequently Asked Questions (FAQs)
What is covered by BMO Critical Illness plan?
BMO’s critical illness insurance plan covers 25 illnesses and conditions, including:
- Heart attack
- Stroke
- Life-threatening cancer
- Blindness
- Deafness
- Loss of speech
- Kidney failure
- Heart valve replacement or repair
- Dementia (including Alzheimer’s disease)
- Multiple sclerosis
- Severe burns
- Paralysis
- Parkinson’s disease
How much does BMO Critical Illness cover?
BMO’s critical illness insurance plan can cover you for up to $2 million.
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