sponsored by: BMO Life Insurance for Canadians

BMO Life Insurance Quote

In today's day and age, life insurance is a necessity. Once you’ve decided to get life insurance, it can be difficult trying to choose what type to buy.

It’s best to shop around when looking for an insurance policy to make sure you're getting a fair price. Getting a quote online can help you calculate the premium costs for certain term, permanent, no medical, and guaranteed life insurance products.

RateHub has developed a series of insurance 101 pieces to help you in your insurance journey and partnered with BMO Insurance if you need to talk with a Licensed Insurance advisor. One helpful piece is the major differences between term life insurance and mortgage life insurance below. Did you know that term life insurance could be a cheaper alternative to mortgage life insurance?


The following has been provided and approved by BMO Insurance:

BMO Insurance provides flexible coverage options, comprehensive benefits and competitive pricing to meet your insurance needs for your mortgage, your family, and more.

If you’re purchasing a mortgage, Term Life Insurance can be a smart alternative to Mortgage Life Insurance. See how these products work below:

Type of Insurance
Term Life Insurance Mortgage Life Insurance
Coverage Amount You decide Tied to size of your mortgage
How it works Coverage and price stay the same for the term Value of coverage decreases, price does not (within term of mortgage)
How Benefit is Paid To your beneficiary / estate To your mortgage lender
How it can be used Any expense or need To payoff outstanding mortgage only
Monthly Quote for $400,000 in coverage* $23.58 $52.00

BMO Insurance has a term insurance offering called EasyTerm:

  • Choose between $50,000 and $5 million of coverage for 10, 20, or 30 years.
  • Easy to buy with no medical exams for less than $250,000 in coverage** and phone applications with a licensed insurance advisor at your convenience.
  • You can take advantage of guaranteed renewal at the end of your term, or convert to a permanent policy, all without needing to take any medical tests at that time
  • You can customize your plan to your needs with optional critical illness and waiver of premium add-ons.

Get your quote now for EasyTerm.


Footnotes:

* Assuming a 35 year old: for term life insurance non-smoking female, quote based on BMO EasyTerm Preferred rates for a 20 year term; for mortgage life insurance, quote based on BMO Mortgage Life Protection Plan, 20 year amortization and 2.00% interest rate.

** if you are 18-65 years old

Sponsored content by BMO Life Assurance Company, operating as BMO Insurance.