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Compare BMO life insurance rates against other top Canadian life insurers for free. Request a quote and speak with one of our trusted brokers today.

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  2. Speak with an insurance broker

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  3. Finalize your policy selection

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What is BMO life insurance?

The Bank of Montreal (known as Banque de Montréal in French), or BMO, is one of Canada’s largest banks, considered one of the Big Five (alongside RBC, TD, Scotiabank and CIBC). BMO is the fourth largest bank in Canada by assets and market capitalization and has a significant consumer banking product in the US - especially in and around Chicago - making it one of the most recognized banks in all of North America.

In 2009 the Bank of Montreal acquired AIG’s Canadian life insurance arm, AIG Life Insurance Company of Canada. Renamed as BMO Life Assurance Company, the new component immediately became the second-largest bank-owned life insurance company in Canada. While BMO life insurance did exist before 2009, it represents a small portion of the banking offerings. 

BMO history

BMO was founded in 1817, originally set up by eight merchants out of a rented home in Montreal, Quebec. At over two centuries old, BMO is Canada’s oldest bank, with an institution number of 001. The bank expanded quickly, opening branches in locations like York (Toronto), Quebec, Kingston, and New York City as early as 1818.

More recently, BMO made several acquisitions of smaller banks, most notably Chicago’s Harris bank in 1984. In 1994, BMO became the first Canadian bank to be listed on the New York Stock Exchange. A proposed and agreed upon merger with the Royal Bank of Canada was blocked by the Canadian government in 1998, the same year a merger between TD Bank and CIBC was blocked. The Bank of Montreal is still run from its home city, Montreal, Quebec.

BMO life insurance products

BMO's life insurance offering is much smaller than any of the stand-alone life insurance companies, as well as many of the other banks. Despite that, it ranks as the second-largest bank-owned life insurance company, thanks to its acquisition of AIG Canada in 2009. BMO offers term life insurance, as well as a few types of permanent life insurance.

BMO term life insurance

BMO permanent life insurance

Looking for the best life insurance rates?

Request a free quote and speak with one of our qualified life insurance brokers today. They will help you find the right coverage at the best price.

Why should you consider BMO life insurance?

The Bank of Montreal is one of Canada's largest and most trusted banking institutions. It has a strong brand and active consumer base. They've leveraged that brand name and track record of developing quality financial products, to build out their life insurance product line.

Here are some pros and cons about BMO life insurance you should consider:


  • While BMO has relatively few life insurance policy options, they do offer a simple and easy to understand product range
  • Guaranteed life insurance from BMO will cover up to $50,000, twice as much as the standard $25,000 maximum
  • BMO has a strong credit rating and a very good history of paying dividends, having not missed a payment since 1829, so your financial interest is secure


  • BMO has a very limited range of life insurance products

Questions about BMO life insurance

Can BMO cancel your life insurance?

How do I cancel my BMO life insurance?

Is BMO life insurance good?

Matt Hands, Business Director of Insurance

With 6+ years of experience at, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio

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