Skip to main content
Ratehub logo
Ratehub logo

Get a BMO Life Insurance Quote

Get a personal life insurance quote from BMO and compare their rates against Canada's top providers

compare quotes for free

BMO life insurance

Matt Hands

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.

A few things we're proud of

  • 1,200,000

    monthly users

  • 11 years


  • Over 1M

    better choices made

  • Trusted partner

    to Canada’s top financial institutions

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

Compare quotes today

The price you pay for life insurance is highly personalized, based on your age, health, and other factors. To see what's available to you, compare life insurance quotes today.

compare quotes today

Pros and Cons of BMO life insurance

BMO life insurance pros

  • While BMO has relatively few life insurance policies, it is 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 life insurance cons

  • BMO has a very limited range of life insurance products

BMO credit rating

The Bank of Montreal has a very strong credit rating, and a very good history of paying dividends, having not missed a payment since 1829:

  • Standard and Poor’s: A+ (Very strong)
  • Moody’s: AA2 (High quality)
  • DBRS: AA (Excellent)

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


The knowledge bank

A wealth of knowledge delivered right to your inbox.

By submitting your email address, you acknowledge and agree to’s Terms of Use and Privacy Policy. Contact us for more information. You can unsubscribe at any time.


Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

When it comes to mortgages, is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place. has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada.

How does make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

read more about us