Existing customers
A family relaxing together at home

Life Insurance

Help protect your family’s financial future with life insurance.

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

What is life insurance?

Life insurance is a form of financial protection that provides a tax-free payment to the people you choose to support when you pass away. This benefit can help them manage ongoing expenses, outstanding obligations, or future financial needs.

As your life evolves — whether you’re buying a home, growing your family, or entering a new stage — life insurance is designed to adapt with you. It serves as a reliable part of a long-term financial strategy, helping protect your family’s future through life’s many transitions.

Benefits of life insurance

We can’t control everything that happens to us in life, but life insurance can help us prepare for the unexpected. Browse key benefits of life insurance to help you consider your options:

  • Plan with the end in mind

    Replace your income to maintain your family’s standard of living.

  • Shelter your loved ones

    Cover your home expenses and debts.

  • Support the next generation

    Help secure your dependent’s future by covering education and other needs.

  • Manage your estate and tax strategy

    Pay for final expenses, funeral costs, and leave a legacy for your loved ones.

How does life insurance work?

We offer different types of life insurance and can help you find the solution that’s right for you. Choose between term life insurance and permanent life insurance — both customized coverage options ready to meet your needs.

  • A parent and child smiling together outdoors

    Term Life insurance

    • Provides you with coverage for a set number of years.
    • Often is one of the most cost-effective options.
    • Your premiums are initially lower as you are only covered for the term you choose.
    • Right for you: if you are just starting out, are expanding your family or if you just took on a lot of debt like a mortgage.
    Learn More
  • A family relaxing together at home

    Permanent Life insurance

    • Provides you with coverage for life.
    • Your premiums will be level for entire duration of the policy.
    • Good solution if you simply want the confidence that you will always be covered.
    • Right for you: if you’re looking for investment opportunities and the potential for growth.
    Learn More
Two people embracing for comfort and support

Complimentary loss support services for beneficiaries

As a BMO Insurance policyholder, your beneficiaries receive complimentary access to Empathy – a service that blends technology and human care to guide families through grief and estate-related tasks. Empathy offers: personalized care plans, grief support resources, custom funeral assistance and more.

VideoBrochureLearn More

How to apply for life insurance

Follow our simple application process to secure life insurance.

  1. Consult

    Contact an insurance advisor to review goals and set your plan.

  2. Get a quote

    Speak to an insurance advisor about coverage that’s right for you.

  3. Apply

    Complete your application with your advisor to obtain coverage.

Frequently asked questions about life insurance

  • The cost of a life insurance plan depends on several factors such as age, health, and the type of policy. The BMO Insurance Life Insurance Calculator can offer insight into how much insurance you may need. Your insurance advisor can help you tailor a life insurance plan to meet your needs and fit your budget.

  • Term life covers you for a set number of years and is often the most cost-effective option, while permanent (whole) life covers you for life and can build cash value over time. Your advisor can help you choose the right fit for your goals.

  • Your premiums pay for the protection and peace of mind that coverage provides. Permanent policies may also build cash value that you can access during your lifetime, subject to the policy terms.

  • Permanent life insurance policies can build cash value over time that you may be able to borrow against or withdraw, subject to the terms of your policy. A term policy does not build cash value.

Learning Center

Browse insurance insights

Have Questions?