Bank Comparison
BMO Mortgage Life Insurance:
Is It Worth It?
BMO charges approximately $72.00/month for mortgage life insurance on a $500K mortgage for a 35-year-old non-smoking woman. Over 20 years, that's $17,280 for coverage that decreases every month.
BMO Monthly
$72.00
per month
20-Year Total
$17,280
for declining coverage
You Could Save
$8,880–$11,280
with term life
BMO vs. Independent Term Life
Based on a 35-year-old non-smoking woman, $500K mortgage, 20-year term.
| Feature | BMO | Term Life |
|---|---|---|
| Monthly Premium | $72.00 | $25–$35 |
| 20-Year Total Cost | $17,280 | $6,000–$8,400 |
| Coverage Type | Declining | Level (stays at $500K) |
| Beneficiary | The Bank | Your Family |
| Underwriting | Post-Claim | Full (Upfront) |
| Portable? | No | Yes |
| Can Be Denied After Death? | Yes | No |
What BMO Won't Tell You About Their Mortgage Insurance
BMO's Mortgage Life Insurance charges approximately $72.00/month for a $500K mortgage — over double what independent term life would cost.
BMO receives the death benefit, not your family. Your surviving spouse cannot choose to use the money for living expenses, education, or anything else.
BMO uses post-claim underwriting, which means your health is only fully assessed after a claim is made. This shifts risk onto your family.
Your BMO mortgage insurance is not portable. Refinance elsewhere and your coverage disappears.
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