BMO Credit Card Balance Protection Enhanced
Get comprehensive coverage that can help you with your BMO credit card payments during unexpected events like total disability, job loss, or death.
Your optional coverage can help protect your credit card balance up to a maximum of $20,000 when a covered loss occurs.
Coverage when you may need it most – helps protect the balance and monthly payments on your BMO credit card- An easy application process – there’s no medical exam or health questionnaire needed to apply
- Simple Pricing – bundled protection at a reasonable cost & based on total balance
Eligibility and cost
Who’s eligible?
BMO Primary cardholder (with an eligible BMO credit card)
- A resident of Canada
At least 20 and under 70 years of age
How much does it cost?
The monthly premium rate is $1.00 per $100.00 of your total balance for the billing cycle, plus applicable taxes.
Product features
Life
A lump sum payment of up to $20,000 can be paid towards your credit card balance should you pass away.
Total disability
A monthly payment of up to 20% of the eligible balance footnote 1, to a maximum of $20,000 should you get injured or sick and are unable to work.
You must be:
- Employed but unable to perform regular employment duties
or
- Self-employed but unable to perform normal activities of daily living due to illness or accident footnote 2
Return to work
To recognize your recovery you may also receive an additional one-time payment to your credit card account.
Job loss
A monthly payment of up to 20% of the eligible balancefootnote 1, to a maximum of $20,000 should you lose your job.
You must be:
- Employed but lost employment due to involuntary layoff
or
Self-employed but business closed for financial reasons (min. 12 months active business)footnote 22
Return to work
To recognize your recovery you may also receive an additional one-time payment to your credit card account.
Please refer to the Certificate of Insurance in the Resources section for further details on terms and conditions.
BMO Credit Card Balance Protection Enhanced FAQs
BMO Credit Card Balance Protection Enhanced is an optional credit card protection product that can help you with your BMO credit card payments during unexpected events like disability, job loss, or death.
You can enroll in coverage when you apply for a new credit card at any branch or online/mobile banking.
If you already have an existing credit card, sign into your online or mobile banking using your debit card or credit card and follow the steps below:
Mobile Banking:
Click on your credit card account
Select “Account Details”
Select “Add Optional Balance Protection” under Card Features
Online Banking:
Click on your credit card account
Select “Add Optional Balance Protection” under Overview
Complete all steps and select submit to add coverage.
You pay $1.00 per $100.00 of your total balance. For example, if your balance is $500, your premium would be $5 plus applicable provincial taxes. ($500 x $1/$100 = $5)
Your insurance coverage begins on the effective date in the welcome letter you received when you signed up.
Your insurance coverage automatically ends if:
The Policy is terminated;
You turn 75;
You pass away;
BMO closes your account, cancels your card, or withdraws your rights and privileges on your account;
Your account is not in good standing; or
You request to cancel your insurance coverage.
Please refer to the ‘What We Cover’ and ‘ What We Don’t Cover’ sections in the Certificate of Insurance for details.
No, you are not eligible for reward points.
Coverage is optional and you can cancel your insurance at any time. If you cancel within 30 days of the coverage start date, you’ll get a full refund of any premium you’ve paid – as if the coverage never took effect.
To cancel your insurance coverage, call 1 8 0 0 2 6 8 5 9 6 2.
For questions regarding existing coverage please call Assurant at 1 8 0 0 2 6 8 5 9 6 2.
Full details of BMO’s dispute resolution process are outlined in the brochure titled: We’re here to help – Resolving Customer Complaints
Submit a claim
Do you have BMO Credit Card Balance Protection Enhanced and want to submit a claim? Do you need to check the status of an existing claim?
Please visit https://bmo.assurant.com or call 1 8 0 0 2 6 8 5 9 6 2.
Resources
Certificate of Insurance (PDF)
For Quebec Residents:
Want to Enrol Today?
Add BMO Credit Card Balance Protection Enhanced to your BMO Credit Card today.
Reach Out
Want to raise a concern about your coverage?
Let Assurant know and give us the chance to make it right.
BMO Credit Card Balance Protection Enhanced is underwritten by American Bankers Insurance Company of Florida (ABIC) and American Bankers Life Assurance Company of Florida (ABLAC) under group master policy numbers 1020BPE and 1020BPEL. ABIC and ABLAC, their subsidiaries, and affiliates carry on business in Canada under the name of Assurant®. ®Assurant is a registered trademark of Assurant, Inc. For questions related to the insurer, you may contact Assurant® at 1-800-268-5962 or visit assurant.ca.
Footnote 1 details Eligible balance means the total balance as shown on your most recent account statement issued on or immediately prior to the date of loss, to a maximum of $20,000.
Footnote 2 details Additional eligibility requirements may apply.