Mortgage Life Insurance

Mortgage Life Insurance protects your family by paying off your mortgage, usually in full,* in the event of an unexpected death.

Coverage

Mortgage Life Insurance is available for any Bank of Montreal homeowner mortgage, and covers your outstanding mortgage balance at the date of death, up to a maximum of $600,000.* A maximum of two people can be covered. Mortgage Life Insurance is provided by Sun Life Assurance Company of Canada.

Cost of mortgage life insurance

Mortgage Life Insurance premiums are based on your age when you apply, and the approved amount of coverage. Premiums will not increase based on age or any change in health, for the life of your mortgage. The cost of insuring two people (joint coverage) with Mortgage Life Insurance is 50% more than the cost of insuring the older person. For your convenience, Mortgage Life Insurance premiums are included with your regular mortgage payments.

Who is eligible for Mortgage Life Insurance?

A borrower, spouse or guarantor can receive Mortgage Life Insurance coverage. You must be 18 years or over, but under 65, a Canadian resident, and provide a satisfactory answer to a simple health question. If you are re-financing an existing Bank of Montreal homeowner mortgage, your existing Mortgage Life Insurance coverage continues, even if your current health condition means you would otherwise be declined (known as Prior Coverage Recognition).

How we can help

A BMO mortgage professional can tell you more about Mortgage Life Insurance and help you apply. Just use our Real-Time Online Appointment Booking Tool to book a time to speak with a BMO Mortgage Representative in-branch or have a BMO Mortgage Specialist come to you.

* Some limitations and exclusions do apply. For more information ask for a copy of the Insurance Certificate. Mortgage Life Insurance is provided and governed by Sun Life Assurance Company of Canada.