Life Insurance

• BMO will automatically provide basic life insurance coverage equal to two times your total compensation up to a $500,000 maximum. You have the option to cap your basic life insurance to $50,000 to avoid imputed income.

• You can purchase from one to eight times your total compensation, up to a combined $3 million maximum (including basic life insurance). Rates are based on your tobacco user status; non-tobacco users will have lower rates.
• For 2024, evidence of insurability (EOI) is required for elections of $1 million or 5x total compensation, whichever is less.

• You can purchase spouse/domestic life insurance in an amount equal to $25,000; $50,000; $100,000*; $150,000*.
• If you currently have spouse/domestic partner life insurance, you will default to the lowest tier option of $25,000 unless you make an election for a different coverage amount during Annual Enrollment.

* Evidence of Insurability (EOI) is required.

• You can purchase child life insurance in an amount equal to $10,000; $15,000; $20,000; $25,000.
• If you currently have child life insurance, you will default to the lowest tier option of $10,000 unless you make an election for a different coverage amount during Annual Enrollment.