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BMO U.S. Benefits

Life & Accident

Life and accident insurance provides financial protection for you and your family in case of a serious accident or death. BMO automatically provides Basic Life and Business Travel Accident insurance to eligible employees. You can purchase additional Supplemental Life, Family Life and Accident insurance.

Here’s a high-level overview of life and accident insurance plans. For details, review the Life & Accident SPD.

Features
Basic Life Insurance

Benefit Amount


Company-provided coverage equal to your annual base pay, up to $50,000 (minimum coverage is $10,000)

When Coverage Begins

First day of the month following 30 days from your hire date

Administrator

ReliaStar Life Insurance

Business Travel Accident Insurance (BTA)

Benefit Amount

Company-provided BTA covers you, and your family, while you are traveling for any BMO-related business.

The amount of your coverage is equal to three times your annual base pay:

  • Minimum benefit is $100,000
  • Maximum benefit is $600,000

For an eligible spouse, coverage is equal to 50% of your benefit up to a maximum of $300,000; for eligible dependent children, coverage is $5,000 per child.

When Coverage Begins

First date of employment

Administrator

  • Insurer: Chubb Insurance Company of Canada - policy # 9906-96-62
  • Claims Administrator: Crawford Adjusters Canada
Supplemental Life Insurance

Benefit Amount

You can purchase from one to five times your base salary (or applicable benefits base rate for certain commissioned employees), up to $1,000,000.

Rates are determined based on your tobacco user status – nontobacco users will have lower rates.

When Coverage Begins

You have 31 days from your date of hire to elect Supplemental Life insurance. Coverage begins on the first day of the month following 30 days of employment.

If you don’t enroll when first eligible, you are required to provide medical evidence of insurability (EOI) if enroll in or increase coverage later (during annual enrollment or due to a qualifying life event).

Administrator

ReliaStar Life Insurance

Family Life Insurance

Benefit Amount

  • Spouse/Domestic Partner Life: You can purchase spouse/domestic life insurance in an amount equal to: $12,000, $24,000 or $36,000
  • Child Life: You can purchase child(ren) life insurance in an amount equal to $3,000/child, $6,000/child or $9,000/child

The total amount of Family Life insurance for all dependents cannot exceed 100% of your combined Basic and Supplemental Life insurance.

When Coverage Begins

You have 31 days from your date of hire to elect Supplemental Life insurance. Coverage begins on the first day of the month following 30 days of employment.

If you don’t enroll your spouse/domestic partner when you’re first eligible, you are required to provide medical evidence of insurability (EOI) if enroll in or increase coverage later (during annual enrollment or due to a qualifying life event).

Administrator

ReliaStar Life Insurance

Accident Insurance

Benefit Amount

You can purchase Accident insurance coverage from $10,000 to a maximum of $1 million. You can choose employee only coverage or family coverage.

If you die in an accident, Accident insurance pays the entire benefit amount to your beneficiary, in addition to any life insurance benefits.

If you elect family coverage and experience a loss, the benefit amount paid is based on the type of loss and the number of family members covered on your plan.

When Coverage Begins

You have 31 days from your date of hire to elect Accident insurance. Coverage begins on the first day of the month following 30 days of employment.

Administrator

Sun Life Financial

Beneficiary designation

Be sure to designate a beneficiary or beneficiaries who would receive the insurance benefits in the event of your death. Keep your beneficiary designation current as your life circumstances change, like the birth of a child or marriage.

To change your beneficiary:

  • Go to Workday, click My Benefits & Retirement application
  • Select your network status (on or off the BMO network)
  • Click Review your beneficiaries-Life and Accident tile
 
 

What is EOI

Certain levels of Supplemental and Family Life insurance require medical evidence of insurability (EOI). In general, you will need to complete a short medical questionnaire that is sent directly to the administrator (on a confidential basis). The administrator may require you to have an examination by a physician. Any requests for additional information will come directly from the administrator.