Life Insurance
Life insurance provides financial protection for you and your family in case of a serious accident or death. Voya administers the plan.
BMO automatically provides Basic Life and Business Travel Accident insurance to eligible employees. You can purchase additional Supplemental Life for you and your dependents.
Here’s a high-level overview of these plans. For details, review the Life Insurance and Business Travel Accident Plans SPD.
| Features | |
|---|---|
| Basic Life Insurance | |
| Benefit Amount |
BMO provides employer-paid basic life insurance of two times your total compensation, up to $500,000. You can cap your benefit amount at $50,000 to avoid imputed income.
For more information about imputed income, review page 14 of IRS Publication 15-B for more information on imputed income. |
| When Coverage Begins | First day of the month following 30 days from your hire date |
| 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 total compensation:
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 |
|
| Supplemental Life Insurance | |
| Benefit Amount |
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. Review Life Insurance Premiums. |
| 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 elect Supplemental Life Insurance when you are first eligible, you are not required to provide evidence of insurability (EOI). However, EOI is required if you enroll in or increase coverage later, during Annual Enrollment, or due to a qualifying life event. |
| Family Life Insurance | |
| Benefit Amount |
Review Life Insurance Premiums. |
| 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 elect Life Insurance for your spouse/domestic partner when you are first eligible, you are not required to provide evidence of insurability (EOI). However, EOI is required if you enroll in or increase coverage later, during Annual Enrollment, or due to a qualifying life event. |
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
Support from Voya Cares®
What is EOI?
Certain Supplemental and Family Life insurance levels require evidence of insurability (EOI). In general, you will need to complete a short medical questionnaire 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.