The insurance plan offers lifetime premiums that are guaranteed and interchangeable coverage amounts.
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Call 1 844-542-4678 to speak to our advisors.
The insurance plan offers lifetime premiums that are guaranteed and interchangeable coverage amounts.
Highlights of the plan:
Compare the Plans
RBC Simplified® Term Life InsuranceYour Term Life InsuranceTerm 100 Life InsuranceRBC® Guaranteed Acceptance Life InsuranceRBC Universal Life™ InsuranceRBC Growth Insurance™ (Participating Whole Life)
Eligibility of the Policy
Plan Eligibility
Term 10 to 15: for Ages between 18-70 years
Term 10 to 15: Ages 18-70
Term 16 to 40: Maximum age to issue the policy is age 85 minus the term plan
Ages between 18 to 85
Ages between 40 to 75
Term 16 to 40: Max issue age is age 85 minus the term
Term 16 to 40: Maximum age to issue the policy is age 85 minus the term plan
Is A Medical Exam Required?
May not be needed
Preferably required
Preferably required
Preferably required
Preferably required
Coverage and Benefits of the Policy
Right Choice If You Want
Cost-effective and purchase to buy term coverage that helps protect your family for a limited period (like when your children have a mortgage or when they are young)
Significant term coverage that helps protect your loved ones for a limited time (like when your children have a mortgage or when they are young)
Coverage is a Lifetime to protect your dear ones or help your future generations pay capital gains tax on assets left to them after your passing.
To leave a little something extra behind to your family, or help cover your final expenses.
Coverage for a Lifetime. Also provides the opportunity to save for the future in a tax-free policy.
To be part of managing the primary investments of the policy.
Coverage Amounts Available
$50,000 up to $1,000,000*
$1,000,001 up to $25,000,000*
$50,000 up to $25,000,000
$5,000 up to $40,000
$25,000 up to $25,000,000
*Age 56 and older: up to $500,000
*Age 56 and older: from $500,000
Coverage Timescale
Between 10 to 40 years, with the insured having the choice to renew the policy for another term.
Between 10 to 40 years, with the insured having the choice to renew the policy for another term.
For your entire life
For your entire life
For your entire life
Tax-Free Death Benefit Offered
Yes
Yes
Yes
Yes
Yes
Optional Benefits of the Policy.
Please contact RBC Insurance for more details.
Children's Term rider available
Children's Term rider available
No
Children's Term rider available
Accidental Death rider available
Accidental Death rider available
Accidental Death rider available
Joint-First-to-Die option available
Joint-First-to-Die option available
Other optional benefits available
Other optional benefits available
Term 10 and 20 riders are available
Children's Term rider available
Children's Term rider available
Children's Term rider available
Other Features of the Plan
Option to convert to a whole or RBC Growth Insurance without providing medical proof
Option to convert to a whole or RBC Growth Insurance without providing medical proof
No
Compassionate advance offered due to terminal illness of the insured
A certain percentage of your premium is placed into investment accounts of your choice, where money grows tax-free
Exchange Term 10 for Term 15, 20, or 30 without the need for medical proof
Exchange Term 10 for Term 15, 20, or 30 without the need for medical proof
Additional coverage of 5 times the benefit in case of death due to an accident
Additional coverage is provided on top of the Life Insurance benefit in case of death due to an accident
Policy Premiums
Are the Premiums Guaranteed?
Yes, premiums are guaranteed for the entire renewal term but can be changed during the renewal.
Yes, premiums are guaranteed for the entire renewal term but can be changed during the renewal.
Yes
Yes
Different terms and payment options are available
Increase in Premiums
After the initial term is completed
After the initial term is completed
No
No
Different terms and payment options are available
Timescale to Pay Premiums
The entire term, up until the age of 100 years
The whole term, up until the age of 100 years
Up To age 100
Up To age 95
Different terms and payment options are available
Policy Cancellation Options
Is the Policy Cancellable Anytime?
Yes
Yes
Yes
Yes
Yes, taxes and surrender charges are applicable.
Money-Back Cancellation Duration
Thirty days
Ten days
Ten days
Thirty days
Ten days
Who can apply for this plan
Note: You will most likely need to undergo a medical exam and answer a few health questions.
The Right Protection Plan if You
What’s Covered Under This Plan?
Term 10 or 20 Rider
You have the option to add a single-life or joint-life rider to provide extra coverage for yourself or your family members.
Summary of Exclusions
Your coverage is entitled to the following exclusions:
About You’re Premiums
Call 1 844-542-4678 to speak to our advisors.
It is an essential Life Insurance policy that may be purchased over the internet.
Advantages of Guaranteed Acceptance Life Insurance
RBC Guaranteed Acceptance Life Insurance Plan Details
The insurance plan offers up to $40,000 of guaranteed coverage for Canadians from the age of 40 to age 75
Highlights of the insurance plan:
Compare the insurance plans
RBC Simplified® Term Life InsuranceYour Term Life InsuranceTerm 100 Life InsuranceRBC® Guaranteed Acceptance Life InsuranceRBC Universal Life™ InsuranceRBC Growth Insurance™ (Participating Whole Life)
Eligibility of the Plan
Plan Eligibility
Term 10 to 15: Between Ages 18 to 70
Term 10 to 15: Between Ages 18 to 70
Ages Between 18 to 85 years.
Ages Between 40 to 75 years.
Ages Between 0 to 85 years.
Term 16 to 40: Max issue age is age 85 minus the term
Term 16 to 40: Maximum age to issue the policy is age 85 minus the term plan
Is a Medical Exam Required?
May not be needed
Preferably required
Preferably required
Preferably required
Preferably required
Coverage and Benefits of the Plan
Perfect If You Want
Cost-effective and purchase to buy term coverage that helps protect your family for a limited period of time (like when your children have a mortgage or when they are young)
Significant term coverage that helps protect your loved ones for a limited time (like when your children have a mortgage or when they are young)
Coverage is a Lifetime to protect your dear ones or help your future generations pay capital gains tax on assets left to them after your passing.
To leave a little something extra behind to your family, or help cover your final expenses.
Coverage for a Lifetime. Also provides the opportunity to save for the future in a tax-free policy.
To be part of managing the primary investments of the policy.
Coverage Amounts Available
$50,000 up to $1,000,000*
$1,000,001 to $25,000,000*
$50,000 up to $25,000,000
$5,000 up to $40,000
$25,000 up to $25,000,000
*Age 56 and above: up to $500,000
*Age 56 and above: from $500,000 onwards
Coverage Timescale
Between 10 to 40 years, with the insured having the choice to renew the policy for another term.
Between 10 to 40 years, with the insured having the choice to renew the policy for another term
For your entire life
For your entire life
For your entire life
Tax-Free Death Benefits Available?
Yes
Yes
Yes
Yes
Yes
Optional Benefits of the Policy
Don't hesitate to get in touch with RBC Insurance for further Details.
Children's Term rider available
Accidental Death rider available
No
Children's Term rider available
Accidental Death rider available
Accidental Death rider available
Accidental Death rider available
Joint-First-to-Die option available
Joint-First-to-Die option available
Other optional benefits available
Other optional benefits available
Term 10 and 20 riders are available
Other optional benefits available
Other Features of the Plan
Option to convert to a whole or RBC Growth Insurance without providing medical proof
Option to convert to a whole or RBC Growth Insurance without providing medical proof
No
Compassionate advance offered due to terminal illness of the insured
A certain percentage of your premium is placed into investment accounts of your choice, where money grows tax-free
Exchange Term 10 for Term 15, 20, or 30 without the need for medical proof
Exchange Term 10 for Term 15, 20, or 30 without the need for medical proof
Additional coverage of 5 times the benefit in case of death due to an accident
Additional coverage is provided on top of the Life Insurance benefit in case of death due to an accident
Policy Premiums
Are the Premiums Guaranteed?
Yes, premiums are guaranteed for the entire renewal term but can be changed during the renewal.
Yes, premiums are guaranteed for the entire renewal term but can be changed during the renewal.
Yes
Yes
Different terms and payment options are available
Increase in Premiums
After the initial term is completed
After the initial term is completed
No
No
Different terms and payment options are available
Timescale to Pay Premiums
The entire term, up until the age of 100 years
The whole term, up until the age of 100 years
Up To age 100
Up To age 95
Different terms and payment options are available
Policy Cancellation
Is it Cancellable Anytime?
Yes
Yes
Yes
Yes
Yes (taxes and surrender charges may apply)
Money-Back Cancellation Duration
Thirty days
Ten days
Ten days
Thirty days
Ten days
Who Can Apply for This Insurance Policy?
This Insurance Policy is the Right Choice if You:
What’s covered under this insurance plan?
Summary of exclusions
Your coverage has the following exclusions:
Fraud, omission of material, and misrepresentation will deny you from receiving any premiums or paying the death benefit.
About Your Premiums
Call 1 844-542-4678 to speak to our advisors.
An affordable, convenient, and flexible coverage to help protect yourself and your near and dear ones.
Advantages of personal accident insurance
Details of the Plan
Personal Accident Protection Plan
Suppose you or your spouse are an RBC Insurance client. In that case, personal accident insurance can assist day-to-day cover expenditures and help your loved ones maintain their quality of life in the event of a fatal accident.
Highlights of the plan:
The Right Plan If You
Call 1 844-542-4678 to speak to our advisors.
If you choose the spousal package, your policy protects you and your spouse until you’re 80 years old for:
Child Care Benefit
In the unfortunate event you or your spouse suffers an accident leading to death, we will refund the money paid for childcare expenses for children under 16 years to their legal guardian. We will also pay 2% of the death benefit or $2,000, whichever is less, for a maximum period of five years or until the child turns 16 years of age, whichever is earlier.
Education Benefit
We will repay the money spent for tuition fees for each dependent child under the age of 23 years old within one year of your accident, up to a maximum of 5% of the accidental death benefit or $5,000, whichever is less, for a maximum term of five years from the date of your accident.
Spousal Job Training Benefit
Within 12 months of your death, your spouse can apply for training courses, and we will refund your spouse for eligible job training expenses, up to 5% of the accidental death benefit or $5,000, whichever is less, for up to three years. Note: The training courses must be with an accredited occupational training program.
When We Don’t Pay
We will pay up to 50% of the accidental death benefit if both you and your spouse are above the age of 70 and die in an accident within one year. We shall not pay benefits if you or your spouse dies as a consequence of the following:
The insurance plan must be in force both at the time of the accident and at the time of death for the beneficiaries to be eligible for benefits.
About your premiums
You can rest assured that your payments will not increase; however, it is likely that the group rates to change in the future.
Eligibility
Who can enroll for Personal Accident Protection coverage?
You must meet the following criteria to be eligible for this coverage:
Can your partner enroll for Personal Accident Protection coverage?
If you have been living with your spouse for more than a year and they are between the ages of 18 and 60, you may get family coverage to protect yourself and your partner.
Premiums
Will the premium payment for Personal Accident Protection coverage increase?
Your payments will not increase with age. While the group may change, you, though, will not be targeted for an increase. We will provide a 60-day notice if the rates vary.
Details of the coverage
To enroll for Personal Accident Protection coverage, do I need to undertake a medical exam?
It is not required. As long as you meet the eligibility requirements, your acceptance is guaranteed. You will not need to answer any health questions to apply for this insurance plan.
When does the insurance coverage start and end?
You will get an insurance certificate in your registered email after your registration has been finalized. Your coverage start date will be specified in the insurance protection plan.
Your coverage ends on:
Call 1 844-542-4678 to speak to our advisors.
RBC Life Insurance Company is the insurer and underwriter. It is a group policy issued to the Royal Bank of Canada.
Demystifying Life Insurance Policies
Does Life Insurance leave you confused and leave you scratching your head? If yes, you’re in good company. A recent survey by the Financial Services Commission of Ontario (FSCO) found that only 47% of 25- to 34-year-olds in Ontario have Life Insurance. Almost half of those (48.6%) say they don’t fully understand their policy. There is no getting around the fact that Life Insurance is a challenging subject that isn’t particularly fun to think about, but it doesn’t have to be stressful and confusing either. This short article will help demystify the jargon so that you can feel more comfortable as you explore your options.
What is Life Insurance?
Life Insurance policies come in many varieties. It is a legal policy between the insured and the insurer. As the insured (Policyholder), you buy a certain amount of Life Insurance from the insurer (insurance company), and the insurer promises to pay a tax-free death benefit to your beneficiaries or your estate in the event of your unfortunate demise. It is also important to note that Life Insurance policies can be very affordable— no matter how much money you make-that $200,000 policy mentioned above. A woman in her 30’s who does not smoke pays a much lesser coverage that covers her for a period of 20 years.
How does Life Insurance work?
Before we understand how a Life Insurance policy works, let us look at how most Life Insurance policies generally work in exchange for a monthly or annual premium that you pay to an insurance company based on the insurance policy’s coverage. If you pass away while you have this coverage, your beneficiaries will be able to make a claim to your insurer for the amount of coverage you purchased. The money that is paid to your beneficiaries or your estate is commonly called the death benefit.
Tax-free death benefit
The significant benefit of the Life Insurance death benefit is that it’s not usually taxable–regardless if your policy pays out $40,000 or $400,000. That means your family won’t have to report the amount as taxable income when filing for taxes. A word of caution, however. If you do not title a beneficiary on your policy, your “estate” will be made as to the beneficiary. The death you receive will have a lesser amount as the probate fees will be deducted. It is also known as the estate administration tax. All your assets and liabilities at the time of your demise are considered your estate. It will be taxable if you have a universal Life Insurance plan or whole Life Insurance policy that accumulates cash value. You can read more about cash value Life Insurance here: The Types of Life Insurance Explained. To read more about taxes and Life Insurance, check out: Will My Loved One’s Pay Tax on Life Insurance Proceeds?
Your family can use the death benefit for anything
In addition to not paying taxes on the Life Insurance death benefit, your beneficiaries are free to use the money as they see fit. The amount received from the benefit can be used for:
While there are numerous reasons to get Life Insurance, the most common is to ensure that their family would not face financial hardship if they pass away. If you have loved ones who rely on you for financial support, you should consider purchasing a Life Insurance policy.
You need to buy a Life Insurance policy if you check any of the below mentioned options:
I’m young, single, and don’t have kids. I don’t need Life Insurance, right?
That depends. There can be significant benefits to getting Life Insurance coverage while you’re young. Take a look at the reasons: Six Reasons Why Now May be the Best Time to Get Life Insurance.
What are some benefits of Life Insurance?
A Life Insurance plan protects your family from any financial constraints if you pass away, but it also offers other benefits. Certain types of Insurance can help you save up for future investments, whether it’s paying for your child’s education, protecting your assets, or another goal. Check out the four reasons to get Life Insurance at any age.
Two major types of Life Insurance?
While there are many different types of Life Insurance, they always fall into one of two categories: Term Life Insurance and Permanent Life Insurance. There are even more options inside those plans to assist you in acquiring the coverage that best suits your requirements.
The short answer? Probably more than you think. It is a unique question to answer for everyone. It is essential that you keep a few things in mind when choosing an insurance coverage amount. To get an instant quote, give our Life Insurance calculator a try.
Your annual income
It is advised that you have at least 5-7 times your yearly net income when deciding to purchase an insurance policy (Note: net means after taxes are deducted). Which essentially provides 5-7 years’ worth of your annual income to your beneficiaries.
Who depends on you financially?
Consider each individual who relies on you and how long you may need to offer financial assistance to that person. How old is your youngest child, for example? What is your total number of children? Do you want them to have the chance to go to college or university? Or are you and your lover the only ones in the room right now?
Your debts
If you have debts and expenses like a mortgage, credit card bill, or student loans, how long would it take for your spouse/partner to settle all these debts completely? The significant difference between your spouse/partner have to see the home, or staying has enough income to pay off the mortgage.
Other Life Insurance policies, if you have it
You may be able to deduct these amounts from what you need to buy if you have group Life Insurance via work or mortgage Life Insurance.
Is the Life Insurance I get through my work enough?
Most group Life Insurance plans only cover 1-3 times your yearly income, so you’re likely to be underinsured at work. Furthermore, changing employment will almost certainly result in the loss of your Life Insurance policy. Consult your human resources department or check your policy if you’re unsure how much you carry.
Your savings and investments
If you have savings and investments set aside for plans—such as a Registered Education Savings Plan (RESP) for your child’s education, you can deduct these amounts from your Life Insurance needs. You just have to make sure that if your family had to use your savings and investments earlier than planned, it would not negatively impact their plans in another area.
Tip: Review your coverage needs every few years, and anytime you have a meaningful life event-like a new family member or even an increase in your income. Try our Life Insurance calculator now to see how much coverage you require.
Buy a Life Insurance policy you can afford at this point financially because having Life Insurance coverage is better than none. You can always add more when you become financially stable. Also, if you’re interested in permanent coverage but can only afford term coverage right now, keep in mind that most term policies give you the option to convert to permanent coverage later.
What is the cost of Life Insurance?
Well, that depends! At RBC Insurance, you can have a quotation instantly by looking at our Life Insurance quote calculator. The premiums you’ll pay can be different from what someone else might pay. That’s because premiums are based on several factors, including risks that are different for each person. In general, here’s what you should consider while figuring out the cost:
How do I purchase Life Insurance?
It is crucial to keep in mind that some types of Life Insurance policies are simpler to buy than others. Depending on the type of Life Insurance coverage you require and how much coverage you are applying for, your application will be required to go through underwriting; this is a process where the insurance company evaluates the risks associated if they choose to insure you. Before we understand what underwriting is, here is the path you can take once you’re ready to buy an insurance policy:
At RBC Insurance, we offer our customers a few options online:
Getting coverage through work
If your employer offers a group Life Insurance policy, you’ll want to follow up with your human resources department or plan administrator. What information will I have to present when I apply to purchase Life Insurance? In most cases, you will need to give information about your lifestyle, health, age, personal medical history, and family medical history. It is extremely important that you answer all questions in your application honestly and accurately. RBC insurance can deny, adjust your benefits, or even void your coverage if you give incorrect or incomplete information.
What happens after I apply for Life Insurance?
The underwriters review your application once you send in your application. It is not compulsory but more or less like a formality. Depending on the situation and risk involved, it can be minimal or time-consuming. You may be asked to complete the application over the phone or by undergoing a medical exam.
Application approval process timeline
It ideally varies. In some cases, you may hear back from the insurance company instantly. For example, if you have an excellent medical history, are under 56 years of age, and want less than $1 million in term insurance, you may get a quick response from insurance companies. In some instances, it could take weeks or even months to find out if your application has been approved. If your application requires a telephonic interview or medical exam, you must have to wait a little longer. If something is unclear in the policy, do not hesitate to ask the question once your Life Insurance application has been approved. It is in your best interest to clearly understand your insurance coverage. Get in touch with the advisors at RBC Insurance to discuss your queries or find out more information.
Call 1 844-542-4678 to speak to our advisors.
