RBC Whole Life Insurance Plan
The plan is a blend of tax-free savings and lifelong coverage to help protect your assets and your family’s financial future for the long term.
Common questions
- Life Insurance can protect your family from any financial crisis
- You leave a completely tax-free inheritance to your dear ones or beneficiaries
- Life Insurance can pay for your funeral expenses
- You can clear your debts and loans with Life Insurance
RBC Whole Life Insurance Plan
- Advantage of participating in Whole Life Insurance: The plan is ablend of tax-free savings and lifelong coverage to help protect your assets and your family's financial future for the longterm.
- Coverage for your entire Lifetime: With Whole Life Insurance, your protection does not end after a specific term. It is for the entirety of your life.
- Guaranteed cash value: The funds in your policy can be used to pay forunexpected expenses or add to your retirement income.
- Possibility for Dividends: A part of your premiums are invested, and the earnings from this account may be possibility paid out to you as dividends.
- Planning your estate: The unique feature of Whole Life Insurance is that it protects your assets and passes them on to your future generations.
Unlike term life insurance, a Permanent Life Insurance policy will provide coverage for the rest of your life and is a more cost-effective policy option in the long term.
Plan Details: RBC Growth Insurance™
Let your money through cash value guarantees and give your family the financial security of permanent coverage through RBC Growth Insurance.
Highlights of the plan
- Secured for Life: The coverage of this policy is for life and cannot be changed by us.
- Tax-Free Amount: Your beneficiary or estate is entitled to receive the tax-free death benefit.
- Coverage Amount Available: $25,000 up to $25,000,000
- Flexible Dividend Options: As the insured, you have the choice to receive dividends from our four flexible options.
- Juvenile Guaranteed Insurability Benefit: This benefit ensures that your child or grandchild can purchase extra Insurance on his 18th birthday without having to present any medical proof.
- Access to Your Funds: The cash value you have accumulated in your policy enables you to access the funds as you deem appropriate.
- Single or Joint Coverage: You can choose insurance coverage for yourself, your spouse, and other family members.
- World-Class Asset Management Team: More than100 years of asset management experience.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
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Who Can Apply?
- Citizens of Canada
- Individuals between the ages of 0 to 80 years.
- Permanent residents or immigrants who have been in Canada for more than 12 months.
You’ll have to go through a medical test and answer a few health-related questions.
RBC Growth Insurance is the right Insurance if you:
Term Life Insurance is the right choice if you:
- Want Cash value guarantees and permanent insurance coverage.
- Have certain assets that might be taxable after your passing.
- Want to pay off your Insurance in 10 or 20 years with lifetime coverage
- Want to grow your wealth and secure yourself financially substantially.
- Contribute the most amount to your registered savings plans.
- Want to purchase permanent coverage for your child or grandchild.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
What's Covered
Death Benefit
If you die while your coverage is still active, your beneficiaries or estate will be entitled to tax-free. You have the option of purchasing solo life insurance or joint life insurance for a group of individuals. You have two possibilities if you pick joint coverage:
- Joint first-to-die coverage: Death benefit is paid on the first death, ensuring that loved ones can receive income and not be burdened by a large mortgage or other expenses upon the death.
- Joint last-to-die coverage: Death benefit is paid on the last death. The coverage can be used to cover capital gains taxes or other estate expenses.
Optional Coverage Options
RBC Insurance reserves the right to deny your benefit if you present incorrect or false information regarding your health, smoking habits, or lifestyle.
- Option to Deposit: You can make additional payments above the required premiums to buy extra paid-up Insurance and help accelerate the cash value growth of your policy in the long term.
- Purchase Additional Term Insurance: If you need cost-effective coverage temporarily, add RBC YourTerm 10, 15, 20, or 25 life insurance plans.
- Children's Term Rider: Term life insurance coverage for your own or legally adopted child.
- Guaranteed Insurability Benefit: This plan allows you to purchase extra amounts of Insurance at specific periods in the future without undertaking a medical exam or presenting other forms of proof.
- Accidental Death Benefit Rider: An additional death benefit is paid if you die in an accident.
- Total Disability Waiver of Deductions Benefit Rider: In most cases of disability, = the payment is waived, as well as rider premiums and the cost of insurance deductions, including the policy fee.
- Pay or Death and Disability Waiver of Deductions Benefit Rider: If someone else pays your premiums and they die or become incapacitated for six months, the monthly payments, including rider premiums and the policy fee, will be waived while the policy is in existence.
- The information above-mentioned is just a short description only. Please look at our sample policy for complete details on rider and optional coverage benefits, exclusions, terms, and conditions.
Summary of Exclusions
- If the policy owner dies due to committing suicide during the first two years of coverage, no death benefit will be paid.
- RBC Insurance reserves the right to pay the benefit during the first two years of coverage if the policyholder provides incomplete information regarding age, gender, health, lifestyle, or smoking habits.
Other changes may apply depending on the optional coverage chosen. The information presented above is simply a summary. For further information, please visit the RBC Growth Insurance example policy.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
About yourRBC Growth Insurance Premiums
In addition to our Life Pay plan, you can pay off your Insurance in 10 or 20 years, after which you will no longer be obliged to pay premiums on your basic coverage, and your Insurance will remain in force until your death:
- Life Pay: Level premiums up to age 100, or on your base coverage for life
- 10 Pay: For ten years, your base coverage rates will remain the same.
- 20 Pay: For twenty years, your base coverage premiums will remain the same.
Earn Dividend From RBC Growth Insurance
One of the significant benefits of RBC Growth Insurance is the opportunity to earn dividends in your policy. Each year’s dividend rate is based on morality experience, invested assets’ performance, and expenses.
Dividends generated in your RBC Growth Insurance policy can be received in one of four ways:
- Paid-up Additions: Additional life insurance can be purchased using the dividends. This additional coverage is added to your existing policy. You can accumulate cash worth as well as potential dividends over time. Because the Insurance is "paid-up," you would not need to pay any extra premiums on the added coverage.
- Cash: Once a year, you will receive your dividends directly. Note: This option may be taxable.
- Premium Reduction: If your annual premium is less than your dividends, the extra dividends are paid to you directly.
- Dividends on Deposit: You can deposit dividends into your account automatically,which earns interest daily. The interest rate is compounded annually. You have the freedom to withdraw funds from the account at any time. Interest earned is taxable.
Note: The dividend rate may change annually and is not guaranteed.
