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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
Features of Term 100 Life Insurance
- Simple and straightforward: Straightforward permanent insurance coverage that protects your estate and loved ones.
- Lifetime coverage: Your coverage is for life.
- Guaranteed premiums You can rest assured; your premiums are guaranteed when you buy coverage and remain the same for the entirety of your policy.
- Tax-Free Benefit Amount: In the event of your demise, you can leave a significant amount of tax-free money to your beneficiaries or your estate.
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Life Insurance Quote Form
Term 100 Life Insurance - Plan Details
The insurance plan offers lifetime premiums that are guaranteed and interchangeable coverage amounts.
Highlights of the plan:
- Coverage Limit Available:$50,000 and over
- Lifetime Coverage:Coverage cannot be changed or cancelled for life.
- Tax-Free Benefit: The tax-free death benefit is distributed to your beneficiary or estate.
Compare the Plans
| RBC Simplified® Term Life Insurance | Your Term Life Insurance | Term 100 Life Insurance | RBC® Guaranteed Acceptance Life Insurance | RBC Universal Life™ Insurance | RBC 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
- Citizens of Canada
- Immigrants who have been in Canada for more than 12 months.
- Individuals between the ages of 18 to 85
Note: You will most likely need to undergo a medical exam and answer a few health questions.
The Right Protection Plan if You
- Prefer lifetime coverage that is straightforward and much more affordable than universal life or whole Life Insurance.
- Want to make sure your dear ones have sufficient money to pay the taxes on assets you've left for them.
What’s Covered Under This Plan?
- Death benefit: A tax-free death benefit in the amount of your coverage will be given to your beneficiaries or your estate in the event of your unfortunate death while the policy is in effect.
- Optional coverage: If you die from an accident before the age of 85, your beneficiary will be eligible to receive five times the basic coverage.
- Joint First-to-Die option: The benefit is given on the first death, guaranteeing that loved ones will have income and not be burdened by a big mortgage or other debts.
- Joint Last-to-Die option: The benefit is paid on the last death. The coverage can be used to cover capital gains taxes or other estate expenses.
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:
- We reserve the right to adjust or deny your benefits if you present false information regarding age, gender, health, lifestyle, or smoking habits during the application process.
- If a policyholder commits suicide during the first two years of coverage, there is no payout. Other exclusions depend on the various benefits chosen. The information above is intended as an abstract only. Please take a look at our sample policy for more details.
About You’re Premiums
- Your rates are guaranteed to be the same for the duration of your policy.
- At age 100, you will no longer have to pay any premiums.
- Pay by pre-authorized debit card monthly or annually.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
RBC Guaranteed Acceptance Life Insurance
It is an essential Life Insurance policy that may be purchased over the internet.
Advantages of Guaranteed Acceptance Life Insurance
- Permanent coverage: Your coverage does not end after a specific term as it is for life.
- No medical exam required: You will not have to undergo a medical exam or answer any questions about your health.
- Easy to purchase: With the touch of a mouse, you can get a quick quote and apply for and pay for your coverage from the comfort of your own home.
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:
- Guaranteed Acceptance: Canadian citizens and immigrants aged between 40 to 75 are guaranteed coverage.
- Coverage Amount Available: $5,000 up to $40,000
- Guaranteed Lifetime Coverage: Coverage is for life, and your premiums will never increase.
- Convenient and Quick: You can apply online and get an instant online quote.
- Tax-Free Death Benefit: Your beneficiary or estate receives the tax-free death benefit after your passing.
- Accidental Death Benefit:Your beneficiary receives an additional benefit five times the coverage amount if you die in an accident.
- 30-Days Review Period: If you change your mind within 30 days, we will cancel your application and give you a full refund.
Compare the insurance plans
| RBC Simplified® Term Life Insurance | Your Term Life Insurance | Term 100 Life Insurance | RBC® Guaranteed Acceptance Life Insurance | RBC Universal Life™ Insurance | RBC 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?
- Any legal citizen of Canada.
- Individuals between the ages of 40 to 75 years.
- Immigrants who have resided in Canada for longer than 12 months.
This Insurance Policy is the Right Choice if You:
- Want to leave a little significant financial security behind for your loved ones.
- Would like to help your family cover your funeral expenses in the event of your passing.
What’s covered under this insurance plan?
- Death benefit: A tax-free death benefit in the amount of your coverage to your beneficiaries or estate will be provided after your death.
- Accidental death benefit: If you have been diagnosed with a terminal illness and have 12 months or fewer to live, you may be eligible for a portion of the death benefit. At the same time, you are still alive if your coverage has been in force for more than two years and you have been diagnosed with a terminal illness.
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
- Your premiums are guaranteed and will stay the same.
- After age 95, you will no longer have to pay any premiums.
- Pay monthly or annually by a pre-authorized debit card or with a credit card if you buy online.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
RBC Client: Safeguard Your Family Against A Sudden And Unexpected Injury
An affordable, convenient, and flexible coverage to help protect yourself and your near and dear ones.
Advantages of personal accident insurance
- Easy qualification: Personal accident insurance is the ideal alternative if you do not qualify for any other insurance protection plans.
- Premiums for personal accident insurance are typically lesser, unlike other insurance protection policies.
- Tax-free death benefit: Your beneficiaries will get a tax-free payout if you die in an accident while covered by the plan.
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:
- Coverage Amount Available: $50,000 up to $250,000
- Extremely Affordable: Premiums start as incredibly low as $4.75 per month.
- Very Convenient: To apply for this plan, you do not need a medical or physical exam.
- Risk-free:If you change your mind and cancel the plan within 30 days, we will provide a full refund.
- Inflation Adjustment: Every two years, the coverage amount increases by 5%
- Easy to apply: Guaranteed acceptance if you're an RBC customer, age 18 to age 69, and a resident of Canada.
The Right Plan If You
- Want to add your existing Life Insurance policy.
- Are not eligible for other types of Life Insurance plans.
- Work in an occupation that is high risk.
- Are currently an RBC company customer.
- Are a Canadian resident. You can also enroll your spouse or partner for family coverage if they are between the ages of 18 to 69 years.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
What is Covered?
If you choose the spousal package, your policy protects you and your spouse until you’re 80 years old for:
- Death Due to Accident If you die within one year directly due to an accident other than an air travel accident, your beneficiary or estate will receive the tax-free death benefit.
- Air travel accident If you die as a result of an air travel accident within one year, we will pay:
- The death benefit if you are a passenger that has paid a fare
- On a scheduled commercial airline flight.
- If you are a crew member, pilot, or non-fare paying passenger on a commercial airline aircraft, you will get 50% of the accidental death payment.
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:
- Attempting to suicide or suicide
- Intentionally injuring themselves
- Making a criminal attempt or committing a crime
- Alcohol and drug abuse
- Natural causes
- Medical treatment or surgery not from an accident
- War or civil disorder
- Use of chemical, biological, or nuclear weapons and/or devices.
- High-risk activities
- An air travel accident unless you or your spouse were a paying passenger on a regular commercial flight.
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:
- A current RBC Company customer
- Between the ages of 18 to 69 years.
- Are a Canadian resident. You can also enroll your spouse or partner for family coverage if they are between 18 to 69 years.
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:
- The day you pass away.
- The day you reach 80 years old.
- The day you ask to cancel your Life Insurance policy.
- The day you stop making your insurance premiums. A 30-day grace period will be awarded after the payment due date.
- The day you are no longer a resident of Canada.
- The day the coverage gets canceled.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
Who is the insurer and underwriter for the insurance plan?
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:
- Take care of household bills and childcare expenses.
- Pay off your mortgage.
- Settle other expenses, like car loans and credit card bills.
- Covers your children's education.
- Cover your funeral expenses
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:
- Having a child
- Dependent children and other family members
- Finances and responsibilities between me and my spouse/partner
- Loans and expenses to pay off that my spouse/partner can't afford without me
- Leave money behind to cover my funeral expenses
- Leavy money behind to support my favourite charity
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.
- Term Life Insurance: It is the most cost-effective Insurance and covers you for a certain period—from 10 to 40 years, and everything in between. Many individuals get Term Life Insurance when their children are young and have debt, such as a mortgage. It is less expensive than permanent Insurance and is simple to obtain. For example, if you're young and healthy, you won't have to have a medical test and may even be qualified for an instant decision.
- Permanent Life Insurance: It's more costly Insurance that covers you for the rest of your life and, in some circumstances, allows you to save money. Permanent Life Insurance includes term 100, whole Life Insurance, and universal Life Insurance. Whole Life Insurance and universal Life Insurance protect you for the rest of your life while also allowing you to save money within your policy (called cash value or accumulation value). One of the advantages of cash value insurance is that you may be able to use the "cash value" to augment your retirement income, assist your children in paying for post-secondary education, and much more in the future.
How much Life Insurance do I need?
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.
What if I am unable to afford what's recommended for me?
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:
- The type of Insurance you choose: Unlike a universal Life Insurance policy or whole Life Insurance policy, a Term Life Insurance is a more reasonably priced permanent Life Insurance policy. Term Life Insurance offers lifetime coverage, and in some cases, dividends and other features.
- How much coverage to buy: An insurance policy worth a million dollars will cost your more than $250,000
- Your age, health, and gender: The Life Insurance policies will cost much cheaper the younger and healthier you are. It is a sad fact that men generally pay more premiums than women do. Sorry guys! An example: A 35-year-old female non-smoker will pay approximately $30 per month for a $350,000 20-year Term Life Insurance policy, but a 35-year-old male non-smoker will spend around $40 – $50 per month for the same policy.
- Your lifestyle: If you frequently drink alcohol and enjoy high-risk activities such as rock climbing and much more, you may end up paying higher premiums. You are guaranteed to pay more for your insurance policy if you smoke or consume other tobacco products.
- Family medical history If critical illnesses like diabetes, cancer, or other severe medical conditions run in your family, this could increase your policy premiums.
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:
- Buying coverage through an insurance advisor: Many residents of Canadians purchase Life Insurance with the help of an experienced insurance advisor. At RBC Insurance, our licensed professional advisors can provide quality advice to help you make the best decision for you and your family. It's easy to connect with us. Request a call with our insurance advisor to help with you're your Life Insurance needs and queries. Our insurance advisors will be more than happy to help you with your queries.
- Buying coverage online: If your needs are relatively uncomplicated and straightforward, there's a great chance you could get an instant quote and buy your coverage online.
At RBC Insurance, we offer our customers a few options online:
- Term Life Insurance: You may be able to get a quotation and receive a quick decision depending on the coverage amount you're looking for and if you're a Canadian citizen or permanent resident/landed immigrant. You may be forced to complete a phone interview if you do not obtain an immediate decision. It's also conceivable that a registered nurse may need to come to your place for an examination.
- Personal accident insurance: You may acquire personal accident insurance online if you're an RBC® client between 18 and 69 and a Canadian resident. In reality, your acceptance is a foregone conclusion.
- RBC Guaranteed Acceptance Life Insurance: If you're a Canadian citizen or permanent resident/landed immigrant 40 to 75 years old, you can buy up to $40,000 of Life Insurance. There are no medical exams to undergo or health questions to be answered. Call us today for further information or to get a quote.
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.
- Phone interview: If the insurance company requires more information, you may need to complete a telephonic interview. The interviewer may ask personal, financial, and medical-related questions.
- Medical exam: If you are subject to a medical exam, a paramedical nurse may come to your house to check your vitals. This includes collecting your pulse and blood sample and weighing and measuring you.
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.
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