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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
Benefits of Term Life Insurance
At RBC Insurance, We’ll help you take the first step towards protecting your family’s financial future.
- Flexible: You have the option to choose any term from 10 and 40 years. Your beneficiaries will receive your policy tax-free if you pass away within the policy term.
- Quick and Easy: You are guaranteed coverage and premiums for your entire term. You can also choose to renew your Insurance at the conclusion of the term.
- Cost-Effective: If you have a growing family, Term Life Insurance is an excellent alternative because the rates are usually lower than other forms of life insurance.
- Interchangeable: Until you reach the age of 71, you have the choice to change your policy into permanent or universal life insurance without having to fill up any health surveys or having to undergo any medical exam.
Different Term Life Insurance Policies
RBC Simplified® Term Life Insurance
- This insurance plan offers individuals a flexible and reasonably priced coverage-best of all, and you can apply for this plan online!
- RBC Simplified Term Life Insurance is a simple method to help provide your family the security they need if you only require $1,000,000 in coverage.
Highlights (or Plan Details)
- Instant Quote: You can get an online quote instantly and apply in as little as 15 minutes.
- No Medical Examination: You may be eligible to receive coverage without having to undergo a medical examination.
- Coverage Limit: $50,000 up to $1.000,000
- Comfortably Priced: Policies start as incredibly low as $12.67 per month.
- Convenient: Choose coverage for 10, 15, 20, or 40 years, or anything in between.
- Easy to Understand: Coverage and premiums are guaranteed for the entirety of the term.
- Tax-Free Benefit Amount: Your beneficiary or estate receives a tax-free death benefit.
- Convertible: Change your policy to a permanent policy such as RBC Growth Insurance without providing any additional medical evidence.
- Swappable: Exchange a simplified term ten policy for a term 15, 20, or 30 policy without providing medical evidence.
- Accidental Death Benefit Amount: In the case of accidental death, your beneficiary could receive an extra life insurance benefit amount.
- 30-Day Trial Period: If you change your mind within the first 30 days, we will cancel your policy and give you a full refund.
Compare the policy plans
| Choose from two levels of coverage | ||
|---|---|---|
| Enhanced Plan | Basic Plan | |
| You will receive a cash payment on diagnosis of covered illnessif you survive for 30 days | $12,000 | $6,000 |
| You will receive a cash payment on diagnosis of covered illness if you survive for 30 days |
$12,000 ($1000/month for 12 months or until death, if earlier) $12,000 ($1000/month for 12 months or until death, whichever is earlier) |
$6,000 ($500/month for 12 months or until death, if earlier) $6,000 ($500/month for 12 months or until death, whichever is earlier) |
| You will receive cash for each day of hospitalization within two years of diagnosis |
$200 a day for up to 100 days Up to $20,000$200 a day for up to 100 days Up to $20,000 |
$100 a day for up to 100 days
Up to $10,000$100 a day for up to 100 days Up to $10,000 |
| You will receive cash payment for surgery related to diagnosis within two years of diagnosis | $6,000 | $3,000 |
| Total cash benefits: | Up to $50,000 | Up to $25,000 |
Term Life Insurance is the right choice if you:
- Are a citizen of Canada
- Are you a permanent resident/landed immigrant who has been in Canada for over 12 months?
- Need an insurance plan for a term of 10 to 15 years. Available from age 18 all the way up to 70
- Need a Term Insurance for ages between 16 to 40: You must meet the maximum issue age of age 85 minus the term. For example: If you are age 85 - Term 25 = The maximum term issue is age 60
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Life Insurance Quote Form
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
What's covered under the Term Life Insurance policy?
Death Benefit
Your policy offers a tax-free death benefit coverage to your beneficiaries or estate if you die while the coverage is still in place.
Summary of Exclusions
RBC Insurance reserves the right to deny your benefit if you present incorrect or false information regarding your health, smoking habits, or lifestyle.
About you’re Premiums
- Your rates are promised to remain the same for the duration of your Insurance.
- After the term ends, you can renew your policy. Note: Premiums will change at renewal but are guaranteed for the entirety of your renewal term.
- You are no longer entitled to pay premiums after you reach the age of 100.
- Pay by monthly pre-authorized debit card annually or with a credit card if you purchase the coverage online.
Your Term Life Insurance
This policy offers substantial coverage amounts with the flexibility to choose the term you want. Your Term Life Insurance plan gives you coverage from 10 up to 40 years if you require $1,000,001 or more in coverage.
Highlights of Your Term Life Insurance Policy
- Coverage Up To: $1,000,001 all the way to $25,000,000
- Flexible Policy: Choose coverage options for 10, 15, 20 up to40 years.
- Easy to Understand: The premiums and coverage are guaranteed for the duration of the policy.
- Tax-Deferred Benefit: Your beneficiary or estate receives the death benefit tax-free in the event of your passing.
- Can be Exchanged: Exchange a Your Term ten policy for a Your Term 15, 20, or 30 policy without providing any new medical proof.
- Can be Converted: You can convert your policy to a permanent policy such as RBC Growth Insurance without providing additional medical evidence.
Compare the Plans
| Choose from two levels of coverage | ||
|---|---|---|
| Enhanced Plan | Basic Plan | |
| You will receive a cash payment on diagnosis of covered illnessif you survive for 30 days | $12,000 | $6,000 |
| You will receive a cash payment on diagnosis of covered illness if you survive for 30 days |
$12,000 ($1000/month for 12 months or until death, if earlier) $12,000 ($1000/month for 12 months or until death, whichever is earlier) |
$6,000 ($500/month for 12 months or until death, if earlier) $6,000 ($500/month for 12 months or until death, whichever is earlier) |
| You will receive cash for each day of hospitalization within two years of diagnosis |
$200 a day for up to 100 days Up to $20,000$200 a day for up to 100 days Up to $20,000 |
$100 a day for up to 100 days
Up to $10,000$100 a day for up to 100 days Up to $10,000 |
| You will receive cash payment for surgery related to diagnosis within two years of diagnosis | $6,000 | $3,000 |
| Total cash benefits: | Up to $50,000 | Up to $25,000 |
Term Life Insurance is the right choice if you:
- Are a citizen of Canada
- Are a permanent resident of Canada or an immigrant who has been in the country for over 12 months.
- Term 10 to 15 from the ages of 18 up to 70
- If you need a Term 16 to 40, you must match the maximum issue age of age 85 minus the policy term. Example: Age 85 - Term 25 =60 is the maximum issue age.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
What's Covered Under This Plan?
Tax-Free Death Benefit
If you pass away within the coverage term, your policy pays a tax-deferred death benefit to your estate or beneficiaries based on the amount of coverage you carry.
Optional Coverage Riders
- Joint First-to-Die Option: Policy covers up to two family members—the tax-free benefit is payable on the first death, at which point coverage will come to an end. The survivor of the policy also has the option to convert the term plan to a permanent one.
- Your Term Rider: Additional protection for you and your loved ones, such as your spouse.
- Children's Term Rider: It covers your biological or lawfully adopted children.
- Accidental Death Benefit Rider: If you die as a direct result of an accident, you will be paid an additional death benefit.
- Total Disability Waiver of Premium Benefit Rider: If you have been completely disabled for six consecutive months, RBC Insurance will waive your premium payments and policy fees.
- Waiver of Premium Benefit Rider for Pay or Death and Disability: If the person who pays your premiums passes away, we will waive the monthly premiums while the policy is in effect or if they become and remain entirely disabled for a period of six consecutive months, we will waive the payment of the cost of the policy fee and the premiums of the rider, including insurance deductions.
The information above-mentioned is merely a summary only. Please see a sample riders policy for complete details on rider and optional coverage terms and conditions, including benefits and exclusions.
Summary of Exclusions
Term Life Insurance coverage is subject to the following exclusions:
If you present false information regarding your health, smoking habits, or lifestyle during the application process, our insurance advisors reserve the right to refuse your benefit payment. Depending on the optional benefits chosen, other exclusions may apply.
About Your Premiums
- Your premiums will remain the same for your entire term.
- You are eligible to renew your insurance plan after the term ends. The cost of the premium will change at the time of the renewal but is guaranteed for the entire term.
- Once you reach the age of 100, you are no longer required to pay any premium. Pay by pre-authorized debit card monthly or annually.
How much life insurance do I need?
It is highly dependent on various circumstances, including your financial commitments, salary, and whether or not you have additional life insurance plans, among others. Ideally, five to seven times the amount of your current net income is advised. In some instances, your needs could be less than or greater than the recommendation of the insurance policy.
Can I apply for Term Life Insurance if I am a smoker?
If you consume tobacco, you can still apply for Term Life Insurance coverage. You will only be eligible for non-smoker rates if you have not used tobacco products in any shape or form in the last twelve months. If you smoke occasionally or quit smoking in the last 12 months, you will be considered a smoker.
What happens to my Term Life Insurance premiums if I quit smoking after the issue of my policy?
If you have gone an entire 12-month period without using any tobacco product, you can ask for a change to non-smoker rates after issuing the policy. Get in touch with us and apply for a switch to non-smoker rates. You will be required to fill up a medical questionnaire, and a registered nurse will visit you to gather some medical evidence, most likely a urine sample. Once your eligibility is confirmed and our insurance advisors have approved your application, your insurance policy will be converted to non-smoker rates.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.
Eligibility
Who is eligible to purchase Term Life Insurance?
If you are in the following categories, you may apply for RBC Simplified® Term Life Insurance or Your Term Life Insurance:
- For Terms 10 to 15 years, between the ages of 18 and 70. The maximum issue age for Terms 16 to 40 would be 85 or less than the Term policy selected.
- A permanent Canadian citizen or an immigrant who has been living in the country for more than 12 months.
Premiums
Am I eligible for preferred Term Life Insurance Rates?
To qualify for preferred rates, the amount of coverage you are applying for must be $500,000 or more. It also depends on your health and lifestyle, family history, participation in dangerous sports, and much more. Please contact our team for further information.
Are our Term Life Insurance rates guaranteed?
Once your policy is approved, it will contain a schedule that will show all the premiums payable, including the renewal premiums that you would apply at the end of your policy term. These premiums for this insurance policy are guaranteed. Your coverage rates will stay the same as long as you make continued payments to your premiums.
For how long will I have to pay premiums?
Depending on the term insurance policy you have chosen, you will pay premiums for the length of your term (between 10 to 40 years). After the initial term, coverage can be renewed annually until the age of 100, at which point premiums are no longer necessary.
Modes of payment for RBC Insurance Term Life Insurance policy?
- You are eligible to pay for your Term Life Insurance policy on a monthly or annual basis.
- If you are paying by pre-authorized debit card monthly, we will automatically debit your account when you are approved for coverage.
- We will send you a receipt for the annual premium payment if you opt to pay on a yearly basis.
- If you buy Term Life Insurance online, you can use a credit card in the policyholder's name.
What is Term Life Insurance?
Term Life Insurance policy is a lawful contract between the insured and RBC Life Insurance Company. In the event of your untimely demise, RBC Insurance makes a tax-deferred payment to your beneficiaries or estate, commonly referred to as a death benefit. Note: If the death benefit is paid to your estate, probate fees will be applicable. Term Life Insurance covers you for 10-year to 40-year periods. After the term of the policy has ended, the insurance coverage can be renewed automatically. If the insured reaches the age of 100, they will no longer require to pay any premiums. The plan does not build up any cash value, and the premium payment goes only towards life insurance coverage. Our Term Life Insurance policies do not allow the insured to convert their term insurance to universal life insurance or permanent life insurance before the age of 71, with no health questions or medical exams.
Difference between Your Term Life Insurance and RBC Simplified® Term Life Insurance?
Take a look at the various Compare Life Insurance Plans and see the different features and benefits of our Term Life Insurance plans together.
Differences between term insurance and permanent life insurance:
One of the most significant distinctions between permanent and Term Life Insurance is that Term Life Insurance protects you for a period of 10 to 40 years, whereas permanent life insurance covers you for the rest of your life. Permanent life insurance is more expensive than Term Life Insurance.
Benefits of Term Life Insurance
Our Term Life Insurance policies offer the below-mentioned benefits:
About Your Premiums
- Rates that are guaranteed and affordable.
- Coverage for periods10 to 40 years.
- After the initial term, coverage can be automatically renewed until the insured becomes 100, and the insured is no longer needed to pay a premium.
- Once the insured reaches the age of 71, they have the choice to convert to universal life insurance or permanent life insurance without having to answer any health questions or undergo a medical exam
Term Life Insurance plan cash value
With a Term Life Insurance policy, you pay only for the coverage, and there is no cash value.
Conversion option for Term Life Insurance
It allows you to convert to universal life insurance or a permanent life insurance plan before the insured reaches the age of 71. They are not required to undertake a medical exam as well as fill up any health questions.
Is an exchange option available for Your Term Life Insurance?
This protection plan gives you a choice to exchange a Term 10 policy for a Term 15, Term 20, or Term 30 policy without the need to show any insurability evidence. The change must happen before your 5th policy anniversary and the insurance plan anniversary closest to your 70th birthday.
When does the policy coverage begin and conclude?
Once we receive the first premium, you are covered under the policy and approved. Note: During the review of your application, there should be no change in your health. If you are paying by a pre-authorized debit card monthly, we will automatically debit your account when you are approved for coverage. If you choose to pay the premium every year, we will send out a bill for the annual premium. Once payment is received, coverage starts. During reviewing your application, if there is any change in your health, you must notify our office at once.
Your coverage will come to an end on:
- The date you choose to cancel your Term Life Insurance in writing.
- The date of your demise.
- The date you stop making your insurance premium payments.
For further details, please do not hesitate to contact our team today.
Do I have the option to increase or decrease my term life coverage?
The simple answer is yes. At any moment, you can lower or raise your coverage. Your rates will be adjusted to reflect the additional amount of Insurance. If you decide to enhance your coverage, you must present the required medical proof in order for it to be authorized.
Term Life Insurance limitations
If the insured commits suicide during the first two years of coverage, no compensation will be given. RBC Insurance advisors also have the power to refuse a claim if you provide incorrect information throughout the application procedure. It contains details on one’s lifestyle, health, and smoking habits. The information above is mere as an abstract. For RBC Simplified® Term Life Insurance, please see the extra information for terms and conditions, including all the benefits and exclusions. For Your Term Life Insurance, please look at our sample policy for entire details on terms, benefits, and conditions, including exclusions.
Get the best Insurance Quote from RBC Insurance
Call 1 844-542-4678 to speak to our advisors.