RBC Universal Life Insurance

One of the significant benefits of RBC Universal Life insurance is how flexible the policy coverage is. You can personalize your coverage and premiums now and into the future.

Benefits of Universal Life Insurance

  • A Flexible Solution: A customizable option that assures lifetime coverage while also assisting you in financially protecting your possessions and loved ones in the future.

  • Lifetime Coverage: With universal life insurance, you have life coverage that lasts a lifetime.

  • Tax-Advantaged Investing: A part of your premium purchases your Insurance, while the remaining amount earns tax-free interest while it remains in your policy.

  • Access to Funds: You can use the money in your Insurance to boost your income in retirement or during a period of illness at any time during your life.

  • Estate Planning : The exclusive features of universal life insurance make it an ideal way to protect your assets and pass them on to your beneficiaries.

RBC Universal Life™ Insurance Plan

One of the significant benefits of RBC Universal Life insurance is how flexible the policy coverage is. You can personalize your coverage and premiums now and into the future.

Highlights of the policy:

  • Coverage for a lifetime: Coverage cannot be changed or canceled, and it is for life.

  • Tax-Free Benefit Amount: A tax-free death benefit will be given to your beneficiary or estate after your passing

  • Two Death Benefit Options: You have the option to choose two death benefit options. The level protection plan or increasing protection plan.

  • Options for Flexible Payment: You can decide how you want to pay your premiums and how many premiums you want to pay into your policy.

  • Wide Range of Investments: With various assets known as interest choices and your choice of two plans, you may build a portfolio that meets your needs.

Get the best Insurance Quote from RBC Insurance

Call 1 844-542-4678 to speak to our advisors.

Below-mentioned is a comparison of 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)
Plan Eligibility
Insurance 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 Between ages 0 to 80
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 be not required Preferably required Preferably required Preferably required Preferably required Preferably required
Coverage and Benefits of the Policy
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. Coverage for Lifetime with cash value guarantees and the chance to earn dividends to help protect your estate and your beneficiaries
To be part of managing the primary investments of the policy. The insurer has the opportunity to manage the assets invested in 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 $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 For your entire life
Tax-Free Death Benefit Offered Yes Yes Yes Yes Yes Yes
Optional Benefits of the Policy Please contact RBC Insurance for further information. Children's Term rider available Children's Term rider available No Children's Term rider available Children's Term rider available
Accidental Death rider available Accidental Death rider available Accidental Death rider available Accidental Death rider available
Joint-First-to-Die option Joint-First-to-Die option available Other optional benefits of the plan Guaranteed Insurability Benefit available
Other optional benefits of the plan Term 10 and 20 ridersare available Other optional benefits of the plan
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 Option to convert to a whole or RBC Growth Insurance without providing medical proof
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 Juvenile Guaranteed Insurability Benefit available
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 Yes
Increase in Premiums After the initial term is completed After the initial term is completed No No Different terms and payment options are available No
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 Ten years
20 years
For life (up to 100 years)
Policy Cancellation
Is the Policy Cancellable Anytime? Yes Yes Yes Yes Yes (taxes and surrender charges may apply) Yes (taxes may apply)
Money-Back Cancellation Duration Thirty days Ten days Ten days Thirty days Tendays Tendays

RBC Growth Insurance is the right choice if you:

  • Are a Canadian citizen or an immigrant who has been in the country for over 12 months.

  • Are from the age of 0 to 85

  • Require permanent life insurance coverage.

  • Are you looking to increase your wealth and be financially secure?

  • Donate the maximum amount to your Registered Savings Plan (RSP)

  • You are nearing the age of retirement and want to protect your estate.

You will almost certainly be required to take a medical test and answer a few health-related questions in order to apply.

What's Covered under this insurance policy?

  • Death Benefit: If you pass away while the Insurance is still active, your beneficiaries or estate will get a tax-free death benefit. You have the option of choosing between two types of death benefits:

  • Level Protection Plan: The policy pays a tax-free death benefit equal to the amount gathered in your insurance policy or your coverage amount, whichever is greater.

  • Increasing Protection Plan: The protection plan pays your accumulation value on top of your tax-free death benefit equal to your coverage.

Note: If you plan on changing your policy, you may change your death benefit option at any point after the policy's second year.

  • Disability Benefit: In the event of critical illness or injury from an accident, the benefit is payable from your policy's accumulation value. The benefit is paid once a year for as long as you are disabled.

  • Compassionate Advance: If you become terminally ill, you can obtain an advance of up to 50% of your policy's death benefit. The maximum loan amount is $250,000.

  • Additional Optional Coverage:Additional Term Insurance: This coverage option can be added at any time for no extra policy fee. It is an affordable coverage option for temporary needs such as a mortgage or insuring a business loan.

  • Children's Term Rider: Term life insurance coverage provided for your own or legally adopted child.

  • Accidental Death Benefit Rider: An additional death benefit paid in the event you die from an accident.

Summary of Exclusions

If you present to us with fake information regarding your age, gender, smoking habits, or lifestyle during the application process, we have the right to adjust or deny your benefit.

More On Your Premiums

You may be eligible for lower preferred rates if you live a healthy lifestyle, do not smoke, and have a good family history.

Choice in Premium Payments

RBC Universal Life insurance allows you to decide how much premium you want to contribute.It simply has to be more than the bare minimum to maintain your policy in force and lower than the maximum specified to retain your Insurance tax-free.

You also have the option of deciding how your money will be invested and when you will pay your premiums.After deducting premium tax from each premium payment, we will send the balance to your policy's interest options. Each month, we subtract enough to cover the cost of Insurance and a guaranteed policy fee of $10 per month.

Different Ways to Pay the Plan

You can choose from these different payment options:

  • Annually Increasing Cost of Insurance: The choice of "pay as you go." The expenses are low at first. Thus the majority of your premiums go toward the policy's accumulation value. If you wish to increase the plan's accumulating value, this is a wonderful choice.

  • Level to 100 Cost of Insurance: The "pay in advance" option. For the entirety of the policy, the minimum premium is fixed. This is the correct option if you do not have much time for accumulating wealth and are more focused on increasing the policy's death benefit for estate planning purposes.

  • With the "Annually Increasing" option, you can have it, either way, to build your protection plan's accumulation value in the formative years and then shift to the "Level to 100"coverage after its second year. Note: Your new insurance rate will be based on your age when you change the option. You have the option of paying for your insurance coverage monthly or annually.

Testimonials

Trusted by Clients

The Best Canadian Insurance Brokerage

Lalit Kumar

Mrs. Harpreet Puri is always friendly and professional and answers all of our questions with infinite patience. Helped us a lot in our health insurance. She is the best advisor.

Nippurn Kaushal

One of the best service provider in their field. I took a policy for my family and the plan I choose is the best and no other provider had that plan.Extremely satisfied by their services.

Baljeet Singh

Thank You so much for all of the work you did. I appreciated your prompt & honest communications as well as your efforts to make everything go smoothly. It was a pleasure to work with you.

Gurjinder Singh

Thank You so much for all of the work you did. I appreciated your prompt & honest communications as well as your efforts to make everything go smoothly. It was a pleasure to work with you.