Permanent Life Insurance

For coverage up to $25,000:

To apply for RBC^® Guaranteed Acceptance Life Insurance (ages 50-75):

• Get a Quote or Apply Online
• Call 1-877-879-0042
• Find an RBC Insurance Branch or Advisor

For coverage $50,000 and over:

To apply for Term 100 life insurance (ages 18-85):

• Call 1-866-223-7113
• Find an RBC Insurance Branch or Advisor

Tip: Get a Term 100 life insurance quote online.

Yes, you can, provided that you request the cancellation in writing. In addition, if you purchase Term 100 life insurance, you have 10 days to review the policy after it is mailed to you; if you cancel during that time, we will refund the premiums you have paid. Anytime after that, you can cancel your insurance and you only pay the premium for the time you were covered. The RBC Guaranteed Acceptance Life Insurance plan gives you 30 days to review your policy, during which time you may cancel the coverage and receive a full refund of all premiums paid. Anytime after that, you can cancel your insurance and you only pay the premium for the time you were covered.

You may apply for permanent life insurance if you:

• Are between the ages of 50 and 75 (RBC Guaranteed Acceptance Life Insurance) or between the ages of 18 and 85 (Term 100 life insurance), and
• Are a Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months

Note: Acceptance is guaranteed for RBC Guaranteed Acceptance Life Insurance as long as you meet the eligibility requirements above.

The answer to this question depends on the plan.

• For RBC Guaranteed Acceptance Life Insurance, there is no medical exam required, and you will not be asked any questions about your health when you apply.
• For Term 100 life insurance, you will most likely need to complete a medical exam and answer several health questions.

Our RBC^®Guaranteed Acceptance and Term 100 life insurance plans provide lifetime coverage with guaranteed premiums. In the event of your death, we will make a tax-free payment to your beneficiary or estate, usually referred to as a death benefit. (Note that probate fees are applicable if you have not designated a beneficiary and the proceeds of your policy become part of your estate.)

One of the differences between term and permanent life insurance is that term life insurance coverage has an end date, for example at age 80, whereas permanent life insurance provides coverage for your lifetime.

Term life insurance is generally lower in cost when compared to permanent coverage.

Our RBC^® Guaranteed Acceptance and Term 100 life insurance plans offer these benefits and more:

• Provides insurance coverage for life
• Premiums are guaranteed to remain unchanged as long as the policy is in effect
• Your beneficiary receives the death benefit tax-free

The answer to this question depends on several factors, including your salary, whether you have some other group or individual life insurance, your financial obligations and resources, and more. A typical recommendation is to purchase life insurance in an amount 8-10 times your yearly salary. However, your specific needs could be less than or greater than this recommendation.

Try our needs calculator to estimate how much insurance might be right for you.

How much life insurance do you need?

Note: When using our life insurance needs calculator, please note that for RBC Guaranteed Acceptance Life Insurance, the maximum amount of coverage you can apply for is $25,000.

Yes, you can change your beneficiary by completing a change in beneficiary form. If you name a beneficiary and designate them as "irrevocable" then the beneficiary must also agree to the change.

It depends on the plan. For RBC Guaranteed Acceptance Life Insurance, coverage is effective the date you apply for coverage provided the application is received by us within 15 days from the date the application is signed and we receive the initial premium payment. Please contact us or see a sample policy for complete details.

For a Term 100 policy, you are covered under the policy once you are approved and we receive the first premium. There should also be no change in your health during the review of your application. Please contact us or see a sample policy for complete details.

For T100, if there is any change in your health during our review of your application, please notify our office immediately.

If you are paying by monthly pre-authorized debit, we will automatically debit your account when you are approved for coverage. When you select to pay on an annual basis, we will send out an invoice for the annual premium.

As premiums become due, we will give you 31 days after your premium due date to make your premium payment. If we do not receive your payment during this time insurance will terminate and your coverage ends.

Your coverage ends on the earlier of:

• The date of your death
• The date you request to cancel your life insurance in writing
• The date you stop paying your insurance premiums (you have a 31-day grace period after payment is due)

For Term 100, you can apply to reduce or increase your coverage at any time. The minimum amount of coverage you may request is $10,000 and the maximum amount is subject to our underwriting rules. Your premiums will also be updated based on the new amount of insurance. Increases in coverage for Term 100 will require new medical evidence and are subject to approval.

For RBC Guaranteed Acceptance Life Insurance, you cannot increase your coverage. However, you may request that we reduce your coverage at any time, provided all premiums are paid to the effective date of the reduction.

Yes a summary of the exclusions for each plan is listed below. (Please see a sample policy for complete terms and conditions, including benefits and exclusions.)

Summary of exclusions for RBC Guaranteed Acceptance Life Insurance⁽²⁾:

Your coverage is subject to the following exclusions⁽²⁾:

• If you die during the first two years of coverage, the death benefit will be limited to a refund of any premiums paid to us, without interest, unless you die as a result of an accident before you 85^th birthday (in this case, we will pay the Accidental Death Benefit). We will not pay the death benefit if you commit suicide within two years of any reinstatement. We will refund any premiums paid to us.
• We will not pay a death benefit or refund premiums if the policy is declared void due to material omission, misrepresentation or fraud.

We will not pay the Accidental Death benefit if you die as a result of:

• Natural causes, illness or disease
• Committing suicide
• Committing or attempting to commit a criminal act
• Operating a motor vehicle while your blood alcohol level is more than the legal limit when the accident occurs
• An illness or disease related to chronic use of alcohol
• Taking a drug not as it is prescribed
• Poisoning
• Injuries where there is no visible contusion
• Flying in any airplane, helicopter, or any other aircraft while you are a pilot or member of a crew
• War

During the application process, if we are given incorrect or incomplete information regarding age, gender or smoking habits, we reserve the right to deny or adjust your benefit.

Summary of exclusions for Term 100 Life Insurance⁽²⁾:

Your coverage is subject to the following exclusions⁽²⁾:

• During the first two years of coverage, if death is due to suicide, then no benefit is payable.
• During the application process, if we are given incorrect or incomplete information regarding age, gender, health, lifestyle or smoking habits, we reserve the right to deny or adjust your benefit.
• Other exclusions may apply depending on optional benefits chosen.

If you apply for Term 100 life insurance, a licensed RBC Insurance^® advisor will ask you a series of questions that will indicate whether you could be eligible for a preferred rate. Whether or not you will qualify depends on the amount of coverage you are applying for, your family history, your health and lifestyle factors, whether you participate in dangerous sports, and more. Preferred rates do not apply to RBC Guaranteed Acceptance Life Insurance.

Yes, your rates are guaranteed for life as long as you continue to pay your premiums on time. Rates are subject to approval by RBC Insurance.

You will pay premiums up to age 100 for Term 100 life insurance, or until you reach age 95 for RBC Guaranteed Acceptance Life Insurance.

You may pay for your policy on a monthly or annual basis.

• If you are paying by monthly pre-authorized debit, we will automatically debit your account when you are approved for coverage.
• If you select to pay on an annual basis, we will send out an invoice for the annual premium.
• If you buy RBC^® Guaranteed Acceptance Life Insurance online, a credit card (in the name of the applicant) will be required to purchase.

As premiums become due under the policy, we will give you 31 days after your premium due date to make your premium payment. If we do not receive your payment during this time, the insurance will terminate and your coverage ends.

Our goal is to make the claims process as stress-free as possible. Your beneficiaries will need to call us at 1-877-519-9501. An RBC Insurance^® representative will send them a claims form and guide them through the claims process.

Your beneficiaries or estate will receive a lump sum tax-free payment in the event of your death, once they have submitted the required paperwork and the claim has been approved. (Note that probate fees are applicable if you have not designated a beneficiary and the proceeds of your policy become part of your estate).