RBC Guaranteed Acceptance Life Insurance

You are on: Benefits

Receive permanent coverage for life.

If you want to leave a little something extra to your loved ones, consider our RBC Guaranteed Acceptance Life Insurance plan. Your beneficiaries can use the benefits to provide a child or grandchild with funding for post-secondary education, to help reduce debt or to fund final arrangements such as funeral costs. The plan includes a death benefit, an accidental death benefit and a compassionate advance.

Benefits of the RBC^® Guaranteed Acceptance Life Insurance policy include:

• You can apply for death benefit coverage of up to $25,000. However, for the first two years of your policy, the benefit is limited to the return of premiums paid to the date of your death (unless death is the result of an accident before your 85^th birthday. In this case, we will pay the Accident Death Benefit).
• You could receive additional coverage against accidental death, which pays five times the life insurance amount.
• You receive insurance coverage for life; however, your premium payments will end once you reach age 95.
• If your coverage has been in place for more than two years and you are diagnosed with a terminal illness and have 24 months or less to live, you could receive a percentage of the death benefit (a compassionate advance) while you are still alive.
• Your premiums will never increase, as long as your policy remains in effect.
• Your beneficiary receives the death benefit tax-free⁽¹⁾.
• If you are not satisfied with your coverage, you may cancel your policy within 30 days from the date we mailed it to you and we will return any premiums you have paid.

For more information:

• Compare Permanent Life Insurance Plans
• Permanent Life Insurance FAQs

The information above is intended as a summary only. Please see the additional disclosure information or a sample policy for complete terms and conditions, including benefits and exclusions.

You are on: Eligibility

Eligibility Requirements

You are eligible to apply for RBC^® Guaranteed Acceptance Life Insurance if you are:

• Between the ages of 50 and 75, and
• A Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months

Note: Your acceptance is guaranteed—you are not required to take a medical exam or answer any health questions to apply.

Ending Your Coverage

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 30-day grace period after payment is due)

Please contact us or see a sample policy for complete details.

You are on: What's Covered

Covered Conditions

If you die during the time period when coverage is in effect, your policy can provide a tax-free⁽¹⁾ death benefit for the amount of coverage that you purchased—up to $25,000—to your beneficiaries. In the first and second year of coverage, the death benefit is the return of premiums you paid to the date of your death (unless death is the result of an accident before your 85^th birthday. In this case, we will pay the Accidental Death benefit).

If you are diagnosed with a terminal illness after two years of the policy being in force, a compassionate advance may be paid to you.

In the case of accidental death, you could receive additional coverage of five times the life insurance benefit amount.

Summary of Exclusions⁽²⁾

Your coverage is subject to the following exclusions:

• If you die during the first two years of coverage, the death benefit is limited to a refund of the sum of premiums paid to us, without interest, unless you die as a result of an accident before your 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

You are on: Premiums

About Your Premiums

Your premium will depend on your age, gender, smoking status and the benefit coverage amount for which you apply.

Your policy will contain a premium schedule that will show all premiums payable. Your coverage begins as of the date you apply for coverage provided we receive your premium payment. (Please contact us or see a sample policy for complete details.)

Your Premiums Stay the Same

Your premiums are guaranteed to stay the same until you turn age 95, at which point you no longer have to pay any premiums.

Paying Your Premiums

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 online, a credit card (in the name of the applicant) will be required to purchase.