RBC Universal Life™ Insurance Plan

You are on: Benefits

A Plan with the Flexibility You Need

One of the primary advantages of RBC Universal Life insurance is its flexibility. Your coverage and premiums are customizable now and into the future, allowing you to choose the best options for your needs, lifestyle and investment strategy.

Benefits of our universal life insurance plan include:

• Your choice of either a "level" or "increasing protection" death benefit option, as well as the option to reduce your coverage or apply for more coverage in later years. (See What's Covered for details.)
• Your beneficiary receives the death benefit tax-free⁽¹⁾.
• Your choice of either single or joint life insurance coverage. (See What's Covered for details.)
• A wide range of investments, known as interest options, to create the portfolio that's right for you—including an interest bonus option to help your policy’s value grow even faster. (See Investment Options for details.)
• The flexibility to choose how much to pay into your policy and how you want to pay your premiums—for example, "pay as you go," "pay in advance," or a combination of the two. (See Premiums for details.)
• The ability to use the cash value you’ve accumulated in your policy to supplement your income during retirement or for other needs. (See Investment Options for details.)
• A compassionate advance should you become terminally ill, as well as a disability benefit should you become disabled. (See What's Covered for details.)

You may also choose from a range of optional benefits.

The information above is intended as a summary only. Please see a sample policy for complete details on terms and conditions, including benefits and exclusions.

You are on: Optional Benefits

Optional Coverage for Even More Protection

You may purchase this additional coverage for your universal life insurance policy:

• Additional Term Insurance: This option can be added at any time, with no extra policy fee, to provide affordable coverage for temporary needs like insuring a business loan or a mortgage.
• Children's Term Rider: You may apply for term insurance coverage for your natural or legally adopted children, who may convert their coverage to another type of policy in later years without providing medical evidence. Any child born or legally adopted after the rider is issued is automatically covered from the age of 14 days. Coverage under this rider expires 31 days past the policy anniversary nearest the child's 25^th birthday, unless the child converts to a permanent life insurance policy after his or her 20^th birthday, but no later than the coverage expiry date. Premiums won’t increase when additional children are insured.
• Accidental Death Benefit Rider: You may purchase coverage for accidental death, which pays an additional death benefit if you die within 90 days as a direct result of an accident. (This rider expires on the policy anniversary nearest your 65^th birthday.)
• Total Disability Waiver of Deductions Benefit Rider: If you become and remain totally disabled for six consecutive months, we will waive the payment of cost of insurance deductions, including the policy fee and rider premiums, while you are considered to be totally disabled. (This rider expires on the policy anniversary nearest your 60^th birthday.)
• Payor Death and Disability Waiver of Deductions Benefit Rider: If you are not paying your own insurance premiums and the person who pays the premiums on the policy becomes and remains totally disabled for six consecutive months, we will waive the payment of cost of insurance deductions, including the policy fee and rider premiums, while the payor is considered to be totally disabled. We will also waive the cost of insurance deductions, starting with the first premium due after the date the payor dies.

The information above is intended as a summary only. Please see a sample policy for complete details on rider and optional coverage terms and conditions, including benefits and exclusions.

You are on: Investment Options

Your Investment Choices

RBC Universal Life insurance lets you choose from a comprehensive range of investments, known as interest options, to create the portfolio that’s right for you. An interest option is an account under your policy to which you allocate all or a portion of your premiums for the purpose of earning interest.

The interest you earn within your policy is not taxable as long as your policy falls within the tax-exemption limits prescribed under the Income Tax Act. Tax deferral enables your policy to grow more rapidly than an investment that is subject to taxation. We carefully manage your policy to maintain its tax exempt status. For details on how we achieve this, please speak to an advisor.

Your interest options include:

• Daily Interest Option
• Guaranteed Interest Options
• Variable Interest Options

A licensed RBC Insurance^® advisor can help you choose a mix of interest options that is appropriate for your needs and risk tolerance, and review your profile annually to ensure your financial needs continue to be met.

Note: You can change your interest options in the future to keep pace with your changing needs.

Grow Your Accumulation Value Even Faster

To meet your needs, RBC Universal Life insurance is offered in two versions—one with bonus interest, and one without:

• RBC Universal Life Insurance with Bonus Interest
• RBC Universal Life Insurance

Note: Once your policy has been issued, you cannot change this option.

How to Access the Money Your Policy Accumulates

A tremendous benefit of RBC Universal Life insurance is the ability to use your policy's accumulated cash value. For example, you could access the funds to supplement your retirement income or to meet other needs throughout your lifetime. Explore the options for accessing your policy's accumulated cash value .

You are on: Eligibility

Eligibility Requirements

You are eligible to apply for RBC Universal Life insurance if you are:

• Between the ages of 0 and 85, and
• A Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months

Note: To apply, you will most likely need to complete a medical exam and answer several health questions.

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
• When the premiums you have paid are no longer sufficient to cover the monthly cost of your insurance coverage

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

You are on: What's Covered

Death Benefit, Coverage Options and More

Death Benefit

Coverage Options

Living Benefits

Summary of Exclusions⁽⁴⁾

You are on: Premiums

About Your Premiums

If you are approved for coverage, your premium will depend on your age, gender, health, family history, smoking habits, the benefit coverage amount, and the options you choose. If you don’t smoke, lead a healthy lifestyle and have a positive family history, you may qualify for discounted preferred rates.

Your Policy – Your Choice in Premium Payments

Flexible Ways to Pay for Your Universal Life Insurance

Paying Your Premiums