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Welcome to RBC Insurance® Guarantee Standard Issue® Plan (also known as GSI®) |
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Term 20 Guarantee Standard Issue Plan
This overview is prepared to help you understand your Term 20 Guarantee Standard Issue® plan. It is not a contract or an offer to provide insurance. If and when your policy is issued, complete insurance coverage details will be made available in your policy, and the terms and conditions of your policy will take precedence over any information in this document.
Some exclusions and limitations may apply to your coverage, particularly if your policy includes the optional Total Disability Waiver of Premium Benefit rider. You may request a sample policy from us through your employer before the policy is issued. You will have ten days from the day you receive your policy to examine its provisions. If you are not satisfied, you can return it to RBC Life Insurance Company and any premium paid will be refunded. You may also cancel your policy at any time after that 10-day period.
Your Life Insurance Coverage
Term 20 Guarantee Standard Issue is an affordable renewable and convertible term insurance plan with guaranteed premiums and a corresponding death benefit.
The initial death benefit will be specified in your policy when it is issued. Starting on the later of the 6th policy anniversary and the policy anniversary nearest to your 66th birthday, the death benefit will be reduced to 90% of the initial death benefit. On every subsequent policy anniversary, the death benefit will be further reduced by 10% of the initial death benefit, until the death benefit is equal to 50% of the initial death benefit.
Renewal dates occur every 20 years, and will be specified in your policy when it is issued. At each renewal date, we will renew your policy automatically without requesting evidence of insurability, providing all premiums have been paid. Your coverage will terminate on the policy anniversary nearest to your 80th birthday.
Your Premiums
Your premium amounts will be set once your coverage is underwritten. The amount of your initial and renewal premiums will be specified in your policy when it is issued. Your premium rate will increase at every renewal date. Starting on the later of the 6th policy anniversary and the policy anniversary nearest to your 66th birthday, we will reduce the amount of your premiums in accordance with every death benefit reduction.
Your premiums include a guaranteed policy fee of $40 per year. Additional premium will be charged if you have selected a Total Disability Waiver of Premium Benefit rider. While you remain employed with your current employer, premiums are payable monthly. If you leave your current employment and continue your coverage under this policy, you will then have the option of paying your premiums monthly or annually. The monthly premium will be calculated by multiplying the annual premium by 0.09.
If you wish to change from Smoker rates to Non-smoker rates after your policy is issued, or if you wish to reinstate your coverage after it terminates due to non-payment of premium, we reserve the right to request evidence of insurability satisfactory to us. A service fee may apply.
Your Conversion Priviledge
You may convert your Term 20 Guarantee Standard Issue policy to a permanent RBC Life Insurance Company plan without evidence of insurability at any time after the 5th policy anniversary, and prior to the policy anniversary nearest to your 70th birthday. The new policy will be the permanent life plan we then offer you for conversion, at our discretion.
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