LIFE INSURANCE
Financial protection for those you love most
Get $700,000 in coverage for just $21.43 a month
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What is Life Insurance?
Life insurance is a way to help you provide for your dependents and loved ones in case you pass away. The beneficiary you name receives the proceeds of the policy after you die.
Why do you need Life Insurance?
- Pay for funeral and related expenses.
- Cover the cost of any outstanding debts on your death.
- Replace your income if you die during your earning years.
- Pay for taxes on your estate so that your beneficiaries are not responsible for this expense.
Types of Life Insurance
Term Life Insurance
Provides coverage for a specific period, typically 10, 20, or 30 years, with lower premiums.
Universal Life Insurance
Flexible coverage that combines a death benefit with a savings component, allowing adjustments to premiums and death benefits.
Whole Life Insurance
Offers lifelong coverage with fixed premiums and a cash value component that grows over time.
Protect your family’s financial security
Guaranteed Financial Security for Your Family’s Future
Tax-free death benefit
Affordable Protection for Every Budget
Replace Lost Income, Protect Your Family
Cover Final Expenses Without Financial Stress
Build Wealth with Cash Value Growth
Gain Peace of Mind for the Future
Flexible Plans Tailored to Your Needs
Coverage Options
| TERM 10 YEARS | TERM 20 YEARS | PERMANENT LIFE INSURANCE | |
|---|---|---|---|
| Age Requirement | 18 years to 69 years old | 18 years to 59 years old | 18 years to 69 years old |
| Automatic Renewal | 10 years terms without medical questions | 20 years terms without medical questions | Not required |
| Eligibility | Must be a Canadian citzien or permanent resident and aged 18 to within 6 months of turing 70 years | Must be a Canadian citzien or permanent resident and aged 18 to within 6 months of turing 70 years | Must be a Canadian citzien or permanent resident and aged 18 to within 6 months of turing 70 years |
| Coverage Options | Convert to Term 100 before age 69 | Convert to Term 100 before age 59 | Not Required |
| Coverage Duration | Ends at age 80 | Ends at age 80 | Life time |
| Coverage Amount | Upto $10,000,00 with guaranteed premiums | Upto $10,000,00 with guaranteed premiums | Upto $10,000,00 with guaranteed premiums |
| Tax Free Benefits | Pay a tax free lum sum amount to your beneficiaries if you pass away. | Pay a tax free lum sum amount to your beneficiaries if you pass away. | Pay a tax free lum sum amount to your beneficiaries if you pass away. |
| What Not Covered | Suicide Clause: Premimum returned if you die by suicide with in 2 years | Suicide Clause: Premimum returned if you die by suicide with in 2 years | Suicide Clause: Premimum returned if you die by suicide with in 2 years |
Frequently Asked Questions
Most common question asked about Life Insurance in Canada
This varies based on personal circumstances, such as income, debts, and dependents. Financial advisors can help you determine the right amount.
If you smoke, you can still apply for coverage. However, you will qualify for non-smoker rates only if you have not used any form of tobacco products within the last 12 months. If you occasionally smoke or have quit smoking within the last 12 months, you will still be considered a smoker for underwriting purposes.
Age Requirements: Generally, applicants must be between 18 and 70 years old, though specific age limits may vary by insurer.
Residency: Applicants typically need to be Canadian citizens or permanent residents.
Health Status: While most applicants can qualify, those with pre-existing health conditions may face higher premiums or exclusions.
Income: Some insurers may require proof of income or financial responsibility to ensure that the coverage is necessary.
Non-Smokers and Smokers: Both smokers and non-smokers can apply, though premiums will differ based on tobacco use.
Legal Status: Applicants should not have any outstanding issues with the law that could affect their insurability.
Once your policy is issued, you can apply for a change to non-smoker rates if you have gone a full 12 months without using any form of tobacco products. To initiate this process, contact us to apply for the switch. You will need to complete a medical questionnaire, and we will send a nurse to collect medical evidence, typically a urinalysis. Once our underwriters approve your application and confirm your eligibility, you will be switched to non-smoker rates.
You may qualify for preferred rates if you are in excellent health, have a strong medical history, and meet the insurer's criteria regarding age and lifestyle factors. A medical exam might be required for this classification.
Yes, term life insurance rates are generally fixed for the length of the term (e.g., 10, 20, or 30 years). After the term expires, premiums may increase if you decide to renew.
Premiums can usually be paid through various methods, including monthly, quarterly, semi-annual, or annual payments. Many insurers also offer automatic bank withdrawals or online payment options for convenience.
Yes, you can cancel your term life insurance policy at any time, but you must submit your request in writing. When your policy is delivered, you have a free look period to review it: 30 days for RBC Simplified® Term Life Insurance and 10 days for RBC YourTerm® Life Insurance. If you decide to cancel within this free look period, all premiums paid will be refunded. After this period, you can still cancel your policy, but no refunds will be issued for the coverage duration.
