Permanent Life Insurance

To apply for permanent life insurance, please contact us:

For 50+ life insurance:

• Call 1-866-223-7113

For Term 100 life insurance:

• Call 1-866-223-7113
• Find an Insurance Advisor
• Find an Insurance Branch
• Send Us an Email

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 50+ 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. It also lets you surrender your coverage for the cash value amount stated in your 50+ life insurance policy should you decide that you no longer need coverage.

You may apply for permanent life insurance if you:

• Are between the ages of 50 and 75 (50+ 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 50+ life insurance as long as you meet the eligibility requirements above.

The answer to this question depends on the plan.

• For 50+ life insurance, there is no medical exam required, and you will not be asked any questions about your health.
• For Term 100 life insurance, you will most likely need to complete a medical exam and answer several health questions.

Permanent life insurance is a legal contract between you and RBC Life Insurance Company. 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.)

Our 50+ and Term 100 life insurance plans provide lifetime coverage with guaranteed premiums.

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. However, permanent life insurance can offer both coverage and a cash value, depending on the plan.

Our 50+ 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
• You may be able to surrender your policy for the cash value stated on it (available with 50+ life insurance only)

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 bear in mind that with 50+ life insurance, the maximum amount of coverage you can apply for is $19,600.

It depends on the plan. Our 50+ life insurance plan lets you surrender your coverage for the cash value amount stated in your policy should you decide that you no longer need coverage. Our Term 100 life insurance, however, does not offer a cash value amount.

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.

You are covered under the policy once you are approved and we receive the first premium. For a Term 100 policy, 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.

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. Once payment is received, coverage starts. If there is any change in your health during our review of your application, please notify our office immediately (if applying for Term 100).

As premiums become due under the policy, we will give you 30 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.

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.

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.

Coverage amounts available under the 50+ life insurance plan will depend on factors such as your gender and age, and are subject to approval.

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

Summary of exclusions for 50+ 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 death benefit is payable.

We will not pay the Accidental Death benefit if the person who is insured dies as a result of:

• Committing suicide
• Committing or attempting to commit a criminal act
• Operating a motor vehicle while his or her blood alcohol level is more than the legal limit when the accident occurs
• An illness or disease
• Taking a drug not as it is prescribed
• Flying in any airplane, helicopter, or any other aircraft while he or she is a pilot or member of a crew

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 50+ 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 85 for 50+ 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.
• As premiums become due under the policy, we will give you 30 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 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.