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Personal Insurance > Life Insurance > Term Life Insurance > Term Life Insurance ($500,000+ in coverage)

Term Life Insurance ($500,000+ in coverage)

Increased coverage amounts for expanded life insurance protection.

Our Term 10 and Term 20 Life Insurance policies are ideal for anyone who needs higher coverage amounts than those offered by RBC Simplified® Term Life Insurance.

You are on: Benefits

Dependable, convenient coverage—10 or 20 years at a time.

If you want affordable life insurance to help protect your family, but need substantial coverage or the option to purchase additional benefits such as a waiver of premium in case of disability, consider our Term 10 or Term 20 Life Insurance.

Features and benefits of a Term 10 or Term 20 policy:

  • Apply for between $500,000 and $25,000,000 in coverage.
  • Choose coverage for a 10- or 20-year term(1).
  • Premiums and coverage amount are guaranteed for the entire policy term.
  • Your beneficiary or estate receives the death benefit tax-free(2).
  • Renew your policy for coverage up until the policy anniversary nearest your 80th birthday.
  • Exchange a Term 10 policy for a Term 20 policy without providing medical evidence(3).
  • Convert your policy to a permanent or universal life insurance plan without providing additional medical evidence(4).
  • Should you become terminally ill, you can request a compassionate advance of 50% of your policy’s death benefit, to a maximum of $50,000(5).
  • Take 10 days to review your policy. If you change your mind during that time, we will give you a full refund and cancel your policy.

The information above is intended as a summary only. Please see a sample policy (opens new window) 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 Term 10 or Term 20 Life Insurance policy:

  • Joint First-to-Die Option: This option lets you insure up to two family members. It provides a death benefit payable on the first death, at which point coverage terminates. Within 60 days of the first death, the survivor can convert his or her term insurance policy to a permanent life insurance plan. This option also provides an additional benefit equal to the base policy sum if a second insured person dies within 60 days of the first death.
  • Term 10 Rider and Term 20 Rider: Add a single-life or joint-life rider to provide additional coverage for yourself (the insured), or to insure additional people, such as your spouse.
  • Children's Term Rider: You may apply for term insurance coverage for your natural or legally adopted children. 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 25th birthday, unless the child converts to a permanent life insurance policy after his or her 20th 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 as a direct result of an accident.
  • Total Disability Waiver of Premium Benefit Rider: If you become and remain totally disabled for six consecutive months, we will waive premium payments and policy fees while you are considered to be totally disabled.
  • Payor Death and Disability Waiver of Premium 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 premium payments and policy fees while the payor is considered to be totally disabled. We will also waive the premium 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 (opens new window) for complete details on rider and optional coverage terms and conditions, including benefits and exclusions.

You are on: Eligibility

Eligibility Requirements

You are eligible to apply for Term 10 or Term 20 life insurance coverage if you are:

  • Between the ages of 18 and 70 (Term 10) or 18 and 60 (Term 20), and
  • A Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months

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)
  • The policy anniversary nearest your 80th birthday

Please contact us or see a sample policy (opens new window) 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 will provide a tax-free(2) death benefit for the amount of coverage that you purchased to your beneficiaries or your estate.

Summary of Exclusions(6)

Your coverage is subject to the following exclusions:

  • 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 health, lifestyle or smoking habits, we reserve the right to deny your benefit.

You are on: Premiums

About Your Premiums

Your premium will depend on your age, gender, health, family history, smoking habits, the benefit coverage amount, and any additional options you choose.

If you are approved for coverage, your policy will contain a premium schedule that will show all premiums payable, including the renewal premiums. Your coverage begins on approval and once payment is received. Please contact us or see a sample policy (opens new window) for complete details.

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Your Premiums Stay the Same for Your Term

Your premiums are guaranteed to stay the same for the entire 10- or 20-year term of your policy. After that, if you choose to renew your policy for another 10 or 20 years, you will continue to pay guaranteed premiums based on your renewal premiums. As long as you continue to pay your premiums, your coverage can continue at these rates, up to the policy anniversary nearest your 80th birthday, at which time coverage terminates.

 

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.
 

Get Your Quote Today

Start your quote or call us today to apply for the life insurance protection your family needs.

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1) You may apply for Term Life Insurance if you are between the ages of 18 and 70 (Term 10) or 18 and 60 (Term 20) and are a Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months.

2) Note that probate fees are applicable if you have not designated a beneficiary and the proceeds of your policy become part of your estate.

3) Exchange must occur prior to the earlier of your 5th policy anniversary and the policy anniversary nearest your 60th birthday or if the plan is a joint first to die plan, the exchange must occur prior to the 60th birthday of the oldest life insured.

4) Must be done before age 71. Subject to certain terms and conditions. Please contact us for complete details.

5) To qualify for a compassionate advance, you must provide written confirmation from your physician outlining your diagnosis and confirming that life expectancy is less than 24 months. Term policies are reviewed on an individual basis and policies that have an irrevocable beneficiary require release from the assignee or beneficiary.

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

 

Get a Quote

See how affordable a term life insurance policy can be by getting an online quote.

 
 

Contact Us

Talk to a licensed RBC Insurance® advisor today about protecting your family with term life insurance.