Disclosure for RBC Simplified® Term Life Insurance
This overview is provided to help you understand some key terms of the RBC Simplified Life Insurance. This overview does not contain all of the provisions of the plan and is not a contract or an offer to provide insurance. If you choose to, you may review this sample policy prior to applying
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 reductions, exclusions and limitations may apply to your coverage.
If a policy is issued to you, you will have thirty days from the day you receive your policy to examine its provisions. If you are not satisfied, you can notify RBC Life Insurance Company within the thirty days and any premium paid will be refunded. You may also cancel your policy at any time after that 30-day period; however, we will not refund the premiums paid.
Life insurance coverage
RBC Simplified term is a guaranteed renewable life insurance contracts. The sum insured and all premiums are guaranteed not to change and are specified in the contract. After the initial Term is complete, you may renew your contract annually. Please be aware that your premium increases with each renewal.
Your conversion privilege
You may convert your policy prior to the policy anniversary nearest the life insured’s 71st birthday to any permanent coverage offered for conversion by RBC Life Insurance Company at the time of conversion. The conversion must occur while the policy is in force and all premiums are paid to the date of conversion.
When life insurance begins
Subject to any change in the insurability of the life insured, your insurance begins on the in force date, which is the latest of:
- The policy date.
- The date your first premium is received at our office. If your first premium is not honoured, the policy will not take effect.
- The date you receive the contract.
- The date we receive at our office all amendments, addendums and exclusions required for the policy to take effect, signed by you.
The policy may be rendered null and void if there is misrepresentation or non-disclosure in any part of the application for insurance, medical examination or questionnaire completed in connection with the application that is material to insurance risk. It is the insured’s duty to notify us of any change in insurability between application and delivery of policy.
When your life insurance ends
Insurance under the policy ends on the earliest of the following dates:
- The date the life insured dies.
- The effective date of your cancellation, as described in the provision entitled cancelling the policy.
- The date your new policy takes effect under the conversion privilege.
- The end of the grace period, if your premium is still unpaid.
Your premium amounts will be set once your application is underwritten. The amount of your initial and renewal premiums will be specified in your policy when it is issued.
Your premiums include a guaranteed policy fee of $40 per year. You may select either annual or monthly payment by credit card or by such other method(s) as we may make available from time to time. For monthly premiums, multiply the annual premium by 0.09.
If you wish to change from Smoker rates to Non-smoker rates after your policy is issued and we still offer non-smoker rates at that time, 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.
When we will adjust the death benefit
If a premium is due at the time of death, we will deduct it from the death benefit. If the date of birth or sex of the life insured has been stated incorrectly, any death benefit payable will be increased or decreased to the amount that would have been provided by the premium paid using the correct age or sex. We will calculate the correct amount payable at any time after the misstatement of age or sex is discovered.
When we will contest the validity of this policy
We have the right to contest the validity of the policy, or the payment of the death benefit or any other policy benefits, if you or any life insured under the policy have incorrectly stated, misrepresented or failed to disclose a material fact in the application for insurance, or on any medical examination, or in any written or electronic statements or answers provided as evidence of insurability.