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Benefits of Term 100 Life Insurance

Simple and straightforward permanent coverage that can help protect your family and your estate.

Lifetime Coverage

You’re covered for life—your protection does not end after a certain period.

Guaranteed Premiums

Premiums are guaranteed when you buy coverage and remain the same for the life of your policy.

Tax-Free BenefitDisclaimer1

You can leave a substantial amount of money to your beneficiaries, tax-free, when you pass away.

Plan Details: Term 100 Life Insurance

Offers guaranteed premiums for life and flexible coverage amounts.

Highlights

  • Coverage Available: $50,000 and up
  • Lifetime Coverage: Coverage is for life and cannot be cancelled or changed by us
  • Tax-Free Benefit: Your beneficiary or estate receives the death benefit tax-freeDisclaimer1

Compare the Plans

Who Can Apply?

  • Canadian citizens
  • Permanent residents/landed immigrants who have been in Canada over 12 months
  • Ages 18 to 85

You will most likely need to complete a medical exam and answer health questions.

The Right Choice if You

  • Prefer lifetime coverage that is simpler and costs less than universal life or whole life insurance
  • Want to ensure your loved ones have adequate money to pay the taxes on assets you leave to them

What’s Covered

Death Benefit

If you pass away while you’re insured, your policy provides a tax-freeDisclaimer1 death benefit in the amount of your coverage to your beneficiaries or your estate.

Optional CoverageDisclaimer2

In case of death from accidental causes before age 85, your beneficiary will receive five times the Basic Coverage.

  • Joint First-to-Die Option: Covers up to two family members—the benefit is payable on the first death, at which point coverage ends. The survivor also has the option to apply for a new policy without evidence of insurability, as long as he or she does so prior to the policy anniversary nearest his or her 70th birthday.
  • Joint Last-to-Die Option: Covers up to two family members—the death benefit is payable on the last death, at which point coverage terminates. Joint-last-to-die coverage is often ideal for estate planning purposes.
  • Term 10 or 20 Rider: Add a single-life or joint-life rider to provide additional coverage for yourself, or to insure someone else, such as your spouse.

  • Children's Term Rider: Provides coverage for your natural or legally adopted children.
  • Accidental Death Benefit Rider: Pays an additional death benefit if you die as a direct result of an accident.
  • Total Disability Waiver of Premium Benefit Rider: After being totally disabled for six consecutive months, we will waive premium payments and policy fees while you are totally disabled.
  • Payor Death and Disability Waiver of Premium Benefit Rider: If someone else pays your premiums and he or she dies, we will waive monthly premiums while the policy is in force. If he or she becomes and remains totally disabled for six consecutive months, we will waive the payment of cost of insurance deductions, including the policy fee and rider premiums while this person is totally disabled.

The information above is intended as a summary only. Please see a sample riders policy opens PDF in new window for complete details on rider and optional coverage terms and conditions, including benefits and exclusions.

Summary of ExclusionsDisclaimer2

Your coverage is subject to the following exclusions:

  • 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.
  • During the first two years of coverage, if death is due to suicide, then no benefit is payable.

Other exclusions may apply depending on optional benefits chosen. The information above is intended as a summary only. Please see a sample policy opens PDF in new window for complete details on terms and conditions, including benefits and exclusions.

About Your Premiums

  • Your premiums are guaranteed to stay the same for life
  • At age 100, you no longer have to pay any premiums
  • Pay by monthly pre-authorized debit or annually

Term 100 Life Insurance FAQs

Find answers to your questions about Term 100 coverage.

The answer to this question is unique for everyone. When choosing a coverage amount, there are a few different things you’ll want to look at. To get a quick estimate now, try our life insurance calculator. Or, keep reading to see what should play into your decision:

  • In general, it’s recommended that you have at least 5-7 times your yearly net income (“net” means after taxes are taken out).
  • Think about each person who depends on you and how long they might need financial support.
  • If you have a mortgage, loans or credit card bills, what would it take for your spouse or partner to pay these off?
  • If you have some group coverage through work or mortgage life insurance, you may be able to subtract these amounts from what you need to buy.
  • If you have savings and investments—such as a Registered Education Savings Plan (RESP) for your child’s education—you can subtract these amounts from your life insurance needs. You just want to make sure that if your family had to use this money earlier than planned that it would not negatively impact their plans in another area.

Permanent life insurance provides coverage for life, guaranteed premiums and, in some cases—for example, with whole life and universal life—an opportunity to build savings. In the event of your death, your beneficiary or estateDisclaimer1 receives your death benefit, tax-free. (Note that probate fees are applicable if you have not designated a beneficiary and the proceeds of your policy become part of your estate.)

Whole life insurance, universal life insurance, Term 100 life insurance and RBC Guaranteed Acceptance Life Insurance all fall under the umbrella of permanent coverage. Whole life and universal life combine lifelong insurance coverage with the opportunity to build up savings within your policy (called cash value or accumulation value).

One of the differences between term life insurance and permanent life insurance is that term life insurance covers you for a shorter period of time, whereas permanent life insurance provides coverage for your lifetime. Term life insurance is also generally lower in cost when compared to permanent coverage.

You can apply for coverage if you are a Canadian citizen or permanent resident/landed immigrant who has been in Canada over 12 months and are from age 18 to age 85.

You will most likely need to complete a medical exam and answer several health questions.

Yes. 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.

Yes, your rates are guaranteed for life as long as you continue to pay your premiums on time.

You will pay premiums up to age 100, at which point coverage continues, but payments cease.

Once the policy is issued, you can apply for a change to non-smoker rates if you have gone a full 12-month period without using any form of tobacco products. Contact us and apply for a switch to non-smoker rates. You will have to complete a medical questionnaire and we will send out a nurse to collect some medical evidence, most likely a urinalysis. Once our underwriters have approved your application and your eligibility is confirmed, you will be switched to non-smoker rates.

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.

To apply for Term 100 life insurance:

If you smoke, you may apply for coverage. 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 if you have quit smoking in the last 12 months, you are considered a smoker.

Yes, as long as you request the cancellation in writing. In addition, you have 10 days to review the policy after it is delivered to you; if you cancel during that time, we will refund the premiums you have paid. Any time after that, you can cancel your insurance and you only pay the premium for the time you were covered.

You are covered under the policy once you are approved and we receive the first premium payment. There should also be no change in your health during the review of your application. If there is any change in your health during our review of your application, please notify our office immediately.

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)

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. A reduction in your coverage is subject to $50,000, the minimum coverage amount. Your premiums will also be updated based on the new amount of insurance. Increases in coverage will require new medical evidence and are subject to approval.

There is no cash value with a Term 100 life insurance policy. The premium you pay is for insurance coverage only.

Yes. Your coverage is subject to exclusions, a full list of exclusion can be found in the contract:

  • 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.

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

Get a Quote

Protect your loved ones with Term 100 life insurance—talk to a licensed insurance advisor.

Legal Disclaimer1)
Note that probate fees are applicable if you have not designated a beneficiary and the proceeds of your policy become part of your estate.
Legal Disclaimer2)
The information above is intended as a summary only. Please see the additional disclosure information, sample policy or sample rider policy for complete terms and conditions, including benefits and exclusions.