Term 100 Life Insurance

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 estate^Disclaimer1 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).

You may apply for Term 100 life insurance coverage if you are between the ages of 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.

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.