RBC Insurance removes some insurance plans from its product line-up!

RBC Insurance removes some insurance plans from its product line-up!
RBC Insurance has removed five living benefit plans and two life insurance plans from its product line-up, reports Investment Executive.
The decision was a result of an internal review and a review of the financial environment existing. Internal processes like its insurance portfolio, pricing, operations and distribution were also reviewed.
Since June 23, 2012, were the following living benefit plans were already eliminated:
  • Long Term Care
  • Critical Illness Recovery Plan Level Premiums to age 100
  • Critical Illness Recovery Plan Level Premiums to age 75 pay to age 65
  • Critical Illness Recovery Plan Return of Premium on surrender/expiry riders
  • Quantum (a disability product)
RBC Insurance has also axed its Term 100 and Universal Life plans — no longer selling them through third-party channels.
“Evolving client and shareholder expectations, as well as increased regulatory requirements and the economic environment,” were given as reasons behind the change, according to a statement released by the company.
These aren’t the only changes RBC has in store for its customers, an internal company newsletter, uncovered by Investment Executive, states. RBC Insurance will be increasing the rates on its level cost of insurance for its Term 100 and RBC Universal Life products already in the market.
Several insurance companies in Canada, including RBC,  have changed their approach and donot want to take on long term insurance plans in the current environment of low interest reates.
Life Insurance rates are expected to rise. It is important to review your policies and your needs NOW!

We at YourInsuranceGuy.ca are experts in explaining the the various types of life insurance that could protect the entire family. Please feel free to contact us at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit us for a no obligation quote or advice.

 

Prepared by:  Aman Kapur

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