RBC Simplified Term Life Insurance

RBC Simplified Term Life Insurance

RBC Simplified Term Life Insurance has been recently introduced with the following key features:

  • Apply for a coverage amount under $250,000 (starting at $10,000).
  • Choose coverage for a 10- or 20-year term
  • You may apply for RBC Simplified 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.
  • 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 up until the policy anniversary nearest your 80th birthday.
  • Convert your policy to a permanent or universal life insurance plan without providing additional medical evidence(3).
  • 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(4).
  • Take 30 days to review your policy. If you change your mind during that time, we will give you a full refund and cancel your policy.
  • You may be able to apply for coverage in as little as 15 minutes.

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

4) 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.


As established insurance brokers, we could help you with detailed understanding of the several insurance products of RBC Insurance and several other insurance companies in Canada. For your term and life insurance clarity, please free to contact me at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit me for a no obligation quote or advice.

 Term Life Insurance ( a video)

It is an extremely cost effective way to insurance yourself when your temporary ( or time bound) needs for insurance are high. During the years when we are raising our kids, have big loans to pay and also building our assets, term insurance could be a great fit…( Read More)


Combining your term and permanent insurance: both are important. ( a video)

People often wonder what is better, Term or Permanent Insurance. Both have their advantages and disadvantages. However, both have a significant role in our world of protecting our family, assets, incomes, family etc etc. Therefore, it could be a good idea to take a combination of Term and Permanent Insurance. It can be bought together in one policy , thus there could be some savings on policy fees and in premiums. It is a Think Smart approach to buying Life Insurance…( Read More)  


Prepared by:  Aman Kapur



One Comment

  1. Looking for life insurance in addition to our work life insurance. My husband is 60 and I am 58. What are our options and what would be required for us to qualify.

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