RBC Insurance has expanded its shelf of offerings with the introduction of RBC Growth Insurance, a new participating whole life product.
“The decisions we make now will determine our financial future, even when we are no longer here to provide for our loved ones,” said Maria Winslow, senior director, Life & Health, RBC Insurance.
Aside from helping Canadians provide financial protection for loved ones, Winslow highlighted the potential of RBC Growth Insurance to play a role in estate planning and preparing a stable asset for retirement.
RBC Growth Insurance provides a number of benefits including:
- Tax-deferred growth;
- Retirement funding;
- Guaranteed coverage, premiums, and death benefit; and
- An increasing death benefit, with the ability to reinvest dividends paid into the insured’s policy.
RBC Insurance also highlighted several industry-first features associated with its new participating life product.
Through a simple 10-question e-application process, eligible applicants under 55 years old who need less than $500,000 in coverage may know if they are approved within a few days.
All standard risk policies issued also include a Juvenile Guaranteed Insurability Benefit for children under 18 years old, with no additional premiums required. Children covered under this benefit may apply for more whole-life or term life insurance after their 18th birthday, regardless of changes to their health.
For RBC Term Insurance clients who convert to RBC Growth Insurance, tax-deferred growth within the policy can be accelerated via a deposit option, providing flexibility after issue. The deposit option may also be added to converted term policies without the need to provide updated health and lifestyle information as evidence of insurability.