RBC Simplified Term Life Insurance

Protecting your family has never been easier.

With RBC Simplified Term Life Insurance, you can help secure your family’s financial future with affordable coverage that’s easy to buy.

Features and benefits of RBC Simplified Term Life Insurance:

  • Apply for a coverage amount under $500,000 (starting at $10,000).
  • Choose coverage for a 10- or 20-year term(1).
  • 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).
  • 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.


Eligibility Requirements

You’re eligible to apply for RBC Simplified Term Life Insurance coverage if you are:

  • Between the ages of 18 and 70 (Term 10) or 18 and 60 (Term 20), and
  • A Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months

Ending Your Coverage

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)
  • The policy anniversary nearest your 80th birthday

Covered Conditions

If you die during the time period when coverage is in effect, your policy provides a tax-free death benefit for the amount of coverage that you purchased to your beneficiaries or your estate.

Summary of Exclusions
Your coverage is subject to the following exclusions:

  • 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 health, lifestyle or smoking habits, we reserve the right to deny your benefit.

About Your Premiums

Your premium will depend on your age, gender, health, family history, smoking habits and the benefit coverage amount.

If you are approved for coverage, your policy will contain a premium schedule that will show all premiums payable, including the renewal premiums. Your coverage begins on approval and once payment is received.

Your Premiums Stay the Same for Your Entire Term
Your premiums are guaranteed to stay the same for the entire 10- or 20-year term of your policy. After that, if you choose to renew your policy, you will continue to pay guaranteed premiums based on your renewal premiums. As long as you continue to pay your premiums, your coverage can continue at these rates, up to the policy anniversary nearest your 80th birthday, at which time coverage terminates.

Paying Your Premiums
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 buy your coverage online, a credit card in the name of the policyholder will be required to purchase.