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RBC Insurance increases limits on its future income option
RBC Insurance raised the limits on its future income option, effective July 30, 2008. The future income option allows disability insurance policyholders to increase their disability insurance monthly benefit without providing evidence of insurability. The increase applies to all occupation classes. New applicants qualifying for a 4A classification can now add a future income option of $25,000 per month, a significant increase from the previous ceiling of $15,000 per month.
Lorne’s comments: RBC Insurance’s future income option is a great way for professionals and those in other occupation categories to enhance their coverage without providing evidence of insurability.
To exercise this option, the applicant must still provide proof of income. This option would be a good fit, for example, for young interns in good health but making limited income. They can easily protect their current income while adding the future income option to protect their future earnings.
Posted by Chantal Marr.
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