RBC is combining Term Life and Critical Illness Insurance policies

RBC Insurance has introduced an easier way to get both Term and Critical Illness insurance. The company is now offering both solutions simultaneously as they have bundled the RBC Insurance Critical Illness Recovery Plan policy with Term 10 or Term 20.

Bundling Benefits:

• Savings for the client
• Two sales in one
• Easier process: One application
• One underwriter for both apps simplifies the process

Lorne's Comments:

This is nice enhancement to the RBC product line. Only one policy fee for both products is a great benefit. The $40 Term Life policy fee is permanently waived – this adds up to $800 savings over a 20-year period. On the top of this, two seperate policies are issued so the applicant saves the policy fee down the road even if he/she cancels or makes a claim on the Critical Illness portion.

It should be noted that several other insurance companies also offer bundled Term and Critical Illness, including Empire Life, AIG and AXA Assurance.