Exchangeable without a medical

Posted on April 18, 2008 and updated June 16, 2010 in Life Insurance Canada News 2 min read
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RBC Insurance, part of the RBC Financial Group, is a newcomer to the Canadian marketplace. Their Term 10 and Term 20 plans are renewable and convertible to any of their permanent policies. Both plans have a $100,000 minimum face amount, and the Term 10 plan is available to applicants aged 18 to 70 while the Term 20 plan is available to applicants aged 18 to 60. Both plans are renewable to age 80.

RBC Insurance offers preferred rates for those who qualify on amounts over $250,000 — non-smokers qualifying for optimum rates can get rates 25% lower than standard rates.

RBC Insurance term policies offer the following built-in features: the insured can convert to permanent insurance without medical evidence prior to age 71 (most companies only offer this feature to age 65); their Term 10 policy has an exchange option which allows the insured to exchange a Term 10 policy for a Term 20 policy without providing medical evidence. You can elect this option at any time prior to either the 5th policy anniversary or the policy anniversary nearest the policyholder’s 60th birthday, whichever comes first.

RBC Insurance’s term policies also have the following riders/benefits available as add-ons: accidental death benefit, guaranteed issue rider, waiver of premium rider, and children’s life insurance rider.

Below are examples of RBC Insurance’s Term 10 rates at $250,000 of coverage:

………….Standard Rates…..Preferred Rates
35-yr male N/S:…$18.90/month……….$13.95/month
45-yr male N/S:…$31.95/month……….$25.20/month
55-yr male N/S:…$73.80/month……….$54.45/month


Although I have coverage with two different carriers, I am looking for additional coverage that would be paid by myself but reimbursed through the company. I am 51 and diabetic if that is going to be an issue.

I can be contacted by email.