RBC Insurance is combining Term Life and Critical Illness Insurance policies

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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 Insurance 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 separate 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.

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  • Kevin
    September 29, 2013 at 9:40 pm

    I’m a little confused how this works. I went through the RBC software and created a scenario for a term 20 life at $250,000 and bundled it with the CI. Nowhere on the illustration does it state how much value of CI I have? Also, since they are two standalone policies then it is possible that they both could pay out, of course if a critical illness happens first.
    Thank you.

    • LSM Insurance
      September 30, 2013 at 8:55 am

      Hi Kevin. If they are two stand alone policies yes they should both be able to pay out. I’m assuming your a broker. If so for the software related question you should contact your MGA or you local RBC representative.