RBC Guaranteed Acceptance Life Insurance plan is sold directly by RBC Insurance via its call centre and is not available via it’s broker network. The plan is a guaranteed issue policy, which means there are no health questions and no medical tests.
Some of the other Guaranteed Issue providers in Canada are Manulife Financial, BMO Insurance and The Edge. An alternative to Guaranteed Issue coverage is Simplified Issue Life Insurance which has no health tests but three to twelve health questions. These policies generally offer lower premiums and higher face amounts than Guaranteed Issue coverage. Many Simplified Issue policies also have an immediate payout on the death benefit.
Guaranteed Acceptence Life is available to Canadian citizens and permanent residents between the ages of 50 and 75.
The plan features include:
1. Death benefits up to $25,000
2. There is an additional built-in accidental death benefit, which pays five times the fee-based face amount if the insured dies by accident.
3. The insured has coverage for life and the premiums end at age 95.
4. If the coverage has been in place for more than two years and the insured is diagnosed with a terminal illness with less than 24 months to live, they can receive a percentage of the death benefit. (Basically, a compassionate advance given while the insured is still alive)
5. The premiums are guaranteed to never increase as long as the policy remains in-force.
6. The death benefit is limited in the first two years, for non-accidental death, to a return-of-premium.
For more details on guaranteed issue life insurance policies or simplified issue life insurance policies in Canada, please visit our Non-medical Life Insurance Quote page, or contact us at 1.866.899.4849.
