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By RBC Insurance • Published December 2, 2024 • 2 Min Read
Instant approval notification for new Term life insurance applications
TORONTO, December 2, 2024 — RBC Insurance launched the next step in its client experience evolution. As of December 1, 2024, clients (and their advisors) applying for RBC YourTerm® life insurance will receive immediate notification if they are approved. With no delay in the response, and policy documentation available within 5 days, clients and advisors can move forward with confidence. RBC YourTerm® applications are eligible up to $2 million, up to and including age 50, with no requirement for medical interviews or exams (e.g., blood tests).
RBC Insurance believes in the value of insurance to support communities through difficult life moments, and recognizes that the process of purchasing insurance is cumbersome and complex, making it difficult for advisors to provide great client experiences. Through a relentless focus on simplifying insurance for everyone, RBC Insurance is rapidly advancing its digital and client service capabilities. Recent advancements include:
- Launching a new Express Team in November 2023 to significantly expedite the underwriting process for Term insurance applications under $2 million with no requirement for medical exams. Cycle times were cut by 50% for fully underwritten Term applications.
- Accelerating the underwriting process for Term, Disability and Par Whole Life Insurance. RBC Insurance provided an option for advisors to complete the Health & Lifestyle Questionnaire online, as of August 2024. This removed the need for eligible clients to participate in telephone interviews and paramedical appointments, which can add days or weeks to receive an approved policy.
For more information: Life Insurance │ RBC Insurance
About RBC Insurance
RBC Insurance® offers a wide range of life, health, home, auto, travel, wealth, group benefits, annuities and reinsurance advice and solutions, as well as creditor and business insurance services to individual, business and group clients. RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada, Canada’s biggest bank and one of the largest in the world, based on market capitalization. RBC Insurance is among the largest Canadian bank-owned insurance organizations, with 2,600 employees who serve 4.8 million clients globally.
Media contact:
Jana Lepp, RBC Insurance Corporate Communications
*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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