The answer to this question is unique for everyone. When choosing a coverage amount, there are a few different things you’ll want to look at. To get a quick estimate now, try our life insurance calculator. Or, keep reading to see what should play into your decision:

• In general, it’s recommended that you have at least 5-7 times your yearly net income (“net” means after taxes are taken out).
• Think about each person who depends on you and how long they might need financial support.
• If you have a mortgage, loans or credit card bills, what would it take for your spouse or partner to pay these off?
• If you have some group coverage through work or mortgage life insurance, you may be able to subtract these amounts from what you need to buy.
• If you have savings and investments—such as a Registered Education Savings Plan (RESP) for your child’s education—you can subtract these amounts from your life insurance needs. You just want to make sure that if your family had to use this money earlier than planned that it would not negatively impact their plans in another area.

Permanent life insurance provides coverage for life, guaranteed premiums and, in some cases—for example, with whole life and universal life—an opportunity to build savings. In the event of your death, your beneficiary or estate¹ receives your death benefit, tax-free. (Note that probate fees are applicable if you have not designated a beneficiary and the proceeds of your policy become part of your estate.)

Whole life insurance, universal life insurance, Term 100 life insurance and RBC Guaranteed Acceptance Life Insurance all fall under the umbrella of permanent coverage. Whole life and universal life combine lifelong insurance coverage with the opportunity to build up savings within your policy (called cash value or accumulation value).

One of the differences between term life insurance and permanent life insurance is that term life insurance covers you for a shorter period of time, whereas permanent life insurance provides coverage for your lifetime. Term life insurance is also generally lower in cost when compared to permanent coverage.

To apply for RBC Guaranteed Acceptance Life Insurance:

• Get a quote and apply online.
• Call 1-800-461-1413
• Have an advisor call you

If you smoke, you may apply for coverage. You will qualify for non-smoker rates only if you have not used any form of tobacco products within the last 12 months. If you occasionally smoke or if you have quit smoking within the last 12 months, you are considered a smoker.

Yes, as long as you request the cancellation in writing. In addition, you have 30 days to review the policy after it is delivered to you; if you cancel during that time, we will refund the premiums you have paid. Any time after that, you can cancel your insurance and you only pay the premium for the time you were covered.

You can apply for coverage if you are a Canadian citizen or permanent resident/landed immigrant and are from age 40 to age 75.

Note: Acceptance is guaranteed as long as you meet the eligibility requirements above. A medical exam is not required.

There is no medical exam required, and you will not be asked any questions about your health when you apply.

Your coverage is effective the date you apply (or your preferred effective date for coverage) as long as we receive your application within 15 days from the date you signed the application and we receive the initial premium payment.

Your coverage ends on the earlier of:

• The date of your death
• The date you request to cancel your life insurance in writing
• The date you stop paying your insurance premiums (you have a 30-day grace period after payment is due)

Please contact us for complete details.

Yes, coverage can be increased to a maximum total benefit amount of $40,000 at any time as long as you still meet the eligibility requirements. Coverage can be reduced at any time, as long as we receive your request in writing and all premiums are paid to the effective date of the reduction.

Your coverage is subject to the following exclusions:

• If you die during the first two years of coverage, the death benefit is limited to a refund of the sum of premiums paid to us, without interest, unless you die as a result of an accident before your 85th birthday (in this case, we will pay the Accidental Death Benefit). We will not pay the death benefit if you commit suicide within two years of any reinstatement. We will refund any premiums paid to us.
• We will not pay a death benefit or refund premiums if the policy is declared void due to material omission, misrepresentation or fraud.

We will not pay the Accidental Death benefit if you die as a result of:

• Natural causes, illness or disease
• Committing suicide
• Committing or attempting to commit a criminal act
• Operating a motor vehicle while your blood alcohol level is more than the legal limit when the accident occurs
• An illness or disease related to chronic use of alcohol
• Taking a drug not as it is prescribed
• Poisoning
• Injuries where there is no visible contusion
• Flying in any airplane, helicopter, or any other aircraft while you are a pilot or member of a crew
• War

During the application process, if we are given incorrect or incomplete information regarding age, gender or smoking habits, we reserve the right to deny or adjust your benefit.

The information above is intended as a summary only. Please see the additional disclosure information opens new window or a sample policy for complete terms and conditions, including benefits and exclusions.

Preferred rates do not apply to RBC Guaranteed Acceptance Life Insurance.

Yes, your rates are guaranteed for life as long as you continue to pay your premiums on time.

Once the policy is issued, you can apply for a change to non-smoker rates if you have gone a full 12-month period without using any form of tobacco products. Contact us and apply for a switch to non-smoker rates. You will have to complete a smoking questionnaire. Once our underwriters have approved your application and your eligibility is confirmed, you will be switched to non-smoker rates.

You will pay premiums up to age 95, at which point coverage continues, but payments cease.

You may pay for your policy on a monthly or annual basis.

• If you are paying by monthly pre-authorized debit, we will automatically debit your account when you are approved for coverage.
• If you select to pay on an annual basis, we will send out an invoice for the annual premium.
• If you buy online, a credit card (in the name of the applicant) will be required.