{"id":21892,"date":"2024-12-16T09:12:35","date_gmt":"2024-12-16T14:12:35","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/?page_id=21892"},"modified":"2025-02-27T12:12:53","modified_gmt":"2025-02-27T17:12:53","slug":"what-is-life-insurance","status":"publish","type":"page","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/what-is-life-insurance\/","title":{"rendered":"What Is Life Insurance?"},"content":{"rendered":"\n<p class=\"mar-t-hlf mob-mar-t-hlf mar-b-0 mob-mar-b-0 mob-pad-t-qtr pad-b-0 has-text-xs-font-size\"><span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span><\/p>\n\n\n\n<div class=\"wp-block-rbc-layout-selector layoutSelector layoutSelector__layout5 mar-t-0 mob-mar-t-0\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group layoutSelector__cards-container layoutSelector__is-flex layoutSelector__direction-row is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group flex-2\/3 is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h1 class=\"wp-block-heading mar-b-hlf mob-mar-b-hlf mar-t-0 mob-mar-t-0\" id=\"h-what-is-life-insurance\">What is life insurance?<\/h1>\n\n\n\n<p>Does the very thought of life insurance leave you scratching your head? If so, you\u2019re not alone. While life insurance can be a tough subject, it doesn\u2019t have to be a mystery. This article will help break down the jargon so that you can feel more comfortable as you explore your options.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group flex-1\/3 is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-rbc-information-card informationCard\" style=\"--icon-url:url(undefined);background-color:#F7F8FA\">\n<div class=\"wp-block-group informationCard__content is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group informationCard__icon-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading mar-l-hlf mob-mar-l-hlf mar-b-hlf mob-mar-b-hlf\" id=\"h-related-articles\">Related articles<\/h4>\n<\/div>\n\n\n\n<ul class=\"wp-block-list list-core-block second-level-inherit third-level-inherit is-style-blue-disc mar-l-hlf mob-mar-l-hlf\">\n<li><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/how-does-life-insurance-work\/\" data-dig-id=\"LP-21771-4c2fc163\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"How does life insurance work?\" class=\"rbc-link-format\">How does life insurance work?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/how-much-life-insurance-do-i-need\/\" data-dig-id=\"LP-21826-f27d6b22\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"How much life insurance do I need?\" class=\"rbc-link-format\">How much life insurance do I need?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/types-of-life-insurance\/\" data-dig-id=\"LP-21892-8ecbdff0\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"The types of life insurance explained\" class=\"rbc-link-format\">The types of life insurance explained<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/reasons-to-get-life-insurance\/\" data-dig-id=\"LP-21826-7d91c5d9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"4 reasons to get life insurance at any age\" class=\"rbc-link-format\">4 reasons to get life insurance at any age<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-faq faq mar-t-dbl mob-mar-t-dbl\"><div class=\"faq__header\"><h2><span class=\"partial__border-bottom\">Answers to common questions about life insurance<\/span><\/h2><\/div><div class=\"faq__content\">\n<div class=\"wp-block-rbc-rbc-collapsible-accordion accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlep5d4c70b\" class=\"collapse-toggle collapsed\" data-target=\"#accordionp5d4c70b\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21892-c7fd4ee3\" aria-controls=\"accordionp5d4c70b\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What is life insurance exactly?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What is life insurance exactly?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionp5d4c70b\" role=\"region\" aria-labelledby=\"accordion-titlep5d4c70b\"><div class=\"collapse-inner\">\n<p>Simply put, life insurance is a legal agreement\u2014also known as a policy\u2014between you (the insured) and an insurance company (the insurer). You purchase a certain amount of life insurance from the insurer (let\u2019s say it\u2019s a $200,000 policy) and the insurer promises to pay that $200,000 to your beneficiaries\u2014these are the people you choose to receive this money (the death benefit) if you pass away.<\/p>\n\n\n\n<p>It\u2019s also important to note that life insurance can be very affordable\u2014no matter how much money you make. That $200,000 policy we mention above? A 30-year-old woman who doesn\u2019t smoke could expect to pay as low as $20 a month for $200,000 in coverage that covers her for 20 years.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titletsheoc14\" class=\"collapse-toggle collapsed\" data-target=\"#accordiontsheoc14\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21892-04fe79ba\" aria-controls=\"accordiontsheoc14\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How does life insurance work?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How does life insurance work?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiontsheoc14\" role=\"region\" aria-labelledby=\"accordion-titletsheoc14\"><div class=\"collapse-inner\">\n<p>In general, most life insurance policies work the same way: in exchange for a fee that you typically pay monthly or annually (your insurance premium), an insurance company provides a certain amount of coverage on your life and will provide a tax-free benefit to your beneficiaries if you pass away while you have coverage.<\/p>\n\n\n\n<p>Learn more about <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/how-does-life-insurance-work\/\" data-dig-id=\"LP-21892-38455844\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"how life insurance works\" class=\"rbc-link-format\">how life insurance works<\/a>.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlerhn45g0y\" class=\"collapse-toggle collapsed\" data-target=\"#accordionrhn45g0y\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21892-e3f2e948\" aria-controls=\"accordionrhn45g0y\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Do I need life insurance?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Do I need life insurance?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionrhn45g0y\" role=\"region\" aria-labelledby=\"accordion-titlerhn45g0y\"><div class=\"collapse-inner\">\n<p>While there are many reasons to get life insurance (more on that below), the #1 reason people buy it is to make sure that their family won\u2019t struggle financially if they die. That means if you have someone who counts on you for financial support, life insurance is a must-have.<\/p>\n\n\n\n<p>If you can check off one of the boxes below, you probably need life insurance:<\/p>\n\n\n\n<ul class=\"wp-block-list list-core-block second-level-inherit third-level-inherit is-style-checkmark-icon\">\n<li>We\u2019re having a baby!<\/li>\n\n\n\n<li>I have kids (or others who depend on me)<\/li>\n\n\n\n<li>My spouse\/partner and I share finances and responsibilities<\/li>\n\n\n\n<li>I have a mortgage, car loan, student loans, etc. that my spouse\/partner couldn\u2019t afford without me<\/li>\n\n\n\n<li>I want to leave some money to help my family pay for my funeral<\/li>\n\n\n\n<li>I want to be able to leave something to my favourite charity<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-i-m-young-single-and-don-t-have-kids-i-don-t-need-life-insurance-right\">I\u2019m young, single and don\u2019t have kids. I don\u2019t need life insurance, right?<\/h4>\n\n\n\n<p>That depends. There can be benefits to getting coverage now while you\u2019re young and unattached. Check out <a href=\"https:\/\/discover.rbcinsurance.com\/six-reasons-why-now-may-be-the-best-time-to-get-life-insurance\/\" data-dig-id=\"LP-21892-f9f640ee\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Six Reasons Why Now May be the Best Time to Get Life Insurance\" class=\"rbc-link-format\">Six Reasons Why Now May be the Best Time to Get Life Insurance<\/a>.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleg1iwqxvm\" class=\"collapse-toggle collapsed\" data-target=\"#accordiong1iwqxvm\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21892-4266f941\" aria-controls=\"accordiong1iwqxvm\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What are some benefits of life insurance?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What are some benefits of life insurance?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiong1iwqxvm\" role=\"region\" aria-labelledby=\"accordion-titleg1iwqxvm\"><div class=\"collapse-inner\">\n<p>Life insurance protects your family financially if you pass away, but it can offer other benefits, too. Certain types of insurance can help you save up for whatever the future holds, whether it\u2019s paying for your child\u2019s education, protecting your assets or another goal.<\/p>\n\n\n\n<p>Check out <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/reasons-to-get-life-insurance\/\" data-dig-id=\"LP-21892-3d7f048d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"4 Reasons to Get Life Insurance at Any Age\" class=\"rbc-link-format\">4 Reasons to Get Life Insurance at Any Age<\/a>.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlerhp9mwr4\" class=\"collapse-toggle collapsed\" data-target=\"#accordionrhp9mwr4\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21892-7e92a070\" aria-controls=\"accordionrhp9mwr4\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What are the two main types of life insurance?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What are the two main types of life insurance?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionrhp9mwr4\" role=\"region\" aria-labelledby=\"accordion-titlerhp9mwr4\"><div class=\"collapse-inner\">\n<p>While life insurance comes in many forms, all coverage essentially falls under two main buckets: term life insurance and permanent life insurance. Within those buckets are even more choices to help you get the specific coverage you need.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-term-life-insurance-is-the-most-affordable-and-provides-coverage-for-a-limited-time-from-10-to-40-years-and-anything-in-between\">Term life insurance is the most affordable and provides coverage for a limited time\u2014from 10 to 40 years, and anything in between.<\/h4>\n\n\n\n<p>Many people like to buy <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/\" data-dig-id=\"LP-21892-33944a53\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"term life insurance\" class=\"rbc-link-format\">term life insurance<\/a> when their kids are young and they\u2019re carrying debt, such as a mortgage. It costs less than permanent insurance and is usually easy to buy. For example, you may not have to take a medical exam if you\u2019re young and healthy and could even be eligible for an instant decision!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-permanent-life-insurance-is-typically-more-expensive-but-provides-coverage-for-life-and-in-some-cases-an-opportunity-to-build-savings\">Permanent life insurance is typically more expensive but provides coverage for life and, in some cases, an opportunity to build savings.<\/h4>\n\n\n\n<p><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/term-100-life-insurance\/\" data-dig-id=\"LP-21892-62a623d5\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Term 100\" class=\"rbc-link-format\">Term 100<\/a>, <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/universal-life-insurance\/\" data-dig-id=\"LP-21892-42a9af56\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"universal life\" class=\"rbc-link-format\">universal life<\/a> and <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/whole-life-insurance\/\" data-dig-id=\"LP-21892-77cc38df\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"whole life insurance\" class=\"rbc-link-format\">whole life insurance<\/a> 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 perks to a cash value policy is that you may be able to one day access the cash value to supplement your retirement income, help your kids pay for post-secondary education and more.<\/p>\n\n\n\n<p>To learn more about term and permanent life insurance, as well as specialty products, check out <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/types-of-life-insurance\/\" data-dig-id=\"LP-21892-3e1b89d4\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"The Types of Life Insurance Explained\" class=\"rbc-link-format\">The Types of Life Insurance Explained<\/a>.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titler7pahroe\" class=\"collapse-toggle collapsed\" data-target=\"#accordionr7pahroe\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21892-0c94a15e\" aria-controls=\"accordionr7pahroe\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How much life insurance do I need?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How much life insurance do I need?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionr7pahroe\" role=\"region\" aria-labelledby=\"accordion-titler7pahroe\"><div class=\"collapse-inner\">\n<p>The answer to this question is unique for everyone, however, you probably need more life insurance than you think. How much you earn, your debt obligations, how many dependents you have and other factors should all be considered.<\/p>\n\n\n\n<p>Try our <a href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" data-dig-id=\"LP-21892-a23b3b05\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"life insurance calculator\" class=\"rbc-link-format\">life insurance calculator<\/a> to get a quick estimate or learn more about the things that can affect <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/how-much-life-insurance-do-i-need\/\" data-dig-id=\"LP-21892-6ab6119d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"how much life insurance you need\" class=\"rbc-link-format\">how much life insurance you need<\/a>.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title2ryzaxgd\" class=\"collapse-toggle collapsed\" data-target=\"#accordion2ryzaxgd\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21892-5297c86f\" aria-controls=\"accordion2ryzaxgd\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How much does life insurance cost?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How much does life insurance cost?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion2ryzaxgd\" role=\"region\" aria-labelledby=\"accordion-title2ryzaxgd\"><div class=\"collapse-inner\">\n<p>Well, that depends! If you\u2019re considering term life insurance, you can have a cost estimate in hand pretty quickly by getting a <a href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" data-dig-id=\"LP-21892-ad2128c9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"life insurance quote\" class=\"rbc-link-format\">life insurance quote<\/a>. The premiums you\u2019ll pay can be very different from what someone else might pay. That\u2019s because premiums are based on a number of things, including risk factors that are unique to each person. In general, here\u2019s what will figure into your cost:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-the-type-of-insurance-you-choose\">The type of insurance you choose<\/h4>\n\n\n\n<p>Term life insurance is more affordable than a permanent life insurance policy such as universal or whole life insurance. Permanent policies offer lifetime coverage and, in some cases, an investment component and other bells and whistles. See <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/types-of-life-insurance\/\" data-dig-id=\"LP-21892-e24182c6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Types of Life Insurance Explained\" class=\"rbc-link-format\">Types of Life Insurance Explained<\/a>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-how-much-coverage-you-buy\">How much coverage you buy<\/h4>\n\n\n\n<p>A million-dollar policy is going to cost you more than a $250,000 policy (for the same Term length).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-your-age-health-and-gender\">Your age, health and gender<\/h4>\n\n\n\n<p>The younger and healthier you are when you buy life insurance, the less it will cost. Also, men typically pay more than women do. Sorry guys!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-your-lifestyle\">Your lifestyle<\/h4>\n\n\n\n<p>If you drink alcohol frequently or enjoy certain activities like scuba diving or rock climbing, you may pay higher premiums. And, if you smoke or use tobacco products, you will almost certainly pay more for your policy.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-family-medical-history\">Family medical history<\/h4>\n\n\n\n<p>If cancer, diabetes or other medical conditions run in your family, this could increase your rates.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-here-s-an-example\">Here\u2019s an example:<\/h4>\n\n\n\n<p>A 35-year-old female non-smoker can expect to pay around $30 per month for a 20-year term life insurance policy worth $350,000, while a 35-year old male non-smoker can expect to pay around $40 per month for the same policy.<sup><a href=\"#legal-4\" data-dig-id=\"LP-21892-f7dabe0d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"4\" class=\"rbc-link-format\">4<\/a><\/sup><\/p>\n\n\n\n<p>Get a quick <a href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" data-dig-id=\"LP-21892-3c09bc91\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"life insurance quote\" class=\"rbc-link-format\">life insurance quote<\/a> now to see what a term life policy might cost you.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlebn5rdsqp\" class=\"collapse-toggle collapsed\" data-target=\"#accordionbn5rdsqp\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21892-655baa1d\" aria-controls=\"accordionbn5rdsqp\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How do I buy life insurance?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How do I buy life insurance?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionbn5rdsqp\" role=\"region\" aria-labelledby=\"accordion-titlebn5rdsqp\"><div class=\"collapse-inner\">\n<p>The first thing you should know is that some types of life insurance are simpler to buy than others. Depending on the type of coverage you want and how much you\u2019re applying for, your application may need to go through underwriting; this is the process an insurer goes through to evaluate the risk associated with insuring you.<\/p>\n\n\n\n<p>Before we get into underwriting though, here are the routes you can take once you\u2019re ready to buy:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-buying-coverage-through-an-advisor\">Buying coverage through an advisor<\/h4>\n\n\n\n<p>Many Canadians buy life insurance with the help of an insurance advisor. At RBC Insurance, our licensed advisors can provide advice to help you make the best decision for you and your family and help you complete your application.<\/p>\n\n\n\n<p>It\u2019s easy to connect with us\u2014<a href=\"https:\/\/silver.rbcinsurance.com\/request-a-call\/life-insurance\/index.html\" data-dig-id=\"LP-21892-b9a75bd3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"request a call\" class=\"rbc-link-format\">request a call<\/a> from an advisor or <a href=\"https:\/\/services.rbcinsurance.com\/StoreAdvisorLocator\/\" data-dig-id=\"LP-21892-3f4528ce\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"search for one\" class=\"rbc-link-format\">search for one<\/a> near you now. Our advisors can even come to you!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-buying-coverage-online\">Buying coverage online<\/h4>\n\n\n\n<p>If your needs are fairly straightforward, there\u2019s a chance you could get a quote and buy your coverage entirely online! At RBC Insurance, we offer a few options online:<\/p>\n\n\n\n<ul class=\"wp-block-list list-core-block second-level-inherit third-level-inherit is-style-blue-disc\">\n<li><strong>Term life insurance:<\/strong> Depending on your age, health, the amount of coverage you are applying for and if you\u2019re a Canadian citizen or permanent resident\/landed immigrant, you may be able to request a <a href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" data-dig-id=\"LP-21892-7701e4de\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"quote and get an instant decision online\" class=\"rbc-link-format\">quote and get an instant decision online<\/a><a href=\"#legal-6\" data-dig-id=\"LP-21892-b55be03c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"6.\" class=\"rbc-link-format\"><sup>6<\/sup>.<\/a><br><br>If you don\u2019t receive an instant decision, you may need to complete a phone interview. It\u2019s also possible that a paramedical nurse will need to visit you to take your vitals.<\/li>\n\n\n\n<li><strong>Personal accident insurance:<\/strong> If you\u2019re an RBC client, age 18 to 69, and a Canadian resident, you can buy personal accident insurance online. In fact, your acceptance is guaranteed. <a href=\"https:\/\/www.worldprotect.com\/life-insurance\/personal-accident-insurance.html\" data-dig-id=\"LP-21892-2d564b10\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn more\" class=\"rbc-link-format\">Learn more<\/a> or <a href=\"https:\/\/online.worldprotect.com\/cgi-bin\/personal-accident-insurance\/en\/index.cgi\" data-dig-id=\"LP-21892-2a18a4ea\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"enrol now\" class=\"rbc-link-format\">enrol now<\/a><sup><a href=\"#legal-7\" data-dig-id=\"LP-21892-4c4e9150\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"7\" class=\"rbc-link-format\">7<\/a><\/sup>.<\/li>\n\n\n\n<li><strong>RBC Guaranteed Acceptance Life Insurance:<\/strong> If you\u2019re a Canadian citizen or permanent resident\/landed immigrant and age 40 to 75, you can buy up to $40,000 of life insurance. There\u2019s no medical exam or health questions to answer. <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/guaranteed-life-insurance\/\" data-dig-id=\"LP-21892-de04897d\" data-dig-label=\"Learn more\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">Learn more<\/a> or <a href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/guaranteed-acceptance-life-insurance-quote\/index.html\" data-dig-id=\"LP-21892-c98d334d\" data-dig-label=\"get a quote\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">get a quote<\/a><sup><a href=\"#legal-8\" data-dig-id=\"LP-21892-38a591a8\" data-dig-label=\"8\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">8<\/a><\/sup>.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-getting-coverage-through-work\">Getting coverage through work<\/h4>\n\n\n\n<p>If your employer offers a group life insurance policy, you\u2019ll want to follow up with your HR department or plan administrator.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\"\/>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-what-information-will-i-have-to-give-when-i-apply-for-life-insurance\">What information will I have to give when I apply for life insurance?<\/h4>\n\n\n\n<p>In most cases, you will need to give information about your lifestyle, health, age, personal and family medical history.<\/p>\n\n\n\n<p>It is extremely important that you answer all questions in your application truthfully and accurately. If you give incorrect or incomplete information, the insurance company can deny, adjust your benefits or void your coverage.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-what-happens-after-i-apply-for-life-insurance\">What happens after I apply for life insurance?<\/h4>\n\n\n\n<p>Once you send in your application, it may go through some form of underwriting, although sometimes this isn\u2019t required.<\/p>\n\n\n\n<p>As mentioned above, underwriting is a formal process an insurer goes through to evaluate the level of risk they are taking on by insuring you. It can be very involved\u2014or it can be minimal, depending on your situation. For example, you may need to complete a phone interview and\/or a medical exam:<\/p>\n\n\n\n<ul class=\"wp-block-list list-core-block second-level-inherit third-level-inherit is-style-blue-disc\">\n<li><strong>Phone interview:<\/strong> If the insurer needs more information, you may need to complete a telephone interview. The interviewer may ask personal, financial and medical questions.<\/li>\n\n\n\n<li><strong>Medical exam:<\/strong> If a medical exam is ordered, a paramedical nurse may come to your house to check your vitals. This could include collecting a urine and blood sample, weighing and measuring you, and taking your blood pressure and pulse.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-how-long-will-it-take-to-hear-whether-i-m-approved\">How long will it take to hear whether I\u2019m approved?<\/h4>\n\n\n\n<p>The time it takes to hear back varies. In some cases, you may hear back instantly. For example, if you\u2019re under 56, have a good medical history and want less than $1 million in term insurance, you may get an instant response.<\/p>\n\n\n\n<p>In other cases, it could take weeks or even months to find out if you\u2019re approved. If your application requires a phone interview or medical exam, you\u2019ll have to wait a little longer.<\/p>\n\n\n\n<p>Once you have your life insurance policy in hand, don\u2019t be afraid to ask questions! If something is unclear, it\u2019s in your best interest to understand your coverage.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__image\" style=\"background-color:#F7F8FA\">\n<div class=\"wp-block-columns cols is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column col-left is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"wp-block-heading\" id=\"h-still-have-a-few-questions\">Still have a few questions?<\/h2>\n\n\n\n<p class=\"rbc-override-margin p-large\">Connect with a life insurance advisor or get a quick life insurance quote now.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-buttons  get-your-free-quote is-layout-flex wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button btn is-style-primary primary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" data-dig-id=\"LP-21892-7b6e90d8\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n\n\n\n<div class=\"wp-block-button btn is-style-secondary secondary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/request-a-call\/life-insurance\/index.html?campaign=term-life-request\" data-dig-id=\"LP-21892-7b6e90d8\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Book a call-https:\/\/silver.rbcinsurance.com\/request-a-call\/life-insurance\/index.html?campaign=term-life-request \">Book a call<\/a><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-postal-code postal-code-form  postal-code\" data-custom-url=\"\"><div class=\"quote-form\"><div class=\"inputCode\"><label>Your postal code<\/label><input class=\"\" type=\"text\" value=\"\" placeholder=\"A1A 1A1\"\/><\/div><div class=\"inputCode\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button btn is-style-accent accent\"><a class=\"wp-block-button__link wp-element-button\" href=\"#\" data-dig-id=\"LP-21892-9da6e603\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-# \">Get a quote<\/a><\/div>\n<\/div><\/div>\n<\/div><\/div><div class=\"error-msg\"><span class=\"error-msg-span\">Please provide a valid postal code in A1A 1A1 format.<\/span><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>Need help now? <a href=\"tel:+18662237113\" data-dig-id=\"LP-21771-ad67c22b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Call 1-800-461-1413\" class=\"rbc-link-format\">Call 1-866-223-7113<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column col-right is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"606\" height=\"573\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-cta.webp?quality=80&amp;w=606\" alt=\"A father and son protected by life insurance\" class=\"wp-image-18133\" srcset=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-cta.webp 606w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-cta.webp?resize=300,284 300w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-cta.webp?resize=412,390 412w\" sizes=\"auto, (max-width: 606px) 100vw, 606px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-rbc-legal-collapsible disclaimer\" aria-label=\"Legal Disclaimers\"><div class=\"section-inner\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapseDisclaimer\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapseDisclaimer\" data-dig-id=\"LP-21892-9a1b5234\" data-dig-category=\"LP\" data-dig-action=\"legal close\" data-dig-label=\"legal close\" action-closed=\"legal close\" action-opened=\"legal open\" label-close=\"legal open\" label-open=\"legal close\"><span>View Legal Disclaimers<\/span><span>Hide Legal Disclaimers<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapseDisclaimer\"><div class=\"collapse-inner\"><div class=\"table-wpr\">\n<p class=\"mar-b-hlf mob-mar-b-hlf\">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.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-1\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>1<\/sup><\/div><div class=\"table-cell\">\n<p>Golob, Leah. \u201c<a href=\"https:\/\/www.investmentexecutive.com\/news\/products\/millennials-struggling-to-grasp-insurance\/\" target=\"_blank\" data-dig-id=\"LP-21892-8b09b6c3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Millennials Struggling to Grasp Insurance.\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Millennials Struggling to Grasp Insurance.<\/a>\u201d Investment Executive, November 2, 2017.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-2\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>2<\/sup><\/div><div class=\"table-cell\">\n<p>\u201c<a href=\"http:\/\/clhia.uberflip.com\/i\/1162310-canadian-life-and-health-insurance-facts-2019\/9?\" target=\"_blank\" data-dig-id=\"LP-21892-52024fe3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canadian Life and Health Insurance Facts. 2019 Edition.\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Canadian Life and Health Insurance Facts. 2019 Edition.<\/a>\u201d Canadian Life and Health Association (CLHIA), 2019.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-3\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>3<\/sup><\/div><div class=\"table-cell\">\n<p>\u201c<a href=\"http:\/\/clhia.uberflip.com\/i\/1162310-canadian-life-and-health-insurance-facts-2019\/13?\" target=\"_blank\" data-dig-id=\"LP-21892-85bb86cf\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canadian Life and Health Insurance Facts. 2019 Edition.\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Canadian Life and Health Insurance Facts. 2019 Edition.<\/a>\u201d Canadian Life and Health Association (CLHIA), 2019. <\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-4\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>4<\/sup><\/div><div class=\"table-cell\">\n<p>Rates available at RBC Insurance as of 11\/01\/2019.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-5\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>5<\/sup><\/div><div class=\"table-cell\">\n<p>\u201c<a href=\"http:\/\/clhia.uberflip.com\/i\/1162310-canadian-life-and-health-insurance-facts-2019\/13?\" target=\"_blank\" data-dig-id=\"LP-21892-792f3ade\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canadian Life and Health Insurance Facts. 2019 Edition.\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Canadian Life and Health Insurance Facts. 2019 Edition.<\/a>\u201d Canadian Life and Health Association (CLHIA), 2019. <\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-6\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>6<\/sup><\/div><div class=\"table-cell\">\n<p>Online purchases will no longer be available to Quebec residents.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-7\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>7<\/sup><\/div><div class=\"table-cell\">\n<p>Personal Accident Insurance is not available for online purchase in Quebec. Please contact us at 1-888-659-0099 and one of our advisors will be happy to assist you.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-disclaimer-block\"><div class=\"table-row\" id=\"legal-8\"><div class=\"table-cell\"><span class=\"offscreen\">Legal Disclaimer<\/span><sup>8<\/sup><\/div><div class=\"table-cell\">\n<p>Acceptance is guaranteed if you are from age 40 to age 75 and are a Canadian Citizen or Permanent Resident\/landed immigrant who has been in Canada for more than 12 months. Online purchases will no longer be available to Quebec residents.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":196,"featured_media":0,"parent":13770,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"templates\/new-rbci-design.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-21892","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Is Life Insurance? | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Get answers to top questions about life insurance and a simple explanation of what all that insurance jargon really means.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/what-is-life-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is Life Insurance? 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