{"id":21975,"date":"2024-12-16T09:13:30","date_gmt":"2024-12-16T14:13:30","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/?page_id=21975"},"modified":"2025-02-26T14:13:48","modified_gmt":"2025-02-26T19:13:48","slug":"how-does-life-insurance-work","status":"publish","type":"page","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/how-does-life-insurance-work\/","title":{"rendered":"How Does Life Insurance Work?"},"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-how-does-life-insurance-work\">How does life insurance work?<\/h1>\n\n\n\n<p class=\"mar-b-hlf mob-mar-b-hlf\">While some types of life insurance can be complex, the way most policies work is actually pretty simple.<\/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\/what-is-life-insurance\/\" data-dig-id=\"LP-21771-d9f2ee59\" data-dig-label=\"What is life insurance?\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">What is life insurance?<\/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-21975-c351f7bf\" 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\"><div class=\"faq__header\"><h2><span class=\"partial__border-bottom\">Understanding 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-titleboc116ug\" class=\"collapse-toggle collapsed\" data-target=\"#accordionboc116ug\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21975-96767340\" aria-controls=\"accordionboc116ug\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"1. You buy coverage to protect your family in case you pass away.\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>1. You buy coverage to protect your family in case you pass away.<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionboc116ug\" role=\"region\" aria-labelledby=\"accordion-titleboc116ug\"><div class=\"collapse-inner\">\n<p>In exchange for a fee that you typically pay monthly or annually (your insurance premium), an insurance company provides a certain amount of coverage\u2014for a specific amount of time\u2014on your life. (You can select the amount of coverage you want when applying for a policy.)<\/p>\n\n\n\n<p>If you were to pass away while you have coverage, your beneficiaries would be able to make a claim and receive a death benefit equal to the amount of coverage you purchased. Learn how certain <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/types-of-life-insurance\/\" data-dig-id=\"LP-21975-0577a7aa\" data-dig-label=\"types of life insurance\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">types of life insurance<\/a> can protect you for a short period of time or for your entire life.<\/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-title7xle9s6a\" class=\"collapse-toggle collapsed\" data-target=\"#accordion7xle9s6a\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21975-77474b4e\" aria-controls=\"accordion7xle9s6a\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"2. Your family will receive the death benefit tax free.\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>2. Your family will receive the death benefit tax free.<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion7xle9s6a\" role=\"region\" aria-labelledby=\"accordion-title7xle9s6a\"><div class=\"collapse-inner\">\n<p>One of the great things about the life insurance death benefit is that it\u2019s not usually taxable\u2014whether your policy pays out $50,000 or $500,000. This means your beneficiary will receive the full amount and won\u2019t have to report the amount as taxable income on their Canadian tax return.<\/p>\n\n\n\n<p>A word of caution, however. If you don\u2019t name a beneficiary on your policy, your \u201cestate\u201d will be designated as the beneficiary. If this happens, then the death benefit could be reduced by probate fees, also known as the estate administration tax. (Your \u201cestate\u201d is essentially all of your assets and liabilities at the time of your death.)<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapsec6b79516\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapsec6b79516\" data-dig-id=\"LP-21975-c6b79516\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"More on taxes and life insurance\"><div>More on taxes and life insurance<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapsec6b79516\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>Another example of when life insurance might be taxable is if you have a&nbsp;<a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/whole-life-insurance\/\" data-dig-id=\"LP-21975-7d3f24db\" data-dig-label=\"whole life insurance\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">whole life insurance<\/a>&nbsp;or <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/universal-life-insurance\/\" data-dig-id=\"LP-21975-b8fe4a6a\" data-dig-label=\"universal life insurance\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">universal life insurance<\/a>&nbsp;policy that accumulates cash value. Check out&nbsp;<a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/types-of-life-insurance\/\" data-dig-id=\"LP-21975-2ef78af9\" data-dig-label=\"The types of life insurance explained\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">The types of life insurance explained<\/a>&nbsp;to learn more about cash value life insurance. To read more about taxes and life insurance, check out&nbsp;<a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/will-my-loved-ones-pay-tax-on-life-insurance-proceeds\/\" data-dig-id=\"LP-21975-d28b2f6c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Is a life insurance payout taxable\" class=\"rbc-link-format\">Is a life insurance payout taxable<\/a>?<\/p>\n<\/div>\n<\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlek5g01gat\" class=\"collapse-toggle collapsed\" data-target=\"#accordionk5g01gat\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21975-cbd1bd1e\" aria-controls=\"accordionk5g01gat\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"3. Your family can use the death benefit for anything.\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>3. Your family can use the death benefit for anything.<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionk5g01gat\" role=\"region\" aria-labelledby=\"accordion-titlek5g01gat\"><div class=\"collapse-inner\">\n<p>Your beneficiaries are free to use the death benefit as they wish. For example, they can use the money to:<\/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>Take care of childcare expenses and household bills<\/li>\n\n\n\n<li>Pay off or pay down your mortgage<\/li>\n\n\n\n<li>Settle other debts, like credit card bills and car loans<\/li>\n\n\n\n<li>Send your kids to college or university<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<p class=\"mar-t-dbl mob-mar-t\">See&nbsp;<a href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" data-dig-id=\"LP-21975-bd3d15a9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"how much life insurance\" class=\"rbc-link-format\">how much life insurance<\/a>&nbsp;may be right for you or check out&nbsp;<a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/what-is-life-insurance\/\" data-dig-id=\"LP-21975-3630cd3f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"What is life insurance?\" class=\"rbc-link-format\">What is life insurance?<\/a>&nbsp;for more answers to popular questions.<\/p>\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-21975-7b6e90d8\" 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\" data-dig-id=\"LP-21975-7b6e90d8\" 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 \">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-21975-9da6e603\" 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","protected":false},"excerpt":{"rendered":"<p>See&nbsp;how much life insurance&nbsp;may be right for you or check out&nbsp;What is life insurance?&nbsp;for more answers to popular questions.<\/p>\n","protected":false},"author":197,"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-21975","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>How Does Life Insurance Work? 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