RBC Insurance adds new participating life offering to help meet clients' future financial needs

TORONTO, Jan. 26, 2021 /CNW/ - This is the time of year when Canadians dust off their financial plans and take stock of their financial health including their insurance needs. To help Canadians achieve their financial goals, RBC Insurance is adding to its industry leading line up with a new participating whole life product, RBC Growth Insurance™, that will help Canadians protect what's most important to them while building cash value resources for the future.

"The decisions we make now will determine our financial future, even when we are no longer here to provide for our loved ones," says Maria Winslow, Senior Director, Life & Health, RBC Insurance. "Our Growth Insurance offering can help our clients financially safeguard their loved ones, play a key role in estate planning and set up a stable retirement asset while guaranteeing life insurance coverage."

Participating whole life insurance provides Canadians with permanent life insurance coverage while allowing the premiums to be invested to meet future financial or retirement needs of the policyholder.

Benefits of RBC Growth Insurance™ include tax deferred growth; retirement funding; guaranteed coverage, premiums, and death benefit; and an increasing death benefit where dividends paid can be reinvested into the insured's policy, compounding over their lifetime in a tax-deferred manner.

What's more are the many industry-first features such as:

1. Applying is simple and fast: For applicants who need less than $500k in coverage and are under the age of 55 can apply using the 10 question e-application. The questionnaire makes coverage easy to apply for and eligible clients may know if they are approved for coverage within just a few days.
2. Industry-first guaranteed insurability benefit on children: The Juvenile Guaranteed Insurability Benefit is included on all standard risk policies issued for children under the age of 18 for no additional premium. This benefit allows children to apply for more whole life or term insurance after their 18th birthday regardless of changes to their health.
3. Conversion option: RBC Term Insurance clients who convert to RBC Growth Insurance can also accelerate the tax-deferred growth inside their policy with a deposit option that not only provides great flexibility after issue, but can be added to converted term policies without having to provide updated health and lifestyle details (evidence of insurability).

About RBC Insurance
RBC Insurance® offers a wide range of life, health, home, auto, travel, wealth, 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, one of North America's leading diversified financial services companies. RBC Insurance is among the largest Canadian bank-owned insurance organizations, with approximately 2,800 employees who serve more than five million clients globally. For more information, please visit rbcinsurance.com.

SOURCE RBC Insurance

Harleen Sandhu, Communications, Insurance, [email protected], 437-770-5082