Every insurance company has their unique way of developing insurance packages. Some tend to offer more than others. It is especially true to when it comes to life insurance. The reason is that there are so many different needs that each has. Everyone has their requirements when it comes to the type of life insurance they need.
RBC Insurance has decided to keep the packages they offer to a small number of choices. But, they have focused on a great deal of flexibility to them. It is the same approach other Insurance companies are taking. Except many of the other companies divide the options into separate packages.
What Doe RBC Life Insurance Have to Offer?
RBC Simplified Term Insurance
This insurance package has two options when it comes to the terms that the policy will run. One option is a ten to fifteen term. It is available for those between the ages of eighteen to seventy. The other option is a sixteen to forty term. It has a formula of the max issue age minus the term of the policy. The amount of insurance available with this choice is under $500,000. Terms can run from ten to forty years. Plus, there may be an option for renewal. There is also a chance that a medical examination may not be necessary.
Your Term Life Insurance
The age eligibility is the same as that for the RBC Simplified package. The difference here is the amount of coverage is $500,000. Or more. But, there is a medical examination required.
These two term insurance packages are similar. But, the few differences between them are important. For example, the amount of coverage is one big difference. Plus, for one of them, a medical examination is mandatory. Aside from this, there may be extra options for each of them. Options are usually based on specific needs of different individuals.
Term 100 Life
A lot of people look at term life insurance to cover them for a specific period in their life. Usually, it is when they have a lot of debt. They want to be sure there will be money to cover these in case of their death. They do not want to burden their loved ones with these debts. But, there are others who like the simplicity of the term life insurance. They also enjoy the lower rates compared to some of the other types of insurance.
RBC Life Insurance has recognized this and to meet the needs offers the Term 100 Life package. The age eligibility for this is eighteen to eighty-five. The coverage is for life. The only downfall is that there are no conversion options. Meaning it can’t change to permanent or universal life insurance. The premiums stay the same throughout the life of the policy.
Permanent Life Insurance
The older one gets, the more difficult it can be to get life insurance. It is possible, but most times the costs are much more. The RBC permanent life insurance has a solution for this.
RBC Guaranteed Acceptance Life Insurance
This insurance is for those in the age group of fifty to seventy-five. The coverage choices range from five thousand to twenty-five thousand. One of the benefits of this insurance is the premiums will always remain the same price. There are some other great options that come with it. If the insured dies by accident, the payout to the beneficiary could increase. It could be up to five times more than the face value of the policy. Plus, is a simple, straightforward type of insurance. Also, is for those that want to know their beneficiaries are going to get a specified amount of money. In the event of the insured’s death.
Term 100 Life
The term 100 life also fits into this category of Permanent Life Insurance. Even though it is a term policy.
RBC Insurance has been able to meet the significant insurance needs. Their products are for those who want reliable but straightforward life insurance. Just with these two products, they have accomplished this.
Universal Life Insurance
There are some excellent standard and simple life insurance packages. Like those offered by RBC insurance. But, there are some that want more. Some individuals want the option to be able to customize their life insurance. They also wish to have insurance that they can consider as an investment. For these individuals, it means looking at the Universal life insurance. The product offered by RBC Insurance has many benefits.
The two key factors about this insurance are the flexibility and range of investments. Both of these factors meet the specific needs of individuals. Especially for those who want more from their insurance.
The flexibility focuses on the payments. Individuals can decide how much they can afford when choosing their premiums. They can also choose the best way for them to make the payments on the premiums.
Range of Investments
It is an essential sector of this type of insurance. It is one of the leading concerns for those going for Universal life insurance. They want several options but good ones.
The options here revolve around interest options. RBC insurance offers two plans for this. One possibility is with bonus interest. The other option does not provide this. The age eligibility for this is from zero to age eighty-five. It is an excellent choice for those that want an investment that is going to give them a return in a variety of different ways. The insured knows that their beneficiaries are going to be secure. It is with the life insurance segment of the product.
This type of insurance is one that gives benefits to the insured themselves while still alive. The insured can use the accumulated cash value. They can use it to help with their finances during their retirement years. Or if a crisis arises that involves a disability; for example, there is money in this policy to help with this.
Choosing the right insurance can be a challenge. Keep in mind the insurance needs will change for each throughout the years. It means having coverage that is convertible is a good option. Having choices like those which RBC Life Insurance offers is beneficial. It is ideal for those who want good insurance coverage.