RBC Insurance announced Jan. 26 that it is adding a new participating whole life product, RBC Growth Insurance, to its lineup.
The insurer says that benefits of the new par product “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.”
RBC Insurance says that applying for the product is “simple and fast.”Applicants who need less than $500k in coverage and are under the age of 55 can apply using a 10 question e-application. Using this questionnaire, eligible clients may know if they are approved for coverage within just a few days, says the insurer.
RBC says the coverage also offers an “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, says the company.
The product also includes a 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),” explains the insurer.
"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."