RBC Waives Policy Fees on Term Insurance

By Andrew Rickard | May 27 2015 01:01PM

RBC Insurance is waiving policy fees on term coverage until August 7.

Between May 11 and August 7, RBC Insurance is waiving the $40 policy fee on its Term 10 and Term 20 life insurance products on coverage amounts of $250,000 and more.

The insurer notes that its RBC Illustrations software will not be updated to reflect this change. In order to determine the price of insurance for a prospect, advisors should deduct $40 from the annual premium or $3.60 from the monthly premium.

In order for an application to be considered to be in good order, RBC says it must be received at its head office by or on August 7. In addition, all the questions must have been completed, the application must bear all the required signatures, and the appropriate forms must be included.

In a bulletin to advisors outlining the offer, RBC explained that while it will not waive the policy fee on any policy changes (including exchanges from Term 10 to Term 20), it is prepared to waive the policy fee on pending new business that had not been issued by May 11, 2015. Advisors with further questions about the promotion are encouraged to contact an RBC Insurance sales consultant at 1-866-235-4332.