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Greetings! Explore our Life Insurance information now. Find out about its types, significance, and how it protects the future of your family. Learn about perks and policies, then make wise decisions for your financial stability!"

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Summary:

-As long as payments are paid, permanent life insurance provides coverage for the duration of your life. It provides a savings component as well as a death benefit, gradually building up a cash value.

why did I choose this topic?

-The reason why this topic was selected is that, in contrast to term life insurance, permanent life insurance has continuous coverage. As long as payments are paid, permanent insurance provides lifetime financial security, in contrast to term policies that have a set duration of coverage.

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Simply Put: What is permanent life insurance?

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Summary:

-Based on a person's financial objectives and risk tolerance, asset allocation is the deliberate distribution of assets among various asset classes, such as stocks, bonds, and cash, with the aim of achieving a balance between risk and return.

Why did I choose this video?

-One helpful feature that is frequently emphasized is how it reduces exposure to market changes by distributing assets over a variety of asset classes, which helps minimize risk. With the aid of this technique, people can attain a well-balanced portfolio that is in line with their risk tolerance and financial objectives.

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Summary:

- Term life insurance offers protection for a predetermined time frame, or term, usually between ten and thirty years. In the event that the insured dies during the policy's term, beneficiaries are entitled to a death benefit.

Why did I choose this video?

-Term life insurance frequently stands out for its affordability and ease of use in comparison to other life insurance options. It provides simple coverage for a predetermined amount of time. One helpful feature that has been mentioned in a number of sources is that premiums are usually fixed for the life of the policy.

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Simply Put: What is term life insurance?

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Summary

- When it comes to helping with everyday tasks like eating, dressing, or taking a shower, long-term care insurance covers the costs. These needs can be brought on by aging, chronic sickness, or disability.

Why did I choose this video?

- A noteworthy feature of long-term care insurance is its emphasis on paying for expenses related to needs for prolonged care that aren't normally covered by Medicare or health insurance. These policies give freedom in selecting care settings, such as home care or nursing facilities, with a wide range of coverage and pricing options.

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Simply Put: What is long-term care insurance?

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Summary

- Leading Canadian insurance company Manulife offers a range of life insurance plans that can be customized to meet specific needs. Their life insurance policies include options such as whole life, universal life, and term life insurance, offering policyholders and their beneficiaries advantages and financial security.

Why did I choose this website?

- its standing as a well-known insurance company in Canada that provides a selection of life insurance products and services suited to the country's needs. Manulife may be a desirable option for anyone looking for life insurance information in Canada due to its well-established presence, wide range of policies, and reputation for financial stability.

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Manulife Synergy® combination insurance

Helping protect your family means safeguarding the life you lead and the people you love should something happen to you. You can help cover everyday risks with 3-in-1 life, disability and critical illness insurance from Synergy. If you can't work because of injury, illness or premature death, you can draw on the pool of money through your Synergy policy to:

Replace your income

Cover your mortgage and debts

Supplement gaps in your employer's group plan

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Manulife offers term life or permanent life insurance plans so you can rest easy knowing your family and your business are protected.

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Summary

- In Canada, Sun Life Financial offers a variety of life insurance policies to meet the needs of individuals, families, and businesses. These products include whole life, universal life, and term life insurance plans that are intended to give policyholders and their beneficiaries security and financial protection.

Why did I choose this website?

- Sun Life Financial because it is regarded as one of Canada's top insurance companies. Their website may be visited by someone looking for information on life insurance because of their reputation in the Canadian market, financial stability, customer service, and variety of policy alternatives. They provide a comprehensive range of insurance and financial services.

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Yes, you get free temporary insurance while we review your application.

Temporary coverage starts from they day you apply for policies with protection between $50,000 - $1,000,000. Coverage can last up to 90 days, and exclusions apply. Your temporary insurance will expire if you don't respond to requests for additional information within 30 days.

If you die before we let you know of our decision on your application, we could still pay the claim. The payout will be equal to the amount of life insurance you would've been approved for. The payment is dependent on the conditions and exclusions in the sample policy.

When the temporary insurance policy starts

The temporary insurance policy starts on the date you:

submit an application for insurance, and

provide the payment information.

A decision to accept or decline your application may take up to 90 days. During this time your temporary insurance coverage will apply.
When the temporary insurance policy ends (Termination)
The temporary insurance policy automatically ends on the earliest of:

the date the insurance applied for starts,

the date we tell you that your application for insurance is declined,

30 days after we asked for more information to underwrite your application and did not receive your response,

90 days after you submit your application for insurance,

the date you ask us in writing to cancel your application for insurance,

the date you decline our offer of insurance, or

the date we pay the death benefit.

Amount we pay under this policy (Conditions)
If you are under age 69, the total amount of any death benefit payable under any Sun Life Go life insurance policies is the lesser of $1,000,000 or the total amount of any death benefit applied for under this application.
Policy of Temporary Insurance sample

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Get a free life insurance quote online and apply in three easy steps. Calculate your quote for term or permanent life insurance coverage to get started.

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Summary

- RBC Insurance offers a range of life insurance products intended to protect the financial security of those you care about. They provide universal life, permanent life, and term life insurance products, letting customers customize coverage to meet their unique requirements.

Why did I choose this website?

- In Canada, RBC is a reputable financial company that offers a variety of financial services, including life insurance. People who are looking for dependable coverage to safeguard the financial future of their loved ones may select this topic to investigate RBC's standing, extensive insurance choices, possible advantages or discounts, or customer service.

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Protect Your Loved Ones With Dependable Life Insurance

Get $700,000 in coverage for just $22.25 a month.1

What Type of Life Insurance Do You Need?2

Term Life Insurance [ Temporary Coverage ]

A popular choice if you want affordable coverage until you meet a certain financial milestone, such as putting your kids through college or paying off your mortgage.

RBC Simplified® Term Life Insurance

Get affordable protection for your short-term needs with a path towards lifetime coverage.

Get My Quote

Coverage from $50,000 to $1,000,000 for a term anywhere between 10 to 40 years3

May be eligible for coverage without undergoing a medical exam, with an online application that only takes minutes to complete

$10,000 accidental death benefit included

Future flexibility with the option to change from term life insurance to permanent life insurance in the future without medical evidence, up to age 71

RBC YourTerm® Life Insurance

Customize your coverage with higher coverage limits, more flexible options and additional benefits to protect what is most important to you.

Get My Quote

Coverage from $1,000,001 to $25,000,000 for a term anywhere between 10 to 40 years4

Future flexibility with the option to change from term life insurance to permanent life insurance in the future without medical evidence, up to age 71

Why Consider Life Insurance?

Planning ahead with life insurance is a reliable way to meet your financial goals with safety, certainty, and ease, backed by the knowledge that you will:

Discover & Learn About Life Insurance

Applying For Life Insurance: Why You Should Be An Open Book

When you're applying for life insurance, you may be asked questions that can sometimes come as a surprise, so let's prepare for them.

Is Permanent Insurance Worth the Higher Cost?

Before you buy insurance it's important to understand what will be included in your coverage so that you are confident in what you are spending your money.

WHEN TO BUY LIFE INSURANCE

Am I Too Young to Buy Life Insurance?

Do you think you're too young for life insurance? The optimal time to buy a policy may surprise you.

Frequently Asked Questions

What is life insurance exactly?

Simply put, life insurance is a legal agreement or a policy between you (the insured) and an insurance company (the insurer). When you purchase a certain amount of life insurance (let's say a $200,000 policy) and remain in good standing on your policy, the insurer promises to pay that $200,000 to your beneficiaries, who are the people you choose to receive this money (the death benefit) if you pass away.

It's also important to note that life insurance can be very affordable, no matter how much money you make. That $200,000 policy might be as low as $20 a month for a 30-year-old woman who doesn't smoke with coverage for the next 20 years.

Do I need life insurance?

While there are many reasons to get life insurance, the main reason people buy it is to make sure that their family won't struggle financially if they pass away. That means if you have someone who counts on you for financial support, life insurance is a must-have.

If you can check off one of the boxes below, you probably need life insurance:

We're having a baby!

I have kids (or others who depend on me)

My spouse/partner and I share finances and responsibilities

I have a mortgage, car loan, student loans, etc. that my spouse/partner couldn't afford without me

I want to leave some money to help my family pay for my funeral

I want to be able to leave something to my favourite charity

I want to leave my family a cottage or other assets when I pass, and I want to ensure there is no tax liability for them when I do

I run a business and need to protect some of the key employees

What are some of the limitations of life insurance?

Life insurance is there to protect your loved ones under most circumstances, but there are a few considerations to be aware of. The death benefit will not be paid if the life insured commits suicide within 2 years from the coverage date or from any reinstatement date. The death benefit will also not be paid if the policy is declared null and void due to material omission, misrepresentation, or fraud. Being honest and truthful on your application is of the utmost importance to ensuring your benefit will support your loved ones.

How do I make a claim?

We understand how stressful it can be to deal with a significant life event like a loved one's passing. We're here to give you the support you need and make things as easy as possible. Check out Insurance Claim Essentials.

To file a claim:

Locate the insurance policy, if possible. Having the policy number handy when you call will help us give you faster service. If you can't find it, don't worry-we can still support you. Check out All Of Your Important Documents. All In One Place.

Call us as soon as possible. You will need to make your claim within a certain period of time. This varies by coverage type and is outlined in your policy.

Complete and send in all required documentation. We will guide you through the claims process and the documentation you need. What you need to make a claim depends on the type of coverage you have. In general, you will need to provide:

a completed claim form

the death and birth certificate

possibly other documentation.

If you are claiming on a life insurance policy worth up to $100,000, you may be able to use express service if the policy:

has been continuously in force for ten or more years

has a named beneficiary (a policy with an Estate listed as the beneficiary is not eligible).

What are the two main types of life insurance?

Life insurance comes in many forms, but all coverage essentially falls under two main buckets: term life insurance and permanent life insurance. Within those buckets, you have flexible options to help you get the specific coverage you need.

Term life insurance is the most affordable and is intended to cover short-term needs between 10 to 40 years. The majority of Canadians find that term life insurance is the suitable option for their needs. Many people choose to buy term life insurance when their kids are young and they're carrying debt, such as a mortgage. It costs less than permanent insurance, has consistent premiums for the length of your chosen term, and is usually easy to buy. For example, you may not have to take a medical exam if you're young and healthy, and could even be eligible for an instant approval. After your chosen term length, the premiums increase year over year until age 100, when it is considered paid up.

Permanent life insurance typically comes at a higher cost - however, the reason for this is that it provides coverage for your entire life and, in some cases, the opportunity to grow wealth and build savings. Term 100, Universal and Whole Life Insurance are all different types of permanent coverage.

Universal and Whole Life options have the added benefit of combining lifelong insurance coverage with savings opportunities within your policy (called cash value or accumulation value). One of the perks of a cash value policy is that you may be able to access the cash value to supplement your retirement income, help your kids pay for post-secondary education and more.

To learn more about term and permanent life insurance, as well as specialty products, check out The Types of Life Insurance Explained.

How much life insurance do I need?

The answer to this question is unique for everyone, however, you probably need more life insurance than you think. How much you earn, your debt obligations, how many dependents you have and other factors should all be considered as you choose what's right for your needs.

Try our life insurance calculator to get a quick estimate or learn more about the factors that can affect how much life insurance you need.

How much does life insurance cost?

That depends on your needs. If you're considering term life insurance, you can get a cost estimate pretty quickly with a life insurance quote. Your premiums may be different from another person's premiums-that's because premiums are based on many things, including risk factors that are unique to you. Check out I Need To Adjust My Budget, How Can I Get Insurance To Fit?

In general, here's what will figure into your cost:
The type of insurance you choose
Term life insurance is intended to cover short-term needs and is more affordable than a permanent life insurance policy that offers lifetime coverage, such as Universal or Whole Life insurance. Some permanent life insurance policies may also have an investment component and legacy-building benefits. See Types of Life Insurance Explained or check out Can I Personalize My Insurance?
How much coverage you buy
A million-dollar policy is going to cost you more than a $250,000 policy (for the same term length).
Your age, health and gender
The younger and healthier you are when you buy life insurance, the less it will cost. And men typically pay more than women do based on life expectancy.

As an example, a 35-year-old female non-smoker can expect to pay around $23 per month for a 20-year term life insurance policy worth $350,000, while a 35-year old male non-smoker can expect to pay around $30 per month for the same policy.
Your lifestyle
If you drink alcohol or consume marijuana frequently, or enjoy more extreme activities like scuba diving or rock climbing, you will be required to disclose more information and, depending on the specifics, you may pay higher premiums. And, if you smoke or use tobacco products, you will almost certainly pay more for your policy.
Family medical history
If cancer, diabetes or other medical conditions run in your family, this could increase your rates.

Get a quick life insurance quote now to see what a life insurance policy might look like, based on your needs.

How do I buy life insurance?

The first thing you should know is that some types of life insurance are simpler to buy than others. Depending on the type of coverage you want and how much you're applying for, your application may need to go through underwriting.6 This is the process an insurer goes through to evaluate the risk associated with insuring you.

Before we get into underwriting though, here are the routes you can take once you're ready to buy:
Buying coverage online
If your needs are fairly straightforward, you may be able to get a quote and buy your coverage online. At RBC Insurance, we offer a few online options:

Term life insurance: Depending on your age, health, the amount of coverage you are applying for and if you're a Canadian citizen or permanent resident/landed immigrant, you may be able to request a quote and get an instant decision online 6.

If you don't receive an instant decision, you may need to complete a phone interview. It's also possible that a paramedical nurse will need to visit you to take your vitals.

Personal accident insurance: If you're already an RBC® client, age 18 to 69, and a Canadian resident, you can buy personal accident insurance online. In fact, your acceptance is guaranteed. Learn more or enrol now 7.

RBC Guaranteed Acceptance Life Insurance: If you're a Canadian citizen or permanent resident/landed immigrant and age 40 to 75, you can buy up to $40,000 of life insurance. There's no medical exam or health questions to answer. Learn more or get my quote 8.

Buying coverage through an advisor
Many Canadians buy life insurance with the help of an insurance advisor. At RBC Insurance, our friendly advisors can provide advice to help you make the best decision for you and your family, and help you complete your application with ease. You can call one of our advisors at 1-800-461-1413 or search for one near you. Find a checklist to help you prepare at Can I Personalize My Insurance?
Getting coverage through work
If your employer offers a group life insurance policy, you'll want to follow up with your HR department or plan administrator. Coverage through an employer is likely capped at an amount that may not be enough for your individual needs. Additionally, benefits such as group life insurance may change in the future. Inquire about your options to maintain the policy if you decide to change jobs.

What information will I have to give when I apply for life insurance?

In most cases, you will need to give information about your lifestyle, health, age, personal and family medical history. You must answer all questions in your application truthfully and accurately since, if you give incorrect or incomplete information, the insurance company can deny, adjust your benefits or void your coverage.

What happens after I apply for life insurance?

Once you send in your application, it may go through some form of underwriting, although sometimes this isn't required.

Underwriting is a formal process an insurer goes through to evaluate the level of risk they are taking on by insuring you. It can be very involved or it can be minimal, depending on your situation. For example, you may need to complete a phone interview and/or a medical exam.

Phone interview: If we need more information, you may need to complete a telephone interview. The interviewer may ask personal, financial and medical questions.

Medical exam: If a medical exam is ordered, a paramedical nurse may come to your house to check your vitals. This could include collecting a urine and blood sample, weighing and measuring you, and taking your blood pressure and pulse.

How long will it take to hear whether I'm approved?

The time it takes to hear back varies. In some cases, you may hear back instantly. For example, if you're under 56, have a good medical history and are applying for less than $1 million in term insurance, you may get an instant response.

In other cases, it could take 3 to 16 weeks to find out if you're approved, and larger policies may require more time. If you applied with an RBC advisor, you can always reach out to them for an update, and if you applied online you can call 1-800-461-1413.

Once you have your life insurance policy in hand, don't be afraid to ask your RBC advisor questions-we're here to help, after all. If something is unclear, it's in your best interest to understand your coverage. You will also want to store your policy in a safe place.

View Legal Disclaimers Hide Legal Disclaimers

The information within this site is not intended to provide tax advice. You should seek independent tax advice from a tax professional or advisor.

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life insurance quotes quote plans plan coverage

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Protect Your Loved Ones with Life Insurance

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RBC Insurance is one of the top life insurance companies in Canada. We have different types of life insurance to suit your needs. Get your life insurance quote today

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Summary

- A variety of life insurance packages catered to specific need are available from Canada Life. They provide financial security and benefits to policyholders and their beneficiaries through term, whole, and universal life insurance policies.

Why did I choose this website?

- There could be a number of reasons behind choosing to look into Canada Life's life insurance alternatives. Renowned for its financial stability and wide range of life insurance products, Canada Life is one of the country's leading insurance companies. People may select this subject in order to evaluate Canada Life's standing.

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You can feel more confident by protecting what's important to you.

Let's choose the investments to help you live the life you want.

Read insights to help you make decisions with confidence.

Workplace Strategies for Mental Health is a leading source of free tools and resources to help you, your organization and your team protect psychological safety and create a mentally healthy workplace.

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We've been supporting the financial, physical and mental wellbeing of Canadians for 175 years.

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Summary

- This artwork, which frequently uses hands and silhouettes to imply nurturing, support, and protecting loved ones, may stand for the concepts of family unity, protection, or care.

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Summary

- This close-up picture most likely represents the idea of life insurance, highlighting the value of paperwork, budgeting, and safeguarding families or couples with an emphasis on building a bright future together.

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Finding out how flexible life insurance policies can be—for example, how some can build cash value or be utilized as financial tools—was a surprise.

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An actual example: When a friend's family experienced financial hardship following the untimely death of their breadwinner, the importance of life insurance became increasingly apparent. It brought to light how important life insurance is to ensuring the financial security of loved ones.

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The most important thing to get over is how important it is to evaluate each person's needs when selecting life insurance and make sure that it fits both short-term needs and long-term financial objectives.