A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Car Insurance Agent

UPDATED: Nov 6, 2011

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Although life insurance is not something most people want to think about, it’s vital to providing financial security to your loved ones in the event of your death. Funeral costs alone can be extremely high, and lingering medical expenses can quickly wipe out the savings account of your surviving family members. Additionally, some people want to ensure that their spouse and children are provided for financially for several months or years after the head of household’s death. Life insurance can help cover these expenses and provide a safety net to your family.

How much is Life Insurance?

The cost of life insurance will vary between life insurance companies, and depend upon several factors. Your age, health, lifestyle, and financial history all factor into your life insurance quote; all other things being equal, some companies are simply more affordable than others. Before deciding on any one insurance policy, it’s important to review the company and compare several insurance providers to be sure you are getting the best value for your investment.

About RBC Life Insurance

One major life insurance provider is RBC, or the Royal Bank of Canada. Recently, RBC has spread its accounts south of the border and provides policies to individuals throughout North America. This company provides several insurance policies, such as health, disability, and long-term care insurance, in addition to life insurance. RBC provides both term and universal life policies, as well as whole life insurance:

Term policies are purchased for an agreed-upon term, usually from one to thirty years. If you die during the policy term, your beneficiaries will receive the total amount of the life benefit, regardless of how much you have paid into the policy. If you live beyond the term of the policy, however, you will receive no benefits and may have difficulty taking out another policy due to age or preexisting medical conditions.

Universal policies have a cash value, unlike term policies. Once you have paid the amount of your benefits in premiums, the extra money is invested. The interest from this investment account can be used to pay future premiums, or the policy can be cashed out for money. Universal policies are more expensive than term life. For the life of your policy, you can borrow or cash out the money invested from your universal health insurance.

Whole life policies are similar to universal policies in that they accrue cash value over time. Additionally, the policy lasts for the lifetime of the insured rather than being limited to a specific policy term. As long as the insured continues to pay premiums, coverage is awarded and death benefits will be paid. Permanent insurance can be a good choice for young people to lock in an insurance rate while they are still in good health.

Term policies are available for death benefits under or over $250,000. The lower policies are more affordable; otherwise, plan details are very similar. Policies can be purchased in 10 or 20 year plans. You also have the opportunity to convert the policy to a universal plan once it expires. Additionally, if you become terminally ill, you can take out 50% of your benefits prior to your death to ease the financial burden of illness on your family.

RBC Life Insurance Ratings

RBC is very well ranked among insurance companies, and enjoys an excellent reputation among consumers. In the United States, RBC is distributed through Liberty Life Insurance as well as Businessmen’s Assurance Company of America. Quotes are available online and over the phone, as well as in local branches and independent brokers. Customer service is accessible, and although the company is not rated with the Better Business Bureau, consumer reports are generally very positive.

Whether you’re looking for a small term policy to pay for funeral arrangements, managing investments through a universal policy, or setting up a permanent policy to cover you for the rest of your life, RBC can provide affordable and straight-forward life insurance. Depending upon your coverage needs and financial constraints, as well as your health and other limiting factors, RBC can give you the security you need.

When you call RBC for a quote, or visit one of the financial offices, the representative will work with you to determine what your specific financial needs are. Depending upon the size of your family, your income, your spouse’s income, and any outstanding debts, the amount of your death benefit will vary. It’s important to have a candid conversation with your insurance provider prior to selecting a life insurance policy so that you can be sure you are receiving the best possible match for your family’s needs and your monthly budget.

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