RBC Insurance today announced the release of its enhanced Critical Illness Recovery Plan product.
The plan offers clients improved and unique features, including an increased number of covered conditions and an industry-leading long term care insurance conversion option.
“RBC Insurance is committed to providing distributors and their clients with industry-leading products and services,” says John Young, president and CEO, RBC Life Insurance Company.
“Our enhanced Critical Illness Recovery Plan was updated to include features and services that are valued by our clients and continues to provide exceptional coverage for Canadians facing a critical illness.”
The enhanced plan includes:
- A long term care insurance conversion option: Clients have the option to fully or partially convert their critical illness insurance coverage to long term care insurance coverage with no medical underwriting at the time of conversion.
- Enhanced coverage conditions: Aortic surgery and heart valve replacement are now included as covered conditions. Functional dependence is now included in the base plan and will pay a lump sum amount.
- An early assistance benefit: 10% of the critical illness policy’s face amount is paid, to a maximum of $50,000, when certain covered conditions are diagnosed early.
- Limited premium payment option: Accelerates premium payments to age 65.
- Improved return of premium option: The Return of Premium (ROP) on death benefit is now an optional rider and early surrender features are also available on ROP.
RBC Insurance, through its operating entities, including RBC Life Insurance Company, provides a wide range of creditor, life, health, travel, home, auto and reinsurance products to more than five million North American clients.