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Important Changes to RBC Insurance Product Portfolio
Posted in RBC, Software · · (permalink)
Effective June 23, 2012 RBC Insurance will suspend new sales of the following products:
Life Insurance
- Term 100
- RBC Universal Life
Living Benefits
- Long Term Care Insurance
- Critical Illness Recovery Plan T100
- Critical Illness Recovery Plan Term 75 paid up at 65
- Critical Illness Recovery Plan – Return of Premium on Surrender/Expiry Riders
- Quantum
The above products remain available in the RBC Insurance product portfolio for conversion only.
RBC Insurance Product Offering as of June 23, 2012
RBC will continue to offer the following products
- Term 10
- Term 20
- The Professional Series DI
- The Foundation Series DI
- The Bridge Series DI
- Critical Illness Term 10
- Critical Illness Term 65
- Critical Illness Term 75
- Wealth Solution Products
Transition Rules
New Business Applications received after June 22, 2012
- As the above noted products are being suspended effective June 23, 2012, any application for any of the above products received after June 22, 2012 will be returned to you.
Re Price of Life Conversion Products
- Effective June 23, 2012, Level Cost of Insurance (Level COI) rates for T100 and RBC Unviersal Life will be increasing in keeping with recent pricing movement in the marketplace
Compensation Updates
- Effective June 23, 2012, RBC will reduce the FYC paid on conversions to RBC universal Life from 60% to 55%
RBC Illustration Software
A new version of the RBC illustration software (version 4.0) will be available for download on June 23, 2012. The updated software can be downloaded below: