RBC Disability Insurance to Long Term Care

  • Ability to convert/change part or all of your GSI (individual) disability insurance policy to a LTC plan with no medical testing.  Short form application with a few qualifying questions for policies issued on or after August 5, 2008. Longer application with additional questions for policies issued prior to August 5, 2008. Ability to convert also applies to additional RBC disability policies you may have on your life.
  • Time frame to convert the GSI policy is 60 days before and after turning age 65.   Time frame to convert an additional RBC disability policy is from age 55 to 60 days after turning age 65.
  • Conversion is not available if you have been declined for LTC coverage in the past, or are currently disabled or have received disability benefits within the last 12 months.
  • Provides a tax free monthly benefit if unable to perform 2 out of 6 activities of daily living (ADL) or having a cognitive impairment requiring supervision (referred to as dependency).
  • Option to choose a benefit period of 1,2,5 years or lifetime.
  • Waiting period before benefits are payable is 90 days.
  • Pays a benefit if care is received in a qualifying facility, with the option to add home care to cover care costs if living at home and in a qualifying state of dependency.
  • Receipts for care are required for home care benefits. No receipts required if in a qualifying facility.
  • Premiums are age based when the policy is taken out and remain level and payable for 20 years.
  • Premiums are guaranteed for the first 5 years. The LTC policy is “guaranteed renewable” which means the premium can change, but only if applied to all converted policies, or classes of converted policies. The contract limits any increase in premium to a maximum of 50% of the original premium.
  • Premiums are payable for 20 years at which point, the policy is paid for and remains in force for life. Reduced paid up benefits are available from the 10th policy year.
  • Premiums are waived if on claim.
  • Ability to add Cost of Living and Return of Premium at Death.

 This summary serves as a guide only.   See the contract for full details.