Frequently Asked Questions

 

Is the coverage portable?

• Yes, coverage can be carried anywhere in the world.

What if I leave the province before obtaining coverage?

• If you have the plan already in place, it is portable worldwide. However, you must obtain the coverage before you leave Ontario.

How are the insurance premiums determined?

• Premiums are based on your age, gender and smoking status. If you pose a higher than standard risk, an additional premium could be applied.

What riders can be added to the policy?

• There are many riders available including the cost of living rider, regular occupation extension, and return of premium. For the definitions of these riders, please see our products and services or ask your insurance representative.

Is the wording and pricing of my insurance policy guaranteed to age 65?

• The insurance company cannot change the provisions of your contract until after age 65. However, the insurance company reserves the right to increase premiums for an entire class of individuals should they experience an increase in claims. To date, we have never experienced an increase in premium.

What is the enrollment period?

• You have until December 31st of the year you graduate to obtain the disability insurance offer.

When should I apply for disability insurance?

• Now. You should apply for coverage while you are a student in order to lock in the contract and premium rates. You also have no idea what the future holds for you, so getting coverage when you are most healthy is always recommended.

Should I be looking at life insurance?

• It you have loans, a mortgage or dependants you should be looking to obtain life insurance. For more information on the coverage available, please visit our products and services or speak with your insurance representative.

What is critical illness insurance?

• Critical Illness insurance will pay a lump sum benefit upon diagnosis of one of the covered illnesses (approximately 20 included). Many policies include an optional return of premium provision which allows for a refund of 100% premiums paid if you do not make a claim on the policy. As a resident you are eligible for 5 months free coverage as a resident with RBC Insurance. For more information on critical illness insurance, please visit our products and services or speak with your insurance representative.