Final Taxes Owing at Death

In your will, you may be able to leave some assets to your spouse without incurring taxes. But if you leave assets to anyone else, they could face an enormous tax bill. The Canada Revenue Agency values your assets as if they were sold at fair market value.

If your estate realizes a capital gain on a vacation property or business you’ve left to them, your heirs could end up with a significant tax bill on it. They may even have to sell the asset just to pay the tax.

By planning ahead, you can make them the beneficiary of a life insurance policy that covers your final tax bill. It will provide a tax-free benefit that will allow them to pay the capital gains tax and leave them free to enjoy the asset.

RESP

If you have children, you may need to take into account their future educational needs. You may want to set aside a monthly amount you can put towards an Registered Education Savings Plan (RESP). It's an effective savings plan that helps build up savings for your child's education.

Respecting your privacy is important to us

To help you determine the amount of life insurance you may require and to provide you with a quote, you will need to provide certain personal information in the following screens. Please note that RBC Insurance does not retain any of the personal information that you provide in these screens.

Term 10 and Term 20

Term insurance provides life insurance protection for 10 or 20 years, depending on the policy purchased. At the end of every term, the policy automatically renews at a higher premium for another 10 or 20 years until you turn 80 years old. The premiums are guaranteed when the policy is issued to you. At any time until age 71, you can convert your term policy to a permanent life insurance policy that is available at time of conversion, without having to provide proof of health.

Term 100

Term 100 life insurance provides lifetime protection for a guaranteed level premium. Once issued the premium you pay for your Term 100 policy never changes. The benefit amount is also guaranteed never to change.

Tobacco Substitutes

Tobacco substitutes include marijuana, hashish, betel nuts, betel leaves, supari, paan, gutka, and smoking cessation products such as nicotine gum, Zyban or transdermal nicotine patch.