Helps policyholders recover without the burden of debt
Mississauga, ON (November 6, 2001) – RBC Insurance announced today that it has launched a new critical illness insurance product. This insurance pays out a lump sum benefit for a wide range of specified critical illnesses including: heart attack, cancer, stroke, paralysis and kidney failure.
A key benefit is that it gives consumers the opportunity to recover from their illness and resume a meaningful lifestyle without the added burden of financial debt.
“Hundreds of thousands of Canadians suffer from serious illnesses and injuries every year,” says Kathryn Giffen, president of the life insurance division of RBC Insurance. “Many of these people will survive their ordeal thanks to the advances of modern medicine and technology. But recovery can be expensive – and this is where critical illness coverage really helps.”
“The one-time lump sum payment can be used for anything – from paying off a mortgage to renovating a home – whatever allows the policyholder to enjoy a worry-free recovery,” Giffen added.
The new product adds to RBC Insurance’s comprehensive portfolio of living benefits and compliments the company’s industry-leading, long-term care products.
“Early response to this product has been excellent,” says John Hamilton, vice-president, business development, of the life insurance division of RBC Insurance. “Our distributors are telling us that our new critical illness insurance is meeting key client needs and predict that it will play an important part in meeting the growing consumer demand for this type of product.”
All plans also come with a Return of Premium on Death benefit – which typically provides a full refund of all paid premiums to the policyholder’s beneficiary if the policyholder dies while the policy is still in force.
About RBC Insurance
RBC Insurance provides a wide range of creditor, life, health, travel, home, auto and reinsurance products to more than five million North American customers. RBC Financial Group is the brand name used by Royal Bank of Canada (TSE, NYSE: RY) and its subsidiaries. Royal Bank is Canada’s largest bank as measured by market capitalization and assets, and is one of North America’s leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs more than 58,000 people who serve more than 12 million personal, business and public sector customers in North America and in some 30 countries around the world. For more information, please visit www.royalbank.com.