February 2021

RBC Insurance announced Jan. 26 that it is adding a new participating whole life product, RBC Growth Insurance, to its lineup.

https://insurance-portal.ca/article/rbc-insurance-adds-par-whole-life-product-to-lineup

The insurer says that benefits of the new par product “include tax deferred growth; retirement funding; guaranteed coverage, premiums, and death benefit; and an increasing death benefit where dividends paid can be reinvested into the insured’s policy, compounding over their lifetime in a tax-deferred manner.”

So – a new product module has been added to the Novinsoft/RBC Illustration System along with all their other Life and Health products. Not only is Par Whole Life a new product type for RBC, but, the first RBC Sales Concepts have been added to support sales of Par. The four new Concepts – Corporate and Individual Estate Transfer; and corporate and Individual Retirement Strategy integrate with the Illustration System to produce the Concept-specific reports and graphs to enhance the sales process and explain the insurance solution.