Life Insurance for Customers Over 60: How Royal Bank's Policies Work

What Life Insurance Means for Those Over 60

When you're past 60, life insurance can help secure your family's financial future, cover final expenses, or provide a legacy. Royal Bank offers term and whole‑life products tailored to senior needs, but the coverage, pricing and eligibility differ from standard policies.

Royal Bank's Senior Life Insurance Options

Term Life Insurance

Term policies give coverage for a set period (10‑30 years) and are usually cheaper. Royal Bank's senior term plans start at 10 years with a maximum age limit of 75 for new applicants.

Whole‑Life Insurance

Whole‑life policies offer lifelong coverage and a cash‑value component. They're more expensive but can build savings that can be borrowed against or used to pay premiums.

Guaranteed Issue Policies

For applicants over 60 with health concerns, Royal Bank offers guaranteed issue plans that don't require a medical exam but carry higher premiums and lower limits.

Eligibility and Underwriting for Over‑60 Applicants

Royal Bank follows standard underwriting criteria but with some senior‑specific adjustments:

• Age limit: 60‑75 for term, up to 80 for whole‑life.
• Health review: Most term and whole‑life policies require a medical exam; guaranteed issue waives this.
• Income and assets: No minimum, but higher income may qualify for higher limits.

Premium Cost Factors

Premiums rise with age, but several factors can mitigate costs:

• Healthy lifestyle: No smoking, low alcohol use.
• Pre‑existing conditions: Managed conditions can be disclosed during underwriting.
• Policy term: Shorter terms lower premiums.

How to Apply with Royal Bank

1. Check eligibility using the online calculator.

2. Choose a product (term, whole‑life, guaranteed).

3. Submit application through the Royal Bank portal or by visiting a branch.

4. Underwriting – provide medical records if required.

5. Receive approval and sign policy documents.

Comparing Royal Bank with Other Banks

Key Takeaways for Seniors

• Royal Bank's life insurance for those over 60 offers both term and whole‑life options.

• Guaranteed issue plans provide coverage without a medical exam but at higher costs.

• Health, lifestyle, and policy choice heavily influence premiums.

• Applying is straightforward via online or in‑branch channels.