RBC Insurance is revising rates for its individual disability insurance products, effective April 14, 2014.
Rates for two products will decrease, but rise for another.
The bank’s Professional Series, Foundation Series and Quantum Series of disability coverage are affected. Though individual rates will increase or decrease depending on people’s ages and occupation classes, average rate changes on a fully underwritten basis will be as follows:
- Professional Series base rates will decrease by an average of 7%;
- Foundation Series base rates will dip by an average of 1%; and
- Quantum Series base rates will rise by 5%.
Transition rules apply to:
- fully underwritten policies;
- future income options; and
- policies sold on a guarantee standard issue basis.
For new policies issued before April 14, the old rates will apply.