Key Person Protector INSURANCE ADVISOR GUIDE. For advisor use only. PLAN CODE PRODUCT TYPE PURPOSE AND MARKET

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1 Key Person Protector INSURANCE ADVISOR GUIDE For advisor use only. PLAN CODE 933 PRODUCT TYPE Business protection PURPOSE AND MARKET RBC Insurance has developed the Key Person Protector to provide coverage for a financial loss to an employer due to the disability of a key person. A key person is an employee whose services are of such a nature that the owner would suffer substantial financial loss due to the employee s total disability. These employees offer their employer knowledge, skills or talent that few others can imitate or duplicate. The industry they work in or the nature of their work may be so specialized that there are few others with the skills needed. Many of these occupations have a component of design or research to them. Typically, the unique skills possessed by a key person are not totally acquired through education or even experience but are attributable in part to their own creativity, talents and interests. People in the following businesses or professions are considered excellent prospects for the Key Person Protector: advertising account executives architects auctioneers biologists research scientists scriptwriters or directors in the motion picture, video, recording or television industry computer industry designers curators of museums curators of large art galleries (not involved with sales) industrial designers interior designers jewellery designers fashion industry designers other designers in the manufacturing industry engineers (industrial, research, civil) physicists columnists who work for a single newspaper (employee basis) publicity agents super-salespersons with an established stable pattern of high sales who contribute to a significant portion of their employer s total revenue.

2 2 RBC INSURANCE RENEWABILITY The Key Person Protector plan offers coverage until the earlier of: the insured s 62nd birthday; or the date the insured ends active full-time employment for any reason other than total disability; or the date the maximum benefit period has been met for any one period of total disability; or the date benefits become payable under the replacement expense benefit provision. The Key Person Protector is a non-cancellable contract. Both premiums and contract provisions are fully guaranteed while the coverage is in place. UNDERWRITING GUIDELINES Occupational classes: 4A, 3A, 2A Minimum monthly benefit: $2,500 ($30,000/12) Maximum monthly benefit: 1/12 of the proposed insured s annual salary to a maximum of $25,000 per month Issue ages, benefit period and elimination periods: Ages Benefit period Elimination periods months 60, 90 days At the time of application, financial documentation is not required for monthly benefits less than $3,000. However, financial documentation may be required at the time of a claim. Please refer to the Underwriting Requirements section at the back of this profile for additional information. DEFINITION OF DISABILITY Insureds are totally disabled if, due to injury or illness, they are unable to perform the important duties of their regular occupation; and they are under the regular and personal care of a physician. POLICY BENEFITS TOTAL DISABILITY BENEFIT In the event that the insured is totally disabled and satisfies the elimination period, the owner receives the benefit payable. Written proof of loss is required. Benefits paid are subject to the limitations and exclusions set out in the policy. PROOF OF LOSS BENEFIT The owner is reimbursed $50 each month for the cost of obtaining the monthly written proof of loss. REPLACEMENT EXPENSE BENEFIT The owner will be reimbursed for 80% of the usual expenses incurred to replace the insured due to the insured s total disability. This benefit is payable six months after the insured has been totally disabled and is paid for reimbursable expenses incurred during the 18 month period from the date disability began or until the replacement benefit limit has been reached, whichever is earlier.

3 KEY PERSON PROTECTOR INSURANCE ADVISOR GUIDE 3 Replacement expenses covered include: the replacement s monthly salary during the first three months the replacement fills the insured s position with the business; employment agency placement fees and executive search organization charges; advertising in newspapers and trade magazines soliciting applicants for the insured s position; travel, food and lodging of candidates for the insured s position; and moving expenses of the replacement and their spouse. At the time of application for coverage, the owner must choose a replacement expense benefit of either one, two, three or four times the monthly benefit. RECURRENT DISABILITY After a period of total disability for which benefits were paid, if the insured becomes totally disabled again from the same or related causes within six months, we will consider it a continuation of the previous disability. ACCUMULATION OF DAYS Periods of total disability from the same or related causes, separated by six months or less, will be accumulated and considered continuous to satisfy the elimination period. WAIVER OF PREMIUM After the insured has been totally disabled for 90 days, we will pay premiums that come due while the insured is totally disabled. We will refund premiums paid during those first 90 days. EXCLUSIONS RBC Insurance will not pay benefits for total disability due to: an act or accident of war, whether declared or undeclared; or normal pregnancy or childbirth, but we will cover disabling complications of either of these. OPTIONAL BENEFITS HEALTH CARE PROFESSION BENEFIT (H1134) The Health Care Profession benefit is mandatory (unless declined for underwriting reasons) to the following health care professionals: medical doctors, dentists, dental surgeons, chiropodists/podiatrists, professional lab technicians, dental hygienists, dental assistants, denture therapists, denturists, denturologists, acupuncturists (MD and non-md), nurses (RNs, RNAs, LPNs, including nursing directors, instructors and nurse practitioners), respiratory therapists, respirologists, massage therapists doing acupuncture, physiotherapists doing acupuncture and paramedics. As a qualified health care professional the insured may be at risk of exposure to HIV or hepatitis B and C. Under this benefit, if the insured meets one of the following conditions, the insured is not required to be under the care of a physician in order to qualify for disability benefits provided they are HIV impaired or hepatitis impaired and due to their impairment: the insured is restricted or prohibited from performing the important duties of the insured s occupation; or the insured s patients refuse treatment from them because they have to disclose to their patients their impairment as required by law or by a written policy of general application of a medical regulatory body or medical licensing body. For the purpose of this rider, your occupation means the occupation or occupations in which the insured is regularly engaged at the time that they become disabled. The premium for the Health Care Profession benefit is presently nil. However, that may be changed in the future; once changed, the premium is locked in for five years.

4 4 RBC INSURANCE OTHER BUSINESS PROTECTION PRODUCTS Business owners should consider how a disability may impact their business. In addition to protecting their business from a loss of a key person, they should consider our portfolio of business products including: Disablity Buy Sell Disability Buy Sell coverage is designed to provide funding for the remaining owner(s) to purchase the business interest from the disabled owner(s). Business Overhead Expense Business Overhead Expense is a reimbursement policy designed to cover fixed office expenses during a period of total or partial disability. Business Loan Protector Business Loan Protector makes funds available to pay outstanding business loans and loan interest when the business owner becomes totally disabled. INCOME PROTECTION PRODUCTS Make sure that your clients have protected their personal income in the event of a disability. We offer a wide range of income protection products that can be tailored to meet your clients needs. LIFESTYLE PROTECTION PRODUCTS Key person protection will protect the business in the event that a key person becomes totally disabled. But what about protecting the insured s lifestyle? Would your client be able to maintain their RSP contributions in the event of total disability? If your client suffers from a catastrophic injury or illness they may incur substantial additional expenses. Lifestyle protection products are the perfect complement to business and income protection coverage and provide for your client s independence, dignity and peace of mind. RETIREMENT PROTECTOR PLAN (945) This benefit helps the insured maintain deposits to a retirement savings program while totally disabled. All benefits are paid directly into a trust account for the benefit of the insured. Issued to age 55, benefits range from $300 to $1,500, but may not exceed 20% of the insured s monthly earned income. CRITICAL ILLNESS RECOVERY PLAN (Available as a separate policy; please refer to the Critical Illness Recovery Plan fact sheet or Insurance Advisor Guide for full details.) Critical illness coverage is an excellent complement to any disability insurance program. While disability income protection insurance seeks to cover ongoing living expenses, critical illness coverage provides lifestyle protection that pays a lump sum benefit if your client is diagnosed and survives one of the insured covered conditions as defined in the policy. There are no rules regarding how benefits may be used seeking medical treatment, securing nursing care, paying down debt it s your client s decision.

5 KEY PERSON PROTECTOR INSURANCE ADVISOR GUIDE 5 UNDERWRITING REQUIREMENTS The company (policyowner) must have been in business for at least three years (for partnerships, all partners must have been associated for at least three years) and have a net worth of at least $50,000. The insured must have been in their present occupation for at least one year and have an annual earned salary of at least $30,000. The total disability benefit cannot exceed 1/12 of the insured s annual salary. Any unusual situation where the underwriting requirements are not clearly met may be referred to underwriting for an opinion or may be submitted on a preliminary basis for an underwriting assessment of the facts. The applicant/key person must have individual disability insurance, group LTD or association coverage in force. Coverage is available in addition to individual disability coverage limits, only if the loss of time coverage in force on the proposed insured does not exceed our issue and participation limits and there is no over insurance under any other disability product. RBC Insurance will not participate in other companies key person coverages. This contract will not be approved if Buy Sell or Business Overhead Expense coverage seems more appropriate. The employer, company or corporation is the policyowner. This is designated on the policy schedule page. Benefits are paid to the policyowner. The Ownership section of the application must be completed in full. The proposed owner or an authorized representative of the business must sign the application and the Key Person supplement form. The policy is not assignable. The key person should not be a sole proprietor and cannot own more than 50% of the business. Husband/wife combinations are not acceptable.

6 6 RBC INSURANCE INELIGIBLE INDUSTRIES/FIRMS New business ventures Real estate (commercial and residential) Construction/development companies Stockbrokers/investment/commodity firms Insurance sales Entertainment industry Retail sales Family-owned business where the relationship to the key person does not meet the arm s length test FAVOURABLE CHARACTERISTICS A POTENTIAL KEY PERSON MIGHT HAVE The key employee is employed in a business separate from the residence. The key employee works on project type work, often on an independent basis. The key employee is employed in work that is innovative, cutting edge or state of the art. The key employee originates or designs processes or products. The skills of the key employee have a direct impact on the day-to-day activities of the rest of the company and the profits. An example of this could be a situation where, without the designer, the manufacturing processes would come to a stop. The key employee is the only one within the company with these skills. The key employee is often the most highly paid employee in the organization other than the owner. The loss of the key employee would result in a considerable job search to hire a replacement. It would not be possible to hire a temporary or replacement worker to fill in for an absent key employee. The key employee might be a recognized authority in their field. UNFAVOURABLE CHARACTERISTICS A POTENTIAL KEY PERSON MIGHT HAVE The key employee is a sole proprietor. The key employee owns more than 50% of the business. The key employee and the employer are not in an arm s length relationship. The key employee works from a home-based business.

7

8 Why Choose RBC Insurance? For decades, RBC Insurance has been meeting the protection needs of Canadians. We are constantly innovating, to keep pace with regulatory change, provide the products that today s markets require and provide advisors with the tools they need to succeed. When it comes to recommending RBC Insurance to your clients, it s important to know that we are backed by one of the most recognized brands in Canada. When you offer an RBC Insurance solution to your clients, you re offering them protection you can trust. For more information, please contact your RBC Insurance Sales Consultant at or visit This Insurance Advisor Guide is a summary only. Actual policy language will prevail. For additional information on the Key Person Protector policy or a copy of our illustration system, please contact your local RBC Insurance sales office. Underwritten by RBC Life Insurance Company / Trademark(s) of Royal Bank of Canada. Used under licence. VPS (05/2014)

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