RBC Insurance raises Long Term Disability Coverage to age 70
Forget Freedom 55. Canada’s retirement age is on the way up. On average, Canadians are working 3.5 years longer past the retirement age. Due to a whole host of factors such as lifespans and poor performance in financial markets, Canada’s retirement age is already rising. Changes were made to the Old Age Security pension during the Conservative Federal Government under Steven Harper, when it was announced during the 2012 budget that the age of eligibility for the old age security pension will be increased gradually from 65 years of age to 67 by the year 2029.
RBC Insurance has recognized this change in employment demographics and has become Canada’s first insurer to raise its Long Term Disability benefit to include members from age 65 to 70.
RBC is offering three options to eligible members:
- 2 year benefit option,
- 5 year benefit option and;
- A graded scale that shortens the benefit as the member gets older.
You can learn more about these changes by visiting the RBC Insurance Site.