RBC Insurance today announced it has waived the policy fee on its Preferred Term 10 insurance product. The change, which was based on feedback from the company’s distribution network, is intended to provide a more competitive term life insurance option for clients.

“RBC Insurance is focused on becoming one of the top five term life insurance providers in Canada,” said Neil Skelding, president and CEO of RBC Life Insurance Co., in a news release. “Waiving the policy fee on Term 10 is the first step towards eventually offering a completely re-designed, industry-leading term life insurance portfolio.”

The $0 policy fee applies to all Preferred Term 10 policies of $250,000 or more issued after July 1, 2004 and is effective for the life of the policy.