RBC Insurance Life Insurance Review

Learn more about RBC Insurance life insurance in Canada. Talk to one of our experienced advisors, today!

RBC Insurance - Life Insurance Review in Canada | Insider Info

RBC Insurance Life Insurance Review.

Learn more about RBC Insurance life insurance in Canada. Talk to one of our experienced advisors, today!

RBC Insurance - Life Insurance Review in Canada | Insider Info

RBC Insurance is the insurance arm of one of Canada’s largest banks, and one of the best insurance companies in Canada. With a financial strength rating of A+ from AM Best Company, they’re reliable and financially stable with an affordable and flexible selection of term life insurance products, which leads us to our rating of 4 stars.

RBC Insurance provides extremely competitive term rates of various lengths to Canadians. Underwriting and claims services are both traditionally fast and efficient, although their well known annual 10% premium discount can significantly impact turnaround times for new applications. We’ve given RBC Insurance a 4 star rating as it lacks a robust permanent life insurance lineup, with only existing term policies having the ability to convert to lifelong coverage. Despite this, for those looking for simple coverage to meet their life insurance needs, RBC Insurance is a solid choice to provide a cost effective solution.

Company Overview

RBC was founded in 1864, with its insurance arm launching in the 1960s. RBC is one of the largest Canadian bank-owned insurance organizations, and has approximately 2,500 employees who serve more than four million clients, and has $15.1 billion in assets. RBC Insurance offers a wide range of insurance products and services, such as life, health, auto, home and travel insurance. Notably, RBC Insurance is one of the only companies in Canada to have a simplified process for purchasing up to $500,000 of term life insurance.

RBC Life Insurance Pros

  • YourTerm insurance product allows applicants to pick any term length between year 10 and 40

  • Ability to add a wide range of riders to most policies
  • Highly affordable prices

RBC Life Insurance Cons

  • RBC uses commissioned insurance advisors, who may come off as pushy for their sales
  • Only available to Canadian citizens, or permanent residents/landed immigrants for over 12 months – products are not available for those in Canada with temporary residency status such as with a student or work permit

RBC Life Insurance Products

RBC Life Insurance Term Products

RBC Insurance Term Life Insurance

RBC Insurance offers 2 term life insurance products, which may seem like few, but the customization available within each product makes up for it.

This product offers flexible, convenient and affordable coverage that you can apply for online. Being a simplified policy, there is no medical exam required.

Key highlights:

  • Coverage from $50,000 to $1,000,000 for a term anywhere in between 10-40 years
  • Accidental Death Benefit included
  • No medical exam required, with the application process being online take takes 15 minutes to complete
  • Renewable, and convertible to RBC’s whole life or RBC Growth Insurance without medical evidence to age 71

YourTerm is RBC’s flagship product, with substantial coverage amounts starting at $1,000,001, flexible term options, and several optional add-ons.

Key highlights:

  • Coverage from $1,000,001 to $25,000,000 for a term anywhere in between 10-40 years
  • Renewable, and convertible to RBC’s whole life or RBC Growth Insurance without medical evidence to age 71

Optional benefits:

  • Joint First-to-Die Option
  • YourTerm Rider (a rider for another person, such as a spouse)
  • Children’s Term Rider
  • Accidental Death Benefit Rider
  • Total Disability Waiver of Premium Benefit Rider
  • Payor Death and Disability Waiver of Premium Benefit Rider
RBC Permanent Insurance Products in Canada

RBC Insurance Permanent Life Insurance

RBC Insurance offers 4 lifetime coverage products: Term 100, RBC Universal Life™, RBC Growth Insurance™ , and RBC Guaranteed Acceptance Life Insurance.

This product is designed to provide lifetime coverage to protect your family and to pay capital gains tax on assets left to them.

Key highlights:

  • Coverage from $50,000 to $25,000,000 for life
  • Available to purchase at ages 18-85
  • Level premiums for life

Optional benefits:

  • Accidental death benefit: in case of death from accidental causes before age 85, your beneficiary will receive five times the Basic Coverage
  • Joint First-to-Die Option (up to 2 family members)
  • Joint Last-to-Die Option (up to 2 family members)
  • Term 10 or 20 Rider
  • Children’s Term Rider
  • Accidental Death Benefit Rider
  • Total Disability Waiver of Premium Benefit Rider
  • Payor Death and Disability Waiver of Premium Benefit Rider:

RBC’s Universal Life product provides lifetime coverage and the ability to save for the future in a tax-advantaged policy, and also allows the policy holder to be involved with managing the policy’s underlying investments.

Key highlights:

  • Coverage of $25,000 to $25,000,000 for life
  • Available to purchase at ages 0-85
  • Death Benefit Options – Choose from a level protection* or increasing protection** death benefit option
  • Choose how much to pay into your policy and how to pay your premiums
  • Living Benefits of a compassionate advance in the case of a terminal illness diagnosis and a disability benefit to provide protection while you are alive
  • Single or Joint Coverage
  • Access to your accumulated cash value at any time

Optional benefits:

  • Additional Term Insurance
  • Children’s Term Rider
  • Accidental Death Benefit Rider
  • Total Disability Waiver of Deductions Benefit Rider
  • Payor Death and Disability Waiver of Deductions Benefit Rider

*Level protection pays a death benefit equal to either your coverage amount or the amount accumulated in your policy, whichever is greater.
**Increasing protection pays a death benefit equal to your coverage amount plus your accumulation value.

RBC’s Growth Insurance™ product is a participating whole life product, designed to provide lifetime coverage with cash value guarantees and the potential to earn dividends to help protect your family and estate.

Key highlights:

  • Coverage of $25,000 to $25,000,000 for life
  • Available to purchase at ages 0-85
  • Dividend Options – choose from four flexible options for receiving dividends (Paid-up Additions, Cash, Premium Reduction, or Dividends on Deposit)
  • Juvenile Guaranteed Insurability Benefit – If you buy a policy for your child or grandchild, they can purchase additional insurance after their 18th birthday without giving additional evidence of insurability
  • Access to your accumulated cash value at any time
  • Single or joint coverage
  • World-Class Asset Management with an RBC investment team

Optional Benefits:

  • Additional Term Insurance
  • Children’s Term Rider
  • Guaranteed Insurability Benefit
  • Accidental Death Benefit Rider
  • Total Disability Waiver of Deductions Benefit Rider
  • Payor Death and Disability Waiver of Deductions Benefit Rider

RBC offers a guaranteed acceptance life insurance product, which involves no medical exam for those who have difficulty getting approved for regular permanent life insurance products. It’s designed for those ages 40-75 who are only looking for enough to leave for loved ones or help pay for final expenses.

Key highlights:

  • Coverage from $5,000 to $40,000 in $5,000 increments, for life
  • Application process available online and guaranteed coverage
  • Accidental Death Benefit included
  • No medical exam required
  • Compassionate Advance

Talk to an advisor today.

Best Life Insurance Quotes Canada

Other Life Insurance Products

RBC also offers critical illness insurance, disability insurance, and a unique product called Personal Accident Insurance that is often used to supplement another life insurance policy.

RBC’s Personal Accident Insurance is often used to supplement existing life insurance policies, or for those who work in a high-risk occupation and do not qualify for other types of insurance. If you’re a Canadian resident aged 18-69 and already an RBC customer, you’re guaranteed acceptance for this product.

Key highlights:

  • Coverage from $50,000 to $250,000 that can increase by 5% every two years due to inflation
  • No medical exam required for applying
  • Includes Accidental Death benefits, Air Travel Accident, Child Care Benefit, and Education Benefit
  • Coverage is until age 80

RBC Life Insurance Customer Reviews

Many RBC clients are satisfied with their experience with the company:

  • RBC provides speedy and secure access to your claims and supplies regular updates about your policy’s status
  • Clients enjoy the affordability and flexibility of their products
  • RBC provides clarity and transparency: disclosure information is in big print and in places where it is easy to find, and has information readily available at all of its business locations, and on its website

However, some have found that:

  • RBC representatives do not seem to empathize with struggling customers and feel like they’re being treated like a number and not a person
  • Some don’t seem to have the expertise to address client’s claims directly, especially with customers inquiring about unexpected charges

Get In Touch With Us Today

If you’re not sure of what’s the best insurance product or company for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance since 2007.

As your Life Insurance broker and financial planner, we work with you to create a personalized plan for your family or business that covers and meets your needs. On a related note, take a look at our in-depth review another life insurance provider in Canada: Canada Protection Plan Life Insurance (CPP).

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based in Dundas, and service clients anywhere in Ontario, including areas such as Guelph, Milton, St. Catharines, Toronto, and Barrie.

Talk to an advisor today.

Best Life Insurance Quotes Canada