Home Compare and Review Canada’s Health Insurance Comparison: RBC Insurance vs. Wawanesa Insurance

Canada’s Health Insurance Comparison: RBC Insurance vs. Wawanesa Insurance

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Most of us are already aware of what a health insurance policy can help us. If you’re looking to be insured and looking for options, here’s a comparison of RBC Insurance and Wawanesa Insurance for your reference. They are among other household names in Canada.

RBC Insurance 

RBC Insurance is an insurance company owned by the Royal Bank of Canada, one of the biggest banks in the world, according to market capitalization. The insurance company has about 2,800 workers and a global client count of five million. RBC Insurance sells a wide range of insurance plans covering life, wealth, home, and health. The health insurance plan offered by RBC has more coverage than the provincial health plan. RBC Insurance provides three major health plans, each with its benefits:

  • Disability Insurance
  • Critical Illness Insurance
  • Hospital Insurance

Wawanesa Insurance

Wawanesa Insurance is a Canadian insurance company that operates in all areas of Canada. It is a multinational insurance company with more than 3,000 employees. It was founded in 1896, and it is one of the largest insurers in Canada. The Insurance company offers a variety of Canadian insurance products sold by independent brokers. Wawanesa’s insurance products include auto coverage, home coverage, tenant coverage, life insurance, health insurance, and more. Wawanesa health insurance major plans are:

  • Accidental Death and Dismemberment
  • Critical Illness Feature
  • Health
  • Dental
  • Additional Expense Benefit
  • Health Spending Account

RBC Insurance Products vs. Wawanesa Insurance Products

RBC and Wawanesa have suitable insurance policies. RBC Insurance has three major health plans and a good number of sub-plans — while Wawanesa Insurance has six health plans and three sub-plans. Below is a comparison. 

RBC Health Insurance Wawanesa Health Insurance 
Disability Insurance
Your earnings will be protected if you become disabled, injured, or ill. You will receive a return to work benefits such as job retraining, rehabilitation, and other services.

This plan has seven sub-plans:

Simplified Disability Insurance
It is a straightforward, affordable plan that protects your income in case of injury or illness.

Professional Series
It includes a return to work benefits and long-term disability coverage.

Foundation Series
It is a flexible plan that provides total disability support and broad return to work benefits.

Bridge Series
This policy provides disability benefits and returns to work support at a lower cost.

Quantum
If you lose 20% or more of your income due to an injury or illness, this policy will provide you with quality disability coverage and return to work assistance.

Fundamental Series
It provides injury coverage which you can easily qualify for, and illness coverage with a simple application.

Retirement Protector
In total disability, this plan will provide contributions to your retirement savings plan.
Accidental Death and Dismemberment
In the event of accidental death or injuries, benefits will be paid.
Critical Illness Insurance
If diagnosed with a severe illness, you will receive a one-time payment to maintain your financial stability, access cutting-edge health services, or assist your recovery in any other way. You will also have access to the “The Healing Journey” program.

This plan has two sub-plans:

Critical Illness Recovery Plan
This plan is a comprehensive recovery plan that covers 30 critical illnesses and conditions.

Critical Illness Insurance Plan
This policy will provide you with financial protection against the most common illnesses such as stroke, heart attack, and cancer.
Critical Illness Feature
You will receive a payable benefit If you are diagnosed with a critical illness or undergo surgery covered by your policy.
Hospital Insurance
Hospital Insurance covers the cost of hospitalization and recovery. You will get a tax-free cash benefit, and you can spend it anyhow you wish.

Hospital Insurance has two sub-plans:

Royal RecoverAssist – Basic Coverage
If, due to an accident, you are hospitalized in Canada, you will receive tax-free cash support that you can spend anyhow you like. Also, your first month of coverage will be paid by RBC at no cost to you. It is an affordable package to complement your government health plan.

Royal RecoverAssist – Enhanced Coverage
This plan is similar to “Basic Coverage” but provides coverage for accidents and sickness.
Health
This policy covers your healthcare costs, including medical supplies, vision care, ambulance services, accidental dental, prescription drugs, hospital and convalescent hospital coverage, professional services, and more.
Dental
This policy covers your dental care cost. It is a flexible plan that offers coverage levels.

There are three coverage levels:

Level 1 – Basic Dental
It provides coverage for therapeutic and preventative treatments, including root canal therapy, gum disease, and denture services such as rebasing and relining.

Level 2 – Major Restorative
It provides coverage in fixed bridgework, crowns, and removable dentures.

Level 3 – Orthodontia
This plan is mainly for dependent children younger than 19, but it can be designed to cover adults as well.
Additional Expense Benefit
This “cost-plus” policy covers most Health, Dental, and Vision expenses that are not covered by the standard policy contract but are approved by Canada Revenue Agency. It is a tax-efficient plan.
Health Spending Account
A Health Spending Account is an individual funded account that can cover expenses that are not covered by Dental and Health benefits.
It is an ideal plan for family members and employers looking to insure their employees. It is also a tax-effective policy.
Canada’s Health Insurance Comparison RBC Insurance vs. Wawanesa Insurance - Best Insurance Online

How RBC Insurance Works 

When you become injured or ill, and you can’t work, your health insurance kicks in to cover your expenses. The disability insurance plan protects your income by providing monthly benefits of up to 75% of your gross income. It offers long-term disability coverage and returns to work assistance. In the event of total disability, you will be compensated with total disability benefits. The critical illness plan covers the cost of any critical illness covered by the policy agreement. The plan will provide you with a one-time payment to aid your recovery and maintain your financial stability.

The hospital insurance plan covers your hospital and recovery bills. It pays you in the form of a tax-free cash benefit, and you can spend it however you wish.

How Wawanesa Insurance Works 

When you have incurred medical expenses due to a covered critical illness or surgery, your critical illness feature plan will pay you in the form of cash benefits to cover the cost. The health plan gives you health care coverage, including medical supplies, vision care, ambulance services, and more. There is also a dental plan to cover your dental care expenses. You will get coverage for any dental treatment covered by the plan. The additional expense benefit will cover your dental, health, and vision medical costs that are not covered by the standard policy. And with a health spending account, you can efficiently cover the health and dental expenses of your family or employees.

Which is Better? 

Wawanesa and RBC Insurance are great insurance companies, and they offer top-notch insurance products. However, there are some differences in the services provided. Let’s examine the advantages and limitations of the plans provided. 

Pros of RBC Insurance and Wawanesa Insurance

  • RBC Insurance provides detailed information on each plan offered.
  • Both companies have the option to speak to an expert or agent.
  • RBC Insurance offers more sub-plans with more coverage.

Cons 

  • Wawanesa Insurance health plans require an extra web search to find them, and most plans are group plans.
  • Wawanesa does not provide enough information compared to RBC.

Both insurance companies have excellent health insurance coverage; however, RBC tops Wawanesa. RBC has flexible sub-plans that can be designed to fit your needs, and they provide enough information on the products offered.

Other Health Insurance comparison articles available on our Best Insurance Online: Manulife vs. Canada Protection Plan (CPP), iA Financial vs. ivari Insurance, Manulife vs. Sun Life.

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