An Overview of RBC Insurance
RBC Insurance is the brand name for the insurance operating entities of the Royal Bank of Canada (RBC). It is headquartered in Mississauga, Ontario. It is one of the largest bank-owned insurance providers in Canada. To date, the company has around 2,500 employees and five million clients worldwide.
With over 5 million customers globally, RBC Insurance is one of Canada’s largest and most trusted insurance providers. As the insurance arm of RBC, the nation’s biggest bank, it offers stability and a diverse selection of insurance solutions.
In this extensive guide, we’ll thoroughly explore RBC Insurance and all it offers. We’ll dive into its history, financial strength, advantages, product portfolio, pricing, customer sentiment, how to get a quote, and alternatives to consider. Read on for deep insights to make an informed insurance decision.
A History Spanning Over 50 Years
RBC Insurance’s origins trace back to 1864 when its parent company, RBC, was founded. However, its insurance operations took root in the 1960s and grew rapidly via acquisitions.
- 1964 – RBC purchases London Life Insurance Company, entering the Canadian insurance market.
- 1968 – Ontario Loan and Debenture Company, RBC Insurance’s first significant insurance subsidiary, was acquired.
- 1993 – Voyageur Travel Insurance Ltd. acquired, expanding offerings.
- 1996 – Westbury Life Insurance Company purchased, continuing growth.
- 1998 – RBC acquires Mutual of Omaha’s Canadian branch, adding scale.
- 2000 – RBC purchases Prudential Insurance, gaining significant assets and premiums.
Today, RBC Insurance employs over 2,500 people, serves 5 million + clients globally, and holds over $23 billion in assets. It’s emerged as a leading national insurer.
Source: https://www.policyadvisor.com/insurance-companies/rbc-life-insurance-review/
Why Choose RBC Insurance?
RBC Insurance leverages the reputation and capabilities of RBC Bank to offer robust insurance options backed by expert service and rock-solid finances. Reasons to choose RBC Insurance include:
Stability and Peace of Mind
As a subsidiary of Canada’s biggest bank, RBC Insurance offers the stability and reassurance that comes from a venerable financial institution. RBC’s size and diversification mean significant financial resources back your insurance.
Industry Leading Experts and Experience
With over 50 years in the insurance business, RBC Insurance has accumulated unmatched experience and expertise. Their knowledgeable representatives really understand the needs of Canadian insurance consumers.
Competitive Pricing
RBC Insurance leverages its scale, expertise, and financial resources to offer very competitively priced insurance products. Its term life premiums are frequently lower than competitors’.
A+ Rating from A.M. Best
RBC Insurance maintains an A+ (Superior) Financial Strength Rating from rating agency A.M. Best. This indicates stability and RBC’s ability to meet its ongoing insurance obligations quickly.
Flexible, Customizable Offerings
RBC allows customization on term length, riders, and other options to precisely match your specific insurance needs. Their “pick-a-term” duration option is unique in the Canadian insurance market.
Digital Tools, Account Management and ePolicy
Manage your RBC Insurance conveniently online and access your policy documents digitally through their ePolicy portal for simplicity.
Wide Array of Insurance Offerings
RBC Insurance provides extensive insurance options for life, health, home, auto, travel, pets, identity theft, mobile devices and more.
Products of RBC Insurance Company
RBC Term Life Insurance
RBC Insurance offers two main coverage plans: RBC Simplified Term Life Insurance and YourTerm Life Insurance. The former is no medical term life insurance, and the latter is traditional term life insurance. Overall, both have very flexible term periods for clients to choose from. The premiums and coverage are guaranteed throughout the entire period.
| Features | RBC Simplified Term Life Insurance | YourTerm Life Insurance |
| Term period | 10, 15, 20 or 40 years (and any period in between) | 10, 15, 20 or 40 years (and any period in between) |
| Age Eligibility | Term 10 to 15: Ages 18-70 Term 16 to 40: Max issue age is age 85 minus the term | Term 10 to 15: Ages 18-70 Term 16 to 40: Max issue age is age 85 minus the term |
| Medical exam requirement | No | Yes |
| Coverage amount | $50,000 to $1,000,000**Age 56 and older: up to $500,000 | $1,000,001 to $25,000,000**Age 56 and older: from $500,000 |
| Renewable term | Yes | Yes |
| Online Application | Yes | No |
| Exchangeable | – | Policyholders can exchange YourTerm 10 policy for YourTerm 15, 20 or 30 policy without providing medical evidence |
| Optional Coverage | – | YourTerm Rider Children’s Term rider Accidental Death rider Total Disability Waiver of Premium Benefit Rider Payor Death and Disability Waiver of Premium Benefit Rider Joint First-to-Die Option |
| Guaranteed premiums during the policy term | Yes | Yes |
| Tax-free benefit | Yes | Yes |
| Convertible to whole life insurance | Yes | Yes |
| Cancelable Anytime | Yes | Yes |
| Money-back cancellation period | 30 days | 10 days |
RBC Insurance Growth Insurance
This is a whole life insurance coverage offered by RBC Insurance. The coverage can vary from $25,000 to $25,000,000. Like normal whole life insurance, the beneficiary of this plan can receive a tax-free benefit, and the insurance is guaranteed for life. Canadians from 0-85 years old are eligible for this plan. After you have bought the policy, you’ll have ten days to review it and decide whether to cancel it or not. After this time, you can always cancel your policy at any time by written request (with fees involved).
One thing to note about RBC Growth Insurance is that it provides policyholders with four dividend options, including paid-up additions, cash (taxable), premium reduction and dividends on deposit.
RBC Universal Life Insurance Plan
One notable feature of the RBC Universal Life Insurance Plan is its death benefit options. Clients can choose from either level protection or increasing death benefit according to their needs.
| Level Protection | Increasing protection |
| the death benefit will be paid equal to either the face amount of the policy or the amount accumulated in the policy (policyholders can select from whichever is greater) | the death benefit will be paid equal to the coverage amount plus the accumulation value |
RBC Insurance allows couples to share life insurance in Canada with each other through Joint Coverage. When choosing this policy, policyholders can choose between Join first-to-die coverage or Joint last-to-die coverage.
In addition, you may be interested in RBC’s Compassionate Advance, which allows policyholders to request an advance of up to half of the value of the death benefit, with $250,000 at maximum should they become terminally ill. This allows policyholders with more support in unfortunate events.
The interest options of this plan are pretty flexible. To put it short, there are three main options, including daily interest options, guaranteed interest options and variable interest options.
| Daily Interest Options | Guaranteed Interest Options | Variable Interest Options |
| The interest will be accumulated on a daily basis. The option gives those who want to hold their money for a short time more flexibility | Provides policyholders with a fixed rate of return. Clients can choose among Mid-Term Option, Long-Term Option, or Guaranteed Interest Term Option from 1,3, 5 or 10 years. | The interest rate will be based on a Canadian, U.S. or international equity index. The interest rate can also be based on 20 RBC mutual funds and portfolios |
Apart from the above-mentioned features, Universal Life Insurance Plan shares other common features of universal life insurance, such as lifetime coverage, cash value, disability benefit, optional riders, etc.
RBC Term 100 Life Insurance
Overall, RBC’s term 100 life insurance has all the features like other term-100 life insurance. In short, the owners of the policy will benefit from guaranteed premiums and lifetime coverage. At the age of 100, they will not have to pay any premiums. One thing to note is that they offer term 10 or 20 riders, which allows policyholders to provide additional coverage for themself or their families.
RBC Insurance sells this policy with a face value starting from $50,000. Canadians or permanent residents living in Canada for more than 12 months from 18 to 85 are eligible to apply for this plan. There is a medical examination required, though.
RBC Guaranteed Life Insurance
This plan is no medical permanent life insurance. RBC Insurance offers this to Canadians or permanent residents from 40 to 75. By the age of 95, policyholders will no longer have to pay the premium. The face value of a policy ranges from $5000 to $40,000. Since no medical examinations are involved, interested clients can get a quote and register for this policy online.
RBC Insurance offers a Compassionate Advance option for policy owners. The insured can access a percentage of their death benefit while they are still alive when:
- their policy has been in effect for two years or more;
- they are diagnosed with a terminal illness;
- they only have 12 months or less to live
Since this is no medical life insurance, plus the plan is permanent, the price is much higher than standard policies. You can have a look at the table below to see how the price varies according to different ages:
| Age | Male | Male | Female | Female |
| Non-smoker | Smoker | Non-smoker | Smoker | |
| 40 | $88.38 | $134.10 | $63.43 | $102 |
| 50 | $123.46 | $207.72 | $101.25 | $142.89 |
| 60 | $211.94 | $360.72 | $173.43 | $ 236.04 |
| 70 | $453.56 | $736.12 | $365.68 | $476.56 |
Read more: Compare Life Insurance for Smokers vs. Non-Smokers
RBC Personal Accident Insurance
RBC Insurance also provides their customers with personal insurance, which can help cover daily expenses in the event of a fatal accident. This insurance requires no medical examination. As long as you are a Canadian resident from 18 to 69 and you’re a customer of any RBC company, you qualify for coverage. Spouses or partners who satisfy these conditions can also enroll for coverage.
The coverage amount ranges from $50,000 to $250,000 and the premium starts from $4.75 per month. There’s an inflation adjustment element, allowing customers to benefit from an increase of 5% every two years.
Below is a table that describes what a policy covers
| Accidental death | Air Travel Accident | Child Care Benefit | Education benefit |
| tax-free death benefit will be paid to the beneficiary or estate if the insured die of an accident (except for air travel accident) | RBC Insurance pays Accidental Death benefit if the insured is a fare-paying passenger50% of Accidental Death benefit if the insured is a pilot or non-fare paying passenger | reimbursement for child care expenses for each dependent child under 16; or2% payout of Accidental Death benefit or $2000 per year up to 5 years, or when the child is 16 years old. | tuition fee reimbursement for each dependent child under 23, who is: a full-time student has enrolled in an accredited post-secondary institution within a year of the insured’s accident |
RBC Insurance provides an online application for interested customers on their official website.
RBC Health Insurance
Disability Insurance
RBC Insurance has a wide range of disability insurance options, including: RBC Simplified Disability Insurance, The Professional Series Policy, The Foundation Series Policy, Bridge Series Policy, The Fundamental Series Policy and Quantum. These options cater for clients from different professional backgrounds, from farmers, tradespeople to doctors, lawyers or accountants.
Except for RBC Simplified Disability Insurance, other plans require medical examination. The age eligibility ranges from 18-55.
Critical Illness Insurance
RBC Insurance offers two major critical illness insurance plans, namely Critical Illness Recovery Plan and Critical Illness Plan. The former covers more than 30 illnesses and conditions*, while the latter covers only cancer, heart attack and stroke. The table below will help you see the differences between these plans:
| Details | Critical Illness Recovery Plan | Critical Illness Insurance Plan |
| Eligible Age | 18-65 | 18-50 |
| Medical exam requirement | Yes | Yes |
| Number of covered illnesses and conditions | more than 30 | cancer, heart attack and stroke |
| Coverage amount | $25,000 to $2,000,000 | $10,000, $25,000, $50,000 or $75,000 |
| Long-term care conversion benefit | Yes | No |
| Coverage period | depend on options | renewable up to age 65 |
| Early Assistance Benefit | Yes | Yes |
| Assistance Benefit | Yes | Yes |
| Optional Coverage | Return of premium on death rider Disability waiver of premium rider Scheduled increase benefit rider | Return of premium on death rider |
| Guaranteed premiums | depend on options | premium increases every 10 years until age 65 |
RBC Insurance provides a diverse suite of insurance solutions for both individuals and businesses. Let’s look at some of their main products:
RBC Home and Auto Insurance
Although Aviva now underwrites home and auto insurance, RBC still sells home insurance and auto insurance policies under its brand. Offerings include:
Home Insurance
- Homeowners insurance – For homeowners
- Condo insurance – Tailored for condominium owners
- Tenants insurance – For renters
Auto Insurance
- Policies for all vehicle types
- Options for ridesharing coverage
- Discounts for multi-vehicle households
RBC Insurance provides a full suite of property and casualty insurance. Bundling home and auto coverage can unlock savings.
Additional RBC Insurance Offerings
RBC also offers comprehensive coverage options for:
- Travel insurance – Individual and group plans, multi-trip options, coverage for Canadians travelling abroad and foreign visitors.
- Pet insurance – Policies covering veterinary bills, accidents, illnesses and emergency care for cats and dogs.
- Mobile device insurance – Protection for phones, tablets and other electronics against loss, theft, damage and mechanical failure.
- Identity theft insurance – Coverage for costs associated with identity theft, like lawyer’s fees, lost wages, investigators, and document replacement.
- Business insurance—Commercial coverage protects business owners against risks such as lawsuits, loss of income, theft, equipment breakdown, and more.
- Group benefits – Employee benefit plans that include health/dental, disability and life insurance.
RBC Insurance provides solutions for nearly any insurance need, personal or commercial. Its offerings are among the most comprehensive in Canada.
How Much Does RBC Insurance Cost?
Leveraging its financial strength, risk management and pooled resources, RBC Insurance offers very competitive rates. Here are sample premiums:
RBC Term Life Insurance
RBC term life insurance premiums are frequently 5-10% less than competitors.
| Gender | Age | Coverage | Term Length | Monthly Premium |
| Female | 30 | $500,000 | 20 years | $22.50 |
| Male | 30 | $500,000 | 20 years | $30.87 |
| Female | 40 | $500,000 | 20 years | $34.83 |
| Male | 40 | $500,000 | 20 years | $45.22 |
*Non-smoker in good health. Premiums are sample illustrative values only.
Clearly showcasing affordable term life insurance pricing for temporary coverage.
RBC Permanent Life Insurance
Sample monthly premiums for RBC permanent life insurance:
| Gender | Age | Coverage | Product | Monthly Premium |
| Female | 30 | $500,000 | Whole Life | $497.43 |
| Male | 30 | $500,000 | Whole Life | $549.86 |
| Female | 40 | $500,000 | Whole Life | $579.06 |
| Male | 40 | $500,000 | Whole Life | $760.10 |
*Non-smoker in excellent health. Premiums are sample illustrative values only.
Permanent coverage costs more but is still competitively priced.
RBC Critical Illness Insurance
Sample monthly critical illness insurance premiums from RBC:
| Gender | Age | Benefit Amount | Term Length | Monthly Premium |
| Male | 30 | $25,000 | 10 years | $27 |
| Female | 30 | $25,000 | 10 years | $21 |
| Male | 40 | $25,000 | 10 years | $39 |
| Female | 40 | $25,000 | 10 years | $28 |
Competitive critical illness insurance pricing given the financial protection provided.
In summary, RBC Insurance leverages efficiencies of scale to enable very affordable premiums across its key products.
RBC Insurance Reviews: What Do Customers Say?
Understanding customer feedback provides objective insights into RBC Insurance’s offerings and servicing. Overall, RBC garners 3 out of 5 stars from policyholders.
Positive RBC Insurance Reviews Highlight:
- Low premiums for term life insurance policies
- Simplified underwriting requiring only 10 questions for under $1M coverage
- Ability to digitally access documents and manage accounts online
- Reassurance of RBC’s longstanding presence and financial stability
Negative RBC Insurance Reviews Cite:
- Long wait times to speak with customer service
- Delays and difficulties in processing claims
- Some agents are perceived as aggressive in upselling due to commissions
- Lack of flexibility in assisting clients facing financial hardships
While competitive rates are frequently noted, service challenges are common complaints. Thoroughly research before purchasing.
How to Get RBC Insurance Quotes & Purchase Policies
You can get RBC Insurance quotes and buy coverage through two primary methods:
Get a Quote From a Local RBC Insurance Advisor
Visit your local RBC branch and speak with an RBC Insurance advisor to get quotes for products like term life, critical illness insurance, disability insurance, home insurance, and more.
Pros: Get personalized service, ask questions and tailor coverage.
Cons: Advisors work on commission so that they may upsell you on coverage.
Get Instant RBC Term Life Quote Online
Use RBC Insurance’s website to get an instant quote for term life insurance policies. Enter basic details like age, gender, smoking status, and coverage amount.
Pros: Fast, convenient, obligation-free quotes.
Cons: Impersonal, can’t ask questions or get advice.
Before choosing a policy, get quotes from multiple providers for the best value and fit.
Read more: How to Compare Life Insurance Quotes in Canada
Top Alternatives to RBC Insurance
While RBC Insurance provides solid offerings for most, comparing providers identifies potential alternatives fitting your specific needs:
Sun Life
- Wide range of individual life and health insurance [20]
- Strong brand reputation with 120+ years of experience
- Accessible experts and holistic needs assessment tools
- Client-focused approach and competitive pricing
Best for – Clients who value brand trust, tailored guidance, and integrated insurance/wealth solutions.
Canada Life
- Industry pioneer dating back to 1847 [21]
- Vast selection of individual and group policies
- Flexible permanent life insurance choices
- Exceptional focus on improving Canadians’ wellbeing
Best for – Customers seeking comprehensive coverage options and approach from an established insurer.
Manulife
- Massive global presence across 3 centuries
- Competitive rates across all insurance offerings
- Digital tools and world-class customer service
- Leading Canadian insurer with a diverse product portfolio
Best for – Those seeking the capabilities and stability of a global insurance leader.
Compare RBC Insurance to alternative providers and work with an experienced broker to identify the optimal insurer for your particular requirements.
The Bottom Line: Is RBC Insurance Recommended?
RBC Insurance leverages RBC Bank’s capabilities to present a highly competitive offering with the cost efficiency, expertise, and stability expected from a venerable financial institution.
Their lifetime and term life insurance provides comprehensive and affordable financial protection for Canadian families. Critical illness, disability and property insurance round out a robust product line-up.
However, potential drawbacks include some negative customer reviews around service delays and quality. Comparison shopping is highly recommended, but RBC Insurance is a dependable choice for many insurance needs.We have reviews of other good life insurance companies in Canada available if you’re interested: Canada Protection Plan, BMO Insurance, Wawanesa Life Insurance, Empire Life, Sun Life, Manulife and more here.
FAQs related to RBC Insurance in Canada
How old is RBC Insurance?
RBC Insurance was founded in 1993 after RBC acquired Voyageur Travel Insurance. RBC has over 25 years of experience providing insurance in Canada.
What types of insurance does RBC offer?
RBC Insurance offers a wide range of insurance products including life, health, travel, home, auto, group benefits, retirement, and investment solutions.
Where is RBC Insurance located?
The headquarters of RBC Insurance is located in Mississauga, Ontario. RBC Insurance serves clients across all provinces and territories in Canada.
Why choose RBC Insurance?
Reasons to choose RBC Insurance include competitive pricing, innovative products like pick-a-term life insurance, strong financial backing, excellent customer service, and the convenience of bundling multiple insurance policies.
When did RBC start offering insurance?
RBC first entered the insurance market in 1993 when it acquired Voyageur Travel Insurance. RBC Insurance has grown significantly since then through strategic acquisitions and new product development.
Do you need a medical exam for RBC Insurance?
Some RBC Insurance policies like simplified issue term life allow applicants to obtain coverage up to $1 million without undergoing a medical exam. For higher coverage amounts, a medical exam is required.
Can RBC Insurance insure homes outside of Canada?
RBC Insurance only provides insurance coverage within Canada. For Canadians seeking home insurance in the United States, RBC offers their specialized RBC U.S. HomePlus Advantage program.
Is RBC auto insurance any good?
Reviews of RBC auto insurance are generally positive. RBC provides competitive rates and discounts for bundling home and auto insurance. Their car insurance covers liability, collision, theft and more.
How do I contact RBC Insurance?
You can contact RBC Insurance by calling 1-800-769-2526 or visiting an RBC branch. RBC also has an online contact form on their website to reach an insurance advisor.
How do I get a quote from RBC Insurance?
You can get a quote for RBC Insurance online through their website or by speaking with a licensed insurance advisor over the phone or in person at an RBC branch. Comparing quotes is recommended.
