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RBC Critical Illness Insurance Review

by Mark Cluett
4 min read

Best Critical Illness Insurance/Long-Term Care Combo Product

RBC Insurance

RBC Insurance

A

AM Best
financial strength rating

PolicyAdvisor.com Rating

Best Critical Illness Insurance/Long-Term Care Combo Product

RBC Insurance

RBC Insurance

A

AM Best
financial strength rating

PolicyAdvisor.com Rating

RBC Critical Illness Insurance Review

With Canadians living longer than ever, those shopping for critical illness insurance may also have long-term care on their minds. Fortunately, RBC Insurance has the market cornered on those keeping their eye on Father Time. Policyholders can convert their coverage into payments for long-term care when they older without proof of their insurability.

Pros

  • Large coverage amounts
  • Comprehensive covered conditions: 25
  • Long-term care conversion without proof of insurability
  • Generous partial benefit payouts

Cons

  • Limited-term options
  • No Return of Premium on on expiry or cancellation
  • No coverage for children
  • No lifetime coverage or limited pay options
Product NameCritical Illness Recovery Plan
Critical Illness coverageEnhance coverage
Available Terms10 years and to age 65 and 75
Limited Pay optionNone
Maximum coverageUp to $2-million
Conditions covered25 conditions
Loss of Independent Existence coverageYes, available as a rider
Partial payout conditions7 Eligible Conditions
Partial payment or early detection paymentYes, 10% up to $50,000. Payable once.
Childhood illnesses coverageNone
Survival period30 days
Return of Premium on deathYes
Return of Premium on expiry/cancellationNo
Second optionNo
Electronic applicationYes
Online account accessNo

Who is RBC?

RBC Insurance is the insurance division of the Royal Bank of Canada – the country’s biggest bank – which was deemed a globally, systemically important bank by the Financial Stability Board. Like many of its contemporaries, RBC sets aside 1% of its pre-tax earnings for charitable endeavours – with a particular emphasis on Canadian culture and amateur sport.

Does RBC sell critical illness insurance?

Yes, RBC does sell critical illness insurance; it is named Critical Illness Recovery Plan. They offer enhanced (25 conditions) coverage

What critical illness insurance coverage does RBC offer?

RBC’s maximum coverage for critical illness insurance is $2-million. 

They offer coverage for loss of independent existence as an additional rider. They offer partial payouts for 7 different conditions. The payout is typically 10% of the policy up to $50,000 and is only payable once during the lifetime of the policy.

RBC offers no coverage for childhood illnesses.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

RBC offers critical illness insurance for 10-year terms or coverage up to 65 or 75 years of age.

No limited-pay options are available.

Does RBC’s critical illness insurance offer a return of premiums?

Yes, RBC offers return of premiums on death, however they do not offer return of premium on expiry or cancellation of the policy.

How do I apply for RBC’s critical illness insurance?

You can apply for RBC’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed brokers to apply for RBC’s critical illness insurance.

The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

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