RBC Critical Illness Insurance Review
RBC sells top-tier critical illness insurance coverage for those looking for long-term flexibility and comprehensive coverage. While there are no child riders, coverage includes up to 25 conditions for the full $2 million payout and 7 conditions for partial payout. As they age, policyholders can convert their coverage into payments for long-term care.

Product
Recovery Plan
POLICYADVISOR RATING
Best Critical Illness Insurance/Long-Term Care Combo Product
RBC Critical Illness Insurance rating and 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 are older without additional proof of insurability.
Pros and cons
Pros
- Large coverage amounts – up to $2 million
- 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 expiry or cancellation
- No coverage for children
- No lifetime coverage or limited pay options
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.
Types of critical illness insurance policies RBC Insurance offers
RBC does sell critical illness insurance; it is named Critical Illness Recovery Plan. They offer enhanced (25 conditions) coverage.
Coverage and policy details
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.
Product Name | Critical Illness Recovery Plan |
---|---|
Critical Illness coverage | Enhanced |
Available Terms | 10 years and to age 65 and 75 |
Limited Pay option | None |
Maximum coverage | Up to $2-million |
Conditions covered | 25 conditions |
Loss of Independent Existence coverage | Yes |
Partial payout conditions | 7 Eligible Conditions |
Partial payment or early detection payment | Yes, 10% up to $50,000. Payable once. |
Childhood illnesses coverage | None |
Survival period | 30 days |
Return of Premium on death | Yes |
Return of Premium on expiry/cancellation | No |
Second event coverage | No |
Electronic application | Yes |
Online account access | Yes |
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 intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may 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. All rights reserved.
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