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.



Recovery Plan




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.

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Pros and cons


  • Large coverage amounts – up to $2 million
  • Comprehensive covered conditions: 25
  • Long-term care conversion without proof of insurability
  • Generous partial benefit payouts


  • 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

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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.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.

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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By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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