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RBC Critical Illness Insurance Review – Updated 2024
RBC’s critical illness insurance plan can be a good option for people who want something comprehensive yet flexible. It does not have a lot of riders, and does not cover children. But, it can cover 25 health conditions for up to $2 million. And, it can cover up to 7 health conditions for partial payouts. What we like about the most is that RBC lets you convert this plan into long-term care payments down the line — which is great for aging Canadians.
RBC is one of the biggest banks in Canada. It also offers critical illness insurance through its insurance arm.
In this article, we rate and review RBC’s critical illness insurance offering and see how it compares to competitors.
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Our RBC Critical Illness Insurance review & rating
The Royal Bank of Canada is, understandably, quite popular in the country. Through its insurance arm, it also offers:
- Life insurance — term, permanent, and universal
- Disability insurance
- Travel insurance
- Accidental death & dismemberment insurance
- Home insurance
- Car insurance
RBC’s critical illness insurance is a formidable product. It covers you for up to $2 million and up to 25 illnesses, which is high by market standards.
This policy has a lot of the standard features offered in most other plans, like giving partial payouts for certain health conditions. It may not have as many optional riders as other providers can offer, though.
RBC does not have a critical illness insurance plan that lasts for the rest of your life. But, they let you easily convert your payments into a long-term care plan. This is one of the features we like most about RBC’s CI plan.
You should speak with an advisor before you buy, though. Some of RBC’s critical illness plans are something called Guaranteed Renewable. In all of Canada, only RBC is allowed to have policies like this. With this plan, they can increase the price not just for you but for anyone who has that kind of policy with them and meets certain criteria. This can be unexpected if you’re not aware.
RBC Critical Illness Insurance pros and cons
Here is what our team ranks as the most and least advantageous features of RBC’s critical illness insurance products for most Canadians.
RBC Critical Illness Insurance Pros
- Backed by a strong brand name
- Large coverage amounts — up to $2 million
- Comprehensive coverage — 25 conditions covered
- You can convert into long-term care insurance without proof of insurability
- Pays out for up to 7 partial conditions
- Return of premium options — the money you paid for the policy will be returned if you die without ever making a claim
- Options to get covered without a medical exam (no medical or simplified insurance)
RBC Critical Illness Insurance Cons
- Not many term options — only 3 options available
- No return of premium options for if your plan expires or if you cancel without a claim
- No coverage for children
- No permanent coverage for critical illness
- No limited pay options
- RBC’s Guaranteed Renewable policies for to-65 or to-75 can increase — but this is rare and the company has to let you know first
Who is RBC?
RBC Insurance is the insurance part of the Royal Bank of Canada – the country’s biggest bank. The Financial Stability Board has deemed RBC as a globally, systemically important bank.
Like many similar companies in Canada, RBC donates 1% of its pre-tax profit to charity — especially those about Canadian culture or sports.
RBC Insurance Canada: Quick Facts
- When was RBC founded? 1864
- Where is RBC Insurance headquarters? Toronto, Ontario
- AM Best Rating: A (Excellent)
- Better Business Bureau Accreditation and Rating: N/A
- Assets: $15.1-billion
- Annual Premiums: $4.2-billion
Is RBC’s critical illness insurance policy right for you?
RBC can be a good option for Canadians who are getting older and have their eye on Father Time. If you want to protect yourself against financial loss if you suddenly get a critical illness, but you also want to make sure you have a plan for if you need long-term care in your senior years, RBC could be a great option for you.
Plus, they give you a lot of coverage and a fair bit of leeway with their partial condition coverage.
On the other hand, the company does not offer as many rider options as others, so it might not be the best option if you’re looking to get multiple coverages in one go. With their Guranateed Renewable plans, they’re also the only company in Canada allowed to increase prices not just for one policyholder but for everyone’s policy that has certain characteristics the company decides.
This is why you should speak with a professional before you decide. As Canada’s best online insurance agents, we have insight that can help when you’re making a decision on which critical illness insurance to buy.
At PolicyAdvisor, we work with more than 30 of the best insurance companies in Canada. Speak to our licensed advisors and we can help you decide if RBC’s products are the best fit for you.
Where to buy RBC Critical Illness insurance policies?
You can buy RBC Critical Illness insurance on PolicyAdvisor. Use our free quoting tool or click the button below to get personalized quotes instantly. And, you can aslo compare those quotes with some of the other best critical illness insurance companies in Canada.
If you would prefer to speak with a licensed insurance agent, we can help with that too! Our experienced advisors would be happy to speak with you and give one-on-one advice.
Speak with a professional insurance advisor
As Canada’s best online life insurance advisor, we can help you compare and choose the company that matches your needs. Don’t hesitate to speak with our licensed advisors if you need help. We offer no-obligation advice to help you find your best match!
