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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PolicyAdvisor Rating

Best Critical Illness Insurance & Long-Term Care Combo

AM Best Rating A


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:

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 — Product Details

  • Type of coverage: Enhanced
  • Available term lengths: 10 years, to age 65, or to age 75
  • Number of illnesses covered: Up to 25
  • Survival period: 30 days
  • Maximum coverage amount: $2 million
  • Application process: Online or over the phone
  • Claims contact: RBC Insurance
  • Renewable: Yes
  • Convertible: Limited — options to convert into long-term care insurance, but not into permanent coverage
  • Limited pay options: No
  • Return of premium options: Yes — on death only
  • Partial payouts: Yes — for 7 different conditions, 10% up to $50,000 and only payable once
  • Loss of independent existence coverage: Yes — as a rider

Read our RBC Insurance Term Life Insurance Review

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. 

Blue bulb

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

Check out more facts about Canada’s biggest life insurance companies
Still looking for the best critical illness insurance rates?
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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!

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By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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