RBC Life Insurance Review – Updated 2024

RBC Insurance is the insurance arm of RBC, one of Canada’s Big Five banks and one of the largest banks in the entire world. They’re a reputable insurance company and it can be easy to buy coverage with them if you’re already a bank customer.

Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.

Our RBC Life Insurance rating and review

We’ve rated RBC Insurance 5 stars and ranked them as the Canadian insurance company that gives the Best Value For Money. They offer top-notch coverage with low term life insurance premiums — often beating the competition on price alone.

RBC life insurance is a great choice if you want to use a laddering strategy for your life insurance coverage. Because you have so many choices of term length and amount, you can easily stack policies to create a solution that perfectly matches your needs.

How much does life insurance from RBC Insurance cost?

The cost of a life insurance policy with RBC Insurance depends on details about you and your policy coverage, just like with any other Canadian insurance provider. But, a young, healthy person can expect to pay around $25-$30 for life insurance from RBC.

Their insurance plans generally tend to be more affordable than with many other term life insurance providers. Take a look at the chart below to compare RBC term life insurance quotes based on gender and age.

What types of term life insurance policies does RBC Insurance offer?

RBC Insurance offers two types of Canadian term life insurance:

1. YourTerm — RBC Insurance’s flagship term product, offering customizable terms up to 40 years
2. Simplified Term Life Insurance — a no-medical policy that does not require a medical exam for you to be approved, but that’s a lot more limited

Key features: YourTerm

• Level premiums for entire term
• Policy renewal without proof of insurability
• Can be issued up until age 70
• Coverage available up until age 85 — term length is dependent on years left to turn 85 (i.e. a 60-year-old can buy a 25-year term but a 77-year-old can only get an 8-year term)
• Convertible into permanent coverage up to age 70
• Joint-first-to-die policies available
• Coverage ends at the policy anniversary nearest the insured’s age of 85
• Coverage for joint policies ends when the oldest insured person’s policy anniversary is nearest age 85

Coverage and policy details

• Available term lengths: 10 to 40 years, customizable
• Available term types: Level coverage — single and joint, regular and simplified available
• Maximum amount of coverage: $25,000,000
• Renewability: Yes, without proof of insurability
• Convertibility: Yes, convertible to permanent life insurance without a medical exam or doctor’s records
• Exchangeable: Yes, can be exchanged for another policy with a higher term without proof of insurability

Optional riders and benefits

• Term insurance rider
• Children’s term insurance rider
• Accidental death benefit rider
• Total disability waiver of premium benefit rider
• Payor death and disability waiver of premium benefit rider
• Guaranteed insurability benefit rider

Key features: Simplified Term Insurance

• Available term lengths: 10 to 40 years, customizable
• Available term types: Level coverage
• Maximum amount of coverage: $1,000,000
• Convertibility: Yes, convertible to RBC Universal Life without additional medical evidence
• Maximum age: 100

What other insurance policies does RBC offer?

Besides its term life insurance product, RBC Insurance also offers:

1. Permanent life insurance (participating whole life, universal, Term-to-100, guaranteed acceptance)
2. Critical illness insurance
3. Disability insurance
4. Hospital insurance
5. Accidental death & dismemberment insurance
6. Travel insurance
7. Home insurance
8. Car insurance
9. Business insurance
10. Group benefits
11. Creditor insurance
12. Investment products and financial services

Whole life insurance

RBC offers 2 different participating whole life insurance policies that build cash value, pay dividends, and have limited pay options.

• RBC Growth Insurance – Coverage of between $25K and $25 million, with cash value available after year 5
• RBC Growth Insurance Plus – Coverage of between $250K and $25 million, with accelerated cash value growth and cash value available as early as after the 1st year

Universal life insurance

Universal life insurance is like whole life insurance, but you control the cash value investment part yourself. RBC gives you a choice between level protection and an increasing death benefit. The RBC Universal Life Insurance Plan offers between $25K to $25 million in coverage, and can be bought up to age 85.

Term-to-100 life insurance

Term 100 (T-100) is a type of permanent life insurance policy, but you only pay insurance premiums to age 100. This policy is different from whole and universal because it does not have an investment component. RBC’s T100 policy offers between $50K and $25 million in coverage, and you can apply as late as age 85.

Guaranteed acceptance life insurance (permanent) 

Guaranteed acceptance life insurance is a type of policy that gives you coverage without a health questionnaire. But, it’s more expensive and gives you less coverage than normal policies. The RBC Guaranteed Acceptance life insurance policy offers coverage of $5K-$40K to Canadians and residents between ages 40-75.