RBC Life Insurance Review (2026)

RBC’s term life insurance offers YourTerm and Simplified Term, two policies that provide customizable term lengths, guaranteed renewability, and conversion to permanent life insurance without a medical exam. They provide flexible coverage ranging from $100,000 to $25 million, with customizable term lengths from 10 to 40 years in one-year increments and several optional riders to enhance protection. 

The cost of a YourTerm term policy from RBC ranges between $9.36 and $180.99, depending on your age, gender, health, smoking status, coverage amount, selected term, underwriting class, and other related factors.

Quick review

• PolicyAdvisor ratings: 5/5
• Best for: Individuals seeking a flexible policy with customizable term lengths and high coverage amounts
• Skip if: You are looking for the cheapest term life insurance premium rather than flexible policy features

About RBC Life Insurance

RBC Insurance is the insurance division of the Royal Bank of Canada (RBC), one of Canada’s largest financial institutions. Operating since the 1960s, the insurer offers a broad range of insurance solutions, including life, critical illness, disability, and travel insurance, as well as creditor protection products.

The life insurance portfolio of RBC Insurance includes both term and permanent coverage, allowing Canadians to choose policies that match different life stages, budgets, and financial goals. With the backing of the historic Royal Bank of Canada, it is one of the more popular insurers in Canada.

RBC Insurance’s financial strength

What is covered under RBC term life insurance?

RBC offers two term life insurance plans, each designed to provide a tax-free lump-sum death benefit to your beneficiaries if you pass away while the policy is in force. While both plans provide financial security for your loved ones, they offer different features and benefits, such as accidental death benefits, flexible term lengths, and more.

Here’s a brief overview of the major offerings of both term life plans by RBC Insurance:

• Tax-free death benefit: Your beneficiary receives a tax-free lump-sum death benefit if you pass away while your RBC YourTerm or Simplified Term policy is in force.
• Renewable coverage: Both YourTerm and Simplified Term provide guaranteed renewable coverage without requiring new evidence of insurability. YourTerm renews annually after the initial term, with premiums increasing according to the guaranteed renewal schedule
• Term exchange option: Eligible RBC term policies can be exchanged for a longer term without new medical evidence during the applicable exchange period
• Optional coverages: RBC YourTerm can be customized with riders such as the Children’s Term Rider, Accidental Death Benefit Rider, and the Total Disability Waiver of Premium Benefit Rider 

Pros and Cons of RBC Term Life Insurance

How much does RBC Insurance term life insurance cost?

The monthly cost of RBC term life insurance ranges between $9.36 and $180.99 for the sample policy shown below. Your premiums depend on the coverage amount and personal factors, such as gender, age, smoking status, and health. 

Here is a sample term life insurance rate for $100,000 in coverage for a 10-year term:

RBC Term life insurance payment options and lapse protection

In terms of premium payments, RBC insurance offers the following payment options:

• Monthly pre-authorized debit (PAD)
• Annual premium payments

Additionally, if a premium is not paid when due, RBC provides a 31-day grace period during which the policy generally remains in force. However, if your policy lapses, the insurer also provides an option for reinstatement, subject to the following terms:

• You may be able to reinstate it within two years of the lapse date
• Provide satisfactory evidence of insurability
• Pay outstanding premiums and any applicable interest

What riders are available with RBC Insurance term life insurance?

RBC YourTerm can be customized with several optional riders to enhance your coverage based on your personal or family needs. Policyholders can choose from the Children’s Term Rider, Accidental Death Benefit Rider, Total Disability Waiver of Premium Benefit Rider, and Payor Death and Disability Waiver of Premium Benefit Rider.

Here’s a quick overview of each rider available with RBC term life insurance:

RBC term life insurance underwriting and premium classes 

One of RBC’s biggest strengths is its flexible underwriting structure, which makes it a popular choice for a wide range of applicants. Instead of offering only standard smoker and non-smoker rates, the insurer offers five premium classes, allowing healthier applicants to qualify for lower premiums.

Here’s a brief overview of the different premium classes available to applicants under RBC term life insurance:

Can you convert RBC YourTerm to permanent life insurance? 

Yes, one of RBC YourTerm’s biggest advantages is its guaranteed conversion privilege, which allows eligible policyholders to convert some or all of their term coverage to an eligible RBC permanent life insurance policy without providing new medical evidence of insurability.

For example, if you are diagnosed with a medical condition during your term, you may still be able to convert your coverage to permanent life insurance before the deadline without undergoing another medical exam or qualifying under new underwriting requirements.

Here’s an overview of the conversion feature of RBC term life insurance:

Can you exchange your RBC term life insurance policy?

Yes, you can exchange your RBC term life insurance policy under certain circumstances. If you purchase an eligible RBC YourTerm 10 policy, you can exchange it for a longer eligible RBC YourTerm policy without providing new medical evidence. This allows policyholders to extend their level-premium period after purchasing the original policy.

The exchange must take place before the earlier of:

• The fifth policy anniversary, or
• The policy anniversary nearest the insured’s:
  • 70th birthday (to exchange to Term 15)
  • 65th birthday (to exchange to Term 20)
  • 55th birthday (to exchange to Term 30)

Can you increase or decrease your coverage?

Yes, RBC term life insurance offers flexibility even after the policy is issued. The change is subject to the policy terms and administrative rules:

• Increase your coverage: You can apply to increase your death benefit in minimum increments of $50,000. Each increase requires new evidence of insurability and is treated as additional coverage with its own premium and coverage date.
• Decrease your coverage: You can reduce your death benefit at any time in minimum increments of $10,000, provided your premiums are up to date, and the remaining coverage meets RBC’s minimum requirements.

Frequently Asked Questions

How much coverage can I get with RBC YourTerm?

RBC YourTerm offers coverage amounts from $100,000 to $25 million, with higher coverage available by special quote.

What policy terms does RBC YourTerm offer?

RBC YourTerm term life insurance allows applicants to choose any term length between 10 and 40 years in one-year increments.

Is RBC YourTerm available for couples?

Yes, RBC offers joint first-to-die coverage as Joint First-to-Die coverage. This option pays the death benefit when the first insured person dies and includes survivor conversion privileges for eligible policies.

Can I convert RBC YourTerm to permanent life insurance?

Yes, eligible RBC YourTerm policies can be converted to an eligible RBC permanent life insurance policy without providing new evidence of insurability before the policy anniversary nearest the insured’s 71st birthday. Partial conversions may also be available, subject to RBC’s policy rules.