RBC Life Insurance Review – Updated 2024


RBC Insurance, part of the renowned RBC brand and a trusted insurance provider, offers competitive rates on term insurance. Their flagship product is flexible and can fit a wide range of needs. You can pick your own term length between 10 to 40 years, with coverage up to $25 million. And, their policies can be converted into permanent insurance.


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.

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PolicyAdvisor Rating

Best Value for Money

AM Best Rating A


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.

  • Term lengths between 10-40 years, up to age 85
  • Pick your own term length
  • Level premium, convertible and renewable term policies
  • Optional policy riders: term, child, accidental death, disability waiver of premium, guaranteed insurability (add additional life insurance coverage without a medical)
  • No-medical policy options available with RBC Simplified Term Life Insurance

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.

RBC Insurance Term Life Insurance Review: video summary

Who is RBC Insurance Agency Ltd.?

RBC Insurance is the insurance division of the Royal Bank of Canada (RBC), the largest bank in Canada by market capitalization. RBC Bank itself was founded in 1864, but it wasn’t until the 1960s that RBC Insurance was created. Over the years, it was built up through a series of acquisitions:

  • 1968 — Ontario Loan and Debenture Company (formerly Ontario Savings and Investment Society)
  • 1993 — Voyageur Insurance Company
  • 1996 — Westbury Canadian Life Insurance Company
  • 1998 — Mutual of Omaha Life Insurance (Canada)
  • 2000 — Prudential Canada

Now, RBC Insurance is the largest bank-owned insurance company. Its more than 2,500 employees serve around 5 million customers around the world.

RBC Insurance Canada: Quick Facts

  • Founded: 1864
  • Headquarters: Toronto, Ontario
  • AM Best Rating: A
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: $23 billion
  • Annual Premiums: $5.1 billion

RBC life insurance pros and cons

Here is what our experts rate as the advantages and disadvantages of buying term life insurance coverage with RBC Insurance:

Pros Cons
Premiums among the most competitive in the industry Only available to citizens and permanent residents
Maximum coverage of $25 million — one of the highest in the Canadian insurance industry
Significant flexibility in term lengths and coverage amounts
Unique pick-a-term feature — choose your own term length
Customizable options great for laddering strategy
Wide range of rider options
Term life policies are renewable, albeit at higher rates after the initial term
Only 10 questions to apply for coverage under $1 million
Online access to account
Digital e-policy


RBC Insurance customer reviews

As of the time of this writing, RBC Insurance has a 3.5-star rating on Google Reviews. While customers seem satisfied overall, there have been some complaints about contacting RBC’s call center.

Positive reviews mention: Negative reviews mention:
Good prices Long wait times for customer service team
Knowledgeable advisors


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.

RBC Term Life Insurance Quotes

Age Male Female
20 $32.18 $22.86
25 $32.18 $23.27
30 $32.63 $23.31
35 $32.63 $24.26
40 $47.61 $34.83
45 $75.42 $53.37
50 $127.44 $85.55
55 $237.69 $166.14
60 $428.63 $308.70
65 $703.85 $479.79

*Representative values, based on non-smokers in good health with $500,000 coverage and a 20-year term.

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
More choice. Lower price.
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Is RBC Life Insurance right for me?

RBC Insurance’s flexible and affordable coverage options make it a great choice for most Canadian consumers. With the support of such a huge bank, you can feel assured that RBC Insurance is a stable entity. RBC life insurance can be a top choice for people who:

  • Want to use a laddering strategy to save on costs
  • Want the lowest rates for high quality
  • Have health issues or want to buy a policy without doing a medical test
  • Need a large amount of coverage (up to $25 million)
  • Want a flexible term length (such as a 23-year policy to match the time left on your mortgage, instead of having to choose either 20 years or 30 years like you would have to with another provider)
  • Already bank with RBC or have insurance with them, and want the convenience of comprehensive financial protection through a single insurance provider

As Canada’s best online life insurance advisors, we can help you decide if RBC’s life insurance products are the best fit for you.

How do I get RBC Life Insurance quotes?

You can get RBC term insurance quotes on our website in seconds by using our free online quoting tool and shopping for rates. Get a personalized quote, compare prices from other major providers, and start the online application process in a couple minutes or less.

Or, book a consultation call with our licensed advisors. We can give you expert advice and help you find the best life insurance options for you and your family’s peace of mind.

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

1 RBC permanent life insurance

Permanent life insurance covers you for your entire life. RBC offers four types of permanent policies: whole life, universal life, Term 100, and guaranteed acceptance.

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.

2 RBC critical illness insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you are diagnosed with a serious illness or experience a health event that’s covered by your policy. RBC offers two critical illness coverage options, both available in 10-year terms:

  • Critical Illness Recovery Plan — Coverage in amounts of $25K and $2 million for more than 30 serious illnesses and conditions, with level premiums (to age 75 for the non-cancellable option) and guaranteed renewable options
  • Critical Illness Insurance Plan — Coverage in amounts of either $10K, $25K, $50K, and $75K, but only covers the 3 most common illnesses in Canada: cancer, heart attack, and stroke

Learn more in our full RBC Insurance Critical Illness Insurance review.

3 RBC disability insurance

Disability insurance (or income protection insurance) pays a portion of your paycheque if you become disabled and cannot work. Payments continue until you recover and return to work, or until your policy ends. RBC Insurance offers 7 different disability insurance policies:

  • RBC Simplified Disability Insurance — For self-employed and hard-to-insure individuals
  • The Professional Series — For high-earning business owners, doctors, lawyers, and other professionals
  • The Foundation Series — For small business owners, tradespeople, and skilled labourers
  • The Bridge Series — Similar to the Foundation Series, but with flexible, cost-saving options
  • Quantum — For professionals looking to protect the income that their highly-specialized skills make them
  • The Fundamental Series — Injury-only coverage for self-employed, contract, and seasonal workers
  • Retirement Protector — For those looking to protect the ability to continue saving for retirement due to the temporary setback of an injury

4 RBC hospital insurance

RBC Insurance also offers a hospital insurance product that combines their best-in-class disability insurance and critical illness insurance offerings. They have two options for this type of coverage, available from ages 18-69:

  • Royal RecoverAssist Basic Coverage — Coverage in amounts of $100, $150, or $200 per day, up to a maximum of $146K, if you are hospitalized in Canada due to an accident
  • Retirement Protector — Coverage in amounts of $200 per day, up to a maximum of $73K if you are hospitalized in Canada due to an accident or sickness

5 RBC accidental death and dismemberment insurance

RBC’s Personal Accident Insurance is an accidental death and dismemberment insurance (AD&D insurance) policy. It pays out a sum of money if an accident results in death, paralysis, or the loss of a limb, hearing, speech, or sight. RBC offers guaranteed acceptance for amounts of $50K and $250K for this type of coverage, but only to customers who are between ages 18-69 and already bank or have insurance with RBC.

6 RBC travel insurance

Travel insurance is a type of policy that can help cover unexpected costs related to travel, such as health emergencies, lost luggage, flight delays, trip cancellations, and more. RBC Insurance Travel Insurance offers travel insurance options for travelling Canadians and visitors to Canada, including multi-trip coverage. Plans can be bought separately or bundled as a travel package for discounted premiums.

7 RBC home insurance

RBC Insurance offers home insurance policies that cover damages to a home and/or belongings, living expenses while your home is repaired, and liability claims for accidental damage or harm to others. RBC Insurance Homeowners Insurance is available for homeowners, condo owners, tenants, and seasonal and revenue properties.

8 RBC car insurance

RBC Insurance offers car insurance policies for a number of different vehicle types, including recreational vehicles (ATVs, boats, motorhomes, etc.) through their Leisure and Lifestyle Insurance product. RBC Insurance Car Insurance is their traditional auto insurance – including mandatory liability insurance in addition to optional coverage like theft and damage. You can also get multi-policy discounts if you insure more than one vehicle.

9 RBC business insurance

RBC Insurance offers several different types of coverage for business owners, including for overhead expenses, to cover key people, to fund buy-sell agreements, and more. Their suite of product offerings aim to provide financial protection for business owners, their employees, and their business on the whole.

10 RBC group benefits (group insurance)

Group insurance, also called group benefits, gives health insurance and other benefits to a group of employees. It’s usually bought by an employer to cover their staff. RBC’s group insurance is customized, and they highlight mental health care options.

11 Creditor insurance

Creditor insurance covers large debts like a mortgage, loans, lines of credit, or credit card balances. It will make a payout if you become seriously ill, lose your job, become disabled, or pass away, but only to the creditor directly. RBC sells this type of coverage at the time you take out a personal loan or line of credit with RBC Royal Bank.

12 RBC investment products and financial services

Apart from insurance, RBC itself is a major Canadian financial services institution and offers personal finance products, including:

  • Banking
  • Mortgage
  • Loan
  • Credit cards
  • Segregated funds & annuities
  • Mutual funds
  • Retirement income and investment solutions
  • Mortgages and mortgage loans
    • Fixed-rate mortgages — up to 5-year terms
    • Variable-rate mortgages — 5-year terms
    • RBC Homeline Plan — combines an RBC mortgage and line of credit into one product
    • Cashback mortgage — up to 7% cash back, to a maximum of $20,000
    • RBC U.S. HomePlus Advantage — exclusively supports Canadians buying a home in the U.S. and provides up to $4,500 in savings on closing costs

Speak with an advisor

As insurance advisors for RBC Insurance. We can help you find the right policy. Click the button below to schedule a call with our licensed insurance advisors. Let us help you protect your family’s financial security.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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