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- RBC Insurance stands out for custom 10–40 year term lengths, layered coverage, and competitive pricing
- Manulife is a strong choice for buyers who want wellness rewards, built-in living benefits, and a broad rider ecosystem
- RBC earns a slight overall edge for goal-based planning, while Manulife excels for lifestyle-focused and feature-rich coverage
Choosing between Manulife and RBC insurance often means deciding what you value most: a term plan that maps to your mortgage and income timeline, or feature-rich coverage with wellness perks and robust riders. In this guide, we compare Manulife and RBC across key features to help you decide which term life insurance provider may be right for you. Let’s start with the quick verdict.
Quick verdict
Choose RBC insurance if:
- You want custom term selection between 10–40 years (e.g., 22 or 27 years)
- You prefer layered coverage (combine multiple terms like 10 + 20 years)
Choose Manulife insurance if:
- You want access to Manulife Vitality Plus rewards
- You need strong rider options (disability, child, guaranteed insurability)
Why RBC insurance vs. Manulife is a common comparison
Manulife and RBC insurance are frequently compared because they both operate in the same category of premium term life insurance providers offering high coverage and strong financial backing. What makes this comparison meaningful is that both insurers offer flexibility, but in fundamentally different ways.
Manulife offers flexibility through features, riders, and lifestyle integration, allowing policyholders to enhance and personalize their coverage experience. RBC insurance offers flexibility through how the policy is structured, using custom term selection and layered coverage to align insurance with financial timelines.
RBC insurance vs. Manulife at a glance
Both Manulife and RBC Insurance are well-established Canadian insurers with strong financial foundations. Here is a quick side-by-side snapshot of their history, scale, and financial strength:
| Parameter | RBC Insurance | Manulife |
| Founded | 1864 (Royal Bank of Canada); RBC Life Insurance in 1996 | 1887 |
| Headquarters | Toronto, Ontario | Toronto, Ontario |
| Total assets (insurer) | $28.6B | $1.3T |
| AM Best rating | A | A+ |
| LICAT ratio | 135% | 137% |
About RBC term life insurance
RBC offers RBC YourTerm Life Insurance, a product designed to provide precision, flexibility, and structured financial planning within a single policy. Unlike traditional term plans that rely on fixed durations, RBC focuses on helping policyholders align coverage directly with real financial timelines, such as mortgages, loans, or income replacement periods.
Coverage amounts typically start at $50,000 and can go up to $25 million, subject to eligibility and underwriting approval. Once the selected term ends, policyholders can usually renew coverage at updated premiums without new medical evidence, and may also have the option to convert their term policy into permanent life insurance if their needs evolve.
Key features of RBC term life insurance
1. Custom term selection: RBC allows policyholders to select any term length within the 10–40 year range, rather than limiting them to fixed options. This is particularly useful when mortgage duration is not a standard 20 or 25 years or financial obligations don’t align with fixed term buckets.
2. Layered coverage: RBC allows multiple term durations to be combined under one policy. As shorter-term liabilities end, total coverage reduces automatically. This creates a declining coverage structure, aligned with real financial needs. This makes RBC one of the most planning-oriented term insurance in Canada.
3. Guaranteed premiums: Premiums under YourTerm remain fixed and level for the full term selected. This offers predictable costs and protection from age-based premium increases for up to four decades.
4. Renewable coverage to age 85: After the initial term ends, the policy can be renewed annually without new medical evidence or health questions. This helps ensure continued coverage even if your health changes over time.
5. Conversion to permanent insurance: RBC allows eligible policyholders to convert their term coverage into a permanent life insurance plan without new medical underwriting, typically available until age 71.
6. Optional riders: RBC term plan comes with optional riders, such as children’s term, accidental death, disability waiver, guaranteed insurability, and more.
Pros and cons of RBC term life insurance
| Pros | Cons |
| Custom term lengths between 10 and 40 years | Does not include a built-in living benefit |
| Offers layered coverage option | No multi-life coverage feature |
| Can be renewed without medical evidence | Limited riders |
| Can be converted to permanent life insurance without medical evidence |
About Manulife term life insurance
Manulife offers term life insurance through its flagship Family Term plan, along with an enhanced version called Family Term with Vitality Plus. Together, these plans provide a combination of core protection, flexibility, and optional lifestyle-based benefits. The base Family Term plan focuses on reliable, customizable coverage, while the Vitality Plus version builds on this by adding rewards, premium savings, and engagement through health-based incentives. The company primarily offers two term plan variations:
1. Manulife Family Term
- Coverage: $100,000 to $20 million
- Term options: 10 years, 20 years, or coverage to age 65
- Premiums: Level premiums during the term
- Renewability: Up to age 85
- Conversion: Available to permanent insurance without medical underwriting
2. Manulife Family Term with Vitality Plus
- Coverage: $250,000 to $25 million
- Term options: 10 years, 20 years, to age 65 or even to age 100
- Premium model: Can increase or decrease annually based on Vitality status
- Discount potential: Up to 15% premium savings through engagement
- Rewards: Gift cards, fitness discounts, wearable devices, etc.
Key features of Manulife term life insurance
1. Multiple-term options: Manulife offers a range of term choices to suit different life stages and financial needs. These include Term 10 (T10) and Term 20 (T20) for short- to medium-term protection, along with Term 65, which provides level coverage until the insured reaches age 65.
2. Vitality Plus program: The Vitality Plus program transforms insurance into an active, behaviour-linked product. Policyholders earn points for exercise and fitness tracking, health screenings and lifestyle improvements. Based on activity levels, premiums can decrease or increase if engagement drops.
3. Strong rider ecosystem: Manulife term insurance provides a wide range of optional riders, including:
- Disability waiver of premium
- Child term insurance
- Guaranteed insurability option
- Accidental death and injury benefits
These riders allow policyholders to expand coverage beyond basic death benefit protection.
4. Convertibility: A major advantage of Manulife’s term plans is the option to convert temporary coverage into permanent life insurance without new medical evidence in most cases. This can help preserve insurability as health needs change over time.
5. Multi-life flexibility: Manulife provides options to insure multiple individuals under one policy, making it a practical choice for families, couples, or business partners seeking shared protection under a single contract.
6. Living benefits built into the policy: Manulife includes features such as terminal illness benefit (up to 50%, capped at $250K for Family Term) and bereavement counselling support (up to $1,000). These features add practical financial support during difficult situations, not just at death.
Pros and cons of Manulife term life insurance
| Pros | Cons |
| Coverage up to $25M (Vitality Plus) | No custom term selection like RBC |
| Unique Vitality rewards + discounts | No built-in layered coverage |
| Strong rider ecosystem | Potential time/engagement required to sustain Vitality status |
| Living benefits included |
RBC vs Manulife term life insurance comparison
| Feature | RBC Insurance | Manulife |
| Flagship term product | RBC YourTerm Life Insurance | Manulife Family Term (+ Family Term with Vitality Plus) |
| Term length options | Any term 10–40 years (custom) | T10, T20, T65 |
| Coverage range | $50,000 – $25M | $100K – $20M (Family Term); $250K – $25M (Vitality Plus) |
| Renewability | Without medical evidence, up to age 85 | T10/T20 to age 85; T65 to age 65 |
| Convertibility | To permanent up to age 71, no medical evidence | To permanent, no medical evidence (age varies by plan) |
| Coverage structures | Single life and joint first-to-die | Single life or multi-life |
| Riders available | Children’s term, Accidental death, Disability waiver, Guaranteed insurability | Disability waiver, Guaranteed insurability, Accidental death, Child term, Critical illness |
Our Ratings
Who should choose RBC Insurance?
RBC is best suited for individuals who want structured, goal-based insurance planning. It is ideal if:
- You want custom term selection (e.g., 22 years instead of 20/25)
- You need layered coverage for multiple financial obligations
- You want a lower minimum coverage amount
Who should choose Manulife?
Manulife is best suited for individuals who want a feature-rich insurance experience with added lifestyle value. It is particularly ideal if:
- You prefer a policy that offers engagement beyond just protection
- You want access to Vitality Plus rewards and potential premium savings
- You want to insure multiple individuals under one contract
Final Verdict: RBC or Manulife
Best overall: RBC insurance
RBC stands out as the better overall option for users who want their insurance to be tightly aligned with their financial plan. Its ability to offer custom term selection between 10 and 40 years and combine multiple durations through layered coverage makes it one of the most best term insurance plans in Canada.
Best for lifestyle benefits: Manulife
Manulife clearly leads when it comes to delivering a feature-rich insurance experience. Through its Family Term with Vitality Plus plan, it goes beyond traditional coverage by offering rewards, wellness incentives, and potential premium savings based on healthy behaviour.
Best for flexibility type: Tie
Both insurers offer flexibility, but in fundamentally different ways. Manulife offers flexibility through features and customization, including multiple riders, and the ability to enhance coverage with lifestyle-linked benefits. This makes it suitable for users who want to shape their policy experience. RBC offers flexibility through structure and precision, allowing exact term selection and layered coverage design. This makes it more effective for users who want their coverage to follow a defined financial timeline.
Best for affordability: RBC
RBC is generally more affordable at the baseline level, though it often comes in slightly lower than feature-heavy insurers. Its streamlined structure and focus on core coverage help keep premiums competitive.
Best for layered coverage: RBC insurance
RBC Insurance leads for layering because it allows multiple term lengths to be combined within a single policy. For example, buyers can choose a shorter term for mortgage protection and a longer term for family income support, helping coverage decrease naturally as financial responsibilities change.
Frequently asked questions
Which insurer offers better flexibility: Manulife or RBC?
Both Manulife and RBC offer flexibility, but they deliver it in very different ways. Manulife provides flexibility through product features, riders, and its Vitality Plus program, which allows policyholders to enhance their coverage and potentially reduce premiums through healthy lifestyle choices. RBC, on the other hand, offers flexibility through structure by allowing policyholders to select any term between 10 and 40 years and combine multiple term durations under one policy using layered coverage.
What is Manulife Vitality Plus and how does it affect premiums?
Manulife Vitality Plus is a program that links your insurance policy to your lifestyle and health habits. Policyholders earn points for activities such as exercise, health screenings, and maintaining healthy routines. Based on their activity level, premiums can be adjusted annually, with the potential to receive discounts of up to around 15 percent.
What is RBC’s layered coverage and how does it work?
RBC’s layered coverage allows policyholders to combine multiple term lengths within a single policy to match different financial obligations. For example, a policyholder might choose one portion of coverage for 20 years to cover a mortgage and another portion for 30 years to support income replacement. As shorter-term obligations are completed, the coverage reduces automatically.
Which insurer offers higher coverage limits?
Both Manulife and RBC offer coverage of up to $25 million, making them comparable for high coverage needs. However, in Manulife’s case, the higher limit is typically available through the Family Term with Vitality Plus plan, while the standard Family Term plan generally offers coverage up to around $20 million. RBC’s YourTerm plan offers coverage up to approximately $25 million across its standard offering.
Which insurer is better for families?
Manulife is often the better option for families because it offers more features that support family-based coverage, including child riders and broader customization options. The ability to add riders and enhance coverage makes it easier to structure protection for dependents.
Which insurer is better for mortgage or income protection planning?
RBC is generally better suited for mortgage and income protection planning because of its custom term selection and layered coverage features. These allow policyholders to align coverage precisely with financial obligations and reduce it over time as those obligations decrease.
RBC Insurance and Manulife are two leading Canadian insurers offering term life insurance solutions. Both provide guaranteed premiums during the term, renewability, convertibility to permanent coverage, and high coverage limits. RBC’s YourTerm Life Insurance is ideal for buyers who want precision and planning flexibility due to custom term lengths between 10 and 40 years and layered coverage under one policy. Manulife’s Manulife Family Term is better for buyers who want richer benefits, including optional Vitality rewards, multiple riders, living benefits, and family-focused coverage structures.
