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- Empire Life and RBC both provide reliable term life insurance with core features like level premiums, renewability, and conversion to permanent coverage, but they differ significantly in how policies are structured and managed over time
- Empire Life focuses on structured coverage planning, allowing policyholders to bundle multiple term lengths, access a solid range of riders, and benefit from partial conversion flexibility
- RBC emphasizes simplicity and flexibility, offering customizable term lengths (10–40 years) and a more straightforward policy design that is easier to understand and manage
If you are comparing RBC Insurance vs. Empire Life Insurance term life insurance, you’re evaluating two well-established insurers that take very different approaches to coverage design. Both offer reliable term life insurance with level premiums, tax-free payouts to beneficiaries, and the option to convert to permanent insurance.
The real decision lies in understanding how a policy fits into your broader financial strategy, whether it supports structured planning or prioritizes simplicity and ease of use. This is where Empire Life and RBC Insurance take notably different approaches. These differences become especially important when you consider managing debt timelines, planning for long-term insurability, or choosing between simplicity and control.
In this guide, we break down RBC Insurance vs. Empire Life term insurance in detail to help you determine which insurer aligns best with your financial priorities and long-term planning approach.
RBC stands out for its simplicity, flexibility, and strong financial backing. It offers a reliable and easy-to-manage term life insurance solution suitable for a wide range of buyers.
Empire Life excels in structured, planning-focused coverage design. Its bundling and partial conversion features make it particularly valuable for individuals with clear financial timelines.
Quick verdict
Choose RBC if:
- You want a straightforward, easy-to-understand term life policy
- You want to pick any term from 10 to 40 years to match your timeline precisely
Choose Empire Life if:
- You want broader rider options
- You value partial and staged conversion to permanent insurance
Why RBC Insurance vs. Empire Life is a common comparison
When comparing term life insurance providers, it is often not about choosing between a strong and a weak insurer; it is more about selecting between two fundamentally different approaches to coverage design.
Both Empire Life and RBC are well-established players in the Canadian insurance landscape. They offer term life insurance products supported by strong financial stability, and both include essential features such as level premiums, policy renewability, and the ability to convert term coverage into permanent insurance without new medical underwriting.
However, the way these features are structured creates a meaningful distinction.
Empire Life builds term policies that allow you to layer multiple term durations and gradually align coverage with declining financial obligations. RBC, on the other hand, prioritizes simplicity, offering fixed-term policies that are easy to select and manage without requiring detailed structuring.
RBC Insurance vs. Empire Life at a glance
Before evaluating their term insurance offerings, it is helpful to understand how both insurers are positioned within the broader market.
| Feature | RBC Insurance | Empire Life |
| Founded | 1864 (parent bank) | 1923 |
| Headquarters | Toronto | Kingston, Ontario |
| Market presence | Large financial institution-backed insurer | Mid-sized insurer with niche planning focus |
| AM Best rating | A | A |
| LICAT ratio (approx.) | ~135% | ~151% |
| Total assets (approx.) | $2.3B | ~$1.4 billion |
About RBC term life insurance
RBC Insurance offers RBC YourTerm Life Insurance, a plan designed to provide financial protection for a defined period while allowing flexibility in how coverage is structured over time.
The policy lets you choose a custom term length between 10 and 40 years, helping you align coverage with financial responsibilities such as mortgages, debts, or income replacement. Coverage amounts typically range from $50,000 to $25 million, depending on eligibility.
Like Empire Life, a key advantage of RBC’s offering is its layering capability, which allows you to combine multiple term lengths within a single policy. This helps structure coverage so that it gradually decreases as financial obligations reduce.
Another key strength of RBC term life insurance lies in its integration within a broader financial ecosystem. As part of one of Canada’s largest banks, it offers strong distribution, digital accessibility, and brand trust, which can make the process of obtaining and managing insurance more convenient.
Key features of RBC term life insurance
1. Flexible term options: Policyholders can choose any term length between 10 and 40 years, offering greater customization compared to insurers that only provide fixed-term options. This flexibility allows coverage to be tailored to specific financial timelines and obligations
2. Wide coverage range: Coverage amounts range from $50,000 up to $25 million, making the policy suitable for both individuals seeking basic protection and those with more complex or high-value insurance needs
3. Level, guaranteed premiums: Premiums remain fixed for the entire duration of the selected term, ensuring stability in payments. This consistency helps with predictable financial planning and long-term budgeting
4. Renewable coverage: The policy can be renewed at the end of the term without requiring medical underwriting, allowing continued coverage even if health changes. However, premiums will increase based on the policyholder’s age at renewal
5. Conversion to permanent insurance: Policyholders have the option to convert their term policy into permanent life insurance without providing medical evidence. This feature is typically available up to age 71, offering flexibility for long-term coverage planning
6. Layered coverage option: Multiple term lengths can be combined within a single policy, allowing policyholders to align coverage with both short-term and long-term financial obligations. This approach helps optimize coverage as liabilities decrease over time
Pros and cons of RBC term life insurance
| Pros | Cons |
| Flexible term lengths (10–40 years) | Structure may feel complex due to layering |
| Layered coverage for better planning | Renewal premiums increase significantly |
| Guaranteed premiums during term | Fewer advanced rider options |
| No-medical renewal option | |
| Convertible to permanent insurance |
About Empire Life term life insurance
Empire Life’s Solution Series Term Life Insurance is structured for individuals who want their coverage to reflect the way financial responsibilities change over time. It lets you choose from 10, 15, 20, 25, and 30-year term lengths or Solution ART.
Moreover, rather than relying on a single fixed term, Empire Life allows policyholders to combine multiple term durations within a single contract, creating a layered coverage structure. This is particularly useful for individuals with predictable financial timelines, such as mortgages, loans, or business obligations that decrease over time.
This approach reduces the need to manage multiple policies and allows for more efficient coverage planning. Overall, Empire Life is best suited for individuals who prefer structured, milestone-based insurance strategies over highly flexible or customizable designs.
Key features of Empire Life term life insurance
1. Guaranteed renewability: The policy can be renewed at the end of each term without requiring medical underwriting, ensuring continued coverage even if health conditions change. The renewal structure varies depending on the plan type (ART vs. level term), and coverage can extend up to age 85, with premiums eventually stabilizing at later stages
2. Multiple-term options: The plan offers a range of term lengths, including 10, 15, 20, 25, 30 years, and Solution ART. This variety allows policyholders to align their coverage with different financial timelines and responsibilities
3. Conversion flexibility: Policyholders can convert part or all of their term coverage into permanent insurance, with carry-over options providing added flexibility. This conversion does not require medical underwriting and is typically available until age 75
4. Coverage bundling: Multiple term lengths can be combined within a single policy, allowing coverage to match changing financial obligations over time. This is especially useful for aligning insurance with decreasing liabilities, like mortgages or loans
5. Optional riders and benefits: The policy offers several optional add-ons, including waiver of premium, guaranteed insurability rider, accidental death and dismemberment coverage, as well as children’s life and children’s critical illness riders. These options enhance protection and allow for more personalized coverage
Pros and cons of Empire Life term life insurance
| Pros | Cons |
| Multiple term options available | The term exchange privilege can be complex to understand |
| Conversion flexibility | Limited multi-life options |
| Lower minimum coverage | |
| Supports bundling |
RBC vs. Empire Life term life comparison
| Feature | RBC term life insurance | Empire Life term life insurance |
| Term products | RBC YourTerm Life Insurance | Solution Series (includes level term options and ART) |
| Term length flexibility | Flexible term selection between 10 and 40 years (custom duration) | Fixed term options (10, 15, 20, 25, 30 years) |
| Coverage structuring approach | Layered coverage option to combine multiple term durations within one policy | Structured bundling of multiple term lengths within one policy |
| Renewability | Renewable without medical evidence at end of term; premiums increase with age, coverage up to age 85 | Renewable without medical evidence; structure varies by plan (level vs. ART), coverage up to age 85 |
| Convertibility | Full conversion to permanent insurance available, typically up to age 71 | Full and partial conversion to permanent insurance available up to age 75 |
| Partial conversion option | Not available (conversion is typically full policy only) | Available (can convert a portion while keeping remaining term active) |
| Coverage limit | Typically $50,000 to $25 million (subject to underwriting) | Up to $20 million (subject to underwriting) |
| Minimum coverage amount | Starts from $50,000 | Starts from $25,000 |
| Multi-life coverage | Primarily single-life policies; limited structured multi-life options | Limited (typically up to 2 lives under certain structures) |
| Ease of understanding | Easier to understand with straightforward term selection | Slightly complex due to bundling and structuring features |
Our Ratings
Who should choose RBC?
RBC is a good choice for those who:
- Prefer flexibility without overcomplicating your policy: RBC allows you to choose any term between 10 and 40 years, making it easier to match coverage with specific financial timelines without being restricted to fixed options
- Value convenience and a strong digital experience: With integration into a large banking ecosystem, RBC makes applying for and managing your policy more seamless and accessible
- Need higher coverage amounts: RBC supports coverage up to $25 million, making it suitable for individuals with significant financial responsibilities or income replacement needs
Who should choose Empire Life?
Empire Life is an ideal choice for those who:
- Plan your insurance around financial milestones: Empire Life is ideal if your coverage needs are tied to specific obligations such as mortgages, loans, or business liabilities that decrease over time. Its bundling feature allows you to align coverage with these timelines more precisely
- Value flexibility during transitions rather than at purchase: Its partial conversion feature allows you to gradually transition into permanent insurance, which can be especially useful for long-term planning and evolving needs
- Prefer customization: Empire Life is well-suited for individuals who prefer extensive term life insurance riders or customization
Final Verdict: RBC or Empire Life
Best overall: RBC
RBC takes the lead overall due to its simplicity, strong financial backing, and ease of use. It provides a reliable and accessible term insurance solution that works well for a broad range of individuals, particularly those who prefer straightforward coverage. RBC also lets you choose a flexible term length, ranging from 10 to 40 years.
Best for simplicity: RBC
RBC excels in delivering an easy-to-understand product. Its term structure and streamlined application process make it especially appealing to first-time buyers or those who prefer minimal complexity.
Best for structured coverage planning: Empire Life
Empire Life stands out for its ability to align coverage with financial timelines. Its bundling feature allows policyholders to create a more efficient and intentional coverage structure.
Best for conversion strategy: Empire Life
Empire Life offers more strategic flexibility through partial conversion, allowing policyholders to transition gradually into permanent insurance rather than making a single decision.
Best for high coverage needs: RBC
RBC supports higher coverage limits (up to $25 million), making it more suitable for individuals with significant financial responsibilities or estate planning needs.
Best for flexibility: RBC
RBC offers various flexible term lengths from 10 to 40 years to choose from. It also has good rider options to customize the policy accordingly.
Frequently asked questions
Which is better: Empire Life or RBC for term life insurance in Canada?
RBC is generally better for individuals who prioritize simplicity, accessibility, and higher coverage limits. RBC term insurance plans are also more flexible and offer term length options ranging from 10-40 years.
Is RBC more flexible than Empire Life for choosing term length?
Yes, RBC offers more flexibility in selecting the initial term because you can choose any duration between 10 and 40 years. Empire Life, in contrast, offers predefined terms (10, 15, 20, etc.).
Which insurer is better if I want my coverage to decrease as my debts reduce?
Empire Life is generally better suited for this purpose. Its policy design allows you to layer multiple term durations intentionally, so portions of your coverage expire as financial obligations like mortgages or loans are paid off. RBC can achieve something similar through layering, but it is less planning-driven in its structure.
Which insurer is easier to manage over time?
RBC is generally easier to manage because its policies are simpler and more standardized, with fewer structural decisions required after purchase. Empire Life may require more upfront planning, but it can be more efficient over time if your coverage is carefully structured from the beginning.
Does RBC’s banking ecosystem make a difference when buying insurance?
Yes, for many buyers it does. RBC’s integration with its broader financial services ecosystem (RBC Bank) can make the process of applying, managing, and reviewing your policy more convenient, especially if you already bank with RBC.
RBC Insurance and Empire Life offer strong term life coverage, but their policy designs differ. Empire Life focuses on structured, fixed-term planning with bundling and partial conversion, while RBC emphasizes simplicity, flexible term lengths, and ease of use. This guide compares features, pricing, and ideal use cases.
