Life Insurance Review: RBC Insurance
RBC Insurance is a great choice for affordable, simple life insurance packages for both term and permanent life insurance, as it’s one of the top insurance companies in Canada. Here at PolicyLife, we’ve given RBC a rating of 4/5 for overall services, products, flexibility, and ease of access. Continue reading to learn about all of RBC Insurance products including: term life, and permanent life products, as well as reviews and general pros and cons of RBC Insurance.
In this Article:
RBC Insurance Company Overview
RBC Insurance offers many products such as auto, health, home, life, and travel insurance, with the ability to customize many products to create the perfect insurance package for your needs. RBC Insurance is a Canadian bank-owned insurance organization serving more than four million clients. The RBC bank was first founded in 1864, and later created insurance products in the 1960s. RBC bank is one of Canada’s biggest banks, as well as one of the largest banks in the world based on market capitalization.
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RBC Life Insurance Products
RBC Insurance offers a total of 6 life insurance products that include both permanent life and term life insurance policies.
Their two options for term life insurance products are:
- RBC Simplified® Term Life Insurance
- YourTerm Life Insurance
Their four permanent life insurance products offerings are:
- Term100 Life Insurance,
- RBC Universal Life™,
- RBC Growth Insurance™,
- RBC Guaranteed Acceptance Life Insurance.
RBC Insurance also has some other insurance products such as critical illness insurance and disability insurance for extra coverage in case you are diagnosed with a covered critical illness or become disabled in any way that affects your ability to work.
They offer 3 critical illness insurance products which are:
- Personal Accident Insurance
- Critical Illness Recovery Plan™
- Critical Illness Insurance Plan
RBC’s 3 disability insurance products are:
- RBC Simplified® Disability Insurance
- The Professional Series®
- The Foundation Series™.
The cost of these products will depend on your risk factor: the underwriting of RBC Insurance will determine if you are approved or denied an application based on your wellbeing and your lifestyle. If you live a life where you tend to do things more riskier than the average person, then the underwriting will either factor these into the cost of your policy or you will be denied for being high risk and not be eligible for that policy. But, it is to note that each company has their own guidelines and rules that the underwriting must follow when reviewing applications. Meaning that, if one company denies your application for one specific reason, a different company might immediately offer you a policy – so keep in mind when buying life insurance, each company is different.
RBC Insurance Term Insurance
RBC Insurance has 2 term life insurance policies, RBC Simplified® Term Life Insurance and YourTerm Life Insurance. Although it may seem that two options is a small variety, they are very customizable making them possibly the perfect fit for what you and your family needs. RBC Term life insurance policies range for a certain length of time between 10-40 years and provide the cheapest rates the smaller your risk factor is.
A risk factor, like your health and wellbeing, can be generalized to – the healthier you are, the lower your risk factor and the cheaper your insurance will cost.
- Coverage ranges from $50,000 to $1,000,000
- Term length is between 10 and 40 years
- No medical exam required
- Quick 15 minute online application process
- Convertible to any of RBC’s permanent life policies without any medical evidence up to age 71
- Included is an Accidental Death Benefit
- Coverage ranges from above $1M to $25M
- Term length is between 10 and 40 years
- Convertible to any of RBC’s permanent life policies without any medical evidence up to age 71
- Optional add-on benefits:
- Accidental Death Benefit Rider
- Children’s Term Rider
- Joint First-to-Die Option
- Total Disability Waiver of Premium Benefit Rider
- Payor Death and Disability Waiver of Premium Benefit Rider
- YourTerm Rider (smaller insurance coverage for another person like a spouse)
RBC Insurance Permanent Life Insurance
Permanent life insurance, also known as whole life insurance, is coverage that lasts your whole life, or until you no longer pay the premiums to maintain the policy. Like term insurance, it will pay out your coverage amount to your beneficiary if you die. RBC Insurance has a total of 4 whole life insurance policies, including: Term 100, RBC Universal Life™, RBC Growth Insurance™, and RBC Guaranteed Acceptance Life Insurance.
- Coverage ranges from $50,000 to $25M
- Must be ages 18-85 to apply
- Many optional benefits:
- Accidental death benefit: in case of death from accidental causes before age 85, your beneficiary will receive five times the Basic Coverage
- Joint First-to-Die Option (up to 2 family members)
- Joint Last-to-Die Option (up to 2 family members)
- Term 10 or 20 Rider
- Children’s Term Rider
- Accidental Death Benefit Rider
- Total Disability Waiver of Premium Benefit Rider
- Payor Death and Disability Waiver of Premium Benefit Rider
RBC Universal Life™ can save for the future in a tax-advantage policy, also allowing the policy holder to manage the underlying investments.
- Coverage ranges from $25,000 to $25M
- Available to purchase up to the age of 85
- Death Benefit Options
- Level protection: death benefit is either your coverage amount or the amount accumulated in your policy, whichever is greater.
- Increasing protection: death benefit is your coverage amount plus your accumulation value.
- Range of choice for how much to pay into your policy
- Living Benefits giving a compassionate advance in case of a terminal illness diagnosis and including a disability benefit
- Single or Joint Coverage
- Access your accumulated value of cash at any time
- Optional add-on benefits include:
- Additional Term Insurance
- Children’s Term Rider
- Accidental Death Benefit Rider
- Total Disability Waiver of Deductions Benefit Rider
- Payor Death and Disability Waiver of Deductions Benefit Rider
A whole life insurance product created to provide lifetime coverage with a growing cash value and potential to earn dividends to help protect your family and estate.
- Coverage ranges from $25,000 to $25M
- Available to purchase up to the age of 85
- Dividend options include:
- Paid-up additions
- Cash
- Premium Reduction
- Dividends on Deposit
- Juvenile Guaranteed Insurability Benefit
- Single or Joint Coverage
- Access your accumulated value of cash at any time
- Optional add-on benefits include:
- Accidental Death Benefit Rider
- Additional Term Insurance
- Children’s Term Rider
- Guaranteed Insurability Benefit
- Payor Death and Disability Waiver of Deductions Benefit Rider
- Total Disability Waiver of Deductions Benefit Rider
Offers no medical exam for those who commonly get denied life insurance for things like their wellbeing and any medical conditions. This type of insurance offers the least amount of coverage and is typically the most expensive policy, but is meant to help those who have difficulty getting approved for traditional life insurance policies.
- Coverage ranges from $5,000 to $40,000
- Must be ages 40-75 to apply
- Application process is available online and offers guaranteed coverage
- Accidental Death Benefit included
- No medical exam required
Other RBC Insurance Products
Typically used by those who work in a high-risk job and not qualifying for other types of insurance, or is used instead of other life insurance policies.
- Guaranteed acceptance for a Canadian resident aged 18-69 and a RBC customer
- Coverage amount ranging from $50,000 to $250,000 that can increase by 5% every two years due to inflation
- No medical exam required
- Coverage until age 80
- Included Benefits:
- Accidental Death benefits,
- Air Travel Accident,
- Child Care Benefit, and
- Education Benefit
- Must be ages 18-65 to apply
- Eligible for Canadian citizens. Landed immigrants, and permanent residents who have lived in Canada for more than a year.
- Coverage for over 30 different critical illnesses
- Lump sum benefit if you are diagnosed by one of the covered critical illnesses range from $25,000 to $2M
- If you are between the ages of 55 and 65, you can convert all or a portion of your insurance to long-term care insurance
- Assistance Programs:
- ‘The Healing Journey’ Program
- Medical Confidence™ Service
- Teladoc Medical Experts
- Early Assistance Benefit
- Must be ages 18-50 to apply
- Eligible for Canadian citizens. Landed immigrants, and permanent residents who have lived in Canada for more than a year.
- Coverage for the 3 most common forms of critical illness: cancer, heart attack, stroke
- Lump sum benefit if you are diagnosed by one of the covered critical illnesses range from $25,000 to $2M
- Return of Premium on Death Benefit
- Assistance Programs:
- ‘The Healing Journey’ Program
- Medical Confidence™ Service
- Teladoc Medical Experts
- Early Assistance Benefit
- Tax-Free Monthly Benefit is either $500, $1,000, or $1,500 – up to 75% of your monthly gross income
- No medical exam
- Few questions are asked, if you are not eligible for sickness coverage you can get injury-only coverage
RBC Insurance Customer Reviews
- Very affordable and flexible plans
- Fast and secure access to your account and receive regular updates about the status of your policy
- RBC aims to be clear and transparent by enlarging and emphasizing important
- Struggling customers feel like they are treated like a number rather than a person when dealing with RBC representatives
- Some RBC representatives seem to lack the expertise to address client’s claims directly, especially when the client is receiving unexpected charges
Frequently asked questions (FAQ)
RBC stands for the Royal Bank of Canada, it is also one of the top, well-known banks in Canada. RBC as a company, offers many types of insurance like auto, health, home, life, and travel insurance – with many ways to customize your plan. RBC Insurance is the insurance branch of RBC, which focuses on offering their insurance products.
No, RBC Insurance is an insurance branch of the bank, Royal Bank of Canada (RBC). Therefore, RBC Insurance representatives will only offer their products and suggest their customizable plans. While a broker is much different, a brokerage does not offer their companies products, they will look at multiple companies products and suggest a policy from a company that suits your needs the best while giving the best price to do so.
Not exactly, RBC Insurance – just like any other life insurance company – has their own and unique guidelines that the underwriting team must follow when reviewing applications. Therefore, there may be similar guidelines, but each company differs in specifics.
Not everyone needs life insurance, people who have any type of financial obligations like debts, mortgage, dependents, or if your income is relied on in the household, then life insurance can really give you and your family the reassurance you deserve. If you are unsure about if life insurance is helpful for you and your family, contact us to find out.
Looking for the best life insurance for you and your family?
Policy Life gives RBC Insurance a 4 out of 5 star rating: they stand out in simple online access, a simplified application process, and extremely customizable insurance plans with great affordability.
The best way to get the life insurance policy to protect your family is to contact a brokerage. A brokerage can compare many competitive companies’ quotes at once and give you advice suited to you based on your situation in life. Contact PolicyLife today to have an expert give you free advice for what type of policy would help you most as well as recommend you the best company to give you the best benefits and prices. PolicyLife can be of service to you if you are in Alberta (AB), British Columbia (BC), or in Ontario (ON).
