Looking for a full review and breakdown of RBC Insurance's life insurance options?
To help you determine whether RBC Insurance is right for you, we reviewed their different products, prices, features and customer feedback.
RBC has some decently priced coverage options, with premiums just a hair lower than other Canadian insurance companies. Their term life insurance policies have guaranteed renewability and you can convert your policy to a permanent life insurance policy.
However, RBC life insurance tends to be more expensive for non-smokers and people with long-term health conditions compared to others in the insurance industry. And their customer reviews suggest they have poor customer service, among other issues.
Looking to compare life insurance providers? Read more reviews for the biggest life insurance companies in Canada.
RBC life insurance reviews from real customers will give you a better idea of what kind of service to expect. These excerpts are from review sites like InsurEye, where they have a score of 1.6/5, and Better Business Bureau, where they have a rating of D.
RBC life insurance rates vary by age, policy coverage amount, policy duration, smoking status, and current health status. Their premium rate can start at an average of $24.26 per month for a woman or $32.63 per month for a man.
Curious about what kind of life insurance premium to expect for your age and gender? Get a 0-commitment quote with PolicyMe in just a few clicks.
Below is a breakdown of how RBC’s life insurance prices compare to prices offered by other companies for various customer characteristics.
Read up on some of the pros and cons of RBC life insurance, based on their different products.
RBC Insurance is owned by the Royal Bank of Canada (RBC) which is the largest bank in Canada in terms of revenue.
They have a range of products for term life insurance (two options) and permanent life insurance (four options).
They also offer other insurance types: critical illness insurance, disability insurance, accidental death and dismemberment insurance (also known as personal accident insurance), home insurance, auto insurance and travel insurance.
See how RBC’s term life insurance prices stack up against the prices of products offered by other Canadian term life insurance providers.
Scores are based on PolicyMe’s Term Insurance Price Index, an in-depth analysis of prices for 108 combinations of gender, age, term length, coverage amount, health status, and smoking status.
PolicyMe offers some of the most affordable rates in Canada, with customers saving up to 20% on their term life insurance premiums. Get a quote in just a few clicks.
RBC Insurance has different life insurance products for term life as well as permanent life insurance. Notably, you can get a similar coverage amount with their term insurance policies as you see with their permanent coverage at lower monthly premium costs.
In general, term life insurance premiums are less expensive than life insurance premiums for a permanent policy. A permanent life insurance policy without a medical examination or health questionnaire will likely be more expensive than other types of policies.
Read more on RBC’s types of life insurance below.
To get RBC life insurance quotes, you can talk to a licensed advisor or get online quotes on their website.
Insurance advisors are trained to help you decide which type of life insurance, if any, is right for you. But sometimes they work for a commission which can incentivize them to try and upsell you.
The RBC life insurance calculator will ask you for personal details to tell you how much life insurance you need. The calculator will ask for your birthdate, whether you’re single, if you have kids, your annual income, and about your debt.
RBC term life insurance has standard rates, with customization options with their various flexible term lengths. But reviews from industry publications and customer review sites alike would indicate that their customers aren't happy with their service.
RBC Insurance is underwritten by Aviva General Insurance Company.
You can cancel your RBC life insurance by calling them during the cancellation period for your policy. Depending on the policy, you may have to pay taxes and surrender charges for cancelling.
RBC Simplified® Term Life Insurance and RBC® Guaranteed Acceptance Life Insurance have a 30-day cancellation period. The other RBC life insurance types all have a 10-day cancellation period.
To make an insurance claim with RBC, you can call their claims services.
Toll-free phone for life insurance: 1-877-519-9501
Hours: Monday-Friday, 8am to 5pm ET
No, RBC Insurance isn’t owned by RBC anymore. It was acquired in 2016 by Aviva, a British insurance company. Post-acquisition, insurance products continued to be sold under the RBC Insurance brand.
RBC Insurance offers different kinds of insurance, including life insurance, auto insurance, critical illness coverage (also called hospital insurance), disability coverage, homeprotector insurance, dismemberment insurance (also known as personal accident insurance), and leisure and lifestyle insurance.
No, Aviva is not owned by RBC. Aviva is a British insurance company that acquired RBC Insurance in 2016.
Aviva, a British insurance company, acquired RBC Insurance in 2016.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies: