RBC Life Insurance Review: Updated for 2023

In This Article

Key takeaways:

  • Royal Bank of Canada (RBC) is the largest bank in Canada by measure of revenue.
  • RBC Insurance offers two main term life insurance and a term 100 option, all of which are renewable and convertible.
  • Their life insurance rates are generally competitive with industry standards.
  • But RBC Insurance is quite poorly reviewed among customers online.

Our RBC life insurance review

To help you determine whether RBC Insurance is right for you, we reviewed their different products, prices, features and customer feedback.

Our rating for RBC life insurance: ★★☆☆☆ (2/5)

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. 

But 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.

Who is RBC Insurance?

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.

RBC Insurance quick facts:

  • RBC was founded in 1864 in Halifax, Nova Scotia
  • Term life insurance policies can be any length between 10 to 40 years
  • Maximum converge is $25M
  • You can get a quote online

RBC life insurance rates for 2023

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. 

Below is a breakdown of how RBC’s life insurance prices compare to prices offered by other companies for various customer characteristics.

Customer Characteristics Pricing
Low coverage need (under $500,000) Average
Large coverage need (over $500,000) Average
Shorter coverage need (10 years) Average
Longer coverage need (20 years) Average
Male Average
Female Average
Under age 40 Average
Over age 40 Below Average
Exceptional Health Average
Smokers Average

RBC life insurance customer reviews

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.

Positive RBC life insurance reviews:

  • “This is a basic policy; small coverage that is inexpensive.”
  • “Best presentation of different life insurance plans.”

Negative RBC life insurance reviews:

  • “I wanna cancel my policy, they said they already received my request, in processing, however, it has been almost three weeks, nothing was done.”
  • “[...] it takes months to ever hear back from your own case employee, it took 4 months to set up my life insurance and I am still waiting to actually receive anything in the mail to confirm my insurance [...]”
  • “Bottom line, their prices are cheaper, however, you deal with aggressive sales personnel who want their commission, disorganized medicals and any complaints you make with customer service are ignored.”

RBC life insurance: pros and cons

Read up on some of the pros and cons of RBC life insurance, based on their different products.

Pros of RBC life insurance: 

  • Level premiums (i.e., they won’t increase for the length of your term)
  • Policy renewal is guaranteed
  • Convert your term life insurance policy to permanent insurance without another medical exam
  • You can convert your policy until age 71
  • Offers term life insurance and permanent insurance
  • Term policy has a flexible, wide range. Choose any length between 10 to 40 years
  • Term life coverage options range from $50K to $25 million, which is comparatively high for the industry. Not sure how much coverage you need? Try our life insurance calculator for anyone in Canada.
  • They offer a range of riders for you and your family members. CLHIA defines riders as optional coverage you add to your insurance policy that changes your policy’s coverage or benefits. But these optional riders will increase your premiums and they’re not always worth it so consider them carefully

Cons of RBC life insurance: 

  • Client complaints on InsurEye mention negative experiences with customer service, especially with the waiting period to talk to agents or make changes, cancelling a policy and processing a claim
  • Smokers tend to get higher rates compared to other insurance companies
  • Premiums are more expensive for people with long-term health conditions. Even having had a heart attack can make your rates higher
  • You cannot apply online
  • Only available to Canadian citizens and permanent residents
  • CTV News reported that a widow who received only $1,385 from an expected $10,000 death benefit from her husband's life insurance because of a clause in his contract. No matter what insurance company you go with, always read the fine print before signing

RBC life insurance products

RBC Insurance has different life insurance products for term and 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.

Read more on RBC’s types of life insurance below.

Term life insurance products

YourTerm Life Insurance

  • Coverage options: $500K to $25M
  • Period of time: Anywhere between 10 and 40 years
  • Eligibility rules: Canadian citizens and permanent residents aged 18–70
  • No cash value
  • Joint coverage is available with joint-first-to-die option which gives your loved ones a death benefit after the first death

RBC Simplified® Term Life Insurance

  • Coverage options: $50K to $1M
  • Period of time: Anywhere between 10 and 40 years
  • Eligibility rules: Canadian citizens and permanent residents aged 18–70
  • No medical exam if you’re eligible
  • No cash value
  • 30-day review period where you can get a full refund if you cancel within the timeframe

RBC term life insurance compared to competitors

See how RBC’s term life insurance prices stack up against the prices of products offered by other term life insurance providers in Canada.

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.

Company Ranking Average Price Relative to Market
RBC Insurance 1 6% Lower
Canada Life 2 5% Lower
Desjardins 3 2% Lower
BMO Insurance 4 2% Lower
Industrial Alliance 5 1% Lower
Manulife 6 Average
SunLife 7 1% Higher
Humania 8 4% Higher
Ivari 9 6% Higher
Assumption Life 10 14% Higher
TD Insurance 11 18% Higher

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.

Permanent life insurance products

Term 100 Life Insurance

  • Coverage options: $50K to $25M
  • Period of time: For life
  • Eligibility rules: Canadian citizens and permanent residents aged 18–85
  • No cash value

RBC Universal Life Insurance

  • Coverage options: $25K to $25M
  • Period of time: For life
  • Eligibility rules: Canadian citizens and permanent residents aged 0–85
  • With investments

RBC Growth Insurance™

  • Coverage options: $25K to $25M
  • Period of time: For life
  • Eligibility rules: Canadian citizens and permanent residents aged 0–80
  • With cash value

RBC Guaranteed Acceptance Life Insurance 

  • Coverage options: $5K to $40K
  • Period of time: Up to age 95
  • Eligibility rules: Canadian citizens and permanent residents aged 40–75
  • No medical exam
  • No cash value
  • 30-day review period where you can get a full refund if you cancel within the timeframe

How do you get RBC life insurance quotes?

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.

RBC life insurance calculator

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.

Bottom line: RBC’s policies are standard, but poorly reviewed

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.

FAQ: RBC life insurance

What insurance company does RBC use?

RBC Insurance is underwritten by Aviva General Insurance Company.

How do I cancel my RBC Life insurance?

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.

How do I make an insurance claim with RBC?

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

Is RBC Insurance owned by RBC?

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.

Is Aviva owned by RBC?

No, Aviva is not owned by RBC. Aviva is a British insurance company that acquired RBC Insurance in 2016.

Who bought RBC Insurance?

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:

Laura McKay

COO & Co-Founder

About the Author

What to read next