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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 slightly lower than many other Canadian insurance companies.
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.
There are a few eligibility requirements for RBC life insurance:
Read up on some of the pros and cons of RBC life insurance, based on their different products.
RBC life insurance premiums can start at $22.95 for a woman and $31.32 for a man purchasing a 20-year term with $500,000 in coverage.
There are several factors that influence the cost of premiums, including:
RBC's YourTerm™ Life Insurance was consistently the cheapest option for ages 35 to 50 when we checked out of all Canadian term plans, except for PolicyMe term life insurance for some applicants.*
Here's a sample of prices for $500,000 in coverage for a 20-year term (non-smoker).
*For prices available on Winquote for $500,000 in coverage for a 20 year term, non-smoker, on July 4, 2023.
But RBC isn't your only option; PolicyMe offers:
For RBC Growth Life Insurance, $500,000 in coverage, non-smoker.*
*For prices available on Winquote on July 4, 2023.
For RBC Guaranteed Acceptance Life Insurance, $10,000 in coverage, non-smoker, Ontario.*
*For prices available on Winquote on July 4, 2023.
Below is a breakdown of how RBC’s life insurance prices compare to prices offered by other companies for various customer characteristics.
In most instances, RBC offers average monthly rates compared to other life insurance companies or just slightly cheaper, making it a decent option for those on a budget.
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.
Better Business Bureau gives RBC Insurance a C- rating because RBC has not responded to two complaints filed against the company and has not resolved five complaints.
The company is not BBB accredited. There have been 64 complaints in the last three years and five complaints closed in the past year. None of these complaints appear to be about life insurance.
RBC is a member of the OmbudService for Life & Health Insurance, so there is a process for complaints, if need be.
RBC Insurance offers different life insurance products for term and permanent life insurance. 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.
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.
Best for: Those who want to cover final expenses, nothing more, and/or can't qualify for other policies due to a pre-existing health condition.
RBC has a whole suite of other insurance products, including:
You can get a discount if you buy both home and auto insurance through RBC.
Read about senior life insurance in Canada
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.
Looking for affordable life insurance that's highly reviewed? PolicyMe offers some of the lowest rates in Canada and has an average Google Reviews rating of 4.9/5. So you know you're in trusted hands. Plus, our non-commissioned advisors are available seven days a week to answer your questions.
RBC may be a good life insurance choice if you want term life insurance with lots of options. These bells and whistles include term options for renewing terms and converting to permanent coverage. They also have longer-than-average 40-year term lengths to choose from.
That said, RBC life insurance has been poorly reviewed by customers and brokers alike. So be sure to read ample company reviews before making your choice.
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, home protector 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: