RBC Health Insurance Review 2025
RBC life insurance review (2025 update)
RBC Insurance, a Canadian life insurance company under the Royal Bank of Canada (Canada’s largest bank by revenue), offers a wide range of life insurance products backed by over 150 years of financial stability. They also offer health insurance, car insurance, travel insurance, auto insurance, and home insurance. Headquartered in Toronto, Ontario, RBC maintains a strong industry presence, providing customers with confidence in its continuity.
RBC’s financial strength and flexible coverage options are positives, but its customer service has mixed reviews. It has below-average reviews across multiple platforms, citing slow response times and support issues.
RBC Insurance life insurance: Our verdict ★★★☆☆ (3.3/5)
RBC Insurance offers flexible life insurance term policies with guaranteed renewability and the option to convert to permanent coverage. RBC is well-known for its strength and stability as a financial institution that caters to diverse insurance needs. Let’s dive into it:
- Good for flexible policies: RBC term life insurance policies have guaranteed renewability and you can convert your policy to a permanent life insurance policy.
- Large, established provider: Serves about 5 million clients, backed by one of Canada’s most financially stable institutions.
- Not always ideal for high-risk individuals: RBC life insurance tends to be more expensive for smokers and people with long-term health conditions compared to others in the insurance industry.
- Customer reviews are mixed: Some customers cite slow response times and support issues.
Overall, RBC Insurance can fall short in terms of convenience and customer experience, but it remains a solid option for stability and flexibility.
Canadians seeking flexible coverage from a well-established life insurance company.
PolicyMe does not receive compensation for any life insurance reviews.
RBC life insurance: pros & cons
RBC life insurance cost and value
We compared the costs of RBC’s Simplified Term Life Insurance product across different ages, genders, and smoking statuses. These sample monthly life insurance premiums are based on a 20 year team with $100,000 in coverage:
RBC Insurance life insurance reviews and customer service
RBC Insurance’s customer service reviews are mixed across the board:
- Google: 3.8/5
- Trustpilot: 1.5/5
- Insureye: 1.5/5
While RBC benefits from strong brand recognition and financial stability, its life insurance customer service falls behind some competitors, especially in responsiveness and claims satisfaction.
RBC Insurance life insurance products at a glance
RBC’s products include a wide range of term life insurance and whole life insurance policies. You can obtain a similar coverage amount with their term insurance policies as you would with their permanent coverage, at lower monthly premium costs. Read more on RBC life insurance products below:
RBC life insurance riders
- Accidental death benefit and dismemberment coverage: This option adds extra payment for your beneficiaries if you pass away from an accident, or if you lose certain body parts (such as a limb) due to an accident.
- Children’s term rider: A small policy taken out on your child that lasts for a specific term.
- Disability waiver of premium: This option continues to pay for your life insurance policy if you become disabled and are no longer able to work. You won't have to pay premiums during this time.
- Guaranteed insurability: This option allows you to purchase additional life insurance coverage without undergoing a medical examination. You can purchase additional coverage at certain times, such as after a major life event, without needing to prove that you're in good health.
- YourTerm rider: This option allows you to increase coverage for the person covered under the base policy, or apply it to another person, like your spouse.
How RBC Insurance compares to other insurers
RBC Insurance life insurance vs PolicyMe life insurance
When it comes to cost, experience, and reputation, PolicyMe generally comes out ahead for most Canadian families. Let’s get into it:
Customer Experience
RBC follows a traditional, advisor-driven model. This means slower processes and less transparency for individuals who need fast answers.
On the other hand, PolicyMe was designed for speed and simplicity. It offers instant quotes, quick approvals, and clear pricing upfront, all backed by Canadian underwriters.
Industry Reputation
RBC’s strength lies in its long-standing financial stability as part of Canada’s largest bank, appealing to customers who value size and legacy.
PolicyMe, though newer, has earned a reputation for trust and innovation, combining the backing of top Canadian insurers with a customer-first approach that modern buyers increasingly prefer.
The bottom line: Who should consider RBC Insurance?
RBC Insurance is a good choice for people who value legacy and the stability of a strong brand. RBC offers a good variety of products, with customization options and flexible term lengths. If you need a short-term type of policy, RBC has you covered. However, reviews from industry publications and customer review sites alike suggest that some customers aren't satisfied with its 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 and provides $10B in coverage across Canada.
FAQs: RBC Health Insurance Review
Helene Fleischer is Senior Editor at PolicyMe, where she works to help readers make sense of their financial life. She’s keen on taking complex (or, let’s face it – sometimes a bit dry!) ideas and making them refreshingly simple and easily digestible for folks that want to learn about life insurance. She works hand-in-hand with certified life insurance advisors to provide expert-verified advice.
Helene Fleischer is Senior Editor at PolicyMe, where she works to help readers make sense of their financial life. She’s keen on taking complex (or, let’s face it – sometimes a bit dry!) ideas and making them refreshingly simple and easily digestible for folks that want to learn about life insurance. She works hand-in-hand with certified life insurance advisors to provide expert-verified advice.