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RBC Health Insurance Review 2025

Written by: Helene Fleischer
Content Marketing Manager
Edited by: Kathleen Flear
Director of Content Marketing
Updated
August 31, 2025
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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 options, as well as a term 100 option, all of which are renewable and convertible.
  • Their life insurance rates are generally competitive.

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)

Affordability
Customer Service
Industry Reputation
★★★☆☆ (3.0/5.0)
★★☆☆☆ (2.5/5.0)
★★★★☆ (4.2/5.0)

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. 

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RBC is best for:

Canadians seeking flexible coverage from a well-established life insurance company.

To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:

  • Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
  • Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye, and Google. We also counted the number of contact methods each insurer offers to its customers.
  • Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.

All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada.

PolicyMe does not receive compensation for any life insurance reviews.

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RBC life insurance: pros & cons

    Pros


  • Level premiums (so 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.
  • You can get critical illness insurance and disability insurance coverage.
  • Offers term life insurance and permanent insurance.
  • Term policy has a flexible, wide range. Choose any length between 10 and 40 years.
  • Term life coverage options range from $50,000 to $25M, which is comparatively high for the industry.
  • They offer a range of riders for you and your family members. But these optional riders will increase your premiums, so consider them carefully.

    Cons


  • Client complaints on InsurEye mention negative experiences with customer service, particularly regarding the waiting period to speak with agents or make changes, cancelling a policy, and processing a claim.
  • Smokers tend to get higher rates compared to other insurance companies.
  • Only available to Canadian citizens and permanent residents.
  • No online applications.

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:

Profile
Non-Smoker
Smoker
18-year-old female
$20.75/mo
$34.65/mo
18-year-old male
$29.57/mo
$64.80/mo
30-year-old female
$21.69/mo
$53.60/mo
30-year-old male
$30.06/mo
$77.18/mo
40-year-old female
$35.50/mo
$113.45/mo
40-year-old male
$48.33/mo
$171.23/mo
50-year-old female
$92.16/mo
$261.81/mo
50-year-old male
$136.48/mo
$447.93/mo
60-year-old female
$318.78/mo
$675.72/mo
60-year-old male
$449/mo
$1,158.52/mo

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:

Product
Coverage Options
Term Length
Eligibility
Key Features
YourTerm Life Insurance
$500,000 – $25M
10–40 years
Ages 18–70, Canadian citizens & PRs
Flexible term lengths, joint-first-to-die option
RBC Simplified Term Life
$50,000 – $1M
10–40 years
Ages 18–70, Canadian citizens & PRs
No medical exam or questionnaire if eligible, 30-day review period
RBC Term 100 Life Insurance
$50,000 and up
Lifetime
Ages 18–85, Canadian citizens & PRs
Permanent coverage, no cash value, joint first-to-die and joint last-to-die options
RBC Universal Life Insurance
Flexible
Lifetime
Ages 0–85, Canadian citizens & PRs
Investment component, flexible premiums, joint first-to-die and joint last-to-die options
RBC Growth Insurance
$25,000 – $25M
Lifetime
Ages 0–80, Canadian citizens & PRs
Whole life with cash value, dividend options, single or joint coverage, estate planning and inheritance planning
RBC Guaranteed Acceptance
$5,000 – $40,000
Lifetime (only pay until age 95)
Ages 40–75, Canadian citizens & PRs
No medical exam, no cash value, 30-day review, final expenses

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

Feature
RBC Insurance
Manulife
Sun Life
PolicyMe
Financial Strength (AM Best)
A
A+
A+
A+
Term Options
10–40 years, flexible term lengths
10–40 years, flexible term lengths
10–40 years, flexible term lengths
10–30 years, streamlined and cost-effective
Online Experience
Primarily advisor-driven, limited platform tools
Moderate online tools, has an app for some benefits
Moderate online tools, also has an app
Fully digital, fast, intuitive user experience, easy application process
Best For
Stability, legacy brand, and broad coverage options
Integrated banking clients
Clients preferring an advisor network
Affordability, speed, and digital-first experience

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.

Protect your family with PolicyMe, Canada’s #1 rated term life insurance

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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. 

FAQ

Helene Fleischer is Content Marketing Manager at PolicyMe, with 9 years in content marketing and 4 in Canada’s insurance industry. She works with skilled writers and licensed insurance advisors to create useful resources that help Canadians navigate insurance decisions with confidence and clarity.

Helene Fleischer is Content Marketing Manager at PolicyMe, with 9 years in content marketing and 4 in Canada’s insurance industry. She works with skilled writers and licensed insurance advisors to create useful resources that help Canadians navigate insurance decisions with confidence and clarity.