Editorial Review

RBC Life Insurance Review

See below for ratings, quotes, and an in-depth review of RBC's life insurance products.

Life Insurance Company Reviews > RBC Life Insurance Review

Our Rating


The Bottom Line

RBC prices are 6% lower than prices of competitors. However, they tend to be more competitive for non-smokers versus smokers.

Company Facts

Customer Complaints

1.8 / 5
Based on InsurEye reviews

BBB Rating

Not Rated

Pricing Comparison

RBC term life insurance pricing vs. competitor term life insurance products

Looking for the best value? See how the price of RBC’s term life insurance stacks 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.

CompanyRankingAverage price relative to market
RBC Insurance16% Lower
Canada Life25% Lower
Desjardins32% Lower
BMO Insurance42% Lower
Industrial Alliance51% Lower
Sun Life71% Higher
Humania84% Higher
Ivari96% Higher
Assumption Life1014% Higher
TD Insurance1118% Higher

RBC Insurance Pricing by Customer Traits

Even if you and your next-door neighbour buy life insurance from the same insurance company, you may not pay the same price. That’s because life insurance companies base your price largely on your age, policy coverage amount, policy duration, smoking status, and current health status. Some companies are more lenient about specific customer characteristics and provide better pricing than other companies for people with these characteristics.

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

Customer characteristicsPricing
Low coverage need (<$500,000)Excellent
Large coverage need (>$500,000)Excellent
Shorter coverage need (10 years)Excellent
Longer coverage need (20 years)Excellent
Under age 40Excellent
Over age 40Excellent
Exceptional healthExcellent

Excellent – The company’s prices are more affordable than the rest of the market for customers with these characteristics
Good – The company’s prices are in line with the rest of the market for customers with these characteristics
Poor – The company’s prices are more expensive than the rest of the market for customers with these characteristics

Product Options and Features

  • Term lengths 10 to 40 years
  • Coverage up to $25,000,000

Common Features

  • Level premiums– Premiums remain the same for the entire length of your term
  • Guaranteed renewability– When your term insurance policy expires, you can renew  it without undergoing a medical review
  • Convertible– You can convert your term insurance policy into a permanent policy without undergoing a medical review
  • No-obligation review period– Once you receive confirmation that your policy has been issued, you have 30 days to sign a delivery receipt and authorize your payment method

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