When you think about life insurance companies, RBC Insurance doesn't immediately come to mind. But they're a full-fledged life insurance company with a wide range of products. They might be a good fit for you if you want the comfort of knowing your insurance policy is backed by one of Canada's largest, oldest companies. Their rates are competitive and it's easy to get a quote online.
On the other hand, they might not be a good choice if you're unsure of your insurance needs. In that case you might be better off with a traditional insurance agent or broker. Start by reading our guide to life insurance.
RBC life insurance features
Here's a brief summary of what RBC has to offer.
Why You Want It
Up to $700,000 of coverage + Premiums as low as $23.
Special Features
- Many customization options available
- Accidental death benefit for beneficiaries
- 30-day review period in case you change your mind
Eligibility
- Canadian citizen, permanent resident, or landed immigrant (must be in Canada for over 12 months)
- Ages 18 to 85
Provinces
ALL
Features
Term Life Insurance
Terms Available
- 10 years
- 15 years
- 20 years
- 25 years
- 30 years
- 35 years
- 40 years
Permanent Life Insurance
Guaranteed Acceptance Life Insurance
Universal Life Insurance
RBC life insurance product rating: 2.1 stars
RBC life insurance scores pretty well here because they have competitive rates, a wide range of insurance types, and many customization options so you can tweak your policy so it better fits your particular needs.
It loses a couple of points for having limited terms available, making it a bit more restrictive than some competitors' options.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of RBC life insurance
RBC life insurance has a lot going for it. Here are some of the pros.
Pros
They offer a wide range of insurance products and options
As shown in the table above, RBC offers all the main types of life insurance – term insurance, permanent insurance (T100 and whole life), universal life, and guaranteed acceptance. That gives you a lot of flexibility – you can start with a basic term policy with lower premiums, then convert to a permanent policy later. There are also many optional add-ons available, depending on your situation.
You can get an immediate, anonymous online quote
RBC’s web site makes it easy and hassle-free to get a quote. You don’t need to provide your name, phone number, or email address, so they won’t follow up unless you want them to.
The cons of RBC life insurance
Overall, RBC insurance looks pretty good. We could only find a few potential red flags in our research.
Cons
RBC uses commissioned insurance advisors
RBC insurance advisors are paid a sales commission. While that’s not bad in itself, there have been reports that their sales people can sometimes be too pushy.
There have been reports of poor customer service
The reviews here have not been good. It’s true that people only tend to write reviews when they have a complaint, but there are some common themes about the results of medical tests and some billing problems. So buyer beware.
RBC life insurance alternatives
As mentioned, RBC life insurance has lots of options, more than a lot of other companies. Here are some examples.
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Life Insurance | PolicyMe Life Insurance | Policy Advisor Life Insurance | Sun Life Go Life Insurance |
| Genius Rating | ||||
| Why You Want It | Up to $700,000 of coverage + Premiums as low as $23. | Save up to 20% on your life insurance + Get Child Coverage at no extra cost. | Get instant life insurance quotes from 30 top insurers + No brokerage fees. | Get temporary coverage for 90 days + Cancel within 30 days for refund. |
| Term Life Insurance | | | | |
| Terms Available |
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|
|
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| Permanent Life Insurance | | | | |
| Guaranteed Acceptance Life Insurance | | | | |
| Universal Life Insurance | | | | |
| Get a quote See more RBC products Compare | Get a quote See more PolicyMe products Compare | Get a quote See more Policy Advisor products Compare | Learn More See more Sun Life products Compare |
FAQ
What is RBC life insurance?
RBC offers all of the insurance products mentioned in our guide to life insurance – term insurance (the amount you pay stays the same for the specified term, then increases), permanent insurance (your premiums remain the same forever), universal life insurance (permanent insurance with an investment component), and guaranteed acceptance insurance (insurance with no medical exam required, for people aged 50 - 75). You can read more about what RBC has to offer here.
How can I get an RBC life insurance quote?
You can get a quote online, over the phone, or by visiting an RBC Insurance Store.
What is RBC term life insurance?
Term insurance is insurance with a fixed premium for a specified amount of time. RBC is unique in that they offer term insurance to suit your needs, with the option of selecting any number of years between 10 and 40, subject to age restrictions.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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