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RBC Life Insurance Reviews 2022

RBC Life Insurance is a well-known brand with a long history in Canada. If you're healthy and looking for term coverage, RBC is often the most affordable option out there. Not to mention, they offer term lengths as long as 40 years! However, if you're thinking about a permanent solution, you may have more options elsewhere. We give RBC Life Insurance 4 stars. 

Sure, there a ton of RBC Life Insurance Reviews on the internet. In terms of name recognition, there are one of the best-known providers in the industry.

The thing is if you read my reviews of the best life insurance companies in Canada, you know that name recognition doesn’t mean every insurer is right for you.

Hey, don’t get me wrong RBC Life Insurance is one of the best in the business and they are competitive BUT each and every company has different products and underwriting processes…

Psst: In case you don’t know what underwriting is, it’s the procedure that life insurance companies use to rate you and determine how much you pay for coverage.

So let’s get on with the show RIGHT now!

"You are not getting any younger, so even if you don't have kids yet, it's probably the best time to get life insurance. You can always cancel it later, but you can't go back and find a new policy at a lower rate. Lock it in now and you're set for decades to come." 

Business Insider 

RBC Life Insurance History

OK I'm familiar with RBC Life Insurance can you tell me a little bit about them? 

SURE! They are one of the better known insurers. So let's find out how they came to be! 

The Royal Bank of Canada (RBC) started out in 1864 as the Merchants Bank of Halifax. It was a commercial bank that financed the fishing & timber industries and the European & Caribbean import/export businesses.

In 1901, RBC was formed and moved their head office to Montreal and expanded its presence in Manitoba, Saskatchewan, and Ontario at the same time.

By the 1960s RBC Life Insurance was formed.

After a series of mergers, in 2007 RBC was named one of the top 100 most powerful brands in the world!

As you can see this company has a very strong financial presence. For the purposes of this article, we are going to stick to RBC life insurance offerings.

But to give you some idea of their wide array of insurance products they carry check this out:

  • Life insurance
  • Health Insurance
  • Auto Insurance
  • Home Insurance
  • Travel Insurance
  • Wealth and reinsurance advice
  • Creditor and business insurance services for individual, business and group clients

Looking For an RBC Life Insurance Quote?

Financial Rating

RBC Life Insurance Reviews Question

Wow RBC Insurance is clearly a powerhouse. That means they are financially stable right? 

RBC Life Insurance Reviews Answer

Well you don't need to guess because it's easy to dig up their financial rating. Let's take a look! 

Doing your homework when it comes to this sort of investment is VERY important.

Yes, Siree.

But the good news is, it’s pretty darned easy because we have financial ratings. Experts review current insurers to see how they are performing so you can make an educated choice.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” of RBC Life Insurance Company (RBC Life) (Mississauga, Ontario). The outlook of these Credit Ratings (ratings) is stable.


Oh YEAH! Now that's what I like to hear. You can sleep like a baby knowing the RBC life insurance has your back friends.

RBC Life Insurance Reviews on the 'Net


I want you to hear me when I say life insurance company reviews are a slippery slope. To be perfectly honest I don’t put a ton of faith in them.

Why? Because from what I have seen over the past two years writing these reviews is that people sure like to complain.

Don’t get me wrong I am sure many, many of the complaints are justified. The thing is you have to remember that companies like RBC close THOUSANDS of transactions daily…

…and chances are you aren’t hearing from the people that had a terrific experience. That’ because they EXPECT good service.

You also have to bear in mind the product people are reviewing. Some of these companies, like RBC Insurance, carry tons of products.

So, you want to make sure the complaints you are reading are pertinent. 

RBC Life Insurance Reviews Google 

OK, I really want to know how they do this. RBC life insurance is a seriously HUGE company but they don’t have reviews.

In my humble opinion, this is just plain smart. They run the risk of having people tear a sheet off of them if they are frustrated.

I think Sun Life chose to do the same thing.

Sure it makes it tougher to get a handle on what people think about their services, but you never know who is going to review you and why.

So, in a nutshell, I can’t give you any sort of information here.


RBC Life Insurance Reviews Google

Now that doesn't look too great does it? 

Not really, but bear in mind people are seriously stressed out when they are making claims or shelling out money for products. We just don't know the whole story my friends. 

RBC Life Insurance Products

Oh yeah! This is my favourite part.

As a life insurance broker, it’s really important for me to be familiar with the products I sell. They are constantly changing and each insurer has their own take.

Don’t assume that all life insurance companies are created equal because they are not.

So let’s find out what RBC insurance has to offer right now!

Term Life Insurance

1. RBC Your Term Life Insurance

RBC Term Life Insurance:  Offers 10 year to 40 year terms. Yes that’s right, 40 year term life insurance!

So for example, you can purchase a 40 year term policy up to the age of 45. Not bad you get guaranteed coverage to age 85. 

In fact, RBC insurance allows you to customize any term period from 10 to 40 years in one-year increments.

Still have a mortgage amortized over 25 years? No problem, you can purchase a 25 year RBC term life insurance policy to cover that.

If you’re in your 50’s and have taken on a 2nd mortgage or some longer-term debt, you can lock down any period of coverage up to age 85. For example, 35-year term for a 50-year-old, 30-year term for a 55 year old & 27-year term for 58 year old.

You can purchase RBC Term insurance as a single policy or a Joint first-to-die.

What's a joint first-to-die?

It’s a policy that has two people on it, usually a couple, designed to pay out a benefit on the first death only. For example, a married couple purchase an RBC joint first-to-die 20-year term policy for $500,000. When the husband dies prematurely from a massive heart attack, his spouse is paid out the $500,000 death benefit.

After that point in time, they no longer have coverage. Why would anyone want this type of policy?

Joint first-to-die coverage for a couple can be more affordable than purchasing two individual term policies. Considering this option? Get in touch with an experienced independent insurance broker who can help you crunch the numbers!

One of the unique features of RBC Term Life Insurance is they offer very high coverage amounts. For example, you can get from $100,000  – $25,000,000 of protection for 10 – 40 years.  If you are a high net individual or have business interests this may be of interest to you. 

As expected, all RBC Your Term policies are convertible to RBC Universal Life or RBC Term 100 up to the age of 71. This is a must-have feature with any term life insurance policy.

It means if God forbid, your health takes a turn for the worst or something happens, your insurability is guaranteed moving forward. 

Optional RBC Term Life Insurance Riders include:

    • RBC Your Term Rider
    • Children’s Term Rider 
    • Accidental Death Benefit Rider
    • Total Disability Waiver of Premium Benefit Rider
    • Payor Death and Disability Waiver of Premium Benefit Rider

2. RBC Simplified Term Life Insurance 

RBC Simplified Issue Term Life Insurance is touted as a quick way to get up to $1 million of term coverage without having to jump through a lot of hoops (ie. medical exams).

Take a closer look at the fine print and you’ll see it says, “may not require a medical exam”. This is code for, ‘if you have any health issues whatsoever, expect to undergo a life insurance medical.’

This may be a good route to take if you’re under the age of 50 and are healthy. Keep in mind, with this type of underwriting, you’re likely limited to a standard health class rating. 

Just like RBC Your Term, you can purchase 10 – 40 year term and anything in between. It also has pretty much the same options and guarantees. The coverage amounts available are $50,000  – $1,000,000.

Looking for an RBC life insurance quote?

RBC Mortgage Insurance

home protector insurance rbc

RBC underwrites thousands of home mortgages across Canada every year. Similar to Scotiabank and other major financial institutions, RBC offers their own brand of mortgage protection to clients who borrow from them to finance their home. This product is called RBC Home Protector.

An offer for mortgage insurance is often attached to the back of your closing documents. Because of that, many Canadians think mortgage life insurance is mandatory when it’s not. In fact, I believe it’s the worst option when it comes to protecting your home and family. 

Why? Mortgage life insurance is designed to protect the lender and NOT you. If you want to read one of the most in-depth and detailed reports about the pitfalls of mortgage insurance through your financial institution, click here.

So what’s the best solution when it comes to protecting your RBC mortgage?

Hands down it’s an individual life insurance policy. So, when you get to the back page of your mortgage documents, opt-out of the Home Protector Insurance RBC offers. Instead, speak with an independent life insurance agent and purchase individual term policies from RBC instead and save literally thousands!

For a free individual RBC life insurance quote, click here.

Permanent Life Insurance

1. RBC Guaranteed Acceptance (No Medical Life Insurance)

If you are looking for final expense insurance and you have serious health issues, this may be a good bet for you. You may obtain coverage from $5,000 – $40,000. This is perfect to cover funerals, outlying debt or to provide a nest egg for a loved one.

This coverage is offered to Canadians from ages 40 – 75.  The good news is you are instantly approved with no medical exam or health questions required. As with anything else, there’s a bit of a catch. You have to live past the 2 year waiting period before your benefits are ready to go.

Hey and by age 95, no further premiums are required, you’re all paid up!

I don’t recommend Guaranteed Acceptance for people who are healthy as it always costs more and comes with a waiting period. There are likely other no medical life insurance options for you.

RBC Guaranteed Issue Life Insurance

2. RBC Term 100 Life Insurance (for Conversion ONLY)

You cannot buy RBC Term 100 if you walk in off the street. It is ONLY available to existing RBC policyholders for conversion purposes. The information on their site leads people to believe they can purchase this coverage right out of the gate, but that’s just not the case.

My understanding is that there was a time when RBC had a guaranteed term 100 product on the market. After the crisis in 2008, they took it off the market but still needed a product to convert to. Thus, RBC term 100 became available for conversions only.

RBC’s conversion option means that anyone who has an in-force term policy with RBC is eligible to exchange it for permanent coverage (RBC Term 100). 

3. No Medical Exam 

You can do so without having to provide any medical evidence of insurability. This is a standard option with almost all term policies regardless of the carrier. It guarantees your future insurability which is a good thing.

The name “Term 100” is also confusing as it contains the word “Term” which makes you think it’s NOT permanent. However, at the end of the day Term 100 is permanent insurance…think permanent in the sense of one hundred years.

How does it work? You pay level premiums until you die or reach the age of 100. Sounds kind of strange doesn’t it, I mean, how many people are going to live to be 100?

With Term to 100, you’re paying the pure cost of the insurance. Unlike whole life, there is NO cash value in the policy.

RBC Term 100 Coverage is available from $50,000 and up to people who are 18 – 85 years of age.

Options available:

  • Joint First-to-Die and Joint Last-to-Die Options
  • Term 10 or 20 Rider
  • Children’s Term Rider
  • Accidental Death Benefit Rider
  • Total Disability Waiver of Premium Benefit Rider
  • Payor Death and Disability Waiver of Premium Benefit Rider

4. RBC Universal Life Insurance (For Conversion ONLY)

Similar to RBC term 100, RBC Universal Life Insurance is available only to consumers who already have an in-force term policy with RBC. Universal Life Insurance offers coverage until the day you die. 

There are two coverage options: 

  • Level protection: Pays out a death benefit equal to the coverage amount OR the amount accumulated in your policy. The greater amount will be paid to your beneficiary.
  • Increasing protection: Pays out a death benefit equal to the coverage amount PLUS the accumulation value.

You can purchase this policy from ages 0 – 85.

The following options are available:

  • Joint First to Die or Joint Last to Die Options
  • Disability Benefit
  • Compassionate Advance: If you get terminally ill you can get a cash advance of up to 50% of the death benefit (Max $250K)
  • Additional Term Insurance
  • Children’s Term Rider
  • Accidental Death Benefit Rider

Thinking about permanent options? Get in touch with Policy Architects Today! Click here to get free whole life quotes or schedule a call.

Critical Illness Insurance

If you’ve been reading my blog you know that critical illness insurance is a policy meant to cover the gaps left between your health insurance and life insurance.

People are increasingly getting illnesses like cancer, but due to technology, living years past their diagnosis. 

What happens to your family if you DON’T die?

This where Critical Illness insurance comes in. RBC offers two different plans: 

Critical Illness Recovery Plan 

RBC’s critical illness recovery plan protects you from over 30 illnesses and conditions. You can purchase coverage from ages 18 – 65. Coverage amounts available are $25,000 – $2,000,000 for a term of your choice.

One cool option is you can convert your coverage to Long Term Care Insurance without providing medical evidence, from 55 – 65 years of age.

You also have access to the following services :

  • Best Doctors 
  • Medical Confidence 
  • Daily Living Assistance 
  • The Healing Journey Program
  • Early Assistance Benefit 

Please note preexisting conditions are NOT covered and there is a 90 day survival period attached to Cancer.

There are three payment options:

  • Level premiums to age 75 (non-cancellable)
  • Level premiums to age 65 or 75 (guaranteed renewable)
  • 10-year term renewable to age 75

Critical Illness Insurance Plan 

RBC’s CI plan protects you from the most common critical illness claims:

  • Cancer 
  • Heart Attack 
  • Stroke 

Because it covers few conditions it’s less expensive. People ages 18 – 50 can purchase a 10 year renewable term to age 65. Coverage amount available are:

  • Lump Sum: $10,000, $25,000, $50,000 or $75,000

You also have access to the following services :

  • Best Doctors 
  • Medical Confidence 
  • Daily Living Assistance 
  • The Healing Journey Program
  • Early Assistance Benefit 
  • Return of Premium (this is optional) 

Please note preexisting conditions are NOT covered and if you have certain medical consitions you may not qualify at all. There is a 90 day survival period attached to Cancer.

Critical Illness Final Thoughts

Critical Illness insurance is a complicated product as claims are ONLY paid out when your illness fits the very specific definitions laid out in your policy. I agree with those advisors who think critical illness coverage should be considered only when you’ve addressed your life and disability insurance needs first.

Disability Insurance

Disability insurance is a good thing to have. Did you know the following percentages of our population have a disability:

  • 13% of our youth
  • 20% of working adults 25 – 64 years of age 
  • 38% of seniors 65 and older 

The numbers speak for themselves…

…and 1.6 million Canadians with disabilities were unable to afford required aids, medications or devices due to costs. 

This sort of coverage protects you and your family should a disability befall you and RBC has a fantastic selection:

  1. Simplified Disability Insurance: Affordable protection from 18 – 55 years of age. You can protect up to 75% of your income or $500, $1000 or $1500 per month. No medical exam is required but you have to work more than 30 hours per week.
  2. RBC Professional Series: This policy is made for professionals who need more protection. Coverage is available from 18 – 60 years of age and benefits may be received for 2 or 5 years to age 65. There are a lot more options available with this plan and it’s also more expensive.
  3. RBC Foundation Series: This is total disability protection and return to work assistance. Available for people 18 – 60 years of age and benefits may be received for 2, 5 or 10 years to age 65.
  4. RBC Bridge Series: This is disability protection and return to work assistance similar to the Foundation Series for less money. Available for people 18 – 60 years of age and benefits may be received for 2 or 5 years to age 65.
  5. RBC Quantum: Disability coverage and return to work assistant meant to cover a 20% reduction of your income or less. Available for people 18 – 60 years of age and benefits may be received for 2 or 5 years to age 65.
  6. RBC Fundamental Series: Simple Illness coverage – just answer three questions to qualify. Available for people ages 18 – 64 for illness and ages 18 – 69 for injury (monthly benefit).
  7. Retirement Protector: If you are totally disabled this coverage contributes to your RSP if you can’t. Available for people ages 18 – 55.

Wow RBC has some interesting products. Is that all they do?

Nope! No way, no how. RBC Insurance is a HUGE company and financial services provider BUT for my sanity and brevity we are going to stick with RBC life insurance products. I threw in the Critical Illness and Disability insurance because they work hand in glove with life insurance. 

Application Process

RBC Simplified Issue Term 

Wow! I sure like the RBC quick quote for their Simplified Issue Term Life Insurance. 

You just answer a few simple questions, and they give you a basic online quote. They don’t require your contact information. It’s fast and efficient. Questions include: 

  • gender
  • date of birth
  • smoking status 
  • desired term
  • coverage amount.

RBC then spits out the result – the monthly premium with an option to “Buy Now”.

RBC Life Insurance Quote Online

Awesome, you can purchase your RBC policy online WITHOUT using an agent!

Not so fast... In theory it sounds good but it's misleading. You can't really purchase life insurance in Canada online without speaking with a human being. 

Many life insurance companies today lead consumers to believe that they can purchase coverage online with just the click of a mouse.

Personally, I’ve never heard of anyone buying life insurance online without having to speak with an agent or bank employee at some point. It’s a nice idea but in reality, it doesn’t happen.

You fill in all your information online but at some point, someone calls you to verify your information.  As soon as you introduce a human being into the chain, it’s not really buying online, is it? 

Purchasing life insurance to protect your family or business is way too important to leave anything to chance. I would NEVER recommend purchasing a life insurance policy online even if it was possible, or buying directly from a bank or financial institution. 

You can, however, purchase life insurance over the phone. As long as you’re dealing with an experienced independent broker, this is a totally valid way to have your insurance needs met. Technology and Covid-19 have made these types of transactions commonplace.

Bottom line? All life insurance products have a commission built into the price regardless of where or how you purchase it. If you know you’re paying a fee anyway, you might as well get your money’s worth and speak with a knowledgeable independent broker who can add some real value. 

RBC Also Has Some Cool Tools 

  1. You can compare their products to see which is the right one for you. It’s good to see their offerings side by side. They fill you in on whether a medical exam is necessary and the basic details of each offer.
  2. There is a small quiz to see if you need life insurance. 
  3. They also provide needs analysis calculations. 

I really like how much information they provide BEFORE you contact an agent.

AWESOME! RBC does seem to make things easy for their perspective clients! 

They sure do. I think their site and tools are some of the best in the industry. I also appreciate their candid approach to their products. 


This is the part of the review everyone wants to see.

I get it! It’s important to get a ballpark idea of how much life insurance is going to set you back. The thing to remember is it’s not a science.

Online quotes should only be used to get a general idea of costs. The truth is you have no idea how an underwriter is going to view you and that’s VERY important. Your rating makes a HUGE difference in how much you spend, as does your choice of company.

They are not all created equal, and some are more lenient than others when it comes to medical conditions.


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*Quotes above are for RBC Your Term 20, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. March 2022

RBC Pros

RBC has a GREAT history and Financial Rating 

RBC is one of the most powerful brands in the world. They also have a long and illustrious history.

This isn’t just my opinion. AM Best gives them an A rating, so you can rest easy knowing your financial investment is safe with them.

A Terrific & Easy to Navigate Platform 

RBC provides a lot of information about their products on their website.

You can easily find information about the cost and also compare and contrast different products with a simple tool. 

I truly appreciate this as a lot of companies keep this information close to the vest.

Also, if you want to apply immediately they do offer this option for their guaranteed acceptance and simplified issue products.

Although I will reiterate that you should ALWAYS get information from an independent agent before taking the plunge. Chances are we can save you a pretty penny.

Quick, Easy Electronic Application

Once you decided on the right coverage, you can complete your RBC life insurance application over the phone with your agent. When the application is complete, you execute an electronic signature through text or email and voila, you’re done!

Nice Selection of Products 

RBC has a good selection of products. They have Simplified Issue Term Life Insurance, Traditional Term, Critical Illness and Disability Insurance.

Most Affordable Term Coverage on the Market

RBC Insurance has some very good rates! Honestly, they are an excellent company and often come up as one of the less expensive insurers. Some insiders speculate that RBC lures consumers in with low term insurance rates in order to create opportunities to cross-sell their other product lines. 

Longer Term Coverage - Up To 40 Years!

RBC has some of the longest term coverage available in the Canadian Market place. Within prescribed age limits, you can get 40 year term coverage. That’s guaranteed level monthly cost for 40 years!

Great Disability Insurance Product Suite

RBC is very popular in the disability insurance market place. They have one of the largest selections of DI products in Canada.

RBC Cons

No Competitive Permanent Life Insurance Products

RBC only offers Permanent insurance as a conversion option for their in-force term policyholders. If you’re looking for permanent coverage right out of the gate like whole life, for example, you’d better look elsewhere.

Looking for Whole Life Insurance Quotes?

Limited Conversion Options 

RBC only offers Term 100 and Universal Life conversion option for their term policyholders. Also, their prices are not as competitive with other carriers.

Stricter Underwriting

RBC life insurance underwriters have a reputation for being conservative. It’s probably because they have the lowest cost term insurance and they sell a lot of it. In order to keep claims to a minimum, RBC enforces strict underwriting. If you have any mild to moderate health issues like, for example, well-managed diabetes, you may have better luck elsewhere. 

A knowledgable independent agent will be able to point you in the direction of a more lenient carrier

Is RBC Right for YOU & Your Family?

RBC Insurance is an “A” rated company with a long history in Canada. If you have no health issues whatsoever, they could be your best bet right now for affordable term coverage. However, if you’re looking for a permanent option like whole life, you’re better off to seek out other options.

If you have been reading my life insurance reviews, I am sure you notice a common thread.

First and foremost, always consult an independent life insurance agent if you want the best possible prices. They know the ins and outs of the top life insurance companies in Canada.

James Heidebrecht RBC Life Insurance

Compare RBC Insurance Quotes with Other Life Insurance Companies Before You Decide

Even if you have a VERY complicated situation, brokers can shop your circumstances out to different companies to see what an outcome may be BEFORE you apply formally.

If you are thinking about purchasing an RBC life insurance policy, you’re not alone. They’re an excellent company but are the best insurer for YOU? Let’s find out.

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