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The first rule of saving money is to shop around for the best price. Make sure you’re not overpaying for life insurance by comparing insurance providers before you settle on one. LowestRates.ca makes comparing multiple life insurance companies a snap. We don’t sell insurance — we’re completely independent — but we can show you which insurer is offering the lowest price. Just select your province and in 3 minutes we’ll show you rates from Canada’s big banks and independent lenders. Best of all? It’s free.
You’re probably most familiar with RBC Insurance’s parent company, the Royal Bank of Canada.
Now the country’s largest bank, the Royal Bank of Canada was founded in 1864 in Halifax, N.S.
The bank’s insurance arm launched in the 1990s. Policies from RBC are underwritten by Aviva Insurance.
Headquartered in Mississauga, Ontario, and servicing over five million Canadians, RBC Insurance is best known for its individual life and health insurance offerings.
It also offers a wide range of other insurance products, including home, auto, and travel.
RBC Insurance offers simplified term life insurance — meaning you don’t need to do a medical exam — with policies worth up to $1-million. Some of its term policies have flexible term lengths.
In 2019, RBC Insurance launched the Family Compassionate Care Rider, which is available in some of its disability insurance plans. This rider enables the insured person to take time off work or work reduced hours in order to care for a terminally ill or injured child or spouse and still receive a monthly benefit.
RBC Insurance offers permanent, term, and universal life insurance policies.
Permanent life insurance covers you for your entire life, has a cash value, and comes with a guarantee that your premiums will never go up. Universal life insurance is a form of permanent life insurance. Term insurance covers you for a set number of years and the price of your premium increases at renewal — essentially, insurance costs less when you’re young and more as you age — however, term insurance is substantially more affordable, making it more popular with Canadian consumers than permanent life insurance.
Permanent insurance
| Policy name | Who’s it for? | Terms | Max. policy value |
|---|---|---|---|
| Guaranteed Acceptance | Canadians between the ages of 40 and 75 who want to leave their loved ones with some extra money and don’t want to submit to a medical exam. | Lifetime coverage. | $40,000 |
| Term 100 | People between the ages of 18 and 85 who have beneficiaries that will need financial help paying taxes on assets left to them (a cottage, for instance). | Lifetime coverage. | $50,000+ |
Term insurance
| Policy name | Who’s it for? | Terms | Max. policy value |
|---|---|---|---|
| RBC Simplified | Those between the ages of 18 and 55 who require $1,000,000 or less in coverage, or those 56 and older who require less than $500,000 in coverage. No medical exam is required. | Between 10 and 40 years, with the option to renew for a second term. | $1,000,000 |
| YourTerm | Those between the ages of 18 and 55 who require $1,000,001 or more in coverage, or those 56 and older who require less than $500,000 in coverage. | Between 10 and 40 years, with the option to renew for a second term. | $25,000,000 |
Universal insurance
| Policy name | Who’s it for? | Terms | Max. policy value |
|---|---|---|---|
| RBC Universal Life | Anyone up to age 85 that wants permanent, lifetime coverage that allows them the option to lower their premiums, as well as the option to earn tax-free interest on some of their premiums. | Lifetime coverage (can’t be cancelled or modified). | Not specified. |
RBC also offers Personal Accident endorsement for RBC customers between the ages of 18 and 69, which can provide supplemental coverage for your family in the event that you or your spouse die in an accident. You don’t need to take a medical or physical exam as part of your application and coverage ranges from $50,000 to $250,000, with monthly premiums starting at $4.75.
As with any life insurance product, everyone’s needs are different and there’s really no one-size-fits-all solution. What’s right for you will depend on your own unique needs and goals.
When selecting an insurance company, it’s important to do your research, ask lots of questions, and compare offerings from different providers.
Here are some reasons to consider RBC for your life insurance needs:
If you’re considering an insurance company, but you’re not sure which one’s right for you, ask a broker for more information.
Before you do that, though, you can learn a lot by simply applying for a life insurance quote.
Making comparisons will give you a better idea of which companies want to insure you: the lower the quote, the more likely it is that you’re a good match for the insurer’s underwriting standards and vice versa.
RBC Insurance also offers a variety of other products, including:
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