RBC Critical Illness Insurance Review 2024
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Discover the methodologyRBC Critical Illness Insurance, offered by the insurance arm of the Royal Bank of Canada, provides financial protection in the face of serious health diagnoses.
With coverage for up to 30 critical illnesses, it offers a comprehensive safety net for medical expenses and lifestyle adjustments for you and your family during challenging circumstances. But, is it the right choice for you? Read our review to find out more.
In this article, we take you through RBC critical illness insurance, what it offers, the pros and cons, and everything else you need to know. Use our free comparator to compare critical illness insurance plans from the best providers, get personalized quotes, and decide if RBC is truly the best fit for you.
RBC Critical Illness Insurance: Key takeaways
- Renowned as a top Canadian insurance provider.
- Offers plans covering up to 30 critical illnesses.
- Allows customization of terms and premiums for flexibility.
- Provides benefits up to $2 million.
- Convertible to long-term care insurance for added security.
Our 2024 review of RBC critical illness insurance
RBC critical illness insurance stands out for its solid reputation, extensive coverage options, and flexibility. With plans catering to various needs, including a budget-friendly option covering three critical illnesses and a comprehensive plan covering up to 30 conditions with benefits up to $2 million, RBC ensures a versatile offering.
The ability to convert to long-term care insurance and features like Return of Premium on Death and Disability Waiver of Premium add valuable layers of protection. This insurance is best for individuals seeking a reputable provider with diverse coverage options but may not be suitable for those looking for online purchase options or basic coverage after the age of 50.
If you want to quickly compare how RBC fares against coverage offered by other reputable critical insurance providers in Canada, you can do it right here. Use our free comparator below to compare multiple providers, and coverage, and get free personalized quotes in no time.
Find a critical illness insurance policy that's right for you
Pros of RBC critical illness insurance
- Reputation - one of Canada's top insurance companies
- Multiple critical illness coverage plans
- Up to $2 million in benefits
- More than 30 covered illnesses and conditions (Critical Illness Recovery Plan)
- Flexibility in setting terms and premiums
- Can convert plan to long-term care insurance plan
- Return of Premium on Death benefit
- Disability Waiver of Premium benefit
Cons of RBC critical illness insurance
- Online purchase unavailable
- Basic Critical Illness Insurance Plan only covers 3 conditions
- Basic Critical Illness Insurance Plan unavailable after 50
Who offers RBC critical illness insurance?
RBC Insurance is the insurance arm of Royal Bank of Canada, Canada's largest bank. They offer a wide range of insurance products which includes life, auto, travel, home, and health insurance. Insurance products are available for both individuals and groups.
The Royal Bank of Canada was founded in 1864 in Halifax, Nova Scotia. It has been offering insurance products to the Canadian market since the 1960s and has over 5 million customers. RBC critical illness insurance is provided by RBC Insurance and therefore comes with a solid reputation and brand value.
Why should you get RBC critical illness insurance?
Before you explore further, you may ask, "Is critical illness insurance worth it?". Critical illness insurance from RBC or another provider gives you a powerful financial safety net should you contract a critical illness or condition. A serious diagnosis is likely to affect your ability to work while engendering serious expenses. These include:
- Medical costs and specialists that are not covered under a different policy
- Transportation to see specialists
- Chair lifts or ramps at home
- Therapy and counseling
- Retrofitting vehicles for accessibility
Besides these additional costs, you still need a plan for continuing to pay your rent or mortgage, child care, groceries, and other day-to-day living expenses. The flexibility of the large lump-sum benefit from critical illness insurance means that you'll have the ability to cover these bills as you see fit. You can take care of yourself and your family while focusing on recovery.
How much does RBC critical illness insurance cost?
Unfortunately, it is difficult to provide an accurate price range for RBC critical illness Insurance as it is based on individual situations. Pricing varies widely based on the following factors:
- Age
- Pre-existing conditions
- General Health
- Smoking status
- The amount of coverage desired
For general information, the table below summarizes the average price of critical illness insurance for various ages with a $25,000 benefit for the average provider. This is meant solely to provide a rough indication. Speak with an advisor for an exact RBC critical illness insurance quote.
| Age | Price per month |
|---|---|
| Under 25 | $7 |
| 51 to 55 | $27 |
| 56 to 60 | $44 |
| 61 to 65 | $56 |
Good to know
Need help deciding how much coverage to buy from RBC? Our critical illness insurance calculator can help you make an informed decision.
Therefore, you must get personalized quotes for critical illness insurance products. It is important to not just get quotes but also compare providers before buying a plan. You can do it right here using our free comparator below. Compare multiple critical illness insurance plans and get free personalized quotes in a few moments.
Find a critical illness insurance policy that's right for you
What critical illness insurance plans does RBC offer?
RBC critical illness insurance is available under two types of plans:
- Critical Illness Insurance Plan: This budget-friendly plan covers 3 critical illnesses: cancer, heart attack and stroke. It is available for those between 18 to 50 years old. Benefits of up to $75,000 are available.
- Critical Illness Recovery Plan: This comprehensive plan covers 30 illnesses. Benefits of up to $2 million are available. Coverage is customizable to match your needs with flexible term options.
For more on RBC's critical illness insurance offer see the pdf below.
What illnesses and conditions qualify for RBC critical illness insurance?
The following illnesses and conditions may qualify a RBC policyholder for critical illness benefits.
- Aortic Surgery
- Aplastic Anemia
- Bacterial Meningitis
- Benign Brain Tumour
- Blindness
- Cancer (Life Threatening)
- Coma
- Coronary Artery Bypass Surgery
- Deafness
- Dementia including Alzheimer’s Disease
- Heart Attack
- Heart Valve Replacement or Repair
- Kidney Failure
- Loss of Independent Existence
- Loss of Limbs
- Loss of Speech
- Major Organ Failure on Waiting List
- Major Organ Transplant
- Motor Neuron Disease
- Multiple Sclerosis
- Occupational HIV Infection
- Paralysis
- Parkinson’s Disease and Specified Atypical Parkinsonian Disorders
- Severe Burns
- Stroke
Additionally, the following qualifies for early assistance benefits:
- Early Breast Cancer
- Early Prostate Cancer
- Early Skin Cancer
- Early Stage Blood Cancer
- Early Stage Intestinal Cancer
- Early Thyroid Cancer
Be aware that plans may cover fewer conditions than those listed above.
Good to know
Be it OMA Critical Illness Insurance, Manulife, or RBC, different insurers have different criteria for determining the severity of an illness or condition and whether it qualifies. If you have questions, it's best to refer to the policy documents and speak with your insurance broker or RBC advisor.
How do I apply for RBC insurance?
You can apply for RBC critical illness insurance by calling 1-888-855-4921. Alternatively, you may request to have an advisor call you on the RBC Insurance website.
Before settling on an offer with RBC it's smart to compare critical illness insurance quotes from other providers. You can do it right here using our comparator below. Compare the best critical illness insurance plans in Canada, and get personalized quotes based on your unique needs and budget by clicking the button below.
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How do I contact RBC?
Contact RBC at 1-888-821-3391 to speak with an agent anytime from 8 AM - 8 PM (Monday - Friday), 8 AM- 6 PM (Saturday)
RBC's mailing address is RBC Insurance, 6880 Financial Drive, Mississauga, ON, L5N 7Y5
