Who has the best critical illness insurance? RBC reviewed

Great critical illness insurance is an incredible asset if the worst happens. Not only can a heart attack, stroke or cancer diagnosis sideline you from working, but the financial aspect can be a difficult weight to bear alone.

Have you ever thought about how you would provide for yourself and your dependents if you were to get ill? Whereas disability insurance can provide you with a monthly income when you are stopped from working, critical illness insurance can provide a large lump sum payment to defray the immediate costs of medical care and lifestyle changes.

Critical illness insurance comes in a wide range of coverage types and benefit amounts, so it is not always easy to pick the best one for you. 
Are you wondering if RBC’s critical illness insurance is right for you? This page explores their offer in detail. Get our RBC review, a breakdown of available coverage options and much more.

Who is RBC?

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 counts over 5 million customers. 

This page explores RBC’s critical illness insurance offerings.

Why sign up for RBC critical illness insurance?

Critical illness insurance from RBC or another provider give 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 not covered under a different policy
  • Transportation to see specialists
  • Chair lifts or ramps at home
  • Therapy and counseling
  • Retrofitting vehicles for accessibility

Beside 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.

Our review of RBC:

RBC is a major critical illness insurance provider in Canada, but not all clients have the same needs or situation. Here is what we like about RBC’s critical illness insurance offer and some considerations to weigh as you shop for coverage options.

Pros of RBC critical illness insurance:

Reputation - one of Canada's top insurance companies
Multiple critical illness coverage plans
Up to $2 million benefits
More than 30 covered illnesses and conditions (Critical Illness Recovery Plan)
Flexiblity setting terms and premiums
Can convert plan to long-tern 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

Get free quotes and choose a RBC critical illness insurance policy. Our expert can help you find the right coverage that fits the needs of you and your family.

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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.

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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 below.

Good to know

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 this below to be put in contact with an expert.

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How much does RBC critical illness insurance cost?

Unfortunately, it is difficult to provide an accurate price range for RBC critical illness Insurance. 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.

AgePrice per month
Under 25$7
51 to 55$27
56 to 60$44
61 to 65$56
Example critical illness quotes by age

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.

How do I contact RBC?

Contact RBC on 1-888-821-3391 to speak with an agent anytime from 8AM - 8PM (Monday - Friday), 8AM- 6PM (Saturday)
RBC's mailing address is :
RBC insurance
6880 Financial Drive
Mississauga, ON
L5N 7Y5