RBC's Critical Illness Insurance: A 2025 Review
Our expert's opinion on RBC
RBC's critical illness insurance offers a tale of two distinct plans, earning a moderate rating for its flexible but segmented approach to coverage, benefits, and optional riders, with both plans requiring a 30-day survival period post-diagnosis and a 90-day waiting period before cancer claims are accepted. The survival period is the mandatory time an insured must live after a diagnosis to qualify for the benefit, while the waiting period is the initial time after policy activation during which cancer claims are not covered. Positioned against competitors who often provide more comprehensive coverage as standard, RBC’s strength lies in offering both a bare-bones, budget-friendly plan and a feature-rich premium alternative, rather than a single, market-leading product.
This dual structure makes RBC's offering best suited for young individuals aged 18-50 seeking affordable protection for the most common illnesses, or professionals up to age 65 requiring extensive, high-value coverage with more customization.
While specific financial strength ratings for the insurance arm are not available, its parent company is a cornerstone of Canada's financial sector; however, public customer satisfaction scores for RBC as a whole are notably poor at 1.3/5 on Trustpilot from over 250 reviews. Policyholder service highlights include access to Teladoc Medical Experts and “The Healing Journey” support program, adding significant non-financial value to both plans.
- ✅Two distinct plan options
- ✅Wide benefit range up to $2,000,000
- ✅Comprehensive coverage on premium plan
- ✅Early Assistance Benefit for minor conditions
- ✅Valuable included medical support services
- ✅Optional long-term care conversion
- ✅Return of premium rider available
- ❌30-day survival period required
- ❌90-day waiting period for cancer coverage
- ❌Extremely poor public customer service reviews
- ❌Basic plan covers only 3 conditions
- ❌Standard exclusions for self-harm or criminal acts
Our expert's opinion on RBC
- ✅Two distinct plan options
- ✅Wide benefit range up to $2,000,000
- ✅Comprehensive coverage on premium plan
- ✅Early Assistance Benefit for minor conditions
- ✅Valuable included medical support services
- ✅Optional long-term care conversion
- ✅Return of premium rider available
- ❌30-day survival period required
- ❌90-day waiting period for cancer coverage
- ❌Extremely poor public customer service reviews
- ❌Basic plan covers only 3 conditions
- ❌Standard exclusions for self-harm or criminal acts
Score- ✅Two distinct plan options
- ✅Wide benefit range up to $2,000,000
- ✅Comprehensive coverage on premium plan
- ✅Early Assistance Benefit for minor conditions
- ✅Valuable included medical support services
- ✅Optional long-term care conversion
- ✅Return of premium rider available
Why trust HelloSafe?
At HelloSafe, our critical illness insurance experts review the terms and pricing of insurance policies on the market every year to provide you with a reliable and unbiased analysis. Thanks to this rigorous approach, hundreds of thousands of users in Canada trust us each month to guide them in their most important financial decisions.
RBC Critical Illness Insurance Guarantees
RBC provides two distinct critical illness plans, offering a tax-free lump-sum benefit from $10,000 up to $2,000,000 for major conditions like cancer, heart attack, and stroke, with a separate partial benefit for specified early-stage illnesses.
To qualify for the payout, you must survive for 30 days following the diagnosis, and a 90-day waiting period applies to all cancer-related claims after the policy's effective date.
The basic plan is guaranteed renewable every 10 years until age 65, ensuring continuous coverage without new medical underwriting, though there is no option for indexation to protect the benefit amount from inflation.
| Feature | Details |
|---|---|
| 🎯 Coverage scope | Up to 3 critical illnesses (basic plan) or over 30 (comprehensive plan), plus several early-stage conditions. |
| 💲 Benefit amounts | $10,000 to $75,000 (basic plan) or up to $2,000,000 (comprehensive plan). |
| ⏱️ Waiting period | 90-day waiting period for any cancer-related diagnosis after policy activation. |
| ⌛ Survival period | 30 days for all covered critical illnesses. |
| 🔒 Guaranteed renewability | Yes, the basic plan renews every 10 years until age 65. Comprehensive plan details not specified. |
| 📈 Indexation | ❌ |
How much does RBC critical illness insurance cost?
RBC calculates critical illness insurance premiums using a personalized risk assessment, ensuring the price aligns with your individual profile.
Key factors influencing the cost include your age, health status, smoking habits, and the desired coverage amount, with the final lump-sum benefit being paid out completely tax-free under Canadian law.
- Age: Premiums increase with age, as the likelihood of a critical illness diagnosis rises.
- Health status: Your medical history is evaluated; pre-existing conditions may lead to a rated (surprime) policy with higher costs.
- Smoker status: Smokers face significantly higher premiums, often paying 50-100% more than non-smokers for the same coverage.
- Coverage amount: The premium is directly tied to the benefit amount; a larger sum insured results in a higher premium.
- Policy term: The basic plan's premium is fixed for 10 years and increases at each renewal, reflecting the higher risk at an older age.
Below are sample monthly premiums for the RBC Critical Illness Recovery Plan™:
| Profile | Coverage amount | Non-smoker premium | Smoker premium |
|---|---|---|---|
| 30 years old, healthy | $100,000 | $42 / month | $75 / month |
| 45 years old, pre-existing condition | $100,000 | $185 / month (rated) | $320 / month (rated) |
| 55 years old, healthy | $100,000 | $255 / month | $485 / month |
Optional Riders for RBC Critical Illness Insurance
RBC enhances its critical illness policies with a mix of optional riders for financial protection and integrated services for health support, allowing you to tailor coverage to your specific needs.
- Return of Premium on Death Rider: Available for both plans, this rider ensures that if you pass away while the policy is active without making a critical illness claim, all premiums paid will be refunded to your designated beneficiary or estate.
- Disability Waiver of Premium Rider: Exclusive to the Critical Illness Recovery Plan™, this option waives your future premium payments after you have been totally disabled for a continuous period of 90 days, helping you maintain coverage when you cannot work.
- Long-Term Care Conversion Rider: This feature, available on the Critical Illness Recovery Plan™, gives you the valuable option to convert your critical illness policy into a long-term care insurance plan between the ages of 55 and 65, without new medical underwriting.
- Early Assistance Benefit: Integrated into both policies, this benefit provides a one-time payment of 10% of your coverage amount (up to $50,000 on the Recovery Plan) upon diagnosis of a covered early-stage condition, without reducing your main critical illness benefit.
- Teladoc Medical Experts Service: This complimentary service, included with both plans, offers you and your immediate family access to a network of global medical experts who can provide a second opinion on your diagnosis and treatment plan.
- "The Healing Journey" Program: Included with all policies, this program provides valuable support and resources to help you and your family cope with the emotional and mental stress that often accompanies a critical illness diagnosis.
- Medical Confidence™ Service: Provided with the Critical Illness Insurance Plan, this unique service offers one-on-one support from a dedicated nurse to help you navigate the healthcare system and gain faster access to specialists.
- Underwriting & Eligibility: Policy eligibility is determined by an assessment of your age and health, where high-risk applicants may have specific conditions excluded by an endorsement, ensuring coverage is tailored to your individual risk profile.
What Exclusions Apply to RBC Critical Illness Insurance?
To ensure coverage is clear and transparent, RBC’s critical illness policies outline specific situations where a benefit will not be paid.
- Survival period: You must survive for 30 days following the diagnosis of a covered condition to receive the benefit.
- Cancer waiting period: No benefit is paid for cancer if signs or symptoms appear within 90 days of the policy start date.
- Self-inflicted harm: No benefit is paid if the critical illness results from a suicide attempt or intentional self-injury.
- Criminal acts: Coverage is void if the illness results from the policyholder committing or attempting a criminal offence.
- Substance abuse: Claims are denied if the condition results from intoxication or the abuse of drugs or alcohol.
- Specifically excluded conditions: No benefit is paid for a condition that was specifically excluded by name in your policy contract.
- Policy termination: The basic plan provides coverage that automatically renews but ultimately expires at the age of 65.
How to Contact RBC and Access Ancillary Services?
| Detail | Information |
|---|---|
| 🏢 Head office address | RBC Life Insurance Company, P.O. Box 515, Station A, Mississauga, ON, L5A 4M3 |
| 📞 Phone | 1-888-604-3434 (Policy Inquiries); 1-877-519-9501 (Claims) |
| ✉️ Email | intake@rbc.com (Claims); feedback@rbcinsurance.com (Complaints) |
| 🌐 Website | www.rbcinsurance.com |
| 💬 Live chat | Not specified in the provided documents. |
| 📱 Social media | Not specified for critical illness inquiries. |
| ⏰ Operating hours | Not specified in the provided documents. |
In addition to financial benefits, RBC provides policyholders with valuable support services to assist during their recovery:
- Teladoc Medical Experts: This service provides access to a global network of specialists who can review your medical files to offer a second opinion on your diagnosis and treatment plan.
- The Healing Journey Program: Included with both plans, this program offers resources and support to help you and your family cope with the stress and anxiety of a critical illness.
- Medical Confidence™ Service: This service, included with the Critical Illness Insurance Plan, provides one-on-one support from a nurse to help you navigate the healthcare system more efficiently.
FAQ
What conditions are covered and what is the benefit amount?
RBC offers two main plans. The Critical Illness Insurance Plan covers three core conditions (cancer, heart attack, stroke) with fixed benefit amounts from $10,000 to $75,000. The more comprehensive Critical Illness Recovery Plan™ covers over 30 conditions, with benefit amounts ranging from $25,000 up to $2,000,000. Both plans also include an Early Assistance Benefit for certain non-life-threatening conditions.
What are the waiting and survival periods for this policy?
To be eligible for a benefit payment, you must survive for a period of 30 days following the date of your diagnosis of a covered critical illness. Additionally, there is a specific 90-day waiting period for cancer coverage that begins on your policy's effective date. No benefit will be paid for cancer if signs, symptoms, or investigations leading to a diagnosis occur within this initial 90-day period.
How can I add optional riders to my policy?
Optional riders, such as the Return of Premium on Death or the Disability Waiver of Premium, are typically selected and added to your policy at the time of your initial application. If you wish to inquire about adding a rider to an existing policy, you should contact RBC's customer service directly. They can advise if any changes are possible, though this may require additional underwriting.
How are my premiums calculated, and how does smoking affect them?
Your premium is calculated based on several factors, including your age, gender, health, and medical history, as well as the plan type, coverage amount, and any optional riders you select. Smoking status has a significant impact, with smokers paying higher premiums due to the statistically higher risk of developing critical illnesses like cancer, heart attack, and stroke. It is crucial to be honest about your smoking habits on your application to ensure your policy remains valid.
What is the process for submitting a claim?
To submit a claim, you must first contact RBC Insurance by phone or email to notify them of your diagnosis. They will then provide you with the necessary claim forms, which you must complete and return along with a statement from your physician and any supporting medical documentation. Once all documents are received, RBC will assess your claim and communicate their decision.
Can I make changes to my policy after it has been issued?
If you wish to make changes to your policy, such as increasing or decreasing your benefit amount, you should contact RBC's customer service team. Decreasing your coverage may be straightforward, but any request to increase your benefit will likely require new medical underwriting to assess your current health status. It is always best to discuss your needs with an advisor to understand your options.
What happens if I want to cancel my policy?
You can cancel your policy at any time by contacting RBC. If you cancel within the first 10 days of receiving your policy contract (the "free look" period), you will receive a full refund of any premiums paid. If you cancel after this period, there is typically no refund for term-based critical illness policies, as they do not accumulate a cash surrender value.
Are there any online tools to manage my policy?
Policy management is primarily handled through direct contact with RBC's customer service representatives via phone or mail. While many financial institutions offer digital portals, specific online capabilities for managing your critical illness policy were not detailed in the available documents. For the most accurate information on digital self-service options, it is best to contact RBC directly.
What conditions are covered and what is the benefit amount?
RBC offers two main plans. The Critical Illness Insurance Plan covers three core conditions (cancer, heart attack, stroke) with fixed benefit amounts from $10,000 to $75,000. The more comprehensive Critical Illness Recovery Plan™ covers over 30 conditions, with benefit amounts ranging from $25,000 up to $2,000,000. Both plans also include an Early Assistance Benefit for certain non-life-threatening conditions.
What are the waiting and survival periods for this policy?
To be eligible for a benefit payment, you must survive for a period of 30 days following the date of your diagnosis of a covered critical illness. Additionally, there is a specific 90-day waiting period for cancer coverage that begins on your policy's effective date. No benefit will be paid for cancer if signs, symptoms, or investigations leading to a diagnosis occur within this initial 90-day period.
How can I add optional riders to my policy?
Optional riders, such as the Return of Premium on Death or the Disability Waiver of Premium, are typically selected and added to your policy at the time of your initial application. If you wish to inquire about adding a rider to an existing policy, you should contact RBC's customer service directly. They can advise if any changes are possible, though this may require additional underwriting.
How are my premiums calculated, and how does smoking affect them?
Your premium is calculated based on several factors, including your age, gender, health, and medical history, as well as the plan type, coverage amount, and any optional riders you select. Smoking status has a significant impact, with smokers paying higher premiums due to the statistically higher risk of developing critical illnesses like cancer, heart attack, and stroke. It is crucial to be honest about your smoking habits on your application to ensure your policy remains valid.
What is the process for submitting a claim?
To submit a claim, you must first contact RBC Insurance by phone or email to notify them of your diagnosis. They will then provide you with the necessary claim forms, which you must complete and return along with a statement from your physician and any supporting medical documentation. Once all documents are received, RBC will assess your claim and communicate their decision.
Can I make changes to my policy after it has been issued?
If you wish to make changes to your policy, such as increasing or decreasing your benefit amount, you should contact RBC's customer service team. Decreasing your coverage may be straightforward, but any request to increase your benefit will likely require new medical underwriting to assess your current health status. It is always best to discuss your needs with an advisor to understand your options.
What happens if I want to cancel my policy?
You can cancel your policy at any time by contacting RBC. If you cancel within the first 10 days of receiving your policy contract (the "free look" period), you will receive a full refund of any premiums paid. If you cancel after this period, there is typically no refund for term-based critical illness policies, as they do not accumulate a cash surrender value.
Are there any online tools to manage my policy?
Policy management is primarily handled through direct contact with RBC's customer service representatives via phone or mail. While many financial institutions offer digital portals, specific online capabilities for managing your critical illness policy were not detailed in the available documents. For the most accurate information on digital self-service options, it is best to contact RBC directly.
On the same topic
