RBC Disability Insurance Review: Is It Right For You?

Long-term disability insurance is a powerful tool for assuring that your and your family’s financial future will be secure.

If an illness or injury were to prevent you from working for an extended period or permanently, an individual LTD insurance policy can make a big difference. Long-term disability policies in Canada may replace up to 85% of your previous monthly income, more than enough to keep your mortgage paid and family secure while you concentrate on getting better. 

This page breaks down RBC’s disability insurance products. See our review, 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 disability insurance offerings.

Why sign up for RBC disability insurance?

A LTD policy from RBC will:

  • Provide a monthly income for you and allow you support your lifestyle financially in the event illness or injury prevents you from working in the future.
  • Give you the means to keep paying your mortgage.
  • Pay for day-to-day expenses.
  • Protect your savings and those of your household.

RBC provides multiple disability insurance products. An insurance broker or RBC advisor can help you to pick coverage that fits your needs and profile.

To compare RBC's offer with other disability insurance plans in Ontario, British Columbia, Alberta and beyond, shop around using our free online comparison tool below:

Get a free disability insurance quote

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Our RBC disability review:

RBC is a major insurance provider in Canada, but not every plan is perfect for everyone. Here is what we like about RBC’s disability insurance offer and what to keep in mind as you compare coverage options.

Pros of RBC disability insurance:

Reputation - one of Canada's top insurance companies
A wide range of disability insurance plans
Monthly disability benefits of up to $25 000, higher than many competitors
Injury-only plans available no medical exam
Step rate premiums for those starting their careers.
Waiver of premium option available on some plans
Return to work assistance

Cons of RBC life insurance:

Online quotes only available for RBC Simplified Disability Plans. Otherwise a conversation with an advisor is necessary.
Quantity of disability insurance offers makes shopping confusing

Good to know

Disability insurance can be a confusing topic since it includes public programs and private insurers who provide short-term and long-term coverage. Need some help? Our guide to disability insurance has you covered.

What disability insurance plans does RBC offer?

RBC offers a range of disability insurance tailored to different kinds of workers, different budgets and needs. Notable plans include:

  • Simplified Disability - This plan provides up to a $1500 monthly disability benefit (the maximum is up to 75% of your previous monthly income). It requires no medical exam and is designed for self-employed and part-time workers making it easy to qualify for, even by people who may not be eligible for traditional disability insurance products. Plans provide coverage for only injury or both injury and illness.
     - The Bridge Series - This plan can provide up to a $25 000 monthly disability benefit (occupational class 4A workers under age 55). It is an affordable option designed for small business owners, middle income workers and farmers. 
  • Quantum - This plan can also provide up to a $25 000 monthly disability benefit (occupational class 4A workers under age 55). It is a good option for high-income earners including executives, medical professionals and lawyers. It kicks in injury or illness cause you to lose 20% or more of your income.
  • The Fundamental Series - This plan can provide up to a $6000 monthly disability benefit. It is designed for self-employed, contract, seasonal, retail, farm construction and trades workers. Options are available with no medical exam for injury-only coverage. Illness coverage requires a short application. Injury coverage can be extended until age 75. 
  • The Foundation Series - This plan can also provide up to a $25 000 monthly disability benefit (occupational class 4A workers under age 55). It is non-cancellable and designed for small business owners, tradespeople, farmers and middle income earners. 
  • The Professional Series - This non-cancellable plan can provide up to a $25 000 monthly disability benefit (occupational class 4A workers under age 55). It’s a good option for high-income earners. Policyholders can benefit from step-up premiums when they are starting off their careers.

For more on RBC's disability insurance see the pdf below.

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How do I apply for RBC insurance?

You can apply for RBC disability insurance by calling 1-866-262-7920 or request a call from an advisor through their website. You can also apply for an injury-only coverage through RBC Simplified Disability online.

You may compare disability insurance offers on HelloSafe's website to be put in contact with an disability insurance expert.

Get a free disability insurance quote

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How much does RBC disability insurance cost?

Unfortunately, it is difficult to provide a price range for RBC disability insurance. Disability insurance pricing varies widely based on the following factors

  • Age
  • Health
  • Occupation
  • The amount of disability coverage desired
  • The waiting period you choose

For general information, the table below summarizes the average price of disability insurance with a 90-day waiting period for various ages and coverage amounts. This is meant solely to provide a rough indication before speaking with an advisor and your pricing will vary.

Age of policyholderMonthly benefit desiredApproximate monthly price
20$2000$19
20$4000$39
30 $2000$24
30$4000$48
40 $2000$50
40$4000$102
50$2000$62
50$4000$126
Estimate of RBC disability insurance prices

Ready to get real quotes on a disability insurance plan that works for you?

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How do I contact RBC’s life insurance?

Need to reach RBC because of a policy question, claims request or to inquire about a policy? Here's how:

Contact RBC's customer service line at 1-866-262-7920 to speak with an agent anytime from 8am - 8pm (Monday - Friday)