RBC Disability Insurance review 2024, contact + quotes
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Disability insurance is a crucial safeguard for your financial stability, providing peace of mind in the event of unexpected illness or injury that prevents you from working.
RBC, as one of Canada's premier insurance providers, offers an array of RBC disability insurance plans designed to meet the diverse needs of individuals and families, with plans starting from as little as $10.50 a month. But is it the right choice for you? Read on!
In this review, we take you through the most comprehensive plans offered under RBC disability insurance, their coverage, eligibility, pros, cons, and more. Use our free comparator to get quotes from RBC and other top providers in Canada to find a plan that truly fits you.
RBC disability insurance: 5 key takeaways
- Covers up to 85% of your monthly income for disabilities.
- Offers both injury-only and comprehensive injury and illness plans.
- Step rate premiums ideal for early-career professionals.
- Includes return-to-work assistance for easier transition.
- No medical exam is required for injury-only coverage.
Our RBC disability insurance review of 2024
RBC Disability Insurance stands out for its extensive coverage options, catering to a wide audience from high-income professionals to self-employed individuals.
The insurance giant offers up to $25,000 in monthly benefits, which is notably higher than many competitors, providing a solid financial safety net. With plans that require no medical exams for injury-only coverage and feature step rate premiums for those at the outset of their careers, RBC tailors its offerings to diverse needs.
Its return-to-work assistance further exemplifies RBC's commitment to policyholder support, making it a top choice for Canadians seeking reliable disability coverage. If you think RBC is the right choice for you, you can get a personalized quote right now.
Pros of RBC disability insurance
- Recognized as one of Canada's leading insurance companies.
- Offers a broad spectrum of disability insurance plans.
- Provides monthly disability benefits up to $25,000, exceeding many competitors as also mentioned in many RBC disability insurance reviews
- Availability of injury-only plans without requiring a medical exam.
- Features step rate premiums beneficial for individuals starting their careers.
- Includes a waiver of the premium option in select plans.
- Supports policyholders with return-to-work assistance.
Cons of RBC disability insurance
- Online RBC disability insurance quotes are available only for Simplified Disability Plans.
- Contacting an advisor is necessary for other plans.
We recommend that you compare RBC disability insurance plans with other providers so you're sure you have a plan that meets all your needs. You can do it right here using our free comparator tool below. Compare multiple plans and get free quotes right here.
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Who offers RBC disability 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.
This page explores RBC’s disability insurance offerings, primarily its Quantum®, The Professional Series®, and The Bridge Series® plans.
Why sign up for RBC disability insurance?
A disability policy from RBC will:
- Provide a monthly income for you and allow you to 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 pick the coverage that fits your needs and profile.
Good to know
Disability insurance is offered in two formats: Short-term and long-term. Read our extensive guides to know everything about short-term disability insurance and long-term disability insurance coverage in Canada. Get personal quotes in no time using our free comparator.
You can get a quote from RBC by clicking the button below. Explore the best options and get a plan that's tailormade to suit your unique needs and budget.
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
Do you have public disability insurance in Canada?
Yes, Canada has public disability insurance, which includes Employment Insurance (EI) sickness benefits. This program offers temporary financial assistance to individuals who cannot work due to illness, injury, or quarantine, complementing other public disability support like the Canada Pension Plan Disability Benefit. Read our complete guide on EI Benefits in Canada to understand how to apply, eligibility, coverage period, and more.
What does RBC disability insurance cover?
RBC offers a range of disability insurance plans with varying coverage levels and options tailored to different kinds of workers, different budgets, and needs. Here are the top plans:
Quantum®
Target Audience: High-income earners such as business owners, executives, lawyers, accountants, and fee-for-service professionals seeking comprehensive disability coverage. This plan is also the best RBC disability insurance for doctors.
Key Features:
- Income Protection: Offers benefits for partial loss of income due to injury or illness that results in a 20% or more loss of earnings.
- Benefit Periods: Options for two years, five years, or until age 65.
- Return to Work Assistance: Provides services to support returning to work.
- Integration of Benefits: Coordinates with other income sources during disability, adjusting benefits if necessary.
- Optional Coverage: Includes family compassionate care, long-term care conversion, and retirement protector riders, among others.
- Eligibility: Ages 18-60, Canadian citizens, and permanent residents.
- Premium Options: Level and step rate (for ages 18-35), with a waiver during disability after 90 days.
Take a look at the PDF below for the full list of benefits and policy details.
The Bridge Series®
Target Audience: Small business owners, managers, tradespeople, farmers, and middle-income earners looking for affordable and flexible coverage.
Key Features:
- Total Disability Benefits: Provides monthly benefits if illness or injury prevents working.
- Return to Work Assistance: Similar to Quantum®, with services to aid in returning to work.
- Guaranteed Renewable: Policy remains unchanged without your consent until age 65.
- Medical Confidence™ Service: Offers faster access to care and treatment.
- Optional Coverage: Includes compassionate care, regular occupation extension, partial and long-term partial disability benefits, and more.
- Eligibility: Similar to Quantum®, with considerations for part-time workers and new business owners.
- Premiums: Level premiums, waived during disability.
The Professional Series®
Target Audience: High-income professionals needing superior income protection and tailored benefits.
Key Features of RBC disability insurance Professional Series®:
- Comprehensive Disability Benefits: Covers total, partial, and residual disabilities with benefits tailored to professional roles.
- Non-Cancellable: Premiums and policy terms remain constant until age 65.
- Recovery Benefit: Supports initial return to full-time work with a portion of monthly benefits.
- Long-Term Care Conversion Option: Allows conversion of coverage to long-term care insurance without proof of good health.
- Optional Coverage: Broad range, including health care profession rider, future income option, and retirement protector rider.
- Eligibility and Premiums: Similar to other series, with level and step rate premium options.
If you're convinced RBC is the right choice for you, look no further. You can get a quote from RBC so you can find a plan that suits you best.
A quick look at other disability plans offered by RBC
- RBC Simplified® Disability Insurance: This plan offers an accessible and affordable way to secure disability coverage, starting from as low as $10.50 a month for injury-only protection. Designed specifically for self-employed individuals and part-time workers, this plan can provide up to $1,500 in monthly benefits, which can amount to as much as 75% of your prior monthly income. With no medical exam required, eligibility is straightforward—applicants only need to answer a few basic questions.
- 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.
- Retirement Protector: The Retirement Protector policy from RBC is designed to ensure continuous contributions to your Retirement Savings Plan (RSP) in the event of a total disability, making it an essential add-on for those without a company pension and are actively contributing to an RSP. This policy, which is non-cancellable and guaranteed until age 65, offers benefits ranging from $300 to $1,500 per month for either 10 years or until age 65, depending on your occupation.
Good to know
If you're self-employed and looking for a plan tailor-made for your needs, read our complete guide on disability insurance for self-employed.
How do I apply for RBC disability insurance?
You can start your RBC disability insurance application by calling 1-877-626-4209 or requesting a call from an advisor through their website. You can also apply for injury-only coverage through RBC Simplified Disability online. The process will essentially involve filling up an RBC disability insurance application form and answering questions on your needs, coverage, and other relevant information.
You can also use our free comparator tool below to get quotes from RBC disability insurance and other popular providers right here. Just click the button below and enter some basic information, and voila, get free quotes.
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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 policyholder | Monthly benefit desired | Approximate 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 |
Heard of long-term disability lawyers?
In Canada, approximately 60% of long-term disability claims face rejection, frequently even those that are valid, commonly due to the perceived insufficient severity of the disability. Insurers may also count on the likelihood that many claimants won't challenge these decisions. This is where disability insurance lawyers become indispensable, providing essential assistance in contesting and reversing these denials. Taking a look at our comprehensive guide on long-term disability lawyers, covering their functions, selection, and fees, can provide valuable insights.
How do I contact RBC disability insurance?
To get in touch with an advisor, you have two convenient RBC disability insurance contact options:
- Online Quote: Visit the website and access the "Get a Quote" section (Only for RBC Simplified Disability). You'll be prompted to enter some basic contact information, including your first name, last name, postal code, phone number, and email address. Additionally, you can specify the best time for a call, ensuring an RBC Health Insurance advisor contacts you at your convenience within 2 business days.
- Speak to an Advisor: For personalized assistance, call RBC Health Insurance directly at 1-877-626-4209. Alternatively, you can request an advisor to call you by providing your contact details online and choosing a preferred time for the call.
How to file an RBC disability insurance claim?
Processing of RBC disability insurance claims is quite straightforward. Here are a few steps that you must typically follow, however, it is advised to check with your advisor.
- Notify RBC Insurance: Contact them via customer service, their website, or your insurance advisor to initiate your claim and receive instructions and necessary forms.
- Complete and Submit Forms: Fill out the claimant’s statement and have your attending physician complete a medical form about your condition. Gather any required supporting medical documentation.
- Claim Review: RBC Insurance will assess your claim, which may include requests for additional information or medical assessments to determine eligibility.
- Decision and Benefits: Once reviewed, you'll be informed about the decision. If approved, you will receive details on your benefits and start receiving payments as per your policy terms.
