Is RBC Life Insurance the best in 2024? Review

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Patrik Shore updated on 24 October 2023

RBC Life Insurance, a division of the Royal Bank of Canada, is among the largest Canadian bank-owned insurers, serving almost 5 million policyholders.

But does the reputation and strength of the company make RBC life insurance a good enough option for you? Let's find out!

In this review, we take you through everything you need to know about RBC life insurance, from its coverage and plans to pros, cons, and costs, so you can decide if it's right for you. You can also compare plans from other providers and get free, personalized quotes in seconds using our comparator tool.

RBC life insurance: 5 key takeaways

  • It offers a diverse selection of products catering to various needs.
  • Applicants can receive RBC Life Insurance quotes and submit applications online.
  • RBC provides coverage options up to $25 million, suitable for individuals seeking substantial protection.
  • While slightly pricier for older age groups, RBC's extensive term and whole-life options make it a strong contender.
  • Compare plans from other providers and get free quotes in seconds using HelloSafe comparator.

Our RBC life insurance review: Best option for comprehensive coverage

RBC Life Insurance Canada is a great solution for individuals who want to choose between multiple options with high coverage amounts. With a maximum death benefit available of up to $25,000,000 and extensive RBC term life insurance and RBC whole life insurance solutions, the reputed Canadian company ticks most boxes making finding your solution easy.

While RBC Insurance’s premiums are cost-effective for many age brackets it does seem a little bit more expensive for individuals 40+ when compared to a few competitors. However, due to the plethora of options available, the policies from the company would be considered one of the best options for most Canadian residents.

Who is RBC life insurance?

RBC Insurance is a branch of the Royal Bank of Canada which deals specifically with insurance. Founded in 1960 and headquartered in Toronto, Ontario, RBC Insurance has grown into one of the more trusted insurance providers in Canada. It also has an AM Best rating of "A"(Excellent) indicating that they are financially strong and more likely to weather times of financial insecurity compared to companies with a lower rating.

Now let's a quick look at the best and not-so-good things about the RBC plans.


  • Good range of RBC Term life insurance products
  • Extensive range of RBC whole life insurance solutions
  • Guaranteed acceptance no medical life insurance policy
  • Coverage up to $25,000,000
  • Digital access to policy through RBC life insurance login, app (rated positively by customer RBC life insurance reviews)
  • Term life policies can be converted to permanent life insurance
  • Online RBC life insurance quotes and application


  • Slightly more expensive than other providers for older people
  • No RBC life insurance contact email address available

Before you decide to settle on RBC, it's important to weigh the pricing and premiums of other providers. You can do this by using our comparator below that lets you get free and personalized quotes based on your unique needs, from Canada's best life insurance providers. You can get over 20 quotes in just a few moments.

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How much does RBC life insurance cost?

Costs are dependent on a range of factors which take into consideration age, gender, policy type as well as health and smoking status. As a rule of thumb, older males will typically have the most expensive premiums while young females will have the lowest life insurance costs.

Similarly, more complex products such as RBC whole life insurance will cost more than simpler policy types such as RBC term life insurance.

RBC life insurance quotes and rates are fairly transparent and you can visit the company’s website to get an immediate quote. We have also extracted a representative range of term life policy rates for men and women in the table below. The premiums are based on a 20-year term life policy and a $250,000 death benefit for healthy, non-smoking individuals.

Life insurance RBC quotes for 20-year term policy

What does RBC life insurance cover?

RBC life insurance company offers a reliable way to meet any financial goals you may have while also providing financial security for your dependents. By covering all causes of death, the policy covers anything from lost income to education costs and final expenses, as well as offering the perfect tool to grow your investments.

Life insurance can be used as a family protection tool, in need for business continuation or for specific needs such as disability cover or income replacement. Various life needs can be categorized as per the below.

Family protection cover

  • Rent and mortgage payments
  • Funeral costs as well as other final expenses
  • Survivor’s income for dependents
  • Higher education and tuition fees

Business continuation cover

  • Buy and sell agreements
  • Family business continuance
  • Key person/stakeholders
  • Collateral insurance

Special needs cover

  • Surviving critical illness
  • Retirement income
  • Disability and income protection
  • Charitable donations

What types of life insurance does RBC offer?

It offers a vast range of products in the form of temporary permanent life insurance solutions. Temporary life insurance, also known as term life insurance, is a product designed to last for a certain length of time and includes RBC life and disability insurance. The RBC permanent life insurance policy provides lifetime coverage and is offered by the company in the form of whole life and universal life insurance.

Types of RBC Term life insurance are

  • RBC Simplified® Term Life Insurance
  • RBC YourTerm™ Life Insurance

RBC Permanent life insurance solutions include

  • RBC Growth Insurance (Participating Whole Life)
  • RBC Guaranteed Acceptance Life Insurance
  • Term 100 Life Insurance
  • RBC Universal Life Insurance

What does RBC Term Life Insurance cover?

The RBC temporary life insurance consists of two well-developed products: RBC Simplified® Term Life Insurance and RBC YourTerm™ Life Insurance. Both of these insurance policies are designed to offer policyholders protection for shorter periods of time and are more affordable than other types of insurance.

Many RBC term life insurance reviews exclaim the policies are therefore great for younger individuals, newlyweds and those just starting out with their careers. You can get RBC term life insurance quotes online.

RBC Simplified® Term Life Insurance

RBC Simplified® Term Life Insurance is exactly what it says in the name: simplified. This is policy available to Canadian residents aged 18-70 and is often referred to as RBC no medical life insurance since it can be bought and incepted online without the need for a medical exam.

Key features include:

  • Guaranteed premiums
  • Variable term length from 10-40 years and anything in between
  • No medical exam required (depending on answers to qualifying questions)
  • Coverage from $50,000-$1,000,000 for ages 18-55
  • Coverage from $50,000-$499,999 for ages 56+
  • Option to convert to permanent life insurance prior to age 71
  • Includes a $10,000 accidental death benefit

RBC YourTerm™ Life Insurance

This has been developed for those looking for more extensive cover and who want complete flexibility with regard to term length. With RBC YourTerm™ Life you can choose from the standard 10, 15, 20 or 40-year term lengths, or any in between. The policy is available to any Canadian residents aged between 18-70 years old.

Main features are:

  • Guaranteed premiums
  • Variable term length from 10-40 years and anything in between
  • Coverage from $1,000,001-$25,000,000 for ages 18-55
  • Coverage from $500,000-$25,000,000 for ages 56+
  • Option to convert a 10-year term policy to 15, 20 or 30 term policy with no medical questions
  • Option to convert to permanent life insurance without medical questions

What does RBC Permanent Life Insurance cover?

Also commonly referred to as RBC whole life insurance, this policy wing consists of four different types of products: The Growth Insurance™, Guaranteed Acceptance Life Insurance™ and Term 100 Life Insurance. All of these products are designed to give you lifelong cover and offer protection beyond your working life. Since they last longer than temporary life insurance, they often come at a higher cost.

RBC Growth Insurance™

RBC Growth Insurance™ is a participating whole life coverage product that builds cash value while providing you with a lifelong death benefit. This means that a portion of your premiums is invested which gives the potential for dividends that may be paid to the policyholder. The policy also comes with three payment options which let the insured decide how they wish to pay their premiums.

Key features include:

  • Life Pay: guaranteed premiums on base coverage for life, or up to the age 100
  • 10 Pay: guaranteed premiums on base coverage for 10 years
  • 20 Pay: guaranteed premiums on base coverage for 20 years
  • Coverage from $25,000-$25,000,000
  • Dividend options can potentially provide cash payouts to the policyholder
  • Access to accumulated cash value from 5 years (or 1 year with RBC Growth Insurance™ Plus)
  • Available to individuals aged 0-80

RBC® Guaranteed Acceptance Life Insurance™

The RBC® Guaranteed Acceptance Life Insurance™ (also referred to as just RBC guaranteed life insurance) policy offers coverage to individuals aged 40-75 years old without the need for a medical exam. Due to this, the RBC no medical policy is an ideal solution for those who are struggling to find coverage because of health issues.

Main aspects are:

  • Guaranteed premiums
  • Premium payments stop at 95
  • Permanent life-long coverage
  • No medical exam needed
  • Coverage from $5,000-$40,000
  • Guaranteed coverage for Canadian residents aged 45-70

RBC Term 100 Life Insurance

Simple and straightforward, the Term 100 policy from the company provides lifetime coverage with guaranteed premiums. It is available to Canadian residents aged 18-85 and applicants will most likely have to complete a medical exam to get insured.

Key features include:

  • Guaranteed premiums up to age 100
  • Premiums cease after 100 but coverage continues
  • Coverage from $50,000-$25,000,000
  • Available to Canadian residents aged 18-85
  • Multiple add-ons available

What does RBC Universal Life™ Insurance cover?

RBC Universal Life™ Insurance is a long-term solution that offers lifelong protection and tax-effective investing to protect and grow your assets. With a universal life insurance policy a portion of your premiums will pay for the life insurance while the rest is invested into a variety of funds of your choice.

Key features are:

  • Flexible premium payments
  • Lifetime coverage
  • Coverage from $50,000-$25,000,000
  • Tax-advantaged investing for a portion of your premiums
  • Flexible investment portfolio of your choosing
  • Available to Canadian residents aged 0-85
  • Healthy non-smokers with a positive family history can qualify for a discount

What does RBC Personal Accident Insurance cover?

It also offers a personal accident life insurance policy for individuals who want to supplement their current health insurance. It is a policy designed to specifically cover sudden death as a result of an accident and is available to RBC customers that are Canadian residents and aged between 18-69.

Key aspects are:

  • Guaranteed and cost-effective premiums
  • Guaranteed acceptance and coverage with no medical exam requirement
  • Coverage available from $50,000-$250,000
  • Designed to supplement existing life insurance
  • Covered until age 80

Good to know

There is also RBC Mortgage Life Insurance that is specifically designed to cover the outstanding balance of a mortgage in the event of the policyholder's death. It provides financial protection for your loved ones by ensuring that your mortgage debt is paid off if you pass away during the term of this policy.

How to get an RBC life insurance quote?

RBC life insurance quotes are available through the company's official website. It should be noted, however, that online quotes are only available for term life products as well as for the Guaranteed Acceptance policy. For whole life policy quotes you will have to speak directly to an advisor by reaching out through one of the contact numbers below.

You will be required to fill appropriate policy forms to enrol and this will be provided by the advisor. Additionally, while getting quotes, you can easily access a side-by-side comparison of their available plans, enabling you to make an informed decision that suits your specific needs.

We strongly recommend that you compare RBC with other providers before making a decision. You can use our comparator below to compare coverages, pricing, and even get free personalised quotes from Canada's best life insurance companies, and in just a few seconds.

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How do I contact RBC life insurance?

The customer service can be contacted via telephone or the website and are available Monday-Friday 8:00 am-8:00 pm ET, or in Quebec from Monday-Friday 8:30 am-6:00 pm ET. Anyone looking for coverage is also able to request a call from an advisor directly upon completing a contact form on the website to start RBC life insurance application.

RBC’s life insurance contact numbers and details can be found in the table below. It should be noted that RBC life insurance numbers are specific to the type of policy you are looking for.

RBC Insurance Customer ServiceRBC Life Insurance Contact Details
RBC life insurance phone number (General)
Term life insurance phone number
Permanent life insurance phone number
Guaranteed acceptance life insurance number
Mailing address
RBC Insurance6880 Financial Drive Mississauga, ONL5N 7Y5
Contact details

If you have a problem in enrolling on the company website or any other login or sign in issues, you could call on this number 1-888-769-2545. A representative will get in touch with you and assist you in the process. There might be a slight delay in the response or an increased waiting time during periods of high volume of requests.

RBC life insurance login

RBC Insurance has a membership portal available to all RBC customers which can be accessed via their website. The RBC life insurance login lets policyholders to manage their policy in one place while keeping all their information securely stored.

For support from an advisor, you would have to look for the RBC life insurance advisor login and you'll have an option to sign up for an advisor to help meet your financial goals.

The login allows users to

  • Change their contact phone number
  • Update their mailing address
  • Change email address for login
  • Update email address for important insurance notifications
  • Change their mobile number used for verification purposes
  • Access RBC life insurance beneficiary change form
  • Information on RBC life insurance cancellation
rbc life insurance.
Login information

How does RBC life insurance calculator work?

Figuring out how much life insurance you need to cover your dependents financially is not the easiest thing to do. Not only do you have to consider all your financial responsibilities, but you have to identify how much of an impact your loss would have financially. HelloSafe’s in-house life insurance calculator takes all the stress away and tells you exactly how much clever you need.

There is also a dedicated RBC life insurance calculator on their website that been rated positively by many RBC life insurance reviews from customers. Similar to HelloSafe’s calculator, it can be used to quickly figure out how much life insurance you might need when considering family protection.

You can simply search "life insurance RBC calculation" or "RBC term life insurance calculator" and you'll find the appropriate results to the page. All you have to do is provide a bit of information in addition to answering a few financial questions to get an estimated coverage amount suitable to your needs.

How do you file a claim with RBC Life Insurance?

As soon as possible after the insured person's passing, contact the company to inform them of the situation. You can do this by calling their customer service or claims department. They will guide you through the next steps and provide you with the necessary information and forms.

They will likely request various documents to process the claim. These may include:

  • Death certificate: Obtain an official copy of the death certificate.
  • Policy information: Provide details of the policy, including the policy number and the insured person's name.
  • Claimant information: If you're not the policyholder, provide your information as the claimant/beneficiary.
  • Medical records (if applicable): If the cause of death requires additional documentation, such as medical records, provide them.

RBC Insurance will provide you with the necessary claim forms. These forms might be available online or can be sent to you via email or regular mail based on the type of your policy and coverage. Fill out the forms accurately, providing all required information.

Send the completed claim forms along with the required documentation to RBC Insurance. This can usually be done through various methods, such as online submission, email, fax, or mailing a physical copy.

If the claim is approved, RBC will provide you with the settlement amount according to the terms of the policy. This could be a lump sum payment or paid out in installments, depending on the policy.

Good to know

If you have any complaints regarding the policy, you can call the toll-free number: 1-800-461-1413. You can also write to [email protected].

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Patrik Shore Ex: Financial Crime Investigator

Patrik Shore has nearly a decade worth of experience in the financial industry and has been writing for HelloSafe over the past year. Having started his career investigating financial crime to moving on to financial planning, Patrik has a deep understanding of all things personal finance.