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RBC Life Insurance Review (Royal Bank of Canada)

Written by: Helene Fleischer
Edited by: Kathleen Flear
Director of Content Marketing
Updated
May 28, 2025

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Key Takeaways
  • Estimate Expenses: Life insurance calculators help estimate coverage needs by factoring in expenses like burial costs, income replacement, and future education expenses, using expert algorithms.
  • RBC Insurance offers two main term life insurance options, as well as a term 100 option, all of which are renewable and convertible.
  • Their life insurance rates are generally competitive.

RBC Life Insurance review (2025 update)

RBC Insurance, a Canadian life insurance company under the Royal Bank of Canada (Canada’s largest bank by revenue), offers a wide range of life insurance products backed by over 150 years of financial stability. They also offer health insurance, car insurance, travel insurance, auto insurance, and home insurance. Headquartered in Toronto, Ontario, RBC maintains a strong industry presence, providing customers with confidence in its continuity. 

RBC’s financial strength and flexible coverage options are positives, but its customer service has mixed reviews. It has below-average reviews across multiple platforms, citing slow response times and support issues. 

RBC Life Insurance ★★★★⯪ (4.5)

Product
Rating
Average premiums*
Cost comparison
RBC YourTerm
★★★★⯪ (4.5)
$31.30/month for $500,000 of coverage
8% below industry average

* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years

RBC Insurance offers flexible life insurance term policies with guaranteed renewability and the option to convert to permanent coverage. RBC is well-known for its strength and stability as a financial institution that caters to diverse insurance needs. Let’s dive into it:

  • Good for flexible policies: RBC term life insurance policies have guaranteed renewability and you can convert your policy to a permanent life insurance policy. 
  • Large, established provider: Serves about 5 million clients, backed by one of Canada’s most financially stable institutions.
  • Not always ideal for high-risk individuals: RBC life insurance tends to be more expensive for smokers and people with long-term health conditions compared to others in the insurance industry.
  • Customer reviews are mixed: Some customers cite slow response times and support issues. 

Overall, RBC Insurance can fall short in terms of convenience and customer experience, but it remains a solid option for stability and flexibility. 

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RBC is best for:

Canadians seeking flexible coverage from a well-established life insurance company.

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RBC life insurance: pros & cons

  • Level premiums (so they won’t increase for the length of your term).
  • Policy renewal is guaranteed.
  • Convert your term life insurance policy to permanent insurance without another medical exam.
  • You can convert your policy until age 71.
  • You can get critical illness insurance and disability insurance coverage.
  • Offers term life insurance and permanent insurance.
  • Term policy has a flexible, wide range. Choose any length between 10 and 40 years.
  • Term life coverage options range from $50,000 to $25M, which is comparatively high for the industry.
  • They offer a range of riders for you and your family members. But these optional riders will increase your premiums, so consider them carefully.
  • Client complaints on InsurEye mention negative experiences with customer service, particularly regarding the waiting period to speak with agents or make changes, cancelling a policy, and processing a claim.
  • Smokers tend to get higher rates compared to other insurance companies.
  • Only available to Canadian citizens and permanent residents.
  • No online applications.

RBC Life Insurance cost and value

The cost of RBC YourTerm life insurance ranges from 8% below to 1% above the industry average, depending on your age and sex at birth. The table below shows the average monthly premiums for $500,000 of coverage for applicants of different ages:

Age group
Sex at birth
Average monthly premiums*
Cost comparison**
Youths (18–29)
Female
$20.05
2% below industry average
Youths (18–29)
Male
$28.10
3% below industry average
Adults (30–44)
Female
$31.20
8% below industry average
Adults (30–44)
Male
$42.48
8% below industry average
Adults (45–59)
Female
$115.84
6% below industry average
Adults (45–59)
Male
$162.28
7% below industry average
Seniors (60+)
Female
$241.23
1% above industry average
Seniors (60+)
Male
$328.60
1% above industry average

* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years. 

** Compared to the average monthly costs for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.

However, the life insurance premiums for smokers of the same age aren’t so competitive, ranging from 3-14% above the industry average:

Age group
Sex at birth
Average monthly premiums*
Cost comparison**
Youths (18–29)
Female
$37.79
9% above industry average
Youths (18–29)
Male
$59.89
11% above industry average
Adults (30–44)
Female
$84.79
5% above industry average
Adults (30–44)
Male
$121.99
8% above industry average
Adults (45–59)
Female
$275.82
3% above industry average
Adults (45–59)
Male
$469.88
8% above industry average
Seniors (60+)
Female
$505.19
3% above industry average
Seniors (60+)
Male
$894.68
14% above industry average

About pricing comparisons

To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 18-29 with $500,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.

RBC Life Insurance reviews and customer service

RBC Life Insurance headquarters in Mississauga carries a 3.8-star rating on Google, which is pretty good, but not enough for it to earn a “Great Customer Service” badge. 

While the company benefits from strong brand recognition and financial stability, its life insurance customer service falls behind some competitors, especially in responsiveness and claims satisfaction.

RBC Insurance life insurance products at a glance

RBC’s products include a wide range of term life insurance and whole life insurance policies. You can obtain a similar coverage amount with their term insurance policies as you would with their permanent coverage, at lower monthly premium costs. Read more on RBC life insurance products below:

Product
Coverage Options
Term Length
Eligibility
Key Features
YourTerm Life Insurance
$500,000 – $20M
10–40 years
Ages 18–70, Canadian citizens & PRs
Flexible term lengths
RBC Simplified Term Life
$50,000 – $1M
10–40 years
Ages 18–70, Canadian citizens & PRs
No medical exam if eligible
RBC Term 100 Life Insurance
$50,000 and up
Lifetime
Ages 18–85, Canadian citizens & PRs
Permanent coverage, no cash value
RBC Growth Insurance
$25,000 – $25M
Lifetime
Ages 0–80, Canadian citizens & PRs
Whole life with cash value, single or joint coverage
RBC Guaranteed Acceptance
$5,000 – $40,000
Lifetime (only pay until age 95)
Ages 40–75, Canadian citizens & PRs
No medical exam, no cash value

RBC life insurance riders

  • Accidental death benefit and dismemberment coverage: This option adds extra payment for your beneficiaries if you pass away from an accident, or if you lose certain body parts (such as a limb) due to an accident.
  • Children’s term rider: A small policy taken out on your child that lasts for a specific term.
  • Disability waiver of premium: This option continues to pay for your life insurance policy if you become disabled and are no longer able to work. You won't have to pay premiums during this time.
  • Guaranteed insurability: This option allows you to purchase additional life insurance coverage without undergoing a medical examination. You can purchase additional coverage at certain times, such as after a major life event, without needing to prove that you're in good health.
  • YourTerm rider: This option allows you to increase coverage for the person covered under the base policy, or apply it to another person, like your spouse.

How RBC Insurance compares to other insurers
PolicyMe
RBC Life Insurance
Sun Life
Top-rated product
Term life insurance
RBC YourTerm
Evolve Term Life Insurance
Rating
★★★★★ (5.0)
★★★★⯪ (4.5)
★★★⯪☆ (3.5)
Average premiums*
$31.68/month
$31.30/month
$37.01/month
Cost comparison
7% below industry average
8% below industry average
8% above industry average
Term options
10-30 years
10-40 years
10-40 years
Coverage options
$100,000 - $5,000,000
$500,000 - $20,000,000
$50,000 - $25,000,000
Renewable
✅
✅
✅
Convertible
✅
✅
✅
Great Customer Service
✅
❌
❌
Quote Online
✅
✅
✅
Buy Online
✅
❌
❌

* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years

RBC Life Insurance vs PolicyMe life insurance

When it comes to cost, customer satisfaction, and convenience, PolicyMe comes out ahead for most Canadian families. Let’s get into it:

Cost

PolicyMe’s term life insurance is only slightly more expensive than RBC Life Insurance, adding up to less than a $5 difference over 10 years. If you’re a smoker, PolicyMe’s rates are even more competitive, ranging from 4-9% below the industry average for $500,000 of coverage for applicants between ages 18-44.

Customer Satisfaction

PolicyMe carries the “Great Customer” service badge thanks to its 4.9-star rating on Google. It’s also got an A+ rating from the Better Business Bureau, versus a D- for RBC Life Insurance. 

Freelancers and new parents love how easy it is to purchase our products online and get friendly advice over the phone.

Convenience

You can compare quotes for both PolicyMe and RBC Life Insurance online, but only the former allows you to make your purchase entirely online. All PolicyMe term life insurance policies include a 30-day free-look period with a full refund if you cancel. 

Protect your family with PolicyMe, Canada’s #1 rated term life insurance

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The bottom line: Who should consider RBC Insurance?

RBC Insurance is a good choice for people who value legacy and the stability of a strong brand. RBC offers a good variety of products, with customization options and flexible term lengths. If you need a short-term type of policy, RBC has you covered. However, reviews from industry publications and customer review sites alike suggest that some customers aren't satisfied with its service.

Looking for affordable life insurance that's highly reviewed? PolicyMe offers some of the lowest rates in Canada and has an average Google Reviews rating of 4.9/5 and provides $10B in coverage across Canada. 

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