RBC Life Insurance review

What insurance coverage options does RBC Insurance offer?

RBC offers health and life insurance products as well as coverage for homes, autos and travel. Below are the main categories of RBC Insurance products.

• Life insurance

  • Term life. This type of RBC Life Insurance allows you to buy coverage for a specific time period, such as 5 or 10 years. It is generally the most affordable type of life insurance.
  • Whole life. This insurance let you pay off your insurance in 10 or 20 years, with coverage remaining in place until death.
  • Universal life. This is a type of permanent life insurance. This insurance option covers you for life and lets you devote a portion of the premiums you pay toward building up long-term savings.
  • Term 100 life. This is a type of permanent life insurance. This insurance option covers you for life and lets you devote a portion of the premiums . Plus, it has tax-free benefits.
  • Guaranteed life. This is a type of permanent life insurance. It has a limited coverage amount, but it does not require you to provide a medical exam.
  • Personal accident. This insurance specifically covers you in the event you die in an accident instead of for health reasons. The coverage amounts available are generally lower than for regular life insurance, but it is often easier to qualify and more affordable.

• Health Insurance

  • Hospital. This insurance covers expenses associated with staying in a hospital that may not be already covered by a provincial health plan.
  • Critical illness. This insurance covers costs associated with a sudden, life-altering illness. You receive a lump-sum payment.
  • Disability. This insurance helps provide you with an income if you become injured or sick and can’t work.

• Other insurance options

  • Travel. RBC Insurance offers travel insurance through a third party. Coverage options include trip cancellation and emergency medical assistance.
  • Home and property. This insurance covers your home and belongings from damage or theft. There are policies available for homeowners, tenants, condo owners and for those who wish to insure a seasonal property like a cottage.
  • Car. This insurance covers your personal vehicle in the event it is damaged in an accident or stolen.
  • Leisure. This is a broad category of insurance that covers your personal property in the event of accidental damage or theft. Items you can insure include motorhomes, boats, snowmobiles and classic cars.

Benefits and drawbacks of RBC Life Insurance

• Benefits

  • Comprehensive policies. RBC Insurance offers the same life, critical illness and disability insurance coverage that is available at Canada’s so-called Big Three insurers – Canada Life, Sun Life and Manulife – as well as home, auto, travel and other leisure insurance products.
  • Quotes online. You can get basic online quotes for several types of RBC Insurance products like term life insurance, although you may have to contact an adviser to get more detailed information and to finalize the purchase.
  • Coverage across Canada. For the most part, RBC offers its insurance policies to Canadians in all areas of the country. Some policies may be unavailable in some provinces and territories though.
  • Tools and resources. The RBC website has perhaps the largest library of personal finance and wellness articles and tutorials of any Canadian financial institution. There are also numerous online tools such as insurance calculators to help determine how much coverage you may need.

• Drawbacks

  • Small size. RBC Insurance is much smaller in terms of total assets than Canada’s traditional large insurers – Sun Life, Canada Life and Manulife. This may not matter to you personally, as long as RBC can offer a competitive price on the policy you are seeking.
  • Can’t file all claims online. If you bought your insurance through an adviser, which in many cases you need to do, you can’t necessarily file your claims online. You need to contact your adviser (or RBC directly) and initiate the process through him or her.

How to contact RBC Insurance

You can purchase individual RBC insurance products through an adviser or, in some cases, online. Here are some ways to get in touch with RBC.

• Phone. You can call 1-800-223-7113 for general inquiries.
• Email. You can visit this page for more information about who to email to ask about various RBC Insurance products.
• Find an adviser. RBC‘s website helps you locate an adviser or an RBC Insurance store in your area where you can ask in person about RBC Insurance products.

Compare other life insurance providers

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Name	Product	Types of Insurance	Coverage Range	Issue Ages	Medical Exam Required	Province Availability
PolicyMe Life Insurance		Term Life, Critical Illness	$100,000 - $5,000,000	18 - 75	No	AB, BC, MB, NB, NL, NS, ON, PEI, QC, SK, YT, NT, NU	Get fast and affordable term life insurance. Personalize your policy details and get an estimate price within seconds. No phone call, meeting or paperwork required. Get an instant decision.	Get a quote More Info	Compare	loading Fetching your data...
PolicyAdvisor		Whole Life, Term Life, Universal, No Medical	$25,000 - $25,000,000	18 - 75	No	AB, BC, MB, ON	PolicyAdvisor is a digital life insurance brokerage that has partnerships with 20 insurers in Canada.	Get a quote More Info	Compare	loading Fetching your data...

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Frequently asked questions about RBC Life Insurance

• How do I make a claim or make changes to an existing policy?

  It depends on the claim you are making and which type of insurance coverage you have. Generally, you will call RBC Insurance directly to start the process. A full list of phone numbers for the various types of insurance can be found with a quick search on the RBC Insurance website.

• What do I need to make an RBC Life Insurance claim?

  RBC says having your policy number handy helps, although the company can assist you if you can’t find it. You’ll also need a completed claim form (RBC sends you one if you don’t have it), the death and birth certificate, and in some cases, a physician’s statement form completed by the deceased’s physician.

• Can I pay my RBC Life Insurance premiums online?

  Yes. Depending on your insurance policy, you can pay your premiums via an online bill payment if your bank’s website can accommodate this function.