RBC Life Insurance Review 2022

5/5 - (3 votes)

RBC life Insurance is a brand name for all insurance operating entities of the Royal Bank of Canada. It is one of Canada’s most trusted insurance providers.  Read further to find out if it’s right for you.

Are you in the market for life insurance?

If so, you may be wondering if RBC is a good option. In this post, we’ll take a look at what RBC offers and compare it to some of the other options out there.

By the end, you should have a good idea of whether or not RBC is right for you.

Strong FinanciallyMight be expensive for smokers
Competitive RatesNo digital policy option
Pick your own term — 10, 15, 20, 30, or 40 years (and anything in between)
Wide range of life insurance products

Keys Takeaways

  • RBC term life insurance is available in two types: YourTerm and Simplified Term.
  • your team is designed for Canadians who want a term life coverage for a specific number of years, while Simplified Term is for those who need coverage of $1,000,000 or less without a medical exam.
  • RBC also offers whole life, permanent life, and universal life insurance, as well as several riders

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Who is RBC Insurance?

RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada, Canada’s biggest bank, and one of the largest in the world based on market capitalization.

.RBC Insurance is the single largest bank-owned insurance provider in Canada, with roughly 2,500 employees and more than four million customers worldwide.

RBC Facts & Financial Information

The Facts

Founded in 1864

Headquartered in Downtown, Toronto, ON

Financial Information

$15 billion in Financial Assets

~$ 4 billion in annual insurance premiums

When purchasing insurance, the majority of people place the greatest importance on cost. Although it makes sense, that is not the only factor to consider. For instance, the financial stability of an insurer is crucial. This metric illustrates the insurer’s capacity to honor its agreements and policies. Here, a high rating is crucial. Otherwise, when your loved ones go to make a claim, they might discover that the insurance company no longer exists.

On this count, RBC Insurance gives you peace of mind. AM Best, a credit rating company that specializes in the insurance sector, gave the insurer an A rating (Excellent). This means that when the time comes—20, 30, or even 50 years from now—you can rely on RBC’s insurance to deliver your policy pay-out.

Is RBC Insurance owned by RBC?

RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada. Among the largest Canadian bank-owned insurance organizations, RBC Insurance has approximately 2,900 employees who serve more than five million clients globally.

RBC Life Insurance Reviews

RBC Life Insurance Review:

Customer Complaints: 1.6 / 5 based on Insureye Reviews and Google Reviews

Dundaslife.com Rating: 4.0 / 5 stars ★★★★

To learn more about an insurer’s customer service, many people read online reviews on sites like Google Reviews and Insureye.

The fact is that these platforms might not always be able to provide a complete picture.

The majority of the time, people use these platforms to voice their dissatisfaction with an experience. Since they received the expected level of service, you are less likely to hear from someone who has a positive experience.

However, if a customer has a poor experience working with the insurer’s customer service staff, they are more likely to post a review because they did not receive the level of service they were expecting. Sometimes, small administrative mistakes can result in a poor rating, but this does not automatically imply that the insurance provider is bad overall.

Regrettably, RBC’s ratings on Insureye and Google Reviews do not inspire much confidence. The evaluation results for RBC Insurance are 1.6 and 1.7 (out of 5), respectively.

Products and Features

RBC Life Insurance
RBC Life Insurance

YourTerm Life Insurance

With this product, RBC offers its most popular option, applicants can select any term between 10 and 40 years. Canadians who want term life insurance for a set period of time can use your term. The length of the policy term will affect the premium rate. The premium increases with the length of the policy.

All those who require a term life policy for a specific period of time—until they pay off their mortgage, their children become financially independent, or they retire—might find this product useful. Take a 21-year YourTerm policy from RBC Insurance, for instance, to cover the remaining 21 years of your home loan. Your family can utilize the in the event that you pass away during this time.

A single-life or two lives can be covered by a YourTerm policy (that is, as a joint first-to-die policy). Two lives are covered by a first-to-die policy, but only one death results in payment. To be eligible, you’ll probably need to complete a medical exam and a health questionnaire.

Main features:

  • Coverage Amount Available: $1,000,001 – $25,000,000
  • Flexible: Pick any policy term from 10 to 40 years
  • Convertible: Convert your term life policy to a permanent one without submitting proof of insurability
  • Exchangeable: Exchange a 10-year term policy for a longer-term policy (like 15 or 20 years) without a medical exam

Simplified Term Life Insurance

Main features:

  • Coverage Amount Available: $1,000,000 or less
  • Flexible: Pick any policy term from 10 to 40 years
  • Convertible: Convert your term life policy to a permanent one without submitting proof of insurability
  • Exchangeable: Exchange a 10-year term policy for a long term policy (like 15 or 20 years) without a medical exam
  • 30-Day Review Period: You get a full refund if you cancel your policy within the first 30 days
  • Accidental Death Benefit: Your beneficiary gets an additional death benefit if your death occurs as the result of a covered accident

RBC Life Insurance Provides Additional Insurance Coverage

Whole Life Insurance

RBC Insurance offers eligible Canadians participating whole life insurance. Specifically, a whole life insurance policy that allows you to receive dividends. The policy can be purchased to cover one or two lives.

Main Features

  • Security for Life: The policy lasts as long as you do
  • Dividend: Four different options for receiving dividends
  • Coverage Amount Available: $25,000 to $25,000,000
  • Juvenile Guaranteed Insurability Benefit: In case you purchase a policy for a child, they can buy additional coverage when they turn 18 without a medical exam

Permanent Life Insurance

In addition to whole life insurance, RBC Insurance also provides Guaranteed Acceptance Life Insurance and Term 100 Life Insurance. Both policies are lifetime contracts that do not accrue cash value.

Guaranteed Acceptance Life Insurance

This is a good choice for Canadians looking for a life insurance policy to pay for their final expenses, especially if their age or health make it impossible for them to obtain a standard policy. As long as you meet the age requirements, you can apply without having to undergo a medical exam.

RBC Term Life Insurance Rates

A term life insurance policy is a wise choice for the majority of people. It is inexpensive and simple to comprehend. To find out how much RBC Insurance would cost, we requested quotes.

Here are the monthly premium costs for healthy, non-smoking, male and female applicants of various ages. These prices represent a $400,000 policy with a 20-year term.

65Contact Us for OptionsContact Us for Options
source: https://www.dundaslife.com/

Conclusion – Is RBC Insurance right for you?

RBC Insurance is a reliable business that provides a wide selection of life insurance products at affordable prices. It is a name you should keep at the top of your list if you’re looking for life insurance.

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