A Closer Look at RBC Insurance and its Life and Living Benefits Products


Today we are looking in depth at the products of RBC insurance and discussing them with Thomas Juha, Senior Sales Consultant, Life & Living Benefits; Chris Kalman, Inside Sales Consultant, Life & Living Benefits; and Alfred Moreno, Sales Support Representative, Life & Living Benefits.

They share their perspective on the following RBC insurance products:

  • RBC Insurance Term Life
  • RBC Insurance Permanent Life Insurance (Whole Life and Universal Life)
  • RBC Insurance Disability Insurance
  • RBC Insurance Critical Illness Insurance

First, let’s look at RBC Insurance itself. RBC Insurance is a full service company that offers term, permanent, and living benefits solutions. Even though RBC is not as large as Sun Life Financial, Manulife Financial, and Canada Life, it offers a rich selection of diverse insurance products. If you are interested in seeing how different Canadian insurers compare to each other in terms of size, see this overview of Canadian life Insurance companies: https://lsminsurance.ca/canadian-life-insurance-companies

RBC Insurance Term Life Insurance

RBC Insurance offers their YourTerm Life insurance product, which has term lengths from 10-40 years with exchange and/or conversion options to whole life, T100, and universal life. RBC Insurance is typically priced in the top three for clients 35-55. The YourTerm product offers affordable and guaranteed yearly renewal premiums after the term ends.

A full application is required and tele-interview options are available. Currently, RBC offers no medical underwriting (just a tele-interview) for $2M of coverage and under for clients 50 and under for standard rates. Medicals can be done for preferred and optimum rates.

RBC’s Term Life Insurance: Coverage Limits and Unique Features

RBC YourTerm allows for customization at one year increments between 10 and 40 and is consistently ranked top three for face amounts between $500K and $2.5M. One of the unique features is the guaranteed yearly renewable rates when the term ends for increased affordability if additional coverage is needed. YourTerm 10 allows for non-medical underwritten exchanges to T15, T20 or T30 before the fifth policy anniversary. RBC YourTerm can be converted to Whole Life, T100, and Universal Life. If the conversion is to Whole Life or T100, RBC allows you to reset the term on the carried over amount.  RBC also has term/CI bundle savings where they waive the policy fee on the life insurance ($3.60 if paying monthly; $40.00 if paying annually) if you have CI with RBC.

RBC Insurance Permanent Life Insurance

RBC Insurance offers their estate participating whole life product called RBC Growth Insurance, for which the target market of clients is aged 0-17 and 35-55. The dividend interest rate is 6.0 per cent with four dividend options. There are limited pay and life pay options. Some highlights are the included juvenile guaranteed insurability benefit for clients 0-17 with an option to convert to term; flexible additional deposit options, and partial term conversions with term resets on eligible in force term policies. RBC also offers T100 and universal life for conversion only.

RBC Insurance offers simplified underwriting with no fluids and coverage up to $1,000,000 for clients 55 and younger, and no fluids and up to $499,999 in coverage for clients 56 and older. RBC also offer T100 and universal life for conversion only. Some highlights:

  • Simplified underwriting through the eApplication for clients 55 and under, potentially only 10 health and lifestyle questions
  • ADO flexibility and ADO options on conversion without additional medical UW
  • Term partial carryover with term resets
  • Juvenile GIO (term conversions are allowed)

RBC Insurance Disability Insurance

RBC Insurance is the industry leader in disability insurance with a wide range of non-cancellable and guaranteed renewable products for both income protection and business needs. The Professional series is the flagship product, which offers locked in rates to age 65, a guaranteed benefit amount, flexible definitions with only three built in exclusions, and no limitations. RBC Insurance has also recently introduced the family compassionate care rider, which allows the insured to claim on the base benefit if their spouse or child is diagnosed with a terminal illness. RBC, in the last few years, has also introduced value-added services such as Medical Confidence and Onward by Best Doctors to help clients recover from disabilities. Some of the RBC disability insurance contracts include a long-term care conversion option between ages 55-65.

RBC Insurance Critical Illness Recovery Plan

RBC Insurance offers both non-cancellable and guaranteed renewable critical illness products. It offers T10 and T75 and T65 on the non-cancellable contracts and T75 for the guaranteed renewable contracts. The non-cancellable T10 product allows for a conversion to T75 product before age 65 without medical underwriting. All CI contracts without underwriting exclusions are convertible to long-term care between 55 and 65.

How does RBC save its customers money?

RBC always offer competitive term rates for clients aged 35-55.  RBC also has a term/CI bundle savings where they waive the policy fee on the life insurance ($3.60 if paying monthly, $40.00 if paying annually) if you have CI with RBC. Term CI bundle: if client applies for Term/CI, they save on the life policy fee.

We hope that you have found this overview of RBC insurance products useful and we thank Thomas, Chris, and Alfred for their insights.

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