RBC Life Insurance: Rates, Plans & Review (2026)
RBC Insurance is backed by Canada's largest bank and offers competitive term life rates. But is it the best option for you? This review covers 2026 rates, RBC Simplified Life (no-exam), why RBC mortgage insurance should be avoided, and how RBC compares to Manulife, Sun Life, and Canada Life.
Updated March 24, 2026
RBC Insurance offers competitive term life insurance starting at approximately $22/month for $500K of 20-year coverage for a healthy 30-year-old. RBC Simplified Life provides no-exam coverage up to $500K. Overall rating: 4/5 — strong for straightforward term life, but fewer options than Manulife or Sun Life for permanent insurance and complex needs. Avoid RBC mortgage insurance — individual term life is cheaper and better.
RBC Insurance at a Glance
4/5
Our Rating
AA
Financial Strength
1987
Insurance Since
#1
Bank in Canada
RBC Insurance is the insurance arm of Royal Bank of Canada, the country's largest bank by market capitalization. Products include term life, simplified issue (no-exam), mortgage insurance, travel insurance, and group benefits. Life insurance is underwritten by RBC Life Insurance Company and protected by Assuris.
RBC Term Life Insurance Rates (2026)
Approximate rates for RBC's fully underwritten term life insurance, $500,000 coverage, non-smoking male:
| Age | 10-Year Term | 20-Year Term | 30-Year Term |
|---|---|---|---|
| 25 | $14–$19/mo | $19–$27/mo | $26–$37/mo |
| 30 | $16–$22/mo | $22–$31/mo | $31–$44/mo |
| 35 | $19–$26/mo | $27–$38/mo | $39–$56/mo |
| 40 | $27–$38/mo | $39–$56/mo | $56–$82/mo |
| 45 | $42–$60/mo | $63–$92/mo | $88–$130/mo |
| 50 | $62–$92/mo | $98–$150/mo | $138–$215/mo |
RBC's term rates are competitive — often in the top 5 cheapest for standard non-smoker profiles. However, they're not always #1. The cheapest insurer varies by age and health, which is why comparing from multiple providers matters. See our lowest rates guide for the full market picture.
RBC Simplified Life (No Medical Exam)
RBC Simplified Life is their no-exam product:
- Coverage: Up to $500,000
- Approval: Based on health questionnaire, 24–48 hours
- Ages: 18–60
- Cost: 15–25% more than fully underwritten RBC term
For amounts over $500K, Sun Life Go offers up to $1M of no-exam coverage with same-day approval. For a full comparison, see our best no-exam insurance rankings.
RBC Mortgage Insurance: Why to Avoid It
RBC offers mortgage creditor insurance at mortgage signing. Like all bank mortgage insurance, it has significant drawbacks compared to individual term life:
- 20–40% more expensive than individual term life for the same coverage amount
- Declining benefit — the payout shrinks as your mortgage decreases
- Pays the bank, not your family — your beneficiaries have no control
- Post-claim underwriting — health is assessed after death, claims can be denied
- Not portable — coverage ends if you switch lenders
Instead, buy individual term life insurance — even from RBC Insurance itself (their term product, not their mortgage product). See our mortgage protection guide for full details.
RBC vs. Manulife vs. Sun Life vs. Canada Life
| Feature | RBC | Manulife | Sun Life | Canada Life |
|---|---|---|---|---|
| Term rates (35yo) | $27–$38 | $28–$40 | $30–$42 | $29–$41 |
| No-exam max | $500K | $1M | $1M (Go) | $750K |
| Whole life | Limited | Full suite | Full suite | Best dividends |
| Wellness program | No | Vitality | No | No |
| Direct-to-consumer | Yes (online/phone) | Advisor-focused | Both | Advisor-focused |
Bottom line: RBC is a strong choice for straightforward term life insurance, especially if you value a direct-to-consumer experience. For permanent insurance, estate planning, or complex needs, Manulife, Sun Life, and Canada Life offer more comprehensive product suites. Compare RBC against all 50+ providers for free →
Frequently Asked Questions
Is RBC life insurance good?
RBC Insurance offers solid, competitive life insurance products backed by one of Canada's largest banks. Their term rates are competitive — often among the top 5 cheapest for standard non-smoker profiles. Strengths: competitive pricing, direct-to-consumer convenience (online and phone), strong financial backing. Weaknesses: fewer product options than full-service insurers like Manulife or Sun Life, limited permanent life (whole/universal) offerings, and mortgage insurance has the same pitfalls as other bank products. Overall rating: 4/5 — good for straightforward term life, less suited for complex needs.
What are RBC's term life insurance rates?
RBC term life rates for a $500,000 20-year policy (non-smoking male): age 25 — $19–$27/month, age 30 — $22–$31/month, age 35 — $27–$38/month, age 40 — $39–$56/month, age 45 — $63–$92/month, age 50 — $98–$150/month. RBC is often competitive with Manulife and Industrial Alliance for standard profiles. Rates depend on your specific health classification (preferred, standard, or rated).
Should I get RBC mortgage insurance or individual term life?
Individual term life insurance is almost always better. RBC mortgage insurance costs 20–40% more, has declining coverage (payout decreases as your mortgage shrinks), pays the bank (not your family), and uses post-claim underwriting (health is assessed after you die, not when you apply). Individual term life from any provider — including RBC Insurance itself — costs less and provides better coverage. See our mortgage protection guide for a full comparison.
How does RBC Insurance compare to Manulife and Sun Life?
RBC Insurance is competitive on term life pricing and offers a convenient direct-to-consumer channel. However, Manulife and Sun Life offer broader product suites: more permanent life options, more rider choices, wellness programs (Manulife Vitality), and higher no-exam coverage limits (Sun Life Go offers $1M). For straightforward term life, RBC often matches or beats competitors on price. For complex needs (corporate insurance, estate planning, whole life), Manulife and Sun Life have more options.
Can I get RBC life insurance without a medical exam?
Yes. RBC Simplified Life offers no-exam term coverage for applicants ages 18–60. Coverage amounts up to $500,000 are available (lower than Sun Life Go's $1M). Approval is based on a health questionnaire — no blood tests, urine samples, or nurse visits. Rates are 15–25% higher than fully underwritten RBC term. If you need more than $500K of no-exam coverage, Sun Life Go is a better option with its $1M limit.
Is RBC Insurance owned by Royal Bank of Canada?
Yes. RBC Insurance is a subsidiary of Royal Bank of Canada (RBC), Canada's largest bank by market capitalization. RBC Insurance products are underwritten by RBC Life Insurance Company, which is regulated by the Office of the Superintendent of Financial Institutions (OSFI) and protected by Assuris. RBC's financial strength provides policyholder security — there is virtually no risk of RBC being unable to pay claims.
Related Guides
- Sun Life Insurance Review 2026
- Manulife Life Insurance Review
- Canada Life Insurance Review
- Top Life Insurance Companies
- Mortgage Protection Insurance
- Best No-Exam Insurance 2026
- Lowest Rates for Term Life Insurance