Protect your loved ones with dependable life insurance
Get $700,000 in coverage for just $22.25 a month1.
Life insurance for Canadian residents
We offer a range of sub-products under three types of life insurance below: term life, permanent life, and personal accident. Select your type, and explore your options2.
Need help choosing? Compare products.
Term life insurance
A popular choice if you want affordable coverage until you meet a certain financial milestone, such as putting your kids through college or paying off your mortgage.
Term life insurance
Most popular
RBC Simplified Term Life Insurance
Get affordable protection for all your short-term needs with a path towards lifetime coverage.
Highlights
Coverage from $50,000 to $1,000,000 over 10-40 years3
Quick online application, no medical exam for eligibility may be required
Includes $10,000 accidental death benefit
Convert term to permanent insurance without medical proof until age 71
Term life insurance
Most popular
RBC YourTerm Life Insurance
Customize your coverage with higher coverage limits, more flexible options and additional benefits.
Highlights
Coverage from $1,000,001 to $25,000,000 for a term anywhere between 10 to 40 years4
Future flexibility with the option to change from term life insurance to permanent life insurance in the future without medical evidence, up to age 71
Permanent life insurance
If you need life insurance that can help with your estate planning needs or to transfer assets to your partner or kids, permanent life insurance offers protection beyond your working life, but usually at a higher price point.
Permanent life insurance
RBC Growth Insurance (Participating Whole Life)
Lifetime protection that also builds cash value. If you’re looking for a policy that’s guaranteed to grow and is designed to offer permanent lifetime protection this is it.
Highlights
Coverage of $25,000 to $25,000,000 for life
Available to purchase at ages 0-85
Dividend Options – choose from five flexible options for receiving dividends (Paid-up Additions, Cash, Premium Reduction, Enhanced Insurance or Dividends on Deposit)
World-Class Asset Management with an RBC investment team
Single or Joint Coverage
Access to your accumulated cash value at any time
Permanent life insurance
Most popular
RBC Guaranteed Acceptance Life Insurance
Make sure your loved ones can reduce debt, cover final expenses and more if you’re aged between 40 to 75 years old.5
Highlights
Coverage from $5,000 to $40,000 for life
No medical exam or health questions required, with an online application process that only takes minutes to complete
Guaranteed coverage for Canadian residents aged 40 to 75 years old
Accidental death benefit included
Advanced death benefit may also be available
Permanent life insurance
Most popular
Term 100 Life Insurance
Help protect your family’s financial future or help your loved ones pay capital gains tax on assets, like a cottage.
Highlights
Coverage from $50,000 to $25,000,000 for life
Guaranteed premiums when you buy and maintain the same coverage for the life of your policy
Choose from optional coverage add-ons to further protect your family members
Available for Canadian residents aged 18 to 85 years old
Permanent life insurance
Most popular
RBC Universal LifeTM Insurance
Get long-term protection with this flexible solution offering lifetime coverage and tax-deferred investment growth.
Highlights
Coverage from $50,000 to $25,000,000 for life
Choose how much to pay into your policy and how you want to pay your premiums
Create the portfolio that is right for you with a range of investment options
Available for Canadian residents aged 0 to 85 years old
Personal Accident Insurance
If you need insurance that can help enhance your existing coverage or support your lifestyle, personal accident insurance offers straightforward protection and guaranteed coverage if you were to pass away as a result of an accident.
Personal Accident Insurance
For RBC Clients
Personal Accident Insurance
Supplement your existing life insurance policies, or get coverage even if you work in a high-risk occupation.
Highlights
Coverage from $50,000 to $250,000 available
Premiums as low as $4.75 per month
No medical exam or health questions required, with an online application process that only takes minutes to complete
Guaranteed coverage for RBC customers who are Canadian residents aged 18 to 69 years old
Why life insurance matters
Planning ahead with life insurance is a reliable way to meet your financial goals with safety, certainty, and ease, backed by the knowledge that you will:
Tools and resources to get the most out of your coverage
Calculate how much life insurance you need
Start planning for the future by understanding how much coverage could support your goals.
Compare your life insurance options
There’s a life insurance plan to suit your unique situation—let’s help you find it.
Get professional advice
Get trusted guidance from a licensed advisor who will help you make the best choice.
Frequently asked questions
Still have questions? Contact us.
Understanding life insurance
Simply put, life insurance is a legal agreement or a policy between you (the insured) and an insurance company (the insurer). When you purchase a certain amount of life insurance (let’s say a $200,000 policy) and remain in good standing on your policy, the insurer promises to pay that $200,000 to your beneficiaries, who are the people you choose to receive this money (the death benefit) if you pass away.
It’s also important to note that life insurance can be very affordable, no matter how much money you make. That $200,000 policy might be as low as $20 a month for a 30-year-old woman who doesn’t smoke with coverage for the next 20 years.
In general, most life insurance policies work the same way: in exchange for a fee that you typically pay monthly or annually (your insurance premium), an insurance company provides a certain amount of coverage on your life and will provide a tax-free benefit to your beneficiaries if you pass away while you have coverage. Learn more about how life insurance works.
Life insurance is there to protect your loved ones under most circumstances, but there are a few considerations to be aware of. The death benefit will not be paid if the life insured commits suicide within 2 years from the coverage date or from any reinstatement date. The death benefit will also not be paid if the policy is declared null and void due to material omission, misrepresentation, or fraud. Being honest and truthful on your application is of the utmost importance to ensuring your benefit will support your loved ones.
Life insurance comes in many forms, but all coverage essentially falls under two main buckets: term life insurance and permanent life insurance. Within those buckets, you have flexible options to help you get the specific coverage you need.
Term life insurance is the most affordable and is intended to cover short-term needs between 10 to 40 years. The majority of Canadians find that term life insurance is the suitable option for their needs. Many people choose to buy term life insurance when their kids are young and they’re carrying debt, such as a mortgage. It costs less than permanent insurance, has consistent premiums for the length of your chosen term, and is usually easy to buy. For example, you may not have to take a medical exam if you’re young and healthy, and could even be eligible for an instant approval. After your chosen term length, the premiums increase year over year until age 100, when it is considered paid up.
Permanent life insurance typically comes at a higher cost — however, the reason for this is that it provides coverage for your entire life and, in some cases, the opportunity to grow wealth and build savings. Term 100, Universal and Whole Life Insurance are all different types of permanent coverage.
Universal and Whole Life options have the added benefit of combining lifelong insurance coverage with savings opportunities within your policy (called cash value or accumulation value). One of the perks of a cash value policy is that you may be able to access the cash value to supplement your retirement income, help your kids pay for post-secondary education and more.
To learn more about term and permanent life insurance, as well as specialty products, check out The Types of Life Insurance Explained.
Determining your needs
While there are many reasons to get life insurance, the main reason people buy it is to make sure that their family won’t struggle financially if they pass away. That means if you have someone who counts on you for financial support, life insurance is a must-have.
If you can check off one of the boxes below, you probably need life insurance:
- While there are many reasons to get life insurance, the main reason people buy it is to make sure that their family won’t struggle financially if they pass away. That means if you have someone who counts on you for financial support, life insurance is a must-have.
- If you can check off one of the boxes below, you probably need life insurance:
- We’re having a baby!
- I have kids (or others who depend on me)
- My spouse/partner and I share finances and responsibilities
- I have a mortgage, car loan, student loans, etc. that my spouse/partner couldn’t afford without me
- I want to leave some money to help my family pay for my funeral
- I want to be able to leave something to my favourite charity
- I want to leave my family a cottage or other assets when I pass, and I want to ensure there is no tax liability for them when I do
- I run a business and need to protect some of the key employees
That depends. There can be benefits to getting coverage now while you’re young and unattached. Check out Reasons to Get Life Insurance At Any Age.
The answer to this question is unique for everyone, however, you probably need more life insurance than you think. How much you earn, your debt obligations, how many dependents you have and other factors should all be considered as you choose what’s right for your needs.
Try our life insurance calculator to get a quick estimate or learn more about the factors that can affect how much life insurance you need.
We’d recommend you talk to your account manager or your business advisor. We can explain the options available to you so that you can determine a plan that suits your business needs. Life and disability insurance protections for individuals in your business may be an important tool to include in your financial plan. Additionally, options like our Business Loan Insurance Plan may contribute to how you plan for the financial security of your business.
Costs and purchasing process
That depends on your needs. If you’re considering term life insurance, you can get a cost estimate pretty quickly with a life insurance quote. Your premiums may be different from another person’s premiums—that’s because premiums are based on many things, including risk factors that are unique to you. Check out I Need To Adjust My Budget, How Can I Get Insurance To Fit?
In general, here’s what will figure into your cost:
The type of insurance you choose
Term life insurance is intended to cover short-term needs and is more affordable than a permanent life insurance policy that offers lifetime coverage, such as Universal or Whole Life insurance. Some permanent life insurance policies may also have an investment component and legacy-building benefits. See Types of Life Insurance Explained or check out Can I Personalize My Insurance?
How much coverage you buy
A million-dollar policy is going to cost you more than a $250,000 policy (for the same term length).
Your age, health and gender
The younger and healthier you are when you buy life insurance, the less it will cost. And men typically pay more than women do based on life expectancy.
As an example, a 35-year-old female non-smoker can expect to pay around $23 per month for a 20-year term life insurance policy worth $350,000, while a 35-year old male non-smoker can expect to pay around $30 per month for the same policy.
Your lifestyle
If you drink alcohol or consume marijuana frequently, or enjoy more extreme activities like scuba diving or rock climbing, you will be required to disclose more information and, depending on the specifics, you may pay higher premiums. And, if you smoke or use tobacco products, you will almost certainly pay more for your policy.
Family medical history
If cancer, diabetes or other medical conditions run in your family, this could increase your rates.
Get a quick life insurance quote now to see what a life insurance policy might look like, based on your needs.
The first thing you should know is that some types of life insurance are simpler to buy than others. Depending on the type of coverage you want and how much you’re applying for, your application may need to go through underwriting.6 This is the process an insurer goes through to evaluate the risk associated with insuring you.
Before we get into underwriting though, here are the routes you can take once you’re ready to buy:
Buying coverage online
If your needs are fairly straightforward, you may be able to get a quote and buy your coverage online. At RBC Insurance, we offer a few online options:
- Term life insurance: Depending on your age, health, the amount of coverage you are applying for and if you’re a Canadian citizen or permanent resident/landed immigrant, you may be able to request a quote and get an instant decision online6. If you don’t receive an instant decision, you may need to complete a phone interview. It’s also possible that a paramedical nurse will need to visit you to take your vitals.
- Personal accident insurance: If you’re already an RBC® client, age 18 to 69, and a Canadian resident, you can buy personal accident insurance online. In fact, your acceptance is guaranteed. Learn more or enrol now7.
- RBC Guaranteed Acceptance Life Insurance: If you’re a Canadian citizen or permanent resident/landed immigrant and age 40 to 75, you can buy up to $40,000 of life insurance. There’s no medical exam or health questions to answer. Learn more or get my quote8.
Buying coverage through an advisor
Many Canadians buy life insurance with the help of an insurance advisor. At RBC Insurance, our friendly advisors can provide advice to help you make the best decision for you and your family, and help you complete your application with ease. You can call one of our advisors at 1-800-461-1413 or search for one near you. Find a checklist to help you prepare at Can I Personalize My Insurance?
Getting coverage through work
If your employer offers a group life insurance policy, you’ll want to follow up with your HR department or plan administrator. Coverage through an employer is likely capped at an amount that may not be enough for your individual needs. Additionally, benefits such as group life insurance may change in the future. Inquire about your options to maintain the policy if you decide to change jobs.
In most cases, you will need to give information about your lifestyle, health, age, personal and family medical history. You must answer all questions in your application truthfully and accurately since, if you give incorrect or incomplete information, the insurance company can deny, adjust your benefits or void your coverage.
The time it takes to hear back varies. In some cases, you may hear back instantly. For example, if you’re under 56, have a good medical history and are applying for less than $1 million in term insurance, you may get an instant response.
In other cases, it could take 3 to 16 weeks to find out if you’re approved, and larger policies may require more time. If you applied with an RBC advisor, you can always reach out to them for an update, and if you applied online you can call 1-800-461-1413.
Once you have your life insurance policy in hand, don’t be afraid to ask your RBC advisor questions—we’re here to help, after all. If something is unclear, it’s in your best interest to understand your coverage. You will also want to store your policy in a safe place.
Once you send in your application, it may go through some form of underwriting, although sometimes this isn’t required.
Underwriting is a formal process an insurer goes through to evaluate the level of risk they are taking on by insuring you. It can be very involved or it can be minimal, depending on your situation. For example, you may need to complete a phone interview and/or a medical exam.
- Medical exam: If a medical exam is ordered, a paramedical nurse may come to your house to check your vitals. This could include collecting a urine and blood sample, weighing and measuring you, and taking your blood pressure and pulse.
- Phone interview: If we need more information, you may need to complete a telephone interview. The interviewer may ask personal, financial and medical questions.
Claims and benefits
We understand how stressful it can be to deal with a significant life event like a loved one’s passing. We’re here to give you the support you need and make things as easy as possible. Check out Insurance Claim Essentials.
To file a claim:
- Locate the insurance policy, if possible. Having the policy number handy when you call will help us give you faster service. If you can’t find it, don’t worry—we can still support you. Check out All Of Your Important Documents. All In One Place.
- Call us as soon as possible. You will need to make your claim within a certain period of time. This varies by coverage type and is outlined in your policy.
- Complete and send in all required documentation. We will guide you through the claims process and the documentation you need. What you need to make a claim depends on the type of coverage you have. In general, you will need to provide:
- a completed claim form
- the death and birth certificate
- possibly other documentation.
- If you are claiming on a life insurance policy worth up to $100,000, you may be able to use express service if the policy:
- has been continuously in force for ten or more years
- has a named beneficiary (a policy with an Estate listed as the beneficiary is not eligible).
Life insurance protects your family financially if you pass away, but it can offer other benefits too. Certain types of insurance can help you save up for whatever the future holds, whether it’s paying for your child’s education, protecting and growing your assets or achieving another goal. Check out 4 Reasons to Get Life Insurance at Any Age.
Still have questions? Contact us.
Learn more about life insurance
Applying For Life Insurance: Why You Should Be An Open Book
Some of the questions in your life insurance application might surprise you. Let’s find out what they are and why they’re necessary.
Life Insurance for a New Baby? Why It Makes Sense.
Purchasing life insurance for your newborn can be a wise investment as you plan for their long-term financial health.
Should I Buy Life Insurance in My 20s or 30s?
Why buying term and permanent life insurance in your 20s and 30s can help you protect your financial future – RBC Insurance
Whatever your needs, we can help.
Speak with an RBC Insurance Advisor.
Need help now? Call 1-800-461-1413
The information within this site is not intended to provide tax advice. You should seek independent tax advice from a tax professional or advisor.
Rate based on a $700,000, Term 10 policy for a female, age 32, non-smoker.
This does not constitute advice. Please speak with a licensed insurance advisor for more information on what coverage is suitable for your needs.
Only applicable for ages 18 to 55. For individuals aged 56+, the range is $50,000 to $499,999.
Only applicable for ages 18 to 55. For individuals aged 56+, the range is $500,000 to $25,000,000
For the first two years of your policy, the benefit is limited to the return of premiums paid to the date of your death (unless death is the result of an accident before your 85th birthday. In this case, we will pay the Accident Death Benefit). After two years, coverage is in effect for life and will not decrease. Premium payments end at age 95, but you are covered for life. Coverage will end if you cancel your policy or do not pay your premiums as due.
Depending on how you answer the health and lifestyle questions a tele-underwriter may contact you and they may request a blood, urine or weight and blood pressure test. We will send a nurse to a location of your choice to complete these tests.