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Of the bank-owned life insurance companies, RBC Insurance has one of the most comprehensive product lines, offering term, permanent, and universal life insurance.

RBC term life insurance is one of the most flexible term life insurance policies available in Canada, from either the banks or the big three life insurance companies. RBC offer a standard and a simplified product, the latter requiring less personal information but attracting higher premiums. Both are available for any term between 10 and 40 year, are renewable up to age 85, and convertible to permanent or universal life insurance until at 71. The standard plan also allows you to exchange your policy for a different term length. Riders on the policy can make it a joint policy, add children, additional accidental death coverage, and more.

RBC permanent life insurance has only a limited product range, offering only guaranteed or term-to-100 coverage. The bank doesn’t offer any participating or non-participating whole life insurance that accumulates a cash value, with the exception of their universal life insurance product. RBC’s guaranteed insurance is one of the most flexible on offer, covering Canadian residents aged between 40 and 75 for up to $40,000. RBC’s term-to-100 product acts like a standard term life insurance policy, with no further premiums payable after you turn 100. It features comparable riders and optional coverage as does the main RBC term life insurance.

RBC universal life insurance is a fairly standard universal life insurance product, with access to a range of tax-effective investment options over the life of the policy. Additional benefits include the option of a single or joint policy, level or increasing benefits, a disability benefit and compassionate advance, as well as access to a wide range of additional riders. Being the only bank of the Big Five to offer universal life insurance, it makes RBC the best choice if you want to keep your finances with a single institution. Unlike the biggest stand-alone life insurance companies like Sun Life and Manulife, RBC universal life insurance is a fairly simple product, and relatively easy to understand.

As Canada’s largest bank by market capitalization, RBC has excellent excellent credit ratings with all of the major credit rating agencies, though slightly less than those of TD Bank:

• Standard and Poor’s: AA- (Very strong)
• Moody’s: AA2 (High quality)
• DBRS: AA high (Excellent)