Term Life Insurance Review - RBC Insurance

Today we are going to review RBC Term Life Insurance products to see how it stacks up against other Life Insurance companies. As always, products do change and it is best to review with your advisor before purchasing as by the time you read this RBC may have changed their product. Nonetheless, let’s get into it.
Starting with what is unique about RBC. RBC is one of the only companies where you can choose the term length you need. Where most companies offer Term 10 and term 20 products, RBC gives you the choice to choose am exact term such as Term 13 or Term 27.

Whatever length of time you need given the reasons you are looking for life insurance. Why is this a benefit, well if you know you are on track to pay off your mortgage and other debts in 12 years, with RBC you can choose a 12-year Term product. But is this a benefit? The answer, not always.

You see, just because you can choose the length of the term, doesn’t make RBC instantly the most affordable option. In fact, sometimes you can get coverage for a longer period of time at a lower cost. When purchasing coverage there are always a few variables you want to consider.

1. Your date of birth  
2. The amount of coverage  
3. Your health 
4. If you are a smoker or non-smoker 
5. The length of time you need the coverage for

    

RBC is very competitively priced, just not in all categories. Depending on the considerations listed above there may be more affordable options out there. This is why it is always a good idea to get a few quotes from different companies to find what is going to be the best plan for you.

If you want a FREE quote without having to speak to a sales rep, enter an email or give up any personal information CLICK HERE. We’ll take you to a page where you can enter your information and shop the entire market with no restrictions.

Pros about RBC Term insurance 

• RBC is a name brand that many people trust
• As mentioned, they are competitively priced in many areas
• Very flexible in term length and coverage amounts (ranging from $5,000 -$23,000,000 in coverage)
• They have a permanent form of life insurance that you can convert your term policy into

Cons about RBC Term insurance 

• No digital policy option. Meaning your policy will be sent in the mail
• No Whole life coverage conversion option
• If you are a smoker, there might be a more affordable company out there for you

In short, RBC has its place in the market place. They are so compatibly priced that for many young adults in Canada who are looking or affordable coverage options RBC could be a good fit.

As always it is best to speak to a broker, someone who can help you shop for the best plan for your given situation. That way you can rest knowing you have the best coverage for your loved ones.