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Term Life Insurance | RBC Royal Bank of Canada Insurance

Please Note : We offer all of RBC (Royal Bank of Canada) Insurance’s life insurance products including 10 year term, 20 year term, 30 year term, 40 year term, permanent life insurance, etc. Feel free to contact us for a free quote or click “Free Quote” at the top of this page.

RBC Insurance is one of Canada’s largest term life insurance providers. They currently also have some of the most competitive rates for term insurance. RBC offers a wide variety of term life insurance plans such as,

YourTerm Life Insurance
RBC offers a product called “YourTerm” which is a unique type of term life insurance. “YourTerm” allows you to choose the exact length of the term life insurance policy. For example, if you wanted a term life insurance policy with a length of 17 years you can do so with RBC’s “YourTerm” product. You could also do other lengths such as 11 years, 12 years, 13 years, etc. Feel free to reach out to us if you have any specific questions regarding this product.

Conversion
You have the ability to “convert” or “switch” your RBC term life insurance policy to a permanent life insurance policy at any time without having to provide any medical evidence. This means that RBC allows you to convert your term life insurance policy to a permanent life insurance policy without having to complete any health questions, medical exam, etc.

Renewable
RBC offers an option to “renew” or “extend” your RBC term life insurance policy at the end of the term at an increase price which is set out in the original policy document. For example, if you purchased a 10 year term life insurance policy, at the end of the 10 years RBC would offer you the same policy (coverage amount) for another 10 years at an increased price. They don’t require you to complete any health questions, medical exam, etc. This could potentially be a great benefit to have if you became seriously ill and could no longer qualify for life insurance- you would be able to keep your policy by paying the increased rate.

It is very rare to see clients renew their policy at the end of their term because the costs are so high. Most clients will cancel their policy and re-apply for a new policy if they are healthy or they will convert it to a permanent life insurance policy.

Sample Quotes
Female – Age 35 – Non Smoker – $500,000 Coverage
10 Year Term – $17.37 Monthly
20 Year Term – $25.74 Monthly
30 Year Term – $46.26 Monthly

Male – Age 35 – Non Smoker – $500,000 Coverage
10 Year Term – $22.68 Monthly
20 Year Term – $34.07 Monthly
30 Year Term – $ 61.11 Monthly

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