The Royal Bank of Canada (RBC) insurance claims it provides “affordable life insurance for your loved ones” — so we decided to take a closer look at their products to see how they compare to similar offerings on the market. Continue reading this RBC Life Insurance assessment to learn if they are the right insurer for you.
Who is RBC Insurance?
Created in 1960, RBC Insurance is the brand name for all insurance operating entities of the Royal Bank of Canada — which is one of Canada’s most trusted insurance providers. RBC Insurance is the single largest bank-owned insurance provider in Canada, with roughly 2,500 employees and more than four million customers worldwide.
RBC Facts & Financial Information
Founded in 1864
Headquartered at Downtown, Toronto, ON
$15 billion in Financial Assets
~$4billion in annual insurance premiums
For most people, price is the most important factor when buying insurance. While that is understandable, it is not the only thing that matters. For example, an insurer’s financial strength is no less important. This metric demonstrates the insurers ability to pay its policies and contracts. A good rating here is essential. Otherwise, your loved ones may find that the insurance company no longer exists when they go to file a claim.
With RBC Insurance, you can rest easy on this count. The insurer managed an A rating (Excellent) from AM Best — a credit rating agency that focuses on the insurance industry. This means you can count on RBC's insurance to deliver your policy pay-out when the time comes — 20, 30, or even 50 years down the line.
RBC Life Insurance Reviews
Many people look at online reviews — like those on Google Reviews and Insureye — to get an insight into an insurer’s customer service.
But here is the thing: These platforms may not always be able to paint the whole picture.
Generally, people tend to use these platforms when they are unsatisfied with an experience. When someone has a good experience, you are less likely to hear from them because they have received the expected level of service.
However, if someone has a negative experience while dealing with the insurer’s customer service team, they are more likely to leave a comment in the review sections, as they did not receive the expected level of service. Sometimes, minor administrative errors can lead to a negative assessment which does not necessarily mean the insurance company as a whole is bad.
Sadly, RBC’s reviews on Google Reviews and Insureye do not instill much confidence. The RBC Insurance assessment scores are 1.6 and 1.7 (out of 5), respectively.
These scores are low, but they are not atypical for life insurers of their size. For example, SunLife and Manulife — direct competitors of RBC Insurance— have similar Insureye scores, 1.5 and 1.6, respectively.