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Learn about RBC Life Insurance Health Insurance Plan

The Royal Bank of Canada (RBC) is a multinational financial services company and also the largest bank by market capitalization in Canada. RBC serves more than 16 million clients and employs more than 80,000 people. Royal Bank of Canada was founded in 1864 in Halifax, Nova Scotia but it has its corporate headquarters in Toronto, Ontario. In November 2017, the Financial Stability Board listed RBC as one of the systematically important banks in the world.

RBC renders a plethora of services including retail banking, investment banking, corporate banking, private banking, mortgage banking, insurance and finance, wealth management and credit cards. In 2017, it had a revenue and net income of CA$40.66 billion and $8.35 billion and its total assets in 2018 was CA$1.27 trillion. RBC has several subsidiaries including City National Bank, RBC Bank, and Royal Bank of Trinidad and Tobago.

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What Does RBC Group Benefit Cover?

RBC provides several group insurance coverages and benefits that allow employers to give their employees and their families the protection they deserve.

The group benefits offered by RBC include:

  • Group life and AD&D insurance.
  • Group disability insurance.
  • Group health and dental insurance.

Several benefits are provided for plan administrators and plan members. Plan administrators can enjoy the HR support service, wellness toolkit, and so forth. Plan members can benefit from the best doctors services, employee assistance program, wellness program, medical conference and discount programs.

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What are the Different Health Insurance Plans Offered by RBC

RBC Insurance offers health plans for both its group and personal insurance. The plans covered for personal health insurance include disability insurance, critical illness insurance, and hospital insurance.

The group health and dental insurance include benefits such as prescription drug coverage, healthcare benefits, dental benefits, health spending accounts (HSA), survivor benefits, and cost plus.

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News about RBC

Royal Bank of Canada reported a net income of $3,109 million for the third quarter on Wednesday, August 22, 2018. The third quarter which ended on July 31, 2018, went up by 11% from $313 million from the previous year with double-digit diluted EPS growth of 14%.  RBC’s strong performance in the third quarter is a reflection of its relatively stable credit quality with provision for ratio losses (PCL) on impaired loans ratio of basis points (bps) and PCL ratio on loans of 23 basis points (bps). RBC’s net income went up by 2% ($49 million) when compared to last quarter. This shows a higher earning in Capital Markets, Personal & Commercial Banking and Wealth Management.

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RBC Life Insurance FAQ

Am I eligible for life insurance?

RBC Term Life Insurance is available to you if you meet the following eligibility criteria.

  1. Terms 10 to 15 is available to individual aged 18 to 70.
  2. The maximum age for the Terms 16 to 40 is 85 years less the selected term.
  3. Landed immigrant/permanent residents or Canadian citizens who have been in Canada for more than 12 months will also qualify for the term insurance.

RBC Permanent life insurance is available for Canadian citizens, landed immigrants or permanent residents who have lived in Canada for more than 12 months and are between the ages of 18 and 85.

How long will I pay premiums for term life insurance?

You are required to pay premiums for the length of the term involved. Term Life insurance has terms from 10 to 40. You can renew the coverage every year after the first Term until you reach the age of 100. On reaching 100, your coverage will continue, however, you will no longer be required to pay any premium.

Can I cancel my life insurance coverage at any time?

Yes, you can cancel your coverage at anytime. However, you are required to request for the cancellation of the coverage in writing. The insured will be given a number of days to review his policy coverage when the policy is mailed to him. Simplified Term Life Insurance allows for 30 days, YouTerm Life insurance allows for 10 days while Term 100 life insurance allows for 10 days. Furthermore, RBC will refund all your premiums when you cancel your coverage but you will be charged for the period of time you were covered by the plan.

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