RBC life insurance company is a leading life insurance provider in Canada. The company provides a wide range of insurance products in life and non-life insurance to over 5 million Canadians. RBC life insurance head office is in Mississauga, Ontario and it has a large network of agents and insurance brokers distributed throughout Canada. The company has an AM Best Company rating of A and has won several other awards in the insurance sector including a 2003 global ranking of 35 for Standard and Poor’s top 40 reinsurance listing. The company was ranked 6th for new individual life insurance premiums and it is also considered one of the fastest growing life insurance providers in Canada. The company head office and that of the RBC insurance Ontario operations is the RBC insurance Toronto office.
RBC life insurance Canada has very competitive life insurance rates. For example, in 2010, a 40 year old male non smoker taking a 10 year term life insurance with RBC life insurance for a face value of $500,000.00 was rates at $34.77 per month. This is in comparison with Equitable Life insurance that charged $35.55 month premium for the same policy, Canada Life for $36.45 per month, Manulife for $37.02 per month, Transamerica Life for $37.80 per month and TD Life Insurance for $42.01 monthly premiums. In fact, RBC insurance company continues to have some of the most competitive life insurance rates in the Canada market.
RBC life insurance provides four different types of life insurance policies. The term life insurance provides a cover for a predefined period of time usually 10 years, 20 years or 30 years. After the expiry of the term, the policyholder will need to seek renewal at a much higher premium rates. Whole life policy covers an individual for their whole lifetime with level premiums throughout the life of the policyholder. Universal life is also a life time insurance cover but has flexible premium payment model and the policy holder can determine how much premiums they are willing to pay. The cash value and face value therefore fluctuate depending on premiums paid.