RBC Term Life Insurance review
Best for: Canadians who want any term length from 10 to 40 years, with an online route that may skip the medical exam up to $1 million.
Rate guaranteed for the term, then renews yearly.
Simplified Term to $1 million (ages 18 to 55); Your Term for larger amounts.
Terms 16 to 40: maximum issue age is 85 minus the term.
RBC says you may qualify without an exam; Your Term is fully underwritten.
To permanent or universal life, with no health questions or exam.
The bottom line
RBC Insurance lets you pick any term from 10 to 40 years across two plans: RBC Simplified Term, which you can apply for online and may get without a medical exam, for up to $1,000,000, and RBC Your Term for larger amounts up to $25 million. Coverage renews automatically to age 100 and converts to permanent coverage before age 71 with no health questions. The rider list on RBC’s consumer page is short.
Pros & cons
Pros
- Choose any term length from 10 to 40 years
- Apply online in about 15 minutes for Simplified Term
- Renews automatically to age 100, then coverage continues with no further payments
- Converts to permanent or universal life before age 71, no medical
- Simplified Term includes a $10,000 accidental death benefit
Cons
- Short rider list on RBC’s consumer page
- Online application may not be available to everyone
- No-exam limits by age and amount aren’t published
RBC’s term plans are flexible on length and long on renewal, with a quick online route for moderate amounts. Check rider needs with RBC, since its consumer page lists only a few.
Suits you if
- You want a term that ends when your kids leave home
- You need under $1 million and want to apply online
- You want coverage that can continue to age 100
Look elsewhere if
- You want a disability waiver rider confirmed upfront
- You’re over 70 and need a new policy
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Our detailed review
RBC Simplified Term and RBC Your Term
RBC Life Insurance Company sells term coverage through two plans. RBC Simplified Term is the online option for amounts up to $1,000,000, and RBC Your Term covers higher amounts with preferred rates. Both let you choose any term from 10 to 40 years and anything in between, so you can match coverage to a mortgage or to the years your children depend on you. Your rate is guaranteed for the chosen term. RBC’s sample Your Term policy also shows a joint first-to-die option.
Coverage amounts and issue ages
RBC lists coverage from $50,000 to $25 million overall, split by plan and age:
- Simplified Term, ages 18 to 55: $50,000 to $1,000,000
- Simplified Term, ages 56 and up: $50,000 to $499,999
- Your Term, ages 18 to 55: $1,000,001 to $25,000,000
- Your Term, ages 56 and up: $500,000 to $25,000,000
Issue ages and medical exams
You can apply from age 18 to 70 for terms of 10 to 15 years. For terms of 16 to 40 years, the maximum issue age is 85 minus the term, so a 25-year term is available up to age 60. To apply online for Simplified Term, you need to be a Canadian citizen or a permanent resident who has lived in Canada for more than 12 months.
RBC says Simplified Term applicants may be eligible for coverage without a medical exam, but it does not publish the ages or amounts that qualify. Your Term, built for larger amounts, is fully underwritten, so expect medical evidence as part of that application.
Renewal, conversion, exchange and riders
After the initial term, coverage renews automatically each year without evidence of insurability, and the cost is reset annually. Renewals continue until age 100, when RBC says coverage continues but payments are no longer required. You can convert to a permanent or universal life plan any time before age 71, with no health questions or medical exam.
An exchange privilege lets you switch to a different term length without evidence of insurability, within set limits. RBC’s FAQ gives a deadline of the earlier of your 5th policy anniversary and the anniversary nearest your 70th birthday, while its legal notes mention the 8th policy anniversary, so check your contract. Riders named on RBC’s consumer page:
- Children’s term rider
- Term rider, to layer extra term coverage
- Accidental death benefit, with $10,000 included in Simplified Term
How to apply
RBC says you can apply for term life online in 15 minutes, although the online option may not be available to all customers. Your Term is arranged by phone or with an advisor. Other common riders, such as a disability waiver or guaranteed insurability, are not shown on the current consumer page, so ask about them before you apply. RBC gives a 30-day free look on Simplified Term and 10 days on Your Term.
Other term life insurance we review
- BMO Term Life InsuranceTerms: 10, 15, 20, 25 or 30 years
- Canada Life Term Life InsuranceTerms: 5 to 50 years (My Term)
- Canada Protection Plan Term Life InsuranceTerms: 10, 20, 25 or 30 years
- Desjardins Term Life InsuranceTerms: 10 to 30 years, or to 65
- Empire Life Term Life InsuranceTerms: 10 to 30 years, or ART
- Equitable Term Life InsuranceTerms: 10, 20 or 30/65 years
- Humania Term Life InsuranceTerms: T10 to T30, T80, T100
- iA Financial Group Term Life InsuranceTerms: 10 to 40 years
- Manulife CoverMe Term Life InsuranceTerms: 10 or 20 years
- Manulife Family Term Life InsuranceTerms: 10, 20, to 65 or to 100
- PolicyMe Term Life InsuranceTerms: 10 to 30 years
- Sun Life Term Life InsuranceTerms: 5 to 40 years (Evolve)
Frequently Asked Questions
Can I choose an in-between term length with RBC term life insurance?
Yes. RBC lets you pick any term from 10 to 40 years and anything in between. For terms longer than 15 years, the maximum issue age is 85 minus the term, so a 25-year term is open up to age 60.
Does RBC Simplified Term require a medical exam?
Not always. RBC says you may be eligible for Simplified Term coverage without a medical exam, but it does not publish the ages or amounts that qualify. RBC Your Term, for larger amounts, is fully underwritten.
How long can I keep RBC term life coverage?
RBC says coverage renews automatically each year after the initial term until age 100. At that point, coverage continues but payments are no longer required.
Can I convert RBC term life to universal life insurance?
Yes. RBC says you can convert to a permanent or universal life plan any time before age 71, with no health questions or medical exam.
What is the RBC term life exchange privilege?
It lets you switch to a different term length without evidence of insurability, within set limits. RBC’s FAQ says to do it before the earlier of your 5th policy anniversary and the anniversary nearest your 70th birthday, but its legal notes mention the 8th anniversary, so confirm the deadline in your policy.
How much RBC Simplified Term coverage can I get after age 55?
From age 56, RBC lists Simplified Term coverage of $50,000 to $499,999. Larger amounts at that age, from $500,000 to $25,000,000, go through RBC Your Term.
How long is the RBC term life free look period?
RBC lists a 30-day free look for Simplified Term and a 10-day free look for Your Term. Check the dates on your policy once it is issued.
Who can apply for RBC term life insurance online?
RBC’s online Simplified Term application is for Canadian citizens and permanent residents who have lived in Canada more than 12 months. RBC notes that the online option may not be available to all customers.
Sources
Features come from the insurer’s own site, checked October 14, 2026. Coverage is decided by the policy wording, not this summary: read it, and answer every medical question accurately. We don’t show premiums because they depend on your age, health and coverage. See our methodology.