RBC (Royal Bank of Canada) Life insurance
is part of the Royal Bank Group. RBC life insurance is the largest bank owned insurance company in Canada with an asset base of 6.15 billion dollars. It is also considered one of the fastest growing life insurance companies in Canada. In 2010 alone, the company had new premiums of over one billion dollars. Its fast growth pace is attributed to its competitive premium rates and its aggressive marketing front. RBC life insurance company has over 17,000 independent brokers including financial planning firms, stock brokerages, producer groups and a large dedicated team of sales representatives. The aggressive sales have worked to place RBC life insurance as one of the formidable insurance companies in Canada. RBC insurance Toronto office couples as the national headquarters and the headquarters for the RBC insurance Ontario operations.
RBC life insurance Canada provides a range of life insurance policies including term life insurance for a range of terms, whole life insurance and universal life insurance. Term life insurance provides low level premium rates for coverage for a predefined period of time and if the policyholder wishes to renew the contract, they can do so at new rates. Whole life and universal life are permanent life insurance policies and they cover the individual for the whole lifetime. This type of life insurance also accumulates a cash value over time. The universal life insurance has more flexible conditions and provides a tax deferred savings plan for the policyholder. Whole life insurance is a straightforward policy with predefined face value, cash value and premiums throughout the contract.
Besides life insurance, RBC life insurance also provides other health related insurance policies. The critical illness insurance policy covers an individual for a lump sum benefit in case the policyholder survives a critical illness such as cancer, heart attack and stoke among other diseases. The personal accident insurance policy provides benefit of the face value to the family of the policyholder if they get an abrupt death from an accident. RBC life insurance company also provides some non insurance policies for travel insurance, health and dental insurance, home insurance and auto insurance.