Bank Comparison
RBC Mortgage Life Insurance:
Is It Worth It?
RBC charges approximately $75.60/month for mortgage life insurance on a $500K mortgage for a 35-year-old non-smoking woman. Over 20 years, that's $18,144 — one of the highest rates among the Big Five.
RBC Monthly
$75.60
per month
20-Year Total
$18,144
for declining coverage
You Could Save
$9,744–$12,144
with term life
RBC vs. Independent Term Life
Based on a 35-year-old non-smoking woman, $500K mortgage, 20-year term.
| Feature | RBC | Term Life |
|---|---|---|
| Monthly Premium | $75.60 | $25–$35 |
| 20-Year Total Cost | $18,144 | $6,000–$8,400 |
| Coverage Type | Declining | Level (stays at $500K) |
| Beneficiary | The Bank | Your Family |
| Underwriting | Post-Claim | Full (Upfront) |
| Portable? | No | Yes |
| Can Be Denied After Death? | Yes | No |
What RBC Won't Tell You About Their Mortgage Insurance
RBC's HomeLine Mortgage Insurance is one of the most expensive bank mortgage life insurance products in Canada at $75.60/month for a $500K mortgage.
Like all bank mortgage insurance, RBC is the beneficiary — not your family. The death benefit pays off the mortgage directly, giving your family no flexibility.
RBC uses post-claim underwriting. Your medical history is only fully reviewed when your family files a claim after your death.
Coverage is tied to your RBC mortgage. Switch lenders and you lose your coverage entirely.
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