RBC Group Insurance: Benefits and Processes

RBC Group Insurance: Benefits and Processes

At a Glance

RBC Insurance, part of the Royal Bank of Canada, provides insurance to over 5 million Canadians, making it one of Canada’s largest bank-owned insurance companies.

RBC Insurance Review

In 1993, The Royal Bank of Canada (RBC) entered the insurance market when it purchased Voyageur Travel Insurance Ltd., a large travel insurance company. Over the next decade, RBC acquired several other companies: Liberty Life Insurance Company, Mutual of Omaha Canada, and Westbury Canadian Life Insurance Company. 

Aviva General Insurance Company purchased RBC’s property and casualty insurance departments in 2016. RBC still offers home and auto insurance, but the underwriting is done by Aviva.

RBC is one of the largest insurance companies in Canada, and it has grown to incorporate a car, business, and home insurance. Being associated with the Royal Bank of Canada, RBC has grown without the typical underwriting fears. Currently, RBC group insurance provides clients with health and life insurance, a full line of auto insurance products, travel insurance, property insurance, and mortgage/credit card policies.

Company Overview

RBC Insurance Group Benefit Products

Group Health and Dental Insurance

Group Health and Dental Insurance is a necessary supplement to provincial plans, covering dental care, vision care, prescription drugs, and more.

  • Prescription Drug Coverage can be customized based on many different factors: reimbursement, drug types, dispensing-fee caps, deductibles, and drug plan maximums.
  • Emergency Health Coverage provides benefits when travelling in other countries – a type of coverage that offers tremendous peace of mind for the frequent traveller or businessperson. 
  • Vision Care, including routine exams, glasses, contact lenses, and even surgery, are included in RBC group benefits plans at varying compensation levels. 
  • Basic Dental Insurance covers routine cleanings, scaling, x-rays, and simple restorations, like fillings. An optional additional plan covers orthodontic treatment and major restoration, including braces and major dental procedures like crowns and dentures. 
  • Coverage for Hearing Aids, Orthopedic Shoes, and Other Medical Supplies improves the quality of life of millions and relieves the burden purchasing these necessities places on families. 
  • Private or Semi-Private Hospital Accommodations, as well as in-home nursing care for injuries that require a longer recovery than a hospital stay, are also covered. 
  • Paramedical Services, such as clinical psychologists, dieticians, massage therapists, audiologists, and chiropractors, are covered as well.
  • RBC’s Cost-Plus Option gives employers the option to pay for an employee’s unexpected medical or dental costs that aren’t covered under their normal plan.

You also have the option to offer employees a health spending account (HSA) with an annual amount of money that can be used for qualifying health and dental expenses that are not covered by their regular plan. 

An HSA is used to cover costs that exceed limits, as well as glasses, eye surgery, contact lenses, orthodontics, dental implants, and more. Many employees appreciate the flexibility of an HSA. 

If an insured employee dies, their surviving spouse or dependents will receive up to two years of continued benefits. There is no cost to the surviving family members or the company.

Group Disability Insurance

Group Disability Insurance plans help employees who get injured or sick by providing financial support and covering rehabilitation expenses. Disability insurance reduces financial strain on both employers and employees.

  • Short-term disability insurance is a benefit that equals a portion of the employee’s salary when they are unable to work due to a temporary disability. Employees can be eligible even if they are still working in a reduced capacity or are partially disabled. RBC rehabilitation programs are available, helping employees return to work.
  • Long-term disability applies when an employee is absent for a long period of time due to a disability. Benefits are calculated using a portion of the employee’s regular salary, with an inflation adjustment for cost-of-living expenses. Like with short-term disability, employees can receive benefits while working in a limited capacity.

    Rehabilitation services are available to help employees return to work gradually or retrain for a new job. In the event an employee dies while receiving benefits, an eligible survivor can receive a benefit. You have the option of offering spousal disability benefits as well.

Group Life Insurance

Group Life Insurance plans provide coverage for dependents if an employee passes away. You can also choose to offer Accidental Death and Dismemberment Insurance, which pays benefits to an employee’s beneficiary if an accident results in death, or compensation to the employee for an accident resulting in paralysis, dismemberment, or a loss of eyesight, hearing, or speech. Rehabilitation services are included, as well as childcare services.

  • Life insurance benefits provide a non-taxable lump sum to help families struggling with expenses. 
  • The employer can choose to provide a flat coverage amount or a portion of an employee’s pay.
  • If an employee leaves the company, options allow the plan to become an individual policy.
  • If an employee becomes disabled, premiums are waived (up to age 65).
  • Life insurance plans are also available for dependents and spouses.
  • Additional coverage is available for those who want more life insurance. These payments are deducted easily from the employee’s paycheck.

Equitable Life: Group Benefits and Resources

As one of Canada’s largest life insurance providers, Equitable Life Group Benefits offers a unique approach to your staff’s specific needs. Learn how here.

RBC Insurance FAQ

What is a group benefits plan?

When employers and unions provide medical insurance to employees, they form a group insurance plan to provide health care coverage for all the employees and their dependents.

What are group insurance benefits?

Companies can offer their employee’s group insurance benefits for extended medical care, dental care, life insurance, disability insurance, and more. Employees’ premiums are typically lower through group insurance sponsored by their employer. 

For employers, offering group insurance benefits can be a way to attract and retain happy, healthy, and productive employees. Employers can customize what benefits they want to offer through RBC Insurance.

What are group health benefits?

Group health benefits are a type of employer-sponsored health care coverage that fills provincial health care plan gaps. Group health benefits, like RBC Insurance, often include dental care, vision care, prescription drugs, private hospital accommodations, and emergency medical coverage while travelling outside of the province or country.

What are group life insurance benefits?

Group life insurance is a policy that companies can offer their employees that provides survivor benefits to an employee’s spouse and dependents in the event the employee dies.

Are group health benefits taxable in Canada?

In Canada, group health and dental insurance benefits like those offered by RBC Insurance are tax-exempt with a formal arrangement between the employer and the employee.

What are group wage loss insurance benefits?

If an employee gets injured on the job, group wage loss insurance provides income. It’s normally 2/3 of an employee’s salary, although low-income wage earners are eligible for a higher percentage. This compensation covers the entire duration of the injury and rehabilitation.

RBC Insurance Downloadable Forms

You can access RBC Insurance forms of all types on their website in one convenient place:

Forms can be returned by mail or submitted digitally after logging into your account.

RBC Insurance Contact Information

Primary Office: 6880 Financial Drive, Mississauga, Ontario L5N 7Y5, Canada

Important Contact Numbers:

  • General Service and Claims: 1-888-822-9617
  • Technical Support: 1-888-365-2794

Learn More About RBC Insurance

RBC is just one of many choices for insurance. If you need help choosing between group benefits plans, just hit the button below and fill out our quick quote form. We’ll get in touch with you to discuss your needs then deliver a collection of competitive quotes from the best insurance companies in Canada right to your inbox.

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