Compare RBC Annuities With Quotes From Other Insurers

Key Facts About RBC Annuities

In Canada, annuities are issued only by life insurance companies, not banks. Banks such as RBC sell annuities through their licensed financial advisors, not by the bank tellers or standard branch staff. At RBC, annuity policies are typically issued by RBC Insurance, not the bank itself.

Which insurance companies issue annuity policies in Canada?

Insurance companies who issue annuity policies are:
• BMO Insurance
• Canada Life
• Desjardins Insurance
• Empire Life
• Equitable Life
• ivari
• Manulife
• RBC Insurance
• Sun Life

Does RBC Bank issue annuity policies?

No, RBC Bank does not issue annuities. In Canada, only life insurance companies can issue annuity policies. RBC distributes annuity policies through their financial advisors usually from RBC Insurance or RBC Wealth Management. RBC advisors sell annuities that are underwritten and usually issued by RBC Insurance.

Which Insurance Companies Does RBC Offer?

Advisors from RBC will typically offer annuities from RBC Insurance, their in house life insurance company. RBC does not usually compare annuity quotes from other Canadian insurers.

Pros and Cons of Buying Annuities from RBC

Pros of Buying RBC Annuities
• Trusted Brand: RBC is well known and reputable Canadian bank and is considered one of Canada's top 5 banks.
• Convenience: If you already bank with RBC, it keeps your accounts all in one place.
• Easy: Manage all your investments under your RBC accounts.

Cons of Buying RBC Annuities
• Few Choices: RBC usually works with one company, RBC Insurance their in house provider.
• No Comparison Quotes: You won't see a list of 10 life insurance companies like you would with an annuity broker, meaning you will receive a lower monthly income .
• Not Issued By RBC: The annuity policy is not issued by RBC but by RBC Insurance, a separate legal entity with significantly fewer assets and is not backed by the financial strength of the bank.

Do Independent Insurance Brokers Offer Better Value?

Yes, independent annuity brokers work with multiple life insurance companies in Canada. They compare annuity quotes giving you more options and potentially a higher monthly income.

RBC vs Annuity Broker Quote Comparison

Annuity Details:

• Sex: Male
• Age 65
• Amount: $100,000
• Fund Type: Registered
• No Guarantee option selected
• Payments to start in one month

Insurance Company	Monthly Income $ Registered Funds Age 65
BMO Insurance	582.70
Canada Life	538.54
Desjardins Fin.	568.79
Empire Life	540.76
Equitable Life	n/a
Manulife	584.56
RBC Insurance	539.75
Sun Life	551.02

Insurance Company	Monthly Income $ Registered Funds Age 65
RBC Insurance	539.75

Before Choosing RBC, Have You Seen a Comparison Quote?

RBC advisors offer limited choices. We compare quotes from all the insurers to help you get more income. Complete the form to compare quotes from the best insurers like Canada Life, Empire Life, Manulife, Sun Life, etc. and see for yourself.