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Big protection for your littlest ones
New family members mean new responsibilities. Protect what matters most by choosing insurance built for you — and for them.
How insurance helps young families (like yours!)
Your family relies on you in more ways than one. Insurance helps replace income if something happens, covers unexpected medical costs, and starts saving for your child’s future — often for less than you might expect.
Three ways to give your family a safety net
From covering everyday expenses to preparing for life’s unexpected turns, these are the core protections that help parents feel secure at every stage.
RBC Simplified Term life insurance
Get affordable protection for all your short-term needs with a path towards lifetime coverage.
Highlights
Coverage from $50,000 to $1,000,000 over 10-40 years.2
Quick online application, no medical exam for eligibility may be required.
Includes $10,000 accidental death benefit.
Convert term to permanent insurance without medical proof until age 71.
RBC YourTerm life insurance
Customize your coverage with higher coverage limits, more flexible options and additional benefits.
Highlights
Coverage from $1,000,001 to $25,000,000 for a term anywhere between 10 to 40 years.3
Future flexibility with the option to change from term life insurance to permanent life insurance in the future without medical evidence, up to age 71.
RBC critical illness insurance
Protect yourself financially against the most common illnesses. Together, cancer, heart attack and stroke make up 89% of all critical illness claims.4 For financial protection against these common illnesses5, choose our most affordable coverage.
Highlights
Lump-Sum Benefit: $10,000, $25,000, $50,000 or $75,000.
Affordable Coverage: For the three most common critical illnesses —cancer5, heart attack and stroke.
Optional Benefit: The Return of Premium on Death Benefit refunds all premiums paid if you pass away while the policy is in force.
Assistance Services: Teladoc Medical Experts+, Medical Confidence service, “The Healing Journey” program and early assistance benefit.
RBC Professional Series disability insurance
The Professional Series policy provides long-term disability coverage and return to work benefits that are designed around your unique needs.
Highlights
Total Disability Benefits: Receive a specified monthly benefit if illness or injury completely prevents you from working.6
Partial and Residual Disability Benefits: Makes your transition back to work easier if, as a result of injury or illness, you are only able to work part-time.
Choice of Benefit Periods: Receive benefits for two years, five years or until age 65.
Return to Work Assistance Benefits: Receive services that can help you get back to your job.
Home insurance
Your home is one of the biggest purchases you’ll ever make. Help protect it and your financial future with the right insurance coverage.
Highlights
Helps to protect your home and detached structures on your property (such as a storage shed) against insured risks like fire, wind, hail, theft and more.
Helps to protect you financially against insured damage or loss to furniture, clothing and other personal property inside your home or vehicle.
Helps to protect you financially if you accidentally cause property damage or bodily injury to others — at home or anywhere in the world.
RBC HomeProtector mortgage insurance
Protect your family and your financial future with affordable insurance coverage on your RBC Royal Bank Mortgage.
Highlights
Choose life insurance only—or add critical illness or disability insurance for more protection.
Helps preserve your personal insurance.
Helps safeguard your savings for what they were intended.
Life, critical illness and disability benefits are non-taxable and benefits do not have to be coordinated with other insurance plans. HomeProtector Insurance is underwritten by The Canada Life Assurance Company.
Talk to an advisor if
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You’re planning to combine multiple products.
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You have unique health or family considerations.
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You want a tailored financial plan.
Start online if
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Your needs are straightforward.
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You know the coverage type you want.
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You want to get started now.
Helpful resources
Life Insurance for a New Baby? Why It Makes Sense.
Purchasing life insurance for your newborn can be a wise investment as you plan for their long-term financial health.
Applying For Life Insurance: Why You Should Be An Open Book
Some of the questions in your life insurance application might surprise you. Let’s find out what they are and why they’re necessary.
Life insurance calculator
See how much coverage is right for you and your family.
Critical illness insurance calculator
See how much coverage is right for you.
Frequently asked questions for young families
You may want to consider life insurance if you have people who depend on you financially or have debt that will be left for your loved ones.
The lump sum amount of money from a life insurance policy can be used to help:
- Replace lost income for your family
- Cover or pay off living expenses like mortgage or rent
- Provide for your child’s care
- Pay off debts you may leave behind
- Fund your children’s education
- Create a tax-free inheritance
- Cover funeral and other final expenses
That depends on your needs. If you’re considering term life insurance, you can get a cost estimate pretty quickly with a life insurance quote. Your premiums may be different from another person’s premiums—that’s because premiums are based on many things, including risk factors that are unique to you. Check out I Need To Adjust My Budget, How Can I Get Insurance To Fit?
In general, here’s what will figure into your cost:
The type of insurance you choose
Term life insurance is intended to cover short-term needs and is more affordable than a permanent life insurance policy that offers lifetime coverage, such as Universal or Whole Life insurance. Some permanent life insurance policies may also have an investment component and legacy-building benefits. See Types of Life Insurance Explained or check out Can I Personalize My Insurance?
How much coverage you buy
A million-dollar policy is going to cost you more than a $250,000 policy (for the same term length).
Your age, health and gender
The younger and healthier you are when you buy life insurance, the less it will cost. And men typically pay more than women do based on life expectancy.
As an example, a 35-year-old female non-smoker can expect to pay around $19.85 per month for a 20-year term life insurance policy worth $350,000, while a 35-year old male non-smoker can expect to pay around $25.78 per month for the same policy.
Your lifestyle
If you drink alcohol or consume marijuana frequently, or enjoy more extreme activities like scuba diving or rock climbing, you will be required to disclose more information and, depending on the specifics, you may pay higher premiums. And, if you smoke or use tobacco products, you will almost certainly pay more for your policy.
Family medical history
If cancer, diabetes or other medical conditions run in your family, this could increase your rates.
Get a quick life insurance quote now to see what a life insurance policy might look like, based on your needs.
You can buy a permanent life insurance policy for your children at any time. But there are two significant advantages to getting coverage when your child is still young:
- Coverage may be less expensive because they are so young
- Your child has a longer window to accumulate the cash value
From a saving perspective, time is the most powerful tool your child has. The sooner your child is covered by a permanent life insurance policy, the longer the cash value component has to grow until they’re ready to use it for things like education or buying a home.
This answer depends on your employer-sponsored disability plan, so examine it carefully and know what it covers. Typically, an employer-sponsored plan will end when your employment ends. One of the advantages of a disability insurance policy from RBC Insurance is that you can take it with you if you leave your job.
Here are some things to look at for your employer-sponsored plan:
- How much of your income will your employer-sponsored disability plan replace? Will you be caught short?
- Are you covered for illness as well as injury?
- Are you only covered for accidents on the job, or are you protected 24/7?
- Does your plan provide valuable return to work services?
- How does your plan define a disability?
Once you know the answers to these questions, you may find that you need additional coverage.
Find insurance for all your needs
Securing your future is crucial for young families. Don’t wait until it’s too late.
Angus Reid, June 2025 survey of 1,300+ Canadians.
Only applicable for ages 18 to 55. For individuals aged 56+, the range is $50,000 to $499,999.
Only applicable for ages 18 to 55. For individuals aged 56+, the range is $500,000 to $25,000,000.
Munich Reinsurance Company, 2006 Critical Illness Survey.
Cancer is defined as a definite diagnosis of a tumour, which must be characterized by the uncontrolled growth and spread of malignant cells and the invasion of tissue. Types of Cancer include carcinoma, melanoma, leukemia, lymphoma, and sarcoma. The diagnosis of Cancer must be made by a specialist. The following forms of cancer are excluded: Lesions described as benign, pre-malignant, uncertain, borderline, non-invasive, carcinoma in-situ (Tis) or tumours classified as Ta; Malignant melanoma skin cancer that is less than or equal to 1.0 mm in thickness, unless it is ulcerated or is accompanied by lymph node or distant metastasis; Any non-melanoma skin cancer, without lymph node or distant metastasis; Prostate cancer classified as T1a or T1b, without lymph node or distant metastasis; Papillary thyroid cancer or follicular thyroid cancer, or both, that is less than or equal to 2.0 cm in greatest diameter and classified as T1, without lymph node or distant metastasis; Chronic lymphocytic leukemia classified less than Rai stage 1; or Malignant gastrointestinal stromal tumours (GIST) and malignant carcinoid tumours, classified less than AJCC Stage 2.
Certain conditions must be met for benefits to be payable. Your policy will provide complete details.