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Employee BenefitsCompaniesRBC Insurance Employee Benefits - Company Review 2024

RBC Insurance Employee Benefits – Company Review 2024

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As part of the Royal Bank of Canada, one of the country’s largest financial institutions, RBC Insurance leverages strong financial backing and industry knowledge to provide comprehensive benefits solutions for organizations of all sizes.

This in-depth review will examine RBC Insurance employee benefits offerings. This guide has all the essential details, whether you are considering RBC Insurance for your company or simply want to learn more about their plans and services. Read on for a breakdown of RBC Insurance’s benefits, features, costs, reviews, and more.

What is RBC Insurance?

Unlocking Benefits: A Review of RBC Insurance's Employee Offerings IDC
Unlocking Benefits: A Review of RBC Insurance’s Employee Offerings

First, let’s do a quick rundown on RBC Insurance as a company. RBC Insurance is the brand name for the insurance division of Royal Bank of Canada. Headquartered in Mississauga, Ontario, they provide a wide range of insurance products and services, including life, health, home, auto, travel, and creditor insurance.

When it comes to employee benefits specifically, Royal Bank of Canada Insurance offers:

  • Health and dental insurance
  • Life and accidental death & dismemberment (AD&D) insurance
  • Short-term and long-term disability insurance
  • Critical illness insurance

They serve over 5 million clients globally and are one of Canada’s largest bank-owned insurance companies with approximately 2,800 employees. RBC Insurance has a strong reputation and track record, with over 25 years of experience providing group benefits.

Source: https://www.rbcinsurance.com/about/overview.html

Some other key facts about RBC Insurance:

  • Part of the Royal Bank of Canada, a leading North American financial institution
  • One of Canada’s top 5 group life and health insurance providers
  • Over $4 billion in premiums
  • Financial solid backing with $1.4 trillion in assets and an AA credit rating
  • Provides coverage for over 30,000 Canadian businesses

Beyond employee benefits, RBC Insurance also offers:

  • Individual life, health, travel, home, and auto insurance
  • Reinsurance solutions
  • Creditor insurance for personal and business lending clients

This diversified suite of insurance products and RBC’s financial strength make them a stable choice for companies seeking support for benefits. Next, look at RBC Insurance’s employee benefits offerings in more detail.

RBC Insurance Employee Benefits Offerings

Navigating Perks: RBC Insurance's Employee Benefits Under Review IDC
Navigating Perks: RBC Insurance’s Employee Benefits Under Review

RBC Insurance provides a comprehensive portfolio of employee benefits covering health and dental, life and accident insurance, disability, and critical illness. Here’s an overview of their essential products:

RBC Health and Dental Insurance

RBC Insurance’s health and dental plans help fill gaps in provincial healthcare coverage and meet employees’ needs. Customizable features include:

  • Prescription drugs – Choose reimbursement levels, deductibles, co-pays, overall plan maximums, and more. RBC offers an optional managed formulary.
  • Healthcare benefits – Coverage for vision, paramedical services, medical devices and supplies, out-of-country emergency medical, and more. Dental procedures like cleanings, fillings, and root canals are covered under the base dental plan. Primary restorative coverage is available as an add-on.
  • Health spending account (HSA) – Provides additional health and dental coverage through employer-allocated credits. Unused credits can roll over from year to year.
  • Survivor benefits – Continues coverage for surviving dependents for up to 2 years upon employee’s death.
  • Virtual healthcare – Options like virtual doctor visits through RBC Insurance’s partnership with Maple.
  • Cost-plus coverage – Funds unexpected medical and dental costs outside the regular plan’s scope.

RBC Insurance also offers preferred pricing on health and dental rates for group benefits clients.

RBC Life and AD&D Insurance

Protecting loved ones is made easier with Royal Bank of Canada Insurance’s life and accidental death and dismemberment solutions:

  • Basic life insurance – Options for flat coverage amounts or multiples of salary. Includes early death benefits for terminally ill employees.
  • Optional life insurance – Allows employees to buy extra coverage through payroll deductions.
  • Spousal and child life – Extend coverage to family members.
  • AD&D insurance – Pays additional benefits for losses like dismemberment or paralysis due to an accident. Includes repatriation and education benefits for dependents if an insured employee passes away.
  • Living benefits – Early payout of 50% of life insurance (max $100,000) upon terminal illness diagnosis.

Source: https://www.rbcinsurance.com/files/00105/file-105129.pdf

RBC Disability Insurance

RBC Insurance’s short-term and long-term disability plans provide income stability when an illness or injury arises:

  • Short-term disability – Replaces a portion of earnings if an employee can’t work due to disability. Return-to-work assistance is included.
  • Long-term disability – Continues partial income replacement for extended disabilities. Retraining and workplace accommodation benefits are available.
  • Partial disability – Allows employees with the capacity to work reduced hours to still qualify for disability benefits.
  • Spousal disability insurance – Extends income protection if an employee’s spouse/partner becomes disabled.
  • Survivor benefits – Continues payments for beneficiaries if the employee passes while on the claim.

RBC Critical Illness Insurance

Royal Bank of Canada Insurance’s critical illness plans offer lump-sum cash benefits upon diagnosing a covered condition like cancer, stroke, or heart attack. This can alleviate financial stress as employees heal. Key features include:

  • Coverage for 20+ conditions
  • Option for additional partial benefits for less severe critical illnesses
  • Fast claims payment with no waiting period
  • Mental health support services included

For all coverage types, Royal Bank of Canada Insurance offers optional riders. These riders offer benefits like return-of-premium at retirement or death, inflation protection, and more, which can be added for an additional price.

Overall, Royal Bank of Canada Insurance provides extensive options across all significant employee benefits categories. Next, let’s look at what sets their offerings apart.

Why Choose RBC Insurance for Employee Benefits?

Insider Insights: Reviewing RBC Insurance's Employee Benefits IDC
Insider Insights: Reviewing RBC Insurance’s Employee Benefits

What makes RBC Insurance’s employee benefits coverage stand out from competitors? There are a few key advantages that position them as an appealing choice:

Strong Financial Backing

As part of Royal Bank of Canada, one of Canada’s largest financial institutions, RBC Insurance has immense financial strength. They have over $1.4 trillion in assets, annual revenue of $42 billion, and an AA credit rating from Standard & Poor’s. This provides security and longevity compared to smaller, less stable providers.

Top-Tier Customer Service

Royal Bank of Canada Insurance has repeatedly been recognized for its service excellence. They have a dedicated team of group benefits specialists available to support employers. Even among big insurers, clients praise RBC’s responsiveness and ease of working with their representatives.

User-Friendly Online Tools

Royal Bank of Canada Insurance offers online portals with real-time data that simplify benefits management for HR teams. Employees can access details on coverage, claims, and more via desktop or RBC Insurance’s mobile app. The technology makes benefits administration seamless.

Extensive Coverage Options

Royal Bank of Canada Insurance enables high plan flexibility with different reimbursement levels, unlimited maximums, and extra coverage add-ons. This allows companies to tailor benefits to their workforce’s needs and budget.

Built-In Value-Added Services

Royal Bank of Canada Insurance includes services like Employee Assistance Programs, virtual healthcare, second opinion services through Best Doctors, and more at no added cost. These provide extra support for employees.

RBC Insurance provides comprehensive benefits with robust backing, technology, and service. Next, examine how real-world customers rate its performance.

RBC Insurance Reviews and Ratings

Positive feedback from clients confirms Royal Bank of Canada Insurance’s strengths in the employee benefits space. Across significant sites like Google and Facebook and industry reviews, Royal Bank of Canada Insurance earns 4+ stars out of 5. 

Specific areas highlighted include RBC’s:

  • Knowledgeable team—clients praise the expertise and support RBC specialists provide. Their knowledge of group benefits gets rave reviews.
  • Smooth technology – online dashboards make it simple for HR admins and employees to access information and manage benefits.
  • Competitive pricing – many note that RBC Insurance’s premiums are affordable, especially given the features included.
  • An array of options – the ability to easily customize plans to meet a company’s needs.
  • Strong client focus – they are commended for taking the time to understand the client’s goals and pain points.

In addition, RBC Insurance holds a Comdex ranking of 90/100 based on broker reviews, indicating they outperform 90% of competitors. They also received top marks in Dalbar’s 2021 insurance company rankings.

Royal Bank of Canada Insurance delivers a positive experience for many benefits clients. Next, let’s look at cost.

How Much Do RBC Insurance Employee Benefits Cost?

Benefits Breakdown: Evaluating RBC Insurance's Employee Offerings IDC
Benefits Breakdown: Evaluating RBC Insurance’s Employee Offerings

Royal Bank of Canada Insurance employee benefits prices are competitive, especially considering the high policy customization and value-added services offered. Premiums vary based on location, industry, company size, demographics, and selected plan design. However, we can provide ballpark figures and pricing models.

10 specifically:

  • Insured groups with 3-9 employees can expect to pay $300-500 per employee monthly for enhanced coverage.
  • For larger companies of 500 employees, monthly rates range from $200-300 per employee.
  • Minimum employer contributions of 25%- 100% of the total premium are typical. Employees pay the remaining balance through payroll deductions.
  • Cost-saving options like managed formularies and paramedical service maximums can be implemented to reduce premiums.
  • Including health spending accounts adds roughly $300 annually per employee.
  • Dental coverage costs around 5%-15% of total health premiums.

For other core benefits like life, disability and critical illness, monthly premiums typically fall within the following ranges:

  • Life insurance: $15-30 per $10,000 of coverage
  • AD&D insurance: $0.3-$0.8 per $1,000 of coverage
  • Long-term disability: $20-40 per month per employee
  • Critical illness insurance: $30-60+ per month depending on age, coverage amount, and other factors

Source: https://www.rbc.com/pensioners/benefits/RBC-Retiree-FlexBenefits-Booklet-English-Jan-2020.pdf

Exact premiums are determined through an in-depth quote process. Contact RBC Insurance for specifics on pricing for your employee group.

Now that we’ve covered the basics of RBC Insurance’s offerings let’s look at frequently asked questions.

FAQs about RBC Insurance Employee Benefits

Have more questions about Royal Bank of Canada Insurance’s group benefits plans? Here are answers to some commonly asked questions:

How long does RBC Insurance take to implement benefits after purchase?

RBC Insurance can implement group benefits fast – often within 30-60 days after purchase for basic setups.

Does RBC Insurance offer benefits statements showing employees' coverage?

Yes. RBC Insurance provides online benefits statements outlining individual employees' plans, coverage amounts, and dependents enrolled. Printed versions can also be issued annually.

Can benefits be self-administered or integrated with an existing HRIS system?

Absolutely. RBC Insurance offers flexibility for in-house benefits management and integration with many HR platforms through their web portals' APIs.

Does RBC Insurance allow coverage customization per class of employees?

Yes. RBC enables companies to set up separate benefit classes – for executives, managers, hourly employees, etc.–with different plan designs if desired.

What options exist if an employee leaves the company?

There are conversion options to individual policies and the ability to port specific coverage like life insurance. Employees also have access to alum programs after leaving.

Do you need a minimum number of employees for RBC Insurance benefits?

RBC Insurance can cover groups starting at just two employees, making them accessible for almost any sized business.

These are just a few examples of common questions. Contact an RBC Insurance rep to learn how their group benefits work.

Conclusion

Employee Well-being Matters: RBC Insurance's Benefits Reviewed IDC Insurance
Employee Well-being Matters: RBC Insurance’s Benefits Reviewed

Finding the right benefits partner is critical to building financial security for your workforce. With its suites of customizable health and dental, life and AD&D, disability, and critical illness benefits – backed by solid service, technology, and overall value – RBC Insurance makes for an appealing choice.

With a range of options to choose from, it’s helpful to understand the landscape of top providers across the country. Some of the leading employee benefits providers in Canada include:

Their group benefits team offers in-depth guidance to employers seeking to enhance their offerings and manage costs. RBC Insurance’s robust resources provide additional support to create well-rounded plans. Positive reviews and ratings confirm they deliver an excellent benefits experience for many Canadian businesses.

RBC Insurance warrants consideration for companies aiming to provide protection and security for employees through group benefits coverage. Want to learn more? Contact their experts today for an informative discussion and quote on your ideal employee benefits program.

Article Sources

At Ebsource, our goal is to empower Canadians to become savvy consumers when selecting employee benefits packages and making human resources decisions. We provide comprehensive, unbiased information so Canadians can fully understand their options before making choices that align with their specific needs and priorities. Our insights come from financial veterans, reflecting industry best practices. We also reference statistics from authoritative agencies like Statistics Canada so readers know our data is accurate and trustworthy.

We thoroughly research all the major benefits providers in Canada from an objective standpoint, allowing us to offer tailored recommendations based on individuals’ budgets and circumstances. Ebsource adheres to high editorial standards of independence and transparency. We take pride in equipping readers with knowledge from reputable sources and strict reporting principles. As Canada’s premier destination for employee benefits intelligence and HR insights, our purpose is to inform and educate Canadians so they feel empowered in securing the optimal benefits for their needs.

RBC Group Benefits goes mobile – insurancebusinessmag.com
RBC Insurance’s Portable Group Life and Living Benefits Coverage – lsminsurance.ca
RBC Group Insurance: Benefits and Processes – groupenroll.ca
Royal Bank of Canada – en.wikipedia.org
Group Benefit Solutions – rbcinsurance.com

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