Life insurance is provided by RBC Life Insurance Company

RBC Life is a subsidiary of RBC, one of Canada's largest and most trusted companies and an institution whose history stretches back nearly 150 years.

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Benefits of Term Life Insurance

We’ll help you take the first step towards protecting your family’s financial future.


Choose between 10 and 20 year terms. If you pass away within this time period3, your beneficiaries receive your policy benefit tax-free4.


Premiums and coverage are guaranteed for your entire term. Plus, you can renew your policy at the end of your term.


Premiums are typically lower than for other types of life insurance, making term life insurance a good option if you have a growing family.


Convert your policy into permanent or universal life insurance until you are age 71, without health questions or a medical exam.2

RBC Simplified®Term Life Insurance

Offers flexible, convenient and affordable coverage—best of all, you can apply online! If you need $1,000,000 or less in coverage, RBC Simplified Term Life Insurance is an easy way to help give your family the protection they need.

Highlights (or Plan Details)

Convenient: Get an online quote instantly and apply in as little as 15 minutes

No Medical Exam: You may be eligible to receive coverage without having a medical examination

Coverage Available: $50,000 - $1,000,0007

Affordable: Policies start as low as $12.67 per month6

Flexible: Choose coverage for 10 or 20 years

Easy to Understand: Premiums and coverage are guaranteed for the entire term

Tax-Free Benefit: Your beneficiary or estate receives the death benefit tax-free3

Convertible: Convert your policy to a permanent policy such as RBC Growth Insurance without providing additional medical evidence2

Exchangeable: Exchange a Simplified Term 10 policy for a Term 15, 20 or 30 policy without providing medical evidence8

Accidental Death Benefit: In the case of accidental death, your beneficiary could receive additional life insurance benefit amount9

30-Day Review Period: If you change your mind within the first 30 days, we will give you a full refund and cancel your policy

The Right Choice If You

Are a Canadian citizen

Are a permanent resident/landed immigrant who have been in Canada over 12 months

Need a Term 10 or 20: meet the maximum issue age of age 85 minus the term. Example: Age 85 - Term 20 = Age 65 Maximum Issue Age

What's Covered?
Death Benefit

If you die during the time period when coverage is in effect, your policy provides a tax-free4 death benefit in the amount of your coverage to your beneficiaries or your estate.

Summary of Exclusions5

During the application process, if we are given incorrect or incomplete information regarding health, lifestyle or smoking habits, we reserve the right to deny your benefit.

The information above is intended as a summary only. Please see the additional disclosure information or a sample policy for complete terms and conditions, including benefits and exclusions.

About Your Premiums

Your premiums are guaranteed to stay the same for your entire term

You can renew your policy after your term ends—premiums will change at renewal but are guaranteed for your entire renewal term

Pay monthly or annually with a credit card when you buy online

Any questions?

What makes Walnut different?

Our team at Walnut is on a mission to make life insurance accessible and improve the lives of our members with access to valuable member benefits.

Accessible Pricing: We’re spearheading price-first life insurance memberships to create a transparent and trustworthy online buying experience. You’ll always know how much you’re paying right from the start. You can feel comfortable that you’ll never be blindsided by additional fees or commissions.

Member Benefits: To help you live your best life our memberships include access to relevant products and services in addition to your life insurance. These are included as part of your monthly payment and you’ll have access as long as your membership is active.

What insurance products does Walnut offer?

Walnut currently offers term life insurance available in 10-year terms and 20-year terms. Walnut does not offer whole or universal life products, but you can talk to an RBC Insurance advisor who can provide those options.

Who are Walnut's member benefits partners?

We’ve partnered three premium brands to help you live your best life. Headspace for mental health, sleep, and focus guidance, ClassPass for access to hundreds of digital fitness classes, and Dashlane to help you autofill passwords and protect your online identity.

Am I paying for the member benefits?

Yes, member benefits are optional and the pricing for the benefits are broken out separately during the checkout process.

Are you licensed to sell insurance?

Yes, we are licensed to sell insurance. You can find our list of active licences here.

What forms of payment do you accept?

We currently accept credit card payment.

If I have other questions, how can I get in touch with Walnut?

We’d love to chat with you. To chat with us, you can contact us through the live support on our site or email us at

What is term life insurance?

Term life insurance is one of the most affordable ways to ensure your family is protected financially in the event of your passing. "Term" is the set amount of time that the insurance will last. To determine the right length of time you would want to consider your financial liabilities; mortgage, loans, debt, and end-of-life expenses. Given this type of insurance is for a set period, if you were to outlive the term you would not receive any return on the premium. Your family would also not receive a death benefit.

Why should I buy term life insurance?

There are multiple reasons someone would prefer to choose term life insurance. The premium prices are much more affordable, if you need something that would protect your family but are on a budget this is the perfect option. It's also great if you have a family with a mortgage, debt, loans, or want to put your kids through college. This is equally important to have if you have shared investments with a serious partner or even a business partner, the policy would help to protect them from financial loss or burden. The length of the policy would reflect how long you would need to protect your loved ones to cover your finances in the event of an unexpected death.

What ages are eligible for your digital term life insurance?

Adults 18-70 years of age may be eligible to purchase online.

How much life insurance coverage do I need?

Consider the obligations and individuals you may want to take care of. Are there debts, including mortgages, that you would like to cover in case you pass away? Dependents like spouses or children who depend on your income for everyday expenses or for education? Funeral and other final expenses? And then reduce that amount by any liquid assets like cash, savings, or other investments that could be made available to loved ones immediately.

You can access the Walnut Life Insurance Calculator to help you understand how much coverage may be suitable.

Will my monthly premiums ever change?

No, your monthly premiums will not change for the length of your term.

What is the maximum amount of term life coverage available?

The maximum amount of coverage available with Walnut is $1,000,000 for clients 55 years of age or younger. Coverage maximum amount of $499,999 is available to clients 56 years of age and older.

How do I set my beneficiaries?

For the RBC Simplified® Term Life Insurance product, the beneficiary is defaulted to the estate in order to streamline the online purchase process. You may change the beneficiary after your policy has been issued by submitting a signed Change of Beneficiary form which will be sent with your policy package in the mail.

Can I get life insurance if I have a serious medical condition?

This greatly depends on what the serious medical condition is. This should not stop you from reaching out to an insurance provider to see if you would qualify. In general, most pre-existing conditions will get a rating, making your premium higher. What is important is to get covered with insurance the sooner the better, because if you do have a medical condition this puts you at greater risk of earlier or an unexpected death.

Can I purchase a policy on behalf of someone else?

In most cases, purchasing life insurance is a decision made by the individual to be insured. At Walnut, you can only purchase on behalf of yourself.

How long does the application process take?

Our goal is to get you covered quickly and easily. The process from quote to application submission should only take 10-15 minutes.

Can I complete my application fully online?

Eligibility may vary depending on health and other factors, but yes, our platform allows you to apply for coverage 100% digitally without ever needing to speak with an agent. Although, we are here if you need some help.

Do you require a medical exam?

You may be eligible to complete the underwriting process fully online without a medical exam. However, there can be health or other factors that may prevent a successful digital application.

Why do you require personal information?

Our platform allows us to underwrite policies in realtime which requires personal information. All of the questions that are asked in the application process are required to give you an an accurate and instant decision on your life insurance eligibility. Please be rest assured that your information is safe and will not be used for any other purposes other than underwriting your policy. You can read our Terms of Use and FAQ.

My application was denied. Why?

In some cases, we are unable to offer coverage due to eligibility. If you suspect something is going wrong, please do not hesitate to contact us at

I am unable to get through my application. How can I get help?

In the event that you are having trouble with your application online, please know that we are here to help. To chat with us, you can contact us through the live support on our site or email us at

Get RBC Simplified® Term Life Insurance with Walnut

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