Our Personal Insurance Advice site allows you to explore the different ways personal insurance can help meet your needs. You'll also find money-saving tips, hints for making the most of your coverage and answers to common questions.
Loan, mortgage and credit card protection is available to RBC Royal Bank® customers who carry an RBC Royal Bank loan, line of credit, mortgage or Visa* card balance. Here's how this coverage can protect you:
Loans, Lines of Credit and Mortgages:
- Pays off or reduces your financial obligations in case of death, or
- Maintains your regular payments in case of disability
Credit Cards:
- Pays off or reduces your financial obligations in case of death or critical illness, or
- Assists you in maintaining your regular payments in events such as disability or involuntary job loss
Should I get this coverage if I already have life or disability income insurance?
If you already have life or disability income insurance, here's how loan, mortgage or credit card protection can still help:
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Preserving your life insurance: Obtaining life insurance is an important step toward protecting your family's financial security. However, have you thought about all the ways they might need to use your life insurance? For instance, they will most likely need to replace your lost income. They may also need to repay debts from other financial institutions, fund your children's education, pay off capital gains taxes and more.
With loan, mortgage or credit card protection, your family will be free to use your life insurance to help pay for these other expenses because your RBC Royal Bank loan, line of credit, mortgage or Visa card balances will be paid off or reduced.
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Preserving your disability income insurance: Disability income insurance could go a long way in helping you maintain your financial security during a disability. However, it's not always enough to maintain your current standard of living or pay for new expenses such as additional medical bills. This is especially true if you have limited coverage through an employer disability plan. Plus, if you lose your job, you may also lose your coverage.
Loan, mortgage or credit card protection can help preserve your personal or employer disability income insurance for other needs, while allowing you to continue making payments on your RBC Royal Bank mortgage, loan, line of credit or Visa card.
Ready to learn more?
Visit our Loan, Mortgage and Credit Card Protection site to learn about RBC Royal Bank HomeProtector®, LoanProtector® and BalanceProtector® insurance.**
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In the event of death, employer plans typically provide coverage for only 1 to 2 times your salary. If this is true in your case, you may want to review your needs.
In the event of disability, employer plans may only provide coverage for two-thirds of your income. If this is true in your case, you may want to review your needs.
Our credit card balance protection provides more than life and disability income insurance. It also includes involuntary job loss and strike protection, critical illness protection and more.
Call us to see how much your coverage will cost. You may be able to protect your most valuable assets for just pennies a day.
Next Tip
How much life insurance can I get on my loan, line of credit or mortgage?
In the event of death, up to $500,000 of your outstanding insured RBC Royal Bank mortgage(s), loan(s) or credit line(s) may be paid off.
How much disability insurance can I get on my mortgage?
In the event of disability, your mortgage payment(s) may be paid for a maximum of 24 months (up to $3,000 a month).
How much disability insurance can I get on my loan or line of credit?
In the event of disability, your benefits may maintain your loan payment(s) and cover a percentage of your line of credit for a maximum of 60 months (up to $3,000 a month).
How much life insurance can I get on my RBC Visa card?
In the event of death, up to $15,000 of your outstanding Visa balance (at the date of loss) may be paid in full.
How much disability insurance can I get on my RBC Visa card?
In the event of disability, a monthly benefit based on 5% of your outstanding Visa balance at the date of loss (up to a maximum of $15,000) may be paid. Payments will continue to be paid unless you are no longer disabled or a maximum of 20 months, whichever comes first.
Can my benefits be taxed or reduced by other insurance plans?
No. Both life and disability benefits are non-taxable and benefits do not have to be coordinated with other private or group insurance plans.
Next Question
* Registered trademark of Visa International Service Association. Used under license.
** LoanProtector, HomeProtector and BalanceProtector are group creditor insurance programs, underwritten by The Canada Life Assurance Company, and are subject to terms, conditions, exclusions and eligibility restrictions. Please see the LoanProtector, HomeProtector, and BalanceProtector Certificate of Insurance booklets for full details, including privacy and confidentiality of personal information.
‡The Online Discount is not available in all provinces, and where available varies by province, type of insurance, renewal term, and auto plan membership. Other exclusions and limitations also apply.
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