LoanProtector® Insurance

Protection for the Big Things in Life
When you and the ones close to you need it the most, LoanProtector Life, Critical Illness Insurance and Disability Insurance can provide you and your dear ones with financial security for your line of credit or loan.
What is LoanProtector?
If you have spent the past couple of months planning to buy a new vehicle, or take a well-deserved holiday with the family, or invest in renovating your property. If you have spent a considerable amount of time getting a loan to finance the plans mentioned above, you might wonder how you can protect them?
Here at RBC Royal Bank, we offer the financial security of LoanProtector Life insurance to protect yourself and your family’s standard of living, but also your net worth and assets.
There are a few things to be kept in mind as you look towards building your family’s financial future:
Legal Disclaimers:
This insurance plan is a creditor’s group insurance plan that The Canada Life Assurance Company underwrites. The insurance policy is subject to terms and conditions, limitations, benefits and exclusions, including eligibility restrictions.
Personalize Your Loan Protection
You can either choose a life insurance plan or add a critical illness or disability insurance for added protection.

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Call 1 844-542-4678 to speak to our advisors.

Coverage Options:

Life Insurance
Decrease your outstanding RBC Royal Bank loan balance and the line of credit balance in the unfortunate event of your passing of up to $500,000
Critical Illness Insurance
If you are diagnosed with a severe illness and covered by a critical illness insurance plan, you can pay off or decrease your outstanding RBC Royal Bank loan balance and the line of credit balance of up to $300,000 (OR)
Disability Insurance
You can maintain your regular loan payments and pay 3% of your line of credit balance if you become disabled temporarily or permanently. Coverage up to $3,000 for a maximum period of 24 months.
The Qualifying Balance is explained as:
Why Might I Need to Apply for Loan Insurance?
Would you be able to manage your financial situation with a third less income and increased expenses?
Upon my death, couldn’t my estate just sell my assets?
Yes, they can, but you must ask yourself. Are those assets more than enough to cover your outstanding debts and take care of your loved ones’ immediate and long-term financial needs? Additionally, if your dear ones had to sell your assets all of a sudden in a down-market to pay off your debts? Don’t worry! LoanProtector® Insurance can take care of your existing financial plans making sure they are intact.
Do I need to purchase an insurance policy for a small RSP loan?
Even though your registered savings plan or line of credit may be minimal, it is an added liability. For mere cents a day, LoanProtector® Insurance can help minimize or even, in certain instances, pay off debts that are in the event of your passing or if you have been diagnosed with a terminal illness. If you have been disabled due to an illness or injury, we can help take care of your payments.
Isn’t term insurance a better value?
A term life insurance can indeed play a vital role financially in providing for your family’s financial future. When you purchase LoanProtector® Insurance, you can rest assured; it is an affordable and convenient way to make sure your outstanding debts are looked after. Other benefits of LoanProtector® Insurance are:
Isn’t term insurance a better value?
A term life insurance can indeed play a vital role financially in providing for your family’s financial future. When you purchase LoanProtector® Insurance, you can rest assured; it is an affordable and convenient way to make sure your outstanding debts are looked after. Other benefits of LoanProtector® Insurance are:
Am I Eligible for LoanProtector® Insurance?
To find out if you are eligible for LoanProtector® Insurance, you must be the borrower of Royal Credit Line or an eligible RBC Royal Bank personal fixed or variable rate loan and the co-borrower up to a maximum of two people are eligible, and the application criteria are: The individual must be less than 70 years old.
Am I eligible to apply for disability insurance?
You must also:
Am I eligible to apply for critical illness insurance?
You must also:
Please Note: On the same loan or line of credit, you must not be insured for both disability insurance and critical illness insurance at the same time.
The application process
You are eligible to apply for LoanProtector® Insurance If you have a personal fixed or variable rate loan or Royal Credit Line® or an existing RBC Royal Bank®.
What if you don’t have an RBC Royal Bank loan?
Suppose you don’t have a Royal Credit Line or an RBC Royal Bank personal fixed or variable rate loan. In that case, our experienced credit specialists can help you select the best borrowing option that suits your specific needs. They will answer your doubts in an easy, quick, and hassle-free manner, ensuring you get the credit you deserve.Is there a need for me to answer any health questions?
If the total insured loan amount or line of credit is $100,000 or less:
You don’t need to answer any questions regarding your health. Additionally, your coverage automatically gets approved if the loan or line of credit exceeds $100,000 You will not be required to undertake a separate health assessment. If you choose to answer “No” to all the health questions mentioned in the form, then the insurer will accept your application. At that period in time, Canada Life will not require any further medical information. If you choose to answer “Yes” to all the questions mentioned in the form, you will be subject to a health assessment.
What is a health assessment from Canada Life?
A health assessment from Canada Life allows the insurer to examine their insurance application in detail. The evaluation may include a telephonic interview with a representative of the insurance company. Based on the outcome, Canada Life has the right to make you complete a thorough health questionnaire, or we may ask you to obtain a detailed health questionnaire from your registered physician.You will be asked to undergo a blood/urine test or a paramedical examination in certain cases.
How do I know if my insurance application has been approved?

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Call 1 844-542-4678 to speak to our advisors.

How are premiums calculated in your insurance plan?

Loans
Based on the date of the insurance application and the insurer’s age, the rates are calculated. Your premiums are based on the date the payment is due and the rate of your loan balance.
Royal Credit Line® Account
Based on the payment due date and the age of the insurer, the rates are calculated. Your premiums are based on your average daily balance during the statement period and the rate of your loan balance.Rates are determined on the age of the oldest insured borrower multiplied 1.7 times for joint coverages.
Life Insurance Single Premium Rates
Age Band Monthly Rate per $1000 of Outstanding Balance
Under 31 $0.12
31-35 $0.19
36-40 $0.29
41-45 $0.41
46-50 $0.54
51-55 $0.68
56-60 $0.81
61-65 $1.01
66-69 $1.32

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Call 1 844-542-4678 to speak to our advisors.

How will the premium be calculated for disability insurance?

Loans
Based on the date of the insurance application and the insurer’s age, the rates are calculated. Your premiums are based on the rate of regular payment of $100
Royal Credit Line Account
Based on the payment due date and the insurer’s age, the rates are calculated. Your premiums are determined based on the rate of 3% of the balance in the month that is billed. At the time of disability, the benefit payable will be calculated at 3% of the balance. Rates are determined on the age of the oldest insured borrower multiplied two times for joint coverages.
Disability Insurance Single Premium Rates
Life Insurance Single Premium Rates
Age Band Monthly Rate per $100 of Payment for Loans and per Estimated Disability Payment for Royal Credit Line
Under 31 $1.38
31-35 $1.72
36-40 $2.15
41-45 $2.75
46-50 $3.25
51-55 $4.15
56-60 $5.20
61-65 $6.05
66-69 $6.69

How will the premium be calculated for critical illness insurance?

Loans
Based on the date of the insurance application and the insurer’s age, the rates are calculated. Your premiums are based on the payment due date and your loan balance.
Royal Credit Line Account
Based on the payment due date and the age of the insurer, the rates are calculated. Your premiums are based on your average daily balance during the statement period and the rate of your loan balance.
Rates are determined on the age of the oldest insured borrower multiplied 1.7 times for joint coverages.
Critical Illness Insurance Single Premium Rates
Life Insurance Single Premium Rates
Age Band Monthly Rate per $1000 of Outstanding Balance
Under 31 $0.25
31-35 $0.35
36-40 $0.45
41-45 $0.77
46-50 $1.17
51-55 $1.65
56-60 $2.22
61-65 $3.17
66-69 $4.40
Please note: It is applicable only for customers who have existing LoanProtector coverage. Wherever applicable, provincial sales tax will be added to your premium. The insurance rates will be converted from a monthly rate to a daily rate. Wherever applicable, provincial sales tax will be added to your premium.
Critical Illness Insurance Joint Premium Rates
Life Insurance Single Premium Rates
Age Band Monthly Rate per $1000 of Outstanding Balance
Under 31 $0.43
31-35 $0.60
36-40 $0.77
41-45 $1.31
46-50 $1.99
51-55 $2.81
56-60 $3.77
61-65 $5.39
66-69 $7.48
Please note: It is applicable only for customers who have existing LoanProtector coverage. Wherever applicable, provincial sales tax will be added to your premium.The insurance rates will be converted from a monthly rate to a daily rate. Wherever applicable, provincial sales tax will be added to your premium.

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Call 1 844-542-4678 to speak to our advisors.

When does my LoanProtector® Insurance coverage begin and end?

When does it begin?
The day your LoanProtector® Insurance application gets approved, your coverage begins for your line of credit or on your RBC Royal Bank-approved loan. Please note: Until the date of the advance of your loan, there will be no benefit paid. The funds become accessible to you when you withdraw them from your Royal Credit line account.
When does it end?
Your insurance coverage will end on the following dates or at the earliest:
The date you have been diagnosed with a terminal illness covered in the critical illness plan for which the insurer pays an insurance claim, the coverage ends. Critical illness coverage also comes to an end. Your premiums are refunded if symptoms, signs, or diagnosis occurs within 90 days of your effective coverage date, irrespective of when the diagnosis was made.

What Are the Limitations and Exclusions?

Life Insurance
Your insurance benefit won’t be paid in the event:
Disability Insurance
You will not receive any benefit directly or indirectly if any of the below-mentioned instances occur:
Critical Illness Insurance
You will not receive any benefit for your critical illness insurance claim based on the below-mentioned factors:
Modes of payment for RBC Insurance Term Life Insurance policy?
Misrepresentation
Please note: If you disclose false or incorrect information when applying for insurance, you will not be entitled to receive a disability benefit or critical illness benefit.
Pre-existing medical conditions exclusion
The benefit will not be paid by the insurer if: You have been seeking advice, treatment, medical care, consultation, or service from a registered health care provider. Additionally, if you had taken any injections, pills, or any form of medication to treat any symptoms of a health condition that you have been diagnosed with in the last twelve months before you applied for disability insurance or critical illness insurance.
Please note: Your critical illness, disability, or death for which a claim is submitted results from or related to a medical condition referred to in (1) above.

Get the best Insurance Quote from RBC Insurance

Call 1 844-542-4678 to speak to our advisors.