Why is HomeProtector Insurance so important?
Buying a home is one of the largest purchases you will make in your lifetime. That's why it's so important to protect it from the unexpected.
We can help ensure your family's lifestyle stays intact even if the unexpected were to occur. You can rely on RBC Royal Bank HomeProtector insurance for the security you need. HomeProtector insurance's competitively priced life and disability coverage can help safeguard not only you and your family's lifestyle, but also your assets and net worth.
Many Canadians with life and disability insurance through a personal or group plan believe their existing coverage will take care of their financial needs should the unexpected occur. However, this may not be the case. Your mortgage may be a financial obligation you did not have when you obtained your existing life or disability insurance. HomeProtector insurance is a convenient and cost-effective way to supplement your existing personal or group coverage and is a critical component of your overall financial plan.
How does HomeProtector insurance work?
Provided by The Canada Life Assurance Company, HomeProtector life insurance can pay off or reduce your RBC Royal Bank mortgage in the even of death, while the disability insurance can take care of your mortgage payments n the event of a disability.
With HomeProtector insurance benefits going toward your mortgage, other coverage that you may have in place can go toward taking care of your loved ones. HomeProtector life and disability benefits are non-taxable and do not have to be co-ordinate with any other insurance plan. Your Premium rates will not increase due to your age during the life of your existing mortgage as long as your balance does not increase. For added convenience, the premium is added to your regular mortgage payment.
What are the benefits?
- Life Insurance can pay off or reduce up to 500,000 of your outstanding insured RBC Royal Bank mortgage in the event of death.
- Disability insurance can maintain your regular mortgage payments in the event of disability for up to 24 months (up to $3,000 a month)
- HomeProtector insurance preserves your personal or group insurance for other needs
- And HomeProtector can safeguard your savings for what they were intended.
Who is eligible for HomeProtector Insurance?
HomeProtector life and disability insurance is available to the individual borrower, co-borrower or guarantor of an eligible RBC Royal Bank Mortgage to a maximum of two people.
HomeProtector insurance eligibility:
- Must be at least 18 years old and less than 66 years old at date of application
- Must be a Canadian resident (living in Canada at least six months of the year)
To Apply for HomeProtector disability insurance you must also:
- Have Homeprotecto life insurance coverage; and
- Be actively working on the date of application, in full-time employment, self employment or seasonal employment
What if I'm adding on to or refinancing my existing mortgage?
The need for life and disability insurance becomes even more important if you are adding on to your mortgage. If you add on to an existing insured mortgage, insurance coverage will terminate, and you will need to reapply for coverage. However, you will not be required to answer the application health questions if you are applying for the same or less coverage, are less than 70 years of age, are adding on to or refinancing your mortgage by $100 000 or less, and if the total of all your insured RBC Royal Bank mortgages plus any HomeProtector mortgage you're applying for is $500,000 or less.
How does the life insurance benefit work?
Provided you meet the terms and conditions of your Certificate of Insurance, Canada Life will pay RBC Royal Bank the balance of your insured mortgage at your date of death to a maximum of $500,000.
For HomeProtector Insurance, the insured balance includes:
- The unpaid principal balance(s)
- The mortgage interest and insurance premiums in arrears from the mortgage payment due date immediately prior to death to a maximum of five years
- Any pre-payment charges; and
- Any overdrawn balance in your property tax account
How does the disability benefit work?
Provided you meet the terms and conditions of your Certificate of Insurance, Canada Life will pay up to an overall maximum of $3,000 a month for all your insured mortgages combined.
HomeProtector disability insurance benefit:
- Canada Life will pay your regular insured mortgage payment of principal, interest and insurance premiums (excluding property tax installments) to RBC Royal Bank for a maximum of 24 months.
- The Benefit will start after the first 60 complete and consecutive days of your disability, which is your waiting period.
What is a disability?
A disability is a sickness, injury, mental illness or nervous disorder that completely prevents you from performing the regular duties of:
- The occupation(s) in which you were engaged immediately before the date you became disabled; or
- Your principal occupation if you're a seasonal employee and your become disabled between seasons; or
- Your occupation prior to retirement
10 day free look
You can cancel your coverage within 10 days of the later of the following dates:
- The date your coverage begins; or
- Five days after the date when we mail your HomeProtector booklet,if you applied for coverage over the internet, telephone, or through a direct mail offer;
and in either of the above cases, a full refund of your premiums will be issued, if any have been collected.
How to apply for HomeProtector life and disability insurance
To apply for HomeProtector life and disability insurance, simply visit an RBC Royal Bank branch near you and speak to a representative. You can also call the Insurance Service Centre at 1-800-ROYAL 23 (1-800-769-2523)
Buying a home is one of the largest purchases you will make in your lifetime. That's why it's so important to protect it from the unexpected.
We can help ensure your family's lifestyle stays intact even if the unexpected were to occur. You can rely on RBC Royal Bank HomeProtector insurance for the security you need. HomeProtector insurance's competitively priced life and disability coverage can help safeguard not only you and your family's lifestyle, but also your assets and net worth.
Many Canadians with life and disability insurance through a personal or group plan believe their existing coverage will take care of their financial needs should the unexpected occur. However, this may not be the case. Your mortgage may be a financial obligation you did not have when you obtained your existing life or disability insurance. HomeProtector insurance is a convenient and cost-effective way to supplement your existing personal or group coverage and is a critical component of your overall financial plan.
How does HomeProtector insurance work?
Provided by The Canada Life Assurance Company, HomeProtector life insurance can pay off or reduce your RBC Royal Bank mortgage in the even of death, while the disability insurance can take care of your mortgage payments n the event of a disability.
With HomeProtector insurance benefits going toward your mortgage, other coverage that you may have in place can go toward taking care of your loved ones. HomeProtector life and disability benefits are non-taxable and do not have to be co-ordinate with any other insurance plan. Your Premium rates will not increase due to your age during the life of your existing mortgage as long as your balance does not increase. For added convenience, the premium is added to your regular mortgage payment.
What are the benefits?
- Life Insurance can pay off or reduce up to 500,000 of your outstanding insured RBC Royal Bank mortgage in the event of death.
- Disability insurance can maintain your regular mortgage payments in the event of disability for up to 24 months (up to $3,000 a month)
- HomeProtector insurance preserves your personal or group insurance for other needs
- And HomeProtector can safeguard your savings for what they were intended.
Who is eligible for HomeProtector Insurance?
HomeProtector life and disability insurance is available to the individual borrower, co-borrower or guarantor of an eligible RBC Royal Bank Mortgage to a maximum of two people.
HomeProtector insurance eligibility:
- Must be at least 18 years old and less than 66 years old at date of application
- Must be a Canadian resident (living in Canada at least six months of the year)
To Apply for HomeProtector disability insurance you must also:
- Have Homeprotecto life insurance coverage; and
- Be actively working on the date of application, in full-time employment, self employment or seasonal employment
What if I'm adding on to or refinancing my existing mortgage?
The need for life and disability insurance becomes even more important if you are adding on to your mortgage. If you add on to an existing insured mortgage, insurance coverage will terminate, and you will need to reapply for coverage. However, you will not be required to answer the application health questions if you are applying for the same or less coverage, are less than 70 years of age, are adding on to or refinancing your mortgage by $100 000 or less, and if the total of all your insured RBC Royal Bank mortgages plus any HomeProtector mortgage you're applying for is $500,000 or less.
How does the life insurance benefit work?
Provided you meet the terms and conditions of your Certificate of Insurance, Canada Life will pay RBC Royal Bank the balance of your insured mortgage at your date of death to a maximum of $500,000.
For HomeProtector Insurance, the insured balance includes:
- The unpaid principal balance(s)
- The mortgage interest and insurance premiums in arrears from the mortgage payment due date immediately prior to death to a maximum of five years
- Any pre-payment charges; and
- Any overdrawn balance in your property tax account
How does the disability benefit work?
Provided you meet the terms and conditions of your Certificate of Insurance, Canada Life will pay up to an overall maximum of $3,000 a month for all your insured mortgages combined.
HomeProtector disability insurance benefit:
- Canada Life will pay your regular insured mortgage payment of principal, interest and insurance premiums (excluding property tax installments) to RBC Royal Bank for a maximum of 24 months.
- The Benefit will start after the first 60 complete and consecutive days of your disability, which is your waiting period.
What is a disability?
A disability is a sickness, injury, mental illness or nervous disorder that completely prevents you from performing the regular duties of:
- The occupation(s) in which you were engaged immediately before the date you became disabled; or
- Your principal occupation if you're a seasonal employee and your become disabled between seasons; or
- Your occupation prior to retirement
10 day free look
You can cancel your coverage within 10 days of the later of the following dates:
- The date your coverage begins; or
- Five days after the date when we mail your HomeProtector booklet,if you applied for coverage over the internet, telephone, or through a direct mail offer;
and in either of the above cases, a full refund of your premiums will be issued, if any have been collected.
How to apply for HomeProtector life and disability insurance
To apply for HomeProtector life and disability insurance, simply visit an RBC Royal Bank branch near you and speak to a representative. You can also call the Insurance Service Centre at 1-800-ROYAL 23 (1-800-769-2523)
