Loan, mortgage and credit card protection is available to people who carry a loan, line of credit, mortgage or credit 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:

• 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 loan, line of credit, mortgage or credit card balances will be paid off or reduced.

• 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 mortgage, loan, line of credit or credit card.

Ready to learn more?

For more General Insurance Advice talk to your RBC^® Advisor and ask for a General Insurance Needs Assessment. Visit the Insurance Bureau of Canada to find a licensed insurance advisor near you.