Your home may be the biggest purchase of your life, and you have worked hard to acquire it. How can you protect it and your family in the event of death, disability or a critical illness?
At RBC Royal Bank, we offer the security of HomeProtector® Mortgage Insurance. It allows you to not only safeguard yourself and your family's lifestyle, but also your assets and net worth.
HomeProtector Life, Critical Illness and Disability Insurance provides you with a secure financial safety net for your mortgage precisely when you and your family need it most.
Life, disability and critical illness benefits are non-taxable and benefits do not have to be coordinated with other insurance plans.
If you lose your job, any group disability insurance coverage through your work place terminates, meaning you and your family could be left without coverage.
Typically employers only provide coverage that amounts to 1 to 2 times your salary in the event of your death, and about two-thirds of your income if you are disabled and unable to work due to illness or injury.
HomeProtector Mortgage insurance can help take care of your debt while allowing your existing employee coverage to take care of your family.
They could, but are those assets enough to cover your debts and look after your family's immediate and long-term needs? And what would happen if your family had to suddenly sell your assets in a down market to pay off your debts? HomeProtector Mortgage insurance means that your existing financial plan can remain intact.
It's true that term life insurance can provide for your family's future and may be an important part of your financial plan. But HomeProtector is a quick, convenient and cost effective way to help ensure your debts are looked after. The cost of HomeProtector versus a term policy is usually much lower over the life of the mortgage. Other features of HomeProtector are:
For life insurance, both the borrower of a RBC Royal Bank eligible mortgage and the co-borrower or guarantor, to a maximum of two persons, are eligible and at the date of application must be:
To apply for disability insurance, you must also:
To apply for critical illness insurance, you must also:
Note: You cannot be insured for both critical illness and disability insurance at the same time on the same mortgage.
If you have an existing RBC Royal Bank® mortgage you can apply for HomeProtector® insurance by:
If you don't already have a mortgage, or want to switch over, our Mortgage Specialists will help you select a mortgage. They'll offer advice on the various mortgage options available to you, some of which may help you to save thousands of dollars in interest over the life of your mortgage. You'll then be able to apply for HomeProtector insurance.
Call 1-800-769-2511, 24 hours a day, 7 days a week
If you are applying for HomeProtector® insurance, you must answer all applicable health questions
If you answer 'NO' to all of the applicable application health questions, then your application is accepted and the Insurer does not require any more health information. If you answer 'YES' to any of the applicable application health questions, you will be subject to a separate health assessment.
A health assessment allows the Insurer, Canada Life, to review your application for insurance in detail. The health assessment may include a telephone interview with a representative of the Insurer. Depending on the outcome, Canada Life may require you to complete a detailed health questionnaire or obtain a medical report from your current attending physician. In certain circumstances it may be necessary to undergo a paramedical examination and a blood/urine test.
If you are required to complete a health assessment, you'll receive written notice of the acceptance or decline of your application for insurance.
If you are a RBC Royal Bank Online Banking client, you'll receive automatic updates on the status of your application and can review these updates within your Online Banking message centre.
You'll have temporary insurance while your application is being processed for a maximum of 30 days.
One unique feature of HomeProtector insurance is that if you are already insured and you are adding-on to or refinancing your mortgage in the amount of $100,000 or less,
you are able to re-apply for the same coverage without answering health questions or, for disability insurance, being actively at work .
You will not be required to answer any health questions if:
Your insurance coverage begins on your RBC Royal Bank approved mortgage on the date your HomeProtector Application is approved.
Note: A benefit is only paid when mortgage funds are fully advanced
Your insurance coverage will end on the earliest of the following dates:
Critical illness or disability coverage ends when your HomeProtector Life Insurance coverage ends
Your critical illness coverage also ends on the date you are diagnosed with a covered illness for which the Insurer pays a critical illness insurance claim. Critical illness insurance also ends and premiums are refunded if a diagnosis of cancer or signs, symptoms or investigations leading to a diagnosis, occurs within 90 days of your coverage effective date.
No benefit will be paid if:
No benefit will be paid if your disability was directly or indirectly the result of the following:
No benefit will be paid if your critical illness claim is a result of, or related to, the following:
No life, critical illness or disability benefit will be paid if you fail to disclose information or you give incorrect information relating to the application.
(Applicable only when you are re-apply for insurance and you are not required to answer health questions)
Written proof of a claim must be sent to the Insurer, via our Insurance Service Centre. You must keep making all of your regular mortgage payments until you've been informed that your claim has been approved.
You can obtain a claim form from your branch or by contacting the Insurance Service Centre at 1-800-769-2523. You can also print the claim forms online by clicking on the following links.
You must send the Life Insurance claim form within one year from the date of death, otherwise the claim will be denied.
You must send the Disability Insurance claim form within 150 days from the day your disability started, otherwise the claim will be denied. You must provide medical evidence of the disability, at your expense.
You must send the Critical Illness Insurance claim form within 180 days from the date of diagnosis, otherwise the claim will be denied. You must provide medical evidence to support your claim, at your expense.
If you are a RBC Royal Bank Online Banking client, you'll receive automatic updates on the status of your claim. You can view these updates in the Online Banking Message Centre.
The content of these pages is provided for informational purposes only and is not complete in detail. Coverage is governed by the terms and conditions of group's creditor policies, #G60100 for life insurance, #H60200 for critical illness insurance and #H60101 for disability insurance issued to Royal Bank of Canada by The Canada Life Assurance Company. Please see the HomeProtector Certificate of Insurance or for Quebec residents the distribution guide for complete terms and conditions, including benefits and exclusions.
Underwritten by The Canada Life Assurance Company
Your home is likely your most valuable asset. And for years, HomeProtector® Insurance has been an easy way to protect your mortgage - and your family - against the unexpected.
Now, you have the option of adding critical illness insurance to your HomeProtector Insurance coverage. Critical illness insurance can help protect your mortgage by paying a lump sum amount to your mortgage, to a maximum of $300,000, should you suffer a stroke, heart attack, or are diagnosed with a life-threatening cancer.
Facing a critical illness can be challenging. Knowing your financial obligations are protected with insurance coverage means you can focus on yourself and your family instead of your finances.
Critical illness coverage is available in combination with life coverage.