How much will it cost?
How are premiums calculated?
How will my life insurance premium be calculated?
Loans
Rates are determined based on the age of the borrower on the date of the insurance application. Premiums are based on your rate and your loan balance on the date the payment is due.
Royal Credit Line® Account
Rates are determined based on the age of the borrower on the payment due date. Premiums are based on the rate and your outstanding balance on the date the premiums are due.
For joint coverage rates are based on the age of the oldest insured borrower multiplied by 1.7.
Life Insurance Single Premium Rates
| Age Band |
Life Rates*
Monthly rate per $1000 of outstanding balance |
| Under 31 |
$.12 |
| 31-35 |
$.19 |
| 36-40 |
$.29 |
| 41-45 |
$.41 |
| 46-50 |
$.54 |
| 51-55 |
$.68 |
| 56-60 |
$.81 |
| 61-65 |
$1.01 |
| 66-69 |
$1.32 |
* Rates are converted from a monthly rate to a daily rate based on 365 days a year. Provincial sales tax will be added to the premium where applicable.
How will my disability insurance premium be calculated?
Loans
Rates are determined based on the age of the borrower on the date of the insurance application. Premiums are calculated based on the rate per $100 of regular payment amount.
Royal Credit Line Account
Rates are determined based on the age of the borrower on the payment due date. Premiums are calculated based on the rate and 3% of the daily balance in each billing month. This is because the benefit payable will be calculated as 3% of the qualifying balance at the time you were disabled (to the allowable maximum).
For joint coverage rates are based on the age of the oldest insured borrower multiplied by 2.0.
Disability Insurance Single Premium Rates
| Age Band |
Disability Rates*
Monthly rates per $100 of payment for loans and per estimated disability payment for RCL Account. |
| Under 31 |
$1.35 |
| 31-35 |
$1.50 |
| 36-40 |
$1.85 |
| 41-45 |
$2.30 |
| 46-50 |
$2.70 |
| 51-55 |
$3.45 |
| 56-60 |
$4.30 |
| 61-65 |
$5.00 |
| 66-69 |
$5.80 |
*Rates are converted from a monthly rate to a daily rate based on 365 days a year. Provincial sales tax will be added to the premium where applicable.
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