Do I have to answer any health questions?
Total insured loans $100,000 or less
If the total of your insured RBC Royal Bank loans and lines of credit limit, plus any loans and lines of credit for which you are applying for LoanProtector insurance is $100,000 or less:
- You are NOT required to answer any health questions. Coverage is automatically approved
Total insured loans exceeds $100,000 and is $500,000 or less
If the total of your insured RBC Royal Bank loans and lines of credit limit, plus any loans and lines of credit limit for which you are applying for LoanProtector insurance exceeds $100,000 and is $500,000 or less:
- You must answer the applicable application health question(s)
You may have to complete a separate health assessment
If you answer 'NO' to all of the applicable application health questions, then your application is accepted and the Insurer does not require any further health information at that time.
If you answer 'YES' to any of the applicable application health questions, you will be subject to a separate health assessment.
What is a 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.
How do I know if I've been approved?
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 life insurance while your application is being processed for a maximum of 30 days.
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