What is LoanProtector insurance?
LoanProtector life and disability insurance provides you with a secure financial safety net for your loan or line of credit precisely when you and your family need it most.
Life and disability insurance:
- pays off your outstanding insured RBC Royal Bank® loan balance and the qualifying balance of lines of credit in the event of death (up to $500,000)
- maintains your regular loan payment(s) and pays 3% of the qualifying balance of your line of credit in the event of a disability (up to $3,000 per month for a maximum of 24 months)
- preserves your personal insurance
- helps safeguard your savings for what they were intended
The qualifying balance is defined as the lesser of:
Life – the outstanding balance as of the date of death or the average monthly balance for the 12 months prior to the month of death
Disability – 3% of the outstanding balance as of the date of disability or the average balance for the 12 months prior to the month in which the disability occurred.
Both life and disability benefits are non-taxable and benefits do not have to be coordinated with other insurance plans.
Disclaimer:
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 two group creditor policies, #G28444 for life insurance and #H28445 for disability insurance issued to Royal Bank of Canada by The Canada Life Assurance Company.
Underwritten by The Canada Life Assurance Company
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