Affordable Coverage for the Unexpected

You want the best for your family – a comfortable lifestyle, post-secondary education and more. But if something happened and you could no longer make your loan or line of credit payments, would your family have to give these things up? To protect your family’s lifestyle and so much more, choose LoanProtector® Insurance for your RBC Royal Bank® loan or line of credit.

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Customizable

Choose life insurance only — or add critical illness or disability insurance for even more protection.

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Affordable & Convenient

Premiums are based on your age and loan or line of credit statement balance and are added to your regular payments.
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Affordable & Convenient

Premiums are based on your age and loan or line of credit statement balance and are added to your regular payments.
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Easy to Apply

In most cases, acceptance is automatic.

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Builds on Existing Coverage

Receive benefits on top of other coverage you may have, such as through your employer.
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Builds on Existing Coverage

Receive benefits on top of other coverage you may have, such as through your employer.
  • Life insurance pays off or reduces the outstanding balance of your personal loan or line of credit (up to $500,000) if you pass away.
  • Disability insurance maintains the regular payment on your personal loan and pays 3% of the qualifying balance on your line of credit (up to $3,000 per month, for up to 24 months) if you are disabled and unable to work due to illness or injury.
  • Critical illness insurance pays a lump sum to your outstanding loan balance or the qualifying balance of your line of credit (up to $300,000) if you are diagnosed with a life-altering critical illness.
  • You pay only for the coverage you need, based on your outstanding balance.

Note: Life Insurance is part of all coverage plans. You cannot be insured for both critical illness and disability insurance at the same time on the same loan or line of credit.

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How much will it cost?

Get a quick quote to see what your LoanProtector coverage would cost.

Get a Quote

Apply Now

  1. Sign in to Online Banking.
  2. Under "Personal Accounts" select the Account Detail page of the loan or line of credit you want to insure.
  3. Click the Apply link.

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Other Ways to Apply
  • Am I eligible to apply?

    • Eligibility Requirements for LoanProtector® Insurance

    To apply for LoanProtector life insurance, you must be:

    • The individual borrower or co-borrower of an eligible RBC Royal Bank® personal loan or line of credit
    • Be under age 70 on the date you apply

    To apply for LoanProtector disability insurance, you must also:

    • Have LoanProtector life insurance coverage
    • Be actively working on the date of your application1

    To apply for LoanProtector critical illness insurance, you must also:

    • Have LoanProtector life insurance coverage
    • Be under age 56 on the date you apply

    Note: You cannot be insured for both critical illness and disability insurance at the same time on the same loan or line of credit.

     1) You must be actively working in full-time employment, self-employment or seasonal employment. Full-time employment means actively working in Canada at least 20 hours a week on average (based on the 28 days immediately prior to the application date). Actively at work does not include leaves of absence such as, but not limited to, sick leaves.