Protect What You've Put Into Your Business

Your company provides a secure lifestyle for your family, business partners and employees, so you can't afford to put it at risk. Business Loan Insurance Plan is debt protection for what if life events and contributes to your financial security by helping you plan for the future.

Apply Now or Request Information
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Contact your Business Advisor or RBC Account Manager:

How it Can Help

If a key employee, partner or owner passes away, develops a critical illness or if an owner becomes disabled due to illness or injury,— Business Loan Insurance Plan may make payments to help pay off or reduce the balance of an insured loan(s) or operating line(s) to:

  • Allow normal business activities to continue
  • Reduce potential issues with cash flow
  • Preserve your personal insurance, investments and other assets

Coverage Options and Key Benefits

Business Loan Insurance Plan lets you choose from three plan options:
  • Critical illness coverage with life insurance
  • Disability coverage with life insurance
  • Life insurance only

  (limitations and exclusions apply. Refer to Legal Disclaimers below)

Eligibility

To qualify for and remain eligible for coverage, your business must:
  • Be domiciled and operate in Canada
  • Be a legal entity operating a business/farm that is indebted to RBC Royal Bank under a loan

Calculate the premiums for your loan

See how affordable it is to protect your loan(s) with Business Loan Insurance Plan.

Try the Calculator

Frequently Asked Questions

Please talk to your account manager or your business advisor— we can explain the options that are available to you so that you can determine which is best for you and your business.

Consider what may happen if your family had to liquidate all or part of your savings suddenly and in a down market—or if they couldn’t use your life insurance to pay off your home or keep up with living expenses. The Business Loan Insurance Plan can help protect the insured business debt (paid either partially or in full) so that your personal insurance, assets, savings and home equity can remain intact for the benefit of your loved ones.

Each person applying for life insurance coverage must answer one health question in the application. If you are applying for critical illness or disability coverage, you will also need to answer an additional health question. If you answer "yes" to either of the two questions in the application, a medical phone interview with the insurer will be scheduled.

A medical phone interview is also required if you are applying for life or critical insurance coverage in excess of $300,000.

About the medical phone interview

No, if you enroll in Business Loan Insurance Plan now and take on another eligible loan later, that balance may automatically be covered up to the insured amount you selected when you applied the first time.

Yes. Business Loan Insurance Plan automatically tracks your term loan or operating line and bases your premiums on your daily outstanding balances. As a result, you only pay based on the amount of coverage you selected and the credit outstanding balance. And, you pay nothing when the outstanding balance of your loan or operating line is zero.

Insurance premiums are calculated based on the insured person's current age, sex and smoking status (at the time the insured person applies for coverage), and the daily outstanding balance on all insured loans.

Calculate what it would cost to insure your loan(s).

To file a claim, please call 1-800-769-2523 as soon as possible as claims must be submitted within a certain timeframe.

We'll be able to give you faster service if you have the following items on-hand when you call:

  • Business client card number
  • Branch transit and loan account number(s)
  • Client card number for the insured person

You may also need to provide:

  • The names of doctors or hospitals that were consulted prior to the date of the claim
  • A copy of the police/fire and/or coroner's reports if an insured person has passed away due to an accident

Alternatively, you may download, complete and send us the appropriate claim form below:

Life Benefit Claim Form

Critical Illness Benefit Claim Form

Disability Benefit Claim Form

Timing is important when submitting a claim, in order to ensure the claim can be paid. Refer to the Terms and Conditions for details. We’re here to help you at 1-800-769-2523 with any questions or if you need assistance.

Important timelines to consider:

  • Critical Illness claims must be submitted within 180 days of the date of diagnosis or surgery
  • Disability insurance claims must be submitted within 150 days of the date of disability
  • Life insurance claims should be submitted within one year of the date of death, except for residents of Quebec, in which case life insurance claims should be submitted as soon as possible
  • Accidental dismemberment claims must be submitted within 90 days of the loss

Apply Now or Request Information

Contact your Business Advisor or RBC Account Manager:

Need to make a claim?

Phone 1-800-769-2523