You've worked hard to build a successful company that provides a secure lifestyle for your family, and for the partners and employees who make it run, so you can't afford to put your business at risk.
Contact your Small Business Advisor or RBC Royal Bank Account Manager directly:
Life insurance includes Accidental Dismemberment Coverage at no additional cost. This coverage can pay up to $25,000 against the outstanding balance of an insured loan if an injured person suffers an accidental injury resulting in the loss of sight in one eye or a single dismemberment. This benefit can double to $50,000 in the event the insured person suffers an accidental injury resulting in the loss of sight in both eyes or a multiple dismemberment.
Your account manager will help you decide which coverage may be best for your unique needs. Consider these features:
|Conditions where a benefit could be paid||Heart attack, cancer or stroke Whether you are able to perform the regular duties of your job is not a condition for a benefit payment to occur||A sickness, injury or mental illness (being treated by a qualified medical doctor) that completely prevents you from performing the regular duties of your occupation|
|Benefit Payment||One time, lump sum||Covers monthly regular business mortgage, loan or operating line payments for up to 24 months|
|Benefit Payment amount maximums||Up to $500,000||Up to $7,000 per month|
Consider what would happen if your family had to liquidate all or part of your nest egg suddenly and in a down market. Business Loan Insurance Plan can help to ensure the covered business debt is paid (either partially or in full) so your personal/family assets can remain intact and your savings and home equity can be used for what you intended them for your loved ones.
To qualify for and remain eligible for coverage, the business must:
The following RBC Royal Bank business loans are eligible for coverage (all loans must be denominated in Canadian dollars):
These types of loans are not eligible: letters of credit, letters of guarantee, most commercial mortgages, Visa card balances, overdrafts, leases, bankers' acceptances or tender loans.
You have a growing business and while you may have one type of credit today, as your business grows, you may have different and more credit needs in the future. By including BLIP on your credit today, as you add more credit, it will automatically be covered up to your insured amount.
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 pay only for as much or as little as you need. 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, smoking status at the time you are applying for coverage and the daily outstanding balance on all insured loans.
For more information on RBC Business Loan Insurance Plan premiums please contact us today: 1-800-769-2523.