Attention: Change to the Quebec Tax Rate on Insurance Premiums
Effective January 1, 2027, the Quebec provincial tax rate on insurance premiums will increase from 9% to 9.975%. Insurance features and benefits remain unchanged.
BalanceProtector Max1 can protect your credit card balance when you need it most.
Help prepare for the unexpected with this optional coverage which you can cancel at any time.
3 Ways BalanceProtector Max Can Cover You
Job Loss
If you experience a job loss2, your coverage can make a single payment equal to your total account balance3 and premium as shown on your account statement issued on or immediately prior to the date of job loss.
$50,000 maximum benefit
Total Disability
If you are deemed totally disabled4, your coverage can make a single payment equal to your total account balance3 and premium as shown on your account statement issued on or immediately prior to the first day of total disability.
$50,000 maximum benefit
Life
If you pass away, your coverage can make a single payment of the amount owing5 on your credit card account at the time of death.
$50,000 maximum benefit
Simple Pricing Based on Your Balance
With a credit card balance
under $10, pay:
$0
You will not be charged a premium if you have a credit card account balance6 of less than $10 on your statement date.
*Total Disability and Job Loss coverage end on the next statement date after reaching age 66, when your monthly premium will be reduced to $0.60 per $100 of your account balance6 (plus applicable taxes).
Eligibility
To apply for optional BalanceProtector Max coverage, you must have an eligible RBC Royal Bank credit card and be:
- A resident of Canada
- 18 to 64 years of age
- The primary cardholder
- Employed or Self-Employed
Apply Now... It’s Quick and Easy
Sign in to RBC Online Banking to apply today. You can cancel at any time.7
Other ways to apply: Visit a branch or call 1-800-769-2512.
Visit a branch or call 1-800-769-2512
FAQs
Your insurance coverage automatically ends at the earliest of the following dates:
- the date the policy is terminated
- the date you die
- the date that RBC Royal Bank cancels your credit card
- the date that your request to cancel your insurance coverage is processed
Each coverage will end on the next statement date7 after reaching the following ages, unless your birthday is within 10 days before or on your statement date, in which case it may be the subsequent account statement date:
- For Job Loss and Total Disability: 66 years of age; and
- For Life: 80 years of age.
For complete details, terms and conditions, see a sample Certificate of Insurance or the Summary and Fact Sheet for residents of Quebec.
View Legal DisclaimersHide Legal Disclaimers
This insurance coverage is underwritten by American Bankers Life Assurance Company of Florida (ABLAC) and American Bankers Insurance Company of Florida (ABIC). ABLAC and ABIC, their subsidiaries, and affiliates carry on business in Canada under the trade name of Assurant®. ®Assurant is a registered trademark of Assurant, Inc
(1) Employment due to layoff, strike or lockout, or dismissal without cause, and you have been employed immediately prior to the date of job loss and remain unemployed for at least 30 consecutive days; or
(2) Self-Employment due to:
a) permanent closure of your business for financial reasons or
b) temporary closure of your business as your business falls within a category under a Provincial or Federal Government mandatory closure order, and you have been Self-Employed immediately prior to the date of Job Loss, and remain unemployed for at least 30 consecutive days.
Employed and Employment means Actively Working for salary or wages for at least 16 hours per week (for one or more Employer(s)).
If Your Employment is for more than one Employer, you must experience the involuntary loss of:
(1) one job where you were Actively Working at least 16 hours per week; or
(2) multiple jobs where you were Actively Working in a combined total of at least 16 hours
Employer means the person or entity by which you are employed and does not include you or any person or entity controlled by you.
Self-Employed and Self-Employment means Actively Working for at least 16 hours per week in gainful self-employment for your own active company, business, sole proprietorship, profession, partnership or any entity in which you hold assets as an owner that is registered or incorporated for at least 90 consecutive days.
Actively Working means carrying out your regular duties and does not include any leave of absence such as parental, maternity, paternity, compassionate or sick leave.
No benefit will be paid for a Job Loss due to or resulting from:
- normal seasonal unemployment;
- expiration of a fixed-term contract of employment at the end of its term; or
- loss of Self-Employment for any reason within 6 months of the effective date of coverage.
- dismissal with cause or resignation, except if you are eligible for Employment Insurance benefits through Employment and Social Development Canada.
Total Account Balance means total account balance as shown on your Account statement issued on or immediately prior to the date of Job Loss and/or first day of Total Disability, as applicable, plus the insurance premium (including applicable taxes) charged on such account statement.
Totally Disabled and Total Disability means it has been determined by your licensed physician that you are prevented by any medical condition from performing your normal activities of daily living or the regular duties of your employment or self-employment, as applicable.
No benefit will be paid for death resulting from suicide within 6 months of the effective date of coverage.
Account Balance is the outstanding amount owing on the account as of your statement date, excluding any account fees.
Next statement date means the account statement date immediately after you turn 66 for Job Loss or Total Disability, or you turn 80 for Life, unless your birthday is within 10 days before or on your account statement date, in which case it may be the subsequent account statement date.
If you cancel within 30 days of receiving your Certificate of Insurance, any premium paid (including applicable taxes) will be refunded to your credit card account.
How to Apply Online
1. Sign in to RBC Online Banking.
2. Review the application information.
3. Follow the steps outlined to apply.