{"id":79804,"date":"2023-11-29T16:37:59","date_gmt":"2023-11-29T21:37:59","guid":{"rendered":""},"modified":"2024-01-19T15:21:52","modified_gmt":"2024-01-19T20:21:52","slug":"how-loan-protection-insurance-can-help-safeguard-your-savings","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/how-loan-protection-insurance-can-help-safeguard-your-savings\/","title":{"rendered":"How Loan Protection Insurance Can Help Safeguard Your Savings"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\">\n\t\t\t\t\t\t\t<span>Credit and Debt<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">How Loan Protection Insurance Can Help Safeguard Your Savings<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/11\/Loan_Protection_Insurance___Article.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A family, car, house are protected\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/11\/Loan_Protection_Insurance___Article.jpg 2121w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/11\/Loan_Protection_Insurance___Article.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/11\/Loan_Protection_Insurance___Article.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/11\/Loan_Protection_Insurance___Article.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/11\/Loan_Protection_Insurance___Article.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/11\/Loan_Protection_Insurance___Article.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How Loan Protection Insurance Can Help Safeguard Your Savings &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/how-loan-protection-insurance-can-help-safeguard-your-savings\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/how-loan-protection-insurance-can-help-safeguard-your-savings\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published November 29, 2023 \u2022 7 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Loan protection insurance is an added layer of financial security for you when the unexpected happens. Here, we answer your questions about this valuable insurance product.<\/p>\n\n\n\n<p>Loans are one of many important financial tools that allow us to make big purchases, such as a new car, or take a long-awaited trip to visit family. And loan protection insurance can offer you security and protect a loan by helping you to pay all or part of the balance or to make regular loan payments if an unexpected event (such as an accident, illness, or death) happens.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Loan protection insurance can cover your loan and\/or line of credit payments or cover all or a portion of your loan balance if you are injured, become ill, or pass away.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>There are different types of loan protection insurance, including life insurance, critical illness insurance, and disability insurance.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The cost of loan protection insurance is based on the balance on your loan, your age, and the type of coverage you choose.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Usually, applying for loan protection insurance can be done online, over the phone, or at your financial institution.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>What is loan protection insurance?<\/h2>\n\n\n\n<p>Money-smart borrowers know how important it is to make loan and line of credit payments regularly and on time, but there may be situations in which they&#8217;re unable to do so. What if, for example, you experience a disabling injury that keeps you at home and unable to work for an extended period of time. Loan protection insurance can give you some comfort in knowing you&#8217;ve helped protect your loan in case of situations where you may find it difficult to make your regular payments. Depending on the type of insurance you choose, you can also be covered for certain critical illnesses and death.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How does loan protection insurance work?<\/h2>\n\n\n\n<p>When it comes to lines of credit and loan protection, you have options. Usually, there are three types of loan protection insurance you can choose from:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Life insurance<\/h3>\n\n\n\n<p>This is insurance tied specifically to your lines of credit and\/or loans and is different from the kind of life insurance where benefits are paid to your loved ones when you die. This type of insurance can pay down or pay off the balance on insured loans or lines of credit if you were to die.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Critical illness insurance<\/h3>\n\n\n\n<p>In the case that you&#8217;re newly diagnosed with or experience a covered critical illness (for example life-threatening cancer, a heart attack, or a stroke), this type of insurance can pay off or pay down insured lines of credit and\/or loans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Disability insurance<\/h3>\n\n\n\n<p>If you&#8217;re involved in an accident or experience illness that results in your disability and prevents you from working, disability insurance can help ensure that your regular loan payments are made and\/or that a predetermined percentage of your line of credit is paid.<\/p>\n\n\n\n<p>Typically, this type of insurance does not pay off the full balance of your loan and\/or line of credit, but it will make your regular payments until you recover or for a specified period of time. You&#8217;ll need to start making your payments again when you recover, when your insurance coverage ends, or when the maximum number of payments have been made.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><a><\/a>The benefits of having loan protection insurance include:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Your savings may be protected, because you may not need to use them to make loan and\/or line of credit payments.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Conveniently, premium payments are usually included in your regular loan and\/or line of credit payments. Your other types of insurance may be preserved for other uses, such as supporting your family and loved ones.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Coverage is based on your outstanding balance.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your benefits don&#8217;t require coordination with other insurance plans.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your life, critical illness, and disability benefits are non-taxable.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The enrollment process is simple.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Who should consider loan protection insurance?<\/h4>\n\n\n\n<p>If you&#8217;re currently carrying a balance on your loan and\/or line of credit, loan protection insurance may provide you with a degree of financial security should you experience disability, illness, or death.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How much does loan protection insurance cost?<\/h4>\n\n\n\n<p>Your specific premium will be calculated according to the balance on your loan and\/or line of credit, your age, the type of coverage you choose, and the number of people insured under your policy (up to a maximum of&nbsp;two people including you ).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Who is eligible for coverage?<\/h4>\n\n\n\n<p>Each bank or financial institution will have its own requirements for eligibility. For RBC clients, individual borrowers and co-borrowers are eligible if they meet the following criteria:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>For life insurance, the borrower must be under the age of 70.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>For critical illness insurance, the borrower must be under the age of 56.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>For disability insurance, the borrower must have been actively working a minimum of 20 hours per week on the date of application and must be under the age of 70.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><a><\/a>Do I need loan protection insurance if I already have coverage through work?<\/h4>\n\n\n\n<p>Think of loan protection insurance as an added layer of financial security. In the event that you leave your job, become self-employed, or voluntarily decide to take some time off of work, your loan protection remains in place. Protection through an employer&#8217;s benefits plan might not be sufficient to satisfy your financial obligations, including making your loan and\/or line of credit payments.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How do I apply for coverage?<\/h4>\n\n\n\n<p>If you have an existing RBC Royal Bank personal fixed or variable rate loan or Royal Credit Line<sup>\u00ae<\/sup>, applying for&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/personal-loans\/loanprotector-insurance.html\">LoanProtector\u00ae Insurance*<\/a>&nbsp;is simple and can be done online, over the phone, or at your local branch.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\"><strong>Online:<\/strong>&nbsp;Sign in to your RBC Online Banking account and click on your loan or line of credit. The next page will display your insurance status. Click on the link that indicates your status. This will take you to a new page, where you can follow the steps to&nbsp;<a href=\"https:\/\/www1.royalbank.com\/cgi-bin\/rbaccess\/rbunxcgi?F6=1&amp;F7=IB&amp;F21=IB&amp;F22=IB&amp;REQUEST=ClientSignin&amp;LANGUAGE=ENGLISH&amp;GOTO=GenericGoto&amp;PARM1=ciat&amp;PARM2=%7b%22ACCT_TYPE%22:%22L%22%7d\">apply for insurance<\/a>.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Over the phone:<\/strong>&nbsp;Call our RBC Insurance Service Centre at 1-800-769-2523 to enroll. For Alberta and Saskatchewan clients, call RBC Royal Bank at 1-800-769-2511.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>At your branch:<\/strong>&nbsp;Visit your local branch and ask to speak with a credit specialist, who can assist you with your LoanProtector\u00ae Insurance application.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>RBC mobile app:<\/strong>&nbsp;Log in to your RBC mobile app and apply for LoanProtector\u00ae Insurance on the account details page.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">How long will the approval process take?<\/h4>\n\n\n\n<p>Wait times for approval can vary. The process depends on the amount of total insured loans and your answers to the questions in the health questionnaire, if required.<\/p>\n\n\n\n<p>Clients applying for coverage on loans totalling $100,000 or less are automatically approved without a health questionnaire.<\/p>\n\n\n\n<p>Clients applying for coverage on loans above $100,000 must complete a health questionnaire. If any of the answers on that questionnaire are \u201cyes,&#8221; additional health information will be required by the insurer, The Canada Life Assurance Company for&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/personal-loans\/loanprotector-insurance.html\">LoanProtector\u00ae Insurance<\/a>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><a><\/a>How do I make a claim?<\/h4>\n\n\n\n<p>Contact the Insurance Service Centre by calling 1-800-769-2523 to start your claim. You can also download a claim form from the FAQ section on the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/personal-loans\/loanprotector-insurance.html\">RBC website<\/a>&nbsp;or visit your local branch for a claim form.<\/p>\n\n\n\n<p>Be sure to continue to make your regular loan and\/or line of credit payments until your claim has been approved.<\/p>\n\n\n\n<p>If you have any questions about LoanProtector\u00ae Insurance, please visit our&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/personal-loans\/loanprotector-insurance.html\">web page<\/a>&nbsp;or call us at 1-800-769-2523.<\/p>\n\n\n\n<p>*LoanProtector\u00ae Insurance is optional creditor&#8217;s group insurance and is underwritten by The Canada Life Assurance Company (Canada Life).<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-674fad38-4ba7-4274-88e1-607b1a8cc1f2\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How Loan Protection Insurance Can Help Safeguard Your Savings &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/how-loan-protection-insurance-can-help-safeguard-your-savings\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/how-loan-protection-insurance-can-help-safeguard-your-savings\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-9bb80694-2864-46d4-be7d-cd838cfaa05e\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Credit and Debt<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"658\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/shutterstock_2068070435.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Young woman sitting on a couch with a credit card in one hand and a smartphone in the other, reviewing a Buy Now Pay Later payment option for a purchase.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/shutterstock_2068070435.jpg 6228w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/shutterstock_2068070435.jpg?resize=300,193 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/shutterstock_2068070435.jpg?resize=768,494 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/shutterstock_2068070435.jpg?resize=1024,658 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/shutterstock_2068070435.jpg?resize=1536,987 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/shutterstock_2068070435.jpg?resize=2048,1316 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/\">\n\t\t\t\t\t\tUnderstanding 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src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A smiling mother hugs her laughing daughter in a cozy kitchen, while another person prepares food in the background.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg 5472w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_1562611987.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/\">\n\t\t\t\t\t\tUnderstanding Loans\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/how-a-line-of-credit-can-help-you-manage-your-money-in-canada\/\" class=\"card-title h4 mar-t-0\">How a Line of Credit Can Help You Manage Your Money in 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https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/shutterstock_183775940.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/\">\n\t\t\t\t\t\tUnderstanding Loans\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/line-of-credit-wins\/\" class=\"card-title h4 mar-t-0\">Avoid Credit Trouble: How to Manage Your Line of Credit Wisely<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-674fad38-4ba7-4274-88e1-607b1a8cc1f2 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-674fad38-4ba7-4274-88e1-607b1a8cc1f2 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-9bb80694-2864-46d4-be7d-cd838cfaa05e {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-9bb80694-2864-46d4-be7d-cd838cfaa05e {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>From approvals to interest rates. It&#8217;s important to understand the significant role your credit score plays when borrowing money.<\/p>\n","protected":false},"author":80,"featured_media":79805,"parent":57317,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[510],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[507],"rbc_difficulty_level":[33],"rbc_mmm_category":[319,304,370],"class_list":["post-79804","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-credit-and-debt","rbc_content_type-article","rbc_lob_group-loans","rbc_difficulty_level-beginner","rbc_mmm_category-credit-and-borrowing","rbc_mmm_category-money-academy","rbc_mmm_category-understanding-loans"],"acf":{"contently_publication_id":"375845","custom_author":"RBC ","rbc_video_header":"","rbc_media_duration":"","rbc_video_keywords":"","rbc_video_description":"","rbc_video_upload_date":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"From approvals to interest rates. It&#039;s important to understand the significant role your credit score plays when borrowing money.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/how-loan-protection-insurance-can-help-safeguard-your-savings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"From approvals to interest rates. 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