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Safeguard Your Financial Future

Help protect your mortgage and family against life’s what-ifs, choose the security of HomeProtector® Mortgage Insurance for your RBC Royal Bank® mortgage.

Your Home, Your Lifestyle

Buying a home is a tremendous achievement. It’s also one of the biggest financial commitments you’ll ever make, which is why it’s important to make sure you and your family will be able to continue to make your mortgage payments in the event of death, disability or a critical illness.

Your Home, Your Lifestyle

When you chose your home, you chose a neighbourhood to live in and schools to send your kids to.

…you chose a lifestyle for your family,

…and there is a way to help protect it.

Right now, your finances and mortgage add up nicely.

But what if you got sick or hurt, and were suddenly unable to work?

By protecting your mortgage balance with insurance, your payments could be made for you.

That means any additional income is preserved to take care of your other expenses.

You can’t predict the future, but you can help to ensure that once you’re in your new home, you’ll stay there, with a protected mortgage balance from RBC.

Call 1-800-769-2523 and talk to us today.

Legal Disclaimers:

HomeProtector insurance is an optional creditor’s group insurance program, underwritten by The Canada Life Assurance Company, and is subject to terms, conditions, exclusions and eligibility restrictions. Benefit maximums: life coverage—the outstanding balance of your mortgage to a maximum of $750,000, disability coverage—your regular mortgage payment to a maximum of $3,000 monthly for up to 24 months, critical illness coverage—the outstanding balance of your mortgage to a maximum of $300,000.

®/™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.

Customize Your Protection

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

Coverage Options:

Life Insurance Critical Illness Insurance Disability Insurance
Up to $750,000 PLUS Up to $300,000 OR Up to $3,000/month for up to 24 months
Life Insurance Up to $750,000
PLUS
Critical Illness Insurance Up to $300,000
OR
Disability Insurance Up to $3,000/month for up to 24 months

Lock in Premiums

Your premium will be locked in based on your age and mortgage balance when you apply. Your rate will not increase due to your age as long as your balance does not increase during the life of your mortgage or you don’t refinance your mortgage.

HomeProtector FAQs

Find answers to your questions about HomeProtector.

HomeProtector Life, Critical Illness and Disability Insurance can help to provide you with a secure financial safety net for your mortgage precisely when you and your family need it most. It can help to:

  • pay off or reduce your outstanding insured RBC Royal Bank mortgage(s) in the event of death (up to $750,000)
  • pay your regular mortgage payment(s) in the event of a disability (up to $3,000 per month for a maximum of 24 months)
  • pay off or reduce your outstanding insured RBC Royal Bank mortgage(s) if you are diagnosed with a covered critical illness (up to $300,000)
  • preserve your personal insurance
  • safeguard your savings for what they were intended

Life, disability and critical illness benefits are non-taxable and benefits do not have to be coordinated with other insurance plans. HomeProtector Insurance is underwritten by The Canada Life Assurance Company.

Do I need more coverage if I already have coverage through work?

If you lose your job, any group disability insurance coverage through your work place may terminate, meaning you and your family could be left without coverage.

Typically employers only provide coverage that amounts to 1 to 2 times your salary in the event of your death, and about two-thirds of your income if you are disabled and unable to work due to illness or injury.

  • Would you be able to manage with a third less income and increased expenses?
  • And, if you leave your job or become self-employed, you could lose your coverage

HomeProtector Mortgage insurance can help take care of your debt while allowing your existing employee coverage to take care of your family.

Couldn't my estate just sell my assets if I die?

They could, but are those assets enough to cover your debts and look after your family's immediate and long-term needs? And what would happen if your family had to suddenly sell your assets in a down market to pay off your debts? HomeProtector Mortgage insurance means that your existing financial plan can remain intact.

Isn't term insurance a better value?

It's true that term life insurance can provide for your family's future and may be an important part of your financial plan. But HomeProtector Insurance is a quick, convenient and cost effective way to help ensure your debts are looked after. The cost of HomeProtector life insurance can be comparable to that of a term policy over the life of the mortgage. Other features of HomeProtector are:

  • Premiums don't increase with age unless you refinance or increase your mortgage balance
  • Just a few short health questions to answer and in most cases no medical exam is required to enrol
  • Offers you the protection of single or joint life and disability or life and critical illness coverage

For life insurance, both the borrower of a RBC Royal Bank eligible mortgage and the co-borrower or guarantor, to a maximum of two persons, are eligible to apply and at the date of application must be:

  • At least 18 years old and less than 66 years old
  • A Canadian resident (living in Canada at least 6 months out of the year)

Can I Apply For Disability Insurance?

To apply for disability insurance, you must also:

  • Have HomeProtector Life Insurance coverage
  • Be actively working, on the date of application, in full-time employment, self-employment, or seasonal employment

Can I Apply For Critical Illness Insurance?

To apply for critical illness insurance, you must also:

  • Have HomeProtector Life Insurance coverage
  • Be less than 56 years old

Note: You cannot be insured for both critical illness and disability insurance at the same time on the same mortgage.

If you have an existing RBC Royal Bank® mortgage you can apply for HomeProtector® insurance by:

  • Signing into RBC Online Banking and reviewing the application information. Then following the steps outlined to apply. Apply Now
  • Contacting the Insurance Service Centre 1-800-769-2523 to enroll over the phone.
    Clients in Alberta and Saskatchewan are required to call RBC Royal Bank at 1-800-769-2511 or visit their local branch to enroll.
  • Visiting your RBC Royal Bank branch, where you can complete a HomeProtector Insurance Application.

We Offer a 30-day Free Look Period

  • You have the option to cancel your insurance coverage within 30 days of when the coverage begins
  • You will get a full refund of your premiums, if any have been collected

If You Don't Have a RBC Royal Bank Mortgage

If you don't already have a mortgage, or want to switch over, our Mortgage Specialists will help you select a mortgage. They'll offer advice on the various mortgage options available to you, some of which may help you to save thousands of dollars in interest over the life of your mortgage. You'll then be able to apply for HomeProtector insurance.

How Long Will the Approval Process Take?

  • Acceptance is usually automatic on the date you apply
  • In most cases no medical examination is required

If you are applying for HomeProtector® insurance, you must answer all applicable health questions

You may have to complete a separate Health Assessment.

If you answer 'NO' to all of the applicable application health questions, then your application is accepted and the Insurer does not require any more health information. If you answer 'YES' to any of the applicable application health questions, you will be asked to provide additional information through a health assessment.

What is a Health Assessment?

A health assessment allows the Insurer, Canada Life, to review your application for insurance in detail. The health assessment may include a telephone interview with a representative of the Insurer. Depending on the outcome, Canada Life may require you to complete a detailed health questionnaire or obtain a medical report from your current attending physician. In certain circumstances it may be necessary to undergo a paramedical examination and a blood/urine test.

How do I know if I've been approved?

If you are required to complete a health assessment, you'll receive written notice from the insurer of the acceptance or decline of your application for insurance.

If you are a RBC Royal Bank Online Banking client, you'll receive automatic updates on the status of your application and can review these updates within your Online Banking message centre.

You'll have temporary life insurance while your application is being processed for a maximum of 30 days.

How Will My Life Insurance Premium be Calculated?

  • Your life insurance premium is based on your age and the amount of your mortgage at the time of application.
  • If, when coverage begins, the total of all mortgages to be insured under HomeProtector life insurance exceeds $750,000, premiums will only be calculated on the $750,000 maximum, and the benefit paid will be pro-rated. Your premium rate will not increase due to your age, provided your mortgage balance does not increase during the life of your existing mortgage, or you do not refinance your mortgage.
  • The cost of joint coverage is calculated by using the joint rate for the older person.

For example:

You (age 35) and your co-borrower (age 35) have a $200,000 mortgage that you would like to insure with HomeProtector life insurance. Based on the age of the older borrower, your premium rate would be $0.22 per $1,000 of initial mortgage balance—calculated as follows: ($200,000 ÷ $1,000) x $0.22 = $44 per month + PST where applicable.

How Will My Disability Insurance Premium be Calculated?

  • Your disability insurance premium is based on your age at the time of application and the amount of your mortgage payment, including life insurance premiums.
  • The cost of joint coverage is calculated by using the joint rate for the older person.
  • Your disability premium will increase if your mortgage payment increases.

For example:

You (age 35) and your co-borrower (age 30) have a mortgage on your home for which you must make a monthly payment of $1,000 (which includes principal, interest and your life insurance premium). You would like to insure your mortgage with joint HomeProtector disability insurance. Based on the age of the older borrower, your premium rate would be $3.40 per $100 of mortgage payment—calculated as follows: ($1,000 ÷ $100) x $3.40 = $34.00 per month + PST where applicable.

How Will My Critical Illness Insurance Premium be Calculated?

  • Your critical illness insurance premium is based on your age and the amount of your mortgage at the time of application.
  • If, when coverage begins, the total of all mortgages to be insured under HomeProtector Critical Illness insurance exceeds $300,000, premiums will only be calculated on the $300,000 maximum, and the benefit paid will be pro-rated.
  • Your premium rate will not increase due to your age, provided your mortgage balance does not increase during the life of your existing mortgage and you do not refinance your mortgage.
  • The cost of joint coverage is calculated by using the joint rate for the older person.

For example:

You (age 35) and your co-borrower (age 30) have a $200,000 mortgage that you would like to insure with HomeProtector critical illness insurance. Based on the age of the older borrower, your premium rate would be $0.27 per $1,000 of initial insured mortgage balance—calculated as follows: ($200,000 ÷ $1,000) x $0.27 = $54 per month + PST where applicable.

One great feature of HomeProtector insurance is that if you are already insured and you are adding-on to or refinancing your mortgage in the amount of $100,000 or less,

  • and your total insured balance is $750,000 or less for life insurance
  • and your total insured balance is $300,000 or less for critical illness insurance,
  • and you are less than 70 years old for life insurance,
  • and you are less than 56 years old for critical illness insurance,

you are able to re-apply for the same coverage without answering health questions and, for disability insurance, be actively at work.

When does my HomeProtector coverage begin?

Your insurance coverage begins on your RBC Royal Bank approved mortgage on the date your HomeProtector Application is approved.

Note: A benefit is only paid when mortgage funds are fully advanced

When does my HomeProtector coverage end?

Your insurance coverage will end on the earliest of the following dates:

  • The date your mortgage is repaid in full, discharged (unless exercising your portability option without adding additional funds), or assumed in writing by another person
  • The date the principal balance of your mortgage increases (to re-apply see "What if I'm refinancing my mortgage?")
  • The date the Insurance Service Centre receives your written request to cancel your life, critical illness or disability insurance coverage
  • The date insurance premiums, all or part, are 90 days overdue
  • The last day of the month in which you turn 70 years of age
  • The date you die
  • The date you are no longer a borrower, co-borrower or guarantor on the mortgage
  • The date the group policy for life or critical illness or disability coverage terminates

Critical illness or disability coverage ends when your HomeProtector Life Insurance coverage ends.

Your critical illness coverage also ends on the date you are diagnosed with a covered illness for which the Insurer pays a critical illness insurance claim. Critical illness insurance also ends and premiums are refunded if a diagnosis of cancer or signs, symptoms or investigations leading to a diagnosis, occurs within 90 days of your coverage effective date.

Life Insurance

No benefit will be paid if:

  • you take your own life within 2 years of the date the insurance coverage begins.
  • if you die as a result of committing or attempting to commit a criminal offense

Disability Insurance

No benefit will be paid if your disability was directly or indirectly the result of the following:

  • Intentional self-inflicted injury
  • Your committing or attempting to commit a criminal offence
  • Your pregnancy, other than physical complications of pregnancy
  • Your alcoholism or drug addiction unless you maintain satisfactory participation in a rehabilitation program approved by the Insurer and your participation began during the waiting period and continues throughout the benefit period

Critical Illness Insurance

No benefit will be paid if your critical illness claim is a result of, or related to, the following:

  • Your use of illegal or illicit drugs or substances,
  • Your misuse of medication obtained with or without a prescription
  • Within 90 days of your coverage effective date, a Diagnosis of Cancer occurs or you have signs, symptoms or investigations leading to a Diagnosis of Cancer, regardless of when the Diagnosis is made.
  • Your illness is not one of the Covered Illnesses stated in the Certificate of Insurance

Misrepresentation

No life, critical illness or disability benefit will be paid if you fail to disclose information or give incorrect information relating to the application (or earlier HomeProtector applications if made within 2 years of the date of your death, disability or critical illness).

Pre-existing conditions exclusion

(Applicable only when you are re-applying for insurance and you are not required to answer health questions)

The Insurer will NOT pay a benefit if:

  1. You have received treatment (meaning advice, consultation, care or service from a health care provider), taken pills, injections, or any other form of medication or consulted a health care provider, for any health condition or symptoms of a health condition, whether diagnosed or not, in the 12 months before you re-applied for life, disability or critical illness insurance due to refinancing or adding on to your mortgage under HARP, AND
    • for a life claim, you died within the first 12 months after you re-applied for life insurance under HARP;
    • for a disability claim, you became disabled within 12 months after you re-applied for disability insurance under HARP;
    • for a critical illness claim, you were diagnosed with the critical illness within 24 months after you re-applied for critical illness insurance under HARP; AND
  2. Your death, disability or critical illness for which a claim is submitted is a result of or related to a health condition referred to in (1) above.

Written proof of a claim must be sent to the Insurer, via our Insurance Service Centre. You must keep making all of your regular mortgage payments until you've been informed that your claim has been approved.

You can obtain a claim form from your branch or by contacting the Insurance Service Centre at 1-800-769-2523. You can also print the claim forms online by clicking on the following links.

You must send the Life Insurance claim form within one year from the date of death, otherwise the claim will be denied.

Disability Insurance Claim

You must send the Disability Insurance claim form within 150 days from the day your disability started, otherwise the claim will be denied. You must provide medical evidence of the disability, at your expense.

Critical Illness Insurance Claim

You must send the Critical Illness Insurance claim form within 180 days from the date of diagnosis, otherwise the claim will be denied. You must provide medical evidence to support your claim, at your expense.

Claim Status

If you are a RBC Royal Bank Online Banking client, you'll receive automatic updates on the status of your claim. You can view these updates in the Online Banking Message Centre.

Underwritten by The Canada Life Assurance Company
Creditor insurance is currently unavailable in the Territory of Yukon.