Frequently Asked Questions
Life has its ups and downs. If like most people you are concerned about your financial security or that you may not have sufficient life or disability insurance to cover your financial obligations, the BalanceProtector Premiere™ plan is a low-cost way to make sure your RBC Royal Bank® credit card account balance doesn't become a burden to you or your family. By choosing to enroll in the BalanceProtector Premiere plan you'll be assured of a wide range of coverage.
Benefits of the BalanceProtector Premiere plan
In the event of loss of life, accidental dismemberment or critical illness of either the primary cardholder or their spouse, the BalanceProtector Premiere plan will pay your outstanding RBC Royal Bank credit card account balance at the time of loss in full, up to $25,000.
In the event of involuntary unemployment or disability of the primary cardholder, the BalanceProtector Premiere plan will make monthly credit card payments based on your balance as of the statement date coinciding with or immediately before the date of loss (up to a maximum of $25,000 or 20 months) for as long as you remain unemployed or totally disabled.
The BalanceProtector Premiere plan also includes Lifetime Milestones service, which helps you celebrate specific milestones in your life by paying a special monthly benefit to your credit card account.
Who is Eligible?
To be eligible to enroll for the BalanceProtector Premiere plan coverage you must be between the ages of 18 and 65 years and have entered into a RBC Royal Bank credit card Cardholder Agreement as a Primary Cardholder.
Commencement of Coverage and Termination of Insurance
If you choose to enrol in the BalanceProtector Premiere plan your coverage will commence on the date that appears on your confirmation letter which will be sent with your Certificate of Insurance. Please read and retain your certificate of insurance as it is an important document, and it contains the exclusions and limitations of your coverage.
Your coverage will cease upon request, or if your account fails to remain in good standing with RBC Royal Bank or if the group policy is terminated.
What is the Cost?
Premium for the BalanceProtector Premiere plan coverage is 99 cents on each $100 of average daily balance calculated at your RBC Royal Bank credit card statement date and is conveniently charged to your RBC Royal Bank credit card (plus applicable taxes).
How do I Apply for the BalanceProtector Premiere plan
You can apply for BalanceProtector Premiere plan:
- From the Banking tab under My Accounts.
- Select the “Credit Card" on which you would like to apply for the BalanceProtector Premiere plan.
- Select "Apply for the BalanceProtector Premiere plan" found on the right-hand menu.
Alternatively, you may call the enrolment centre at 1-888-896-2766 or you can visit your RBC Royal Bank® branch where you can complete a BalanceProtector Premiere plan application.