When you choose the security of HomeProtector Insurance for your RBC Royal Bank mortgage, you’re helping to protect your home and family against life’s what-ifs. You’re also helping to preserve your savings and other insurance you may have for what they were intended.
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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 or 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.
Choose life insurance only—or add critical illness or disability insurance for more protection.
| Life Insurance | Critical Illness Insurance | Disability Insurance | ||
|---|---|---|---|---|
| Pays off or reduces your outstanding insured RBC Royal Bank mortgage balance in the event of death. | PLUS | Pays off or reduces your outstanding insured RBC Royal Bank mortgage balance if you are diagnosed with a covered critical illness – cancer (if life-threatening), heart attack or stroke. | OR | Maintains your regular mortgage payment(s) in the event of a disability. |
| Up to $750,000 | Up to $300,000 | 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 |
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.
Find answers to your questions about HomeProtector Insurance.
What is HomeProtector Insurance?HomeProtector Life, Critical Illness and Disability Insurance can help to provide you with a financial safety net for your mortgage when you and your family need it most. It can help to:
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.
Why might I need mortgage protection?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 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.
HomeProtector 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 Insurance can help keep your existing financial plan 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 can be a quick, convenient and cost-effective way to help ensure your debts are looked after and 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 Insurance are:
For life insurance, you are eligible to apply if on the date of application you are:
Can I apply for disability insurance?
To apply for disability insurance, you must also:
Can I apply for critical illness insurance?
To apply for critical illness insurance, you must also:
Note: You cannot be insured for both critical illness and disability insurance at the same time, on the same mortgage.
How do I apply for coverage?If you have an existing RBC Royal Bank mortgage you can apply for HomeProtector Insurance by:
We offer a 30-day review period
If you don't have an RBC Royal Bank mortgage
If you don't already have a mortgage, or want to switch over, our Mortgage Specialists can help you. 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?
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, Canada Life, 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 separate 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 an 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.
HomeProtector Insurance includes temporary coverage (for a maximum of 30 days), where a life Insurance benefit may be paid if you die as a result of an accidental injury while your application is being processed.
How are my insurance premiums calculated?How will my life insurance premium be calculated?
You (age 35) and your co-borrower (age 30) 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 $0.24 per $1,000 of initial mortgage balance — calculated as follows: ($200,000 ÷ $1,000) x $0.24 = $48 per month (plus PST, where applicable).
How will my disability insurance premium be calculated?
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 $3.50 per $100 of mortgage payment — calculated as follows: ($1,000 ÷ $100) x $3.50 = $35.00 per month (plus PST, where applicable).
How will my critical illness insurance premium be calculated?
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 (plus PST, where applicable).
What if I’m refinancing my mortgage?One great feature of HomeProtector Insurance is that if you are already insured and you are adding-on to or refinancing (Opens modal window) your mortgage in the amount of $100,000 or less,
you are able to re-apply for the same coverage without answering health questions (and for disability insurance, without being actively at work (Opens modal window) ).
This feature is called the HomeProtector Insurance Add-on Refinance (HARP) program.
When does my coverage begin and end?When does my HomeProtector Insurance coverage begin?
Your insurance coverage begins on the date your HomeProtector Application is approved.
Note: A benefit is only paid when mortgage funds are fully advanced. No premiums are collected until the mortgage is fully advanced and regular mortgage payments of principal, interest and Insurance begin in full.
When does my HomeProtector Insurance coverage end?
Your insurance coverage will end on the earliest of the following dates:
Your 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 any sign, symptom or investigation leading to a diagnosis of cancer, occurs within 90 days of your coverage effective date, regardless of when a diagnosis is made.
What are the limitations and exclusions?The following is a summary of the HomeProtector limitations and exclusions. For full details, please refer to the Certificate of Insurance
Life Insurance
No benefit will be paid if your death is a result of:
Disability Insurance
No benefit will be paid if your disability was directly or indirectly the result of any of the following:
Critical Illness Insurance
No benefit will be paid if:
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).
The Pre-existing Conditions Exclusion under HARP means your benefit will be limited if you re-applied for life, disability, or critical illness Insurance due to refinancing or adding on to your mortgage under HARP; and you
after the date you re-applied for Insurance under HARP, and your death, disability or critical illness is a result of, caused by, related to or associated with a condition or health problem for which you had symptoms or received *Medical Treatment (Opens modal window) in the 12 months immediately preceding the date you re-applied for Insurance under HARP.
How do I submit a claim?Written proof of a claim must be provided to the Insurer, via our Insurance Service Centre. You are responsible for 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:
Life Insurance Claim
Life claim forms must be received by the Insurer as soon as possible or within 1 year from the date of death. In Quebec, life claim forms must be received by the Insurer within 3 years from the date of death.
Disability Insurance Claim
Disability claim forms must be received by the Insurer within 150 days from the day your disability started. You must provide medical evidence of the disability, at your expense.
Critical Illness Insurance Claim
Critical Illness claim forms must be received by the Insurer within 180 days from the date of diagnosis. You must provide medical evidence to support your claim, at your expense.
Claim Status
If you are an 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.