Creditor Insurance pays off an outstanding credit balance in the event of an insured occurrence. Creditor Insurance gives you and your family peace of mind that your debts will not become a burden if unexpected events should occur.
Peace of Mind: Protects your credit assets so personal insurances can cover your other needs.
Security: Helps to ensure your family’s lifestyle is protected against the unexpected by covering outstanding balances so that savings can remain intact.
Cost Effective: You pay only for the coverage you use by purchasing only the insurance required to cover your credit facilities.
Convenient and Easy: Coverage is available at the time and place of loan or mortgage application. Payment for coverage can be arranged via monthly premium payments from your loan or mortgage account
|
Creditor |
Term |
---|---|---|
Eligibility | Limited coverage is available with no proof of health requirements | Persons are required to qualify for coverage by providing proof of health |
Payout | The coverage amount and potential benefit decreases as your outstanding balance decreases | The coverage amount stays the same through the term of the coverage |
Beneficiary | The lender is the beneficiary as coverage benefits are used to pay off outstanding balances following an insured event | The beneficiary is selected by you |
Portability | Creditor insurance is not portable as it is applicable to the specific loan or credit facility provided by the lender | Coverage is for a specific term and is portable |
Should you elect to have the benefits of creditor insurance cover for your loan or mortgage you have the option to:
Should you select to enrol in the RBC Creditor Insurance Group Plan, you can cancel/terminate coverage at any time.