Balance Protection Credit Card Insurance

BalanceProtector Max¹ can protect your credit card balance when you need it most.
Help prepare for the unexpected with this optional coverage which you can cancel at any time.

3 Ways BalanceProtector Max Can Cover You

Job Loss

Should you involuntarily lose your job² or self-employed² income, your coverage can pay 25% of your total account balance³ to a maximum of $6,250 each month for up to four months.

$25,000 maximum benefit

Total Disability

If you become totally disabled⁴, your coverage can pay 25% of your total account balance³ to a maximum of $6,250 each month for up to four months.

$25,000 maximum benefit

Life

If you pass away, your coverage can make a single payment of the total amount owing.⁵

$25,000 maximum benefit

Simple Pricing Based on Your Balance

With a credit card balance $10 or higher,
pay just:

$1.20 per $100*

of your account balance⁶ on your statement date (plus applicable taxes) up to $25,000

For example: With a credit card account balance⁶ of $500 for the statement period, pay $6 (plus applicable taxes) for coverage that month.

With a credit card balance
under $10, pay:

You will not be charged a premium if you have a credit card account balance⁶ of less than $10 on your statement date.

*At age 66, Total Disability and Job Loss coverage ends and your monthly premium will be reduced to $0.60 per $100 of your account balance⁶ (plus applicable taxes).

Eligibility

To apply for optional BalanceProtector Max coverage, you must have an eligible RBC Royal Bank credit card and be:

A resident of Canada
18 to 64 years of age

The primary cardholder
Employed or Self-Employed

Apply Now... It’s Quick and Easy

Other ways to apply: Visit a branch or call 1-800-769-2512.

Visit a branch or call 1-800-769-2512

Already have BalanceProtector?

FAQs

When can I apply for BalanceProtector Max?

You can apply at any time, including at the time you apply for or activate your RBC Royal Bank credit card online, as long as you meet the eligibility requirements. If you would like to apply for BalanceProtector Max at a later date, you can do that by signing into your Online Banking or by calling 1-800-769-2512.

When does BalanceProtector Max coverage start?

The date your coverage starts will be shown on your confirmation of enrolment letter that accompanies the Certificate of Insurance that will be delivered to you after you enrol.

How will the BalanceProtector Max premium appear on my monthly credit card statement?

Your monthly premium will appear on your credit card statement as a separate line item entitled “BalanceProtector Premium".

Will I have to pay premiums if I become disabled⁴ or if I lose my job?

If you have been approved for a job loss or total disability claim, insurance premiums will continue to be charged. However, a premium refund will be applied to your account with your monthly benefits. If you continue to use your account during the claim period, you will be responsible for paying the insurance premium on any new charges.

When does BalanceProtector Max coverage end?

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

the date the policy is terminated
the date insurance termination is processed based on you reaching the age of 80 for life coverage
your total disability and job loss coverage ends on the date your monthly premium rate is reduced once you turn 66
the date you die
the date that RBC Royal Bank cancels your credit card
the date that your request to cancel your insurance coverage is processed.

What happens if you change your RBC Royal Bank credit card?

If your RBC Royal Bank credit card is replaced with another RBC Royal Bank credit card eligible for BalanceProtector Max, the insurance coverage will be automatically transferred to your new newly issued RBC Royal Bank credit card and your original effective date will continue to apply.

For complete details, terms and conditions, see a sample Certificate of Insurance or the Summary and Fact Sheet for residents of Quebec.

View Legal DisclaimersHide Legal Disclaimers

This insurance coverage is underwritten by American Bankers Insurance Company of Florida and American Bankers Life Assurance Company of Florida, who carry on business in Canada under the trade name of Assurant®. RBC Royal Bank receives compensation for distributing this insurance coverage.

Job Loss benefits are payable if you experience an involuntary loss of:
(1) Employment due to involuntary layoff, strike or lockout, or dismissal without cause, and you have been employed immediately prior to the date of job loss and remain unemployed for at least 30 consecutive days; or
(2) Self-Employment due to:
a) permanent closure of your business for financial reasons or
b) temporary closure of your business as your business falls within a category under a Provincial or Federal Government mandatory closure order, and
you have been Self-Employed immediately prior to the date of Job Loss, and remain unemployed for at least 30 consecutive days.

Employed and Employment means Actively Working for salary or wages for at least 16 hours per week [for one or more Employer(s)].

If Your Employment is for more than one Employer, you must experience the involuntary loss of:
(1) one job where you were Actively Working at least 16 hours per week; or
(2) multiple jobs where you were Actively Working in a combined total of at least 16 hours

Employer means the person or entity by which you are employed and does not include you or any person or entity controlled by you.

Self-Employed and Self-Employment means Actively Working for at least 16 hours per week in gainful self-employment for your own active company, business, sole proprietorship, profession, partnership or any entity in which you hold assets as an owner that is registered or incorporated for at least 6 consecutive months.

Actively Working means carrying out your regular duties and does not include any leave of absence such as parental, maternity, paternity, compassionate or sick leave.

No benefit will be paid for a Job Loss due to or resulting from:
• normal seasonal unemployment;
• expiration of a fixed-term contract of employment at the end of its term; or
• loss of Self-Employment for any reason within 6 months of the effective date of coverage.

Total Account Balance means total account balance as shown on your account statement issued on or immediately prior to the date of Job Loss and/or first day of Total Disability, as applicable.

Totally Disabled and Total Disability means it has been determined by your licensed physician that you are prevented by any medical condition from performing your normal activities of daily living or the regular duties of your employment or self-employment, as applicable.

No benefit will be paid for death resulting from suicide within 6 months of the effective date of coverage.

Account Balance is the outstanding amount owing on the account as of your statement date, excluding any account fees.

If you cancel within 30 days of receiving your Certificate of Insurance, any premium paid (including applicable taxes) will be refunded to your credit card account.