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Loan, Mortgage & Credit Card Balance Protection

Protect How Far You've Come

As a member of the RBC Royal Bank® family, if you have an eligible RBC Credit product, you can access affordable loan, mortgage, and credit card balance insurance to protect yourself, your family, and your assets.

Loan Protection

Helps protect your RBC loans or lines of credit, giving you a safety net for yourself and your family.

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Mortgage Protection

Helps cover your RBC mortgage to assist in protecting your home and family.

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Credit Card Balance Protection

Helps pay your RBC credit card balance in case of job loss, total disability or loss of life.

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Important Things to Know

Find answers to your questions about creditor insurance

Creditor insurance (also called credit protection) is optional coverage you can buy to help cover your RBC debt balances in case of death, disability, critical illness or job loss (Job Loss coverage is available on eligible RBC credit cards only. Critical illness coverage is not available on RBC credit cards.). Here’s how it works and why it can be a smart way to help protect yourself and your family.

Most of us carry some debt—for a home or a car—or on a credit card. When life goes as planned, these debts fit into your budget nicely. It’s when something unexpected happens that debt can become an issue. That’s where creditor insurance comes in; it can help cover your debt to help prevent it from becoming a burden to you or your family.

Without creditor insurance, you may have to rely on savings or other insurance you have to repay debt—and this can dramatically reduce the money you or your family can put towards other needs.

If you die, become disabled and can’t work, or become critically ill due to a covered incident of cancer (life-threatening), heart attack or stroke, creditor insurance can help reduce or pay off the balance on your insured mortgage, loan, line of credit or credit card. (Critical illness coverage is not available on RBC credit cards.) In addition, if you have an eligible credit card, BalanceProtector Max insurance can help protect you if you experience a job loss1.

  • For HomeProtector, your life and critical illness insurance premium is based on your age and the amount of your mortgage at the time of application. Your disability insurance premium is based on your age at the time of application and the amount of your current mortgage payment.
  • For loans, your life and critical illness insurance premium is based on your rate and your loan balance on the date the payment is due. For disability insurance, your premium is based on your rate per $100 of your regular loan payment amount. Your rates are determined based on your age on the date of the insurance application.
  • For lines of credit, your life and critical illness insurance premium is based on your rate and your average daily balance during that statement period. For disability insurance, your premium is calculated based on your rate and 3% of the daily balance in each billing month. This is because the disability benefit payable will be calculated as 3% of the qualifying balance at the time you were disabled (to the allowable maximum). Rates are determined based on your age on the date your payment is due.
  • For credit cards, your BalanceProtector Max insurance premium is based on your credit card account balance2.
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.
Account Balance is the outstanding amount owing on the account as of your statement date, excluding any account fees.

Here are a few other benefits that RBC creditor insurance can offer you:

  • Easy to apply for: In most cases there is no medical exam. If you don’t qualify for other types of insurance, you may still be able to qualify for creditor insurance.
  • Convenient: Your Insurance application can be completed at the same time as your Credit application.
  • Review period: Take 30 days to review your coverage. During that time, you can cancel your coverage and get a full refund of any premiums paid. You can also cancel coverage at any time.

Explore RBC Insurance coverage options

Take a few minutes to see the optional group creditor insurance coverage that’s available for your mortgage, personal loan or line of credit with RBC Royal Bank®.

Discover the optional RBC Creditor Insurance plans available to you

  • The content of these pages is provided for informational purposes only and is not complete in detail.
  • HomeProtector insurance coverage is optional and is governed by the terms and conditions of creditor's group insurance policies #G60100 for life insurance, #H60200 for critical illness insurance and #H60101 for disability insurance, issued to Royal Bank of Canada by The Canada Life Assurance Company. This insurance is subject to terms, conditions, exclusions and eligibility restrictions. Please see the HomeProtector Certificate of Insurance and for Quebec residents, the Fact Sheet and Product Summary.

    Underwritten by The Canada Life Assurance Company.

  • LoanProtector insurance coverage is optional and is governed by the terms and conditions of the creditor's group insurance policies #G28444 for life insurance, #H28544 for critical illness insurance and #H28445 for disability insurance, issued to Royal Bank of Canada by The Canada Life Assurance Company. This insurance is subject to terms, conditions, exclusions and eligibility restrictions. Please see the LoanProtector Certificate of Insurance and for Quebec residents, the Fact Sheet and Product Summary.

    Underwritten by The Canada Life Assurance Company.

  • BalanceProtector Max is optional insurance coverage is underwritten by American Bankers Insurance Company of Florida (ABIC) and American Bankers Life Assurance Company of Florida (ABLAC) under group master policy numbers H.0522 and G.0522. ABIC and ABLAC, their subsidiaries, and affiliates carry on business in Canada under the trade name of Assurant®.