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.

• Would you be able to manage with increased expenses and a third less income?
• If you leave your job or become self-employed, you could lose your coverage.

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:

• Premiums don't increase with age unless you refinance or increase your mortgage balance
• Just a few short health questions to answer and, in most cases, no medical exam is required to enroll
• Offers you the protection of single or joint life, life and disability or life and critical illness insurance coverage

For life insurance, you are eligible to apply if on the date of application you are:

• Either a borrower, co-borrower or guarantor of an RBC Royal Bank eligible mortgage for HomeProtector Insurance (Opens modal window) (to a maximum of two persons); and
• At least 18 years old and less than 66 years old; and
• A Canadian resident (living in Canada at least 6 months out of the year)

Can I apply for disability insurance?

To apply for disability insurance, you must also:

• Have or be applying for HomeProtector Life Insurance coverage; and
• Be actively working(Opens modal window), on the date of application, in full-time employment, self-employment, or seasonal employment

Can I apply for critical illness insurance?

To apply for critical illness insurance, you must also:

• Have or be applying for HomeProtector Life Insurance coverage; and
• Be less than 56 years old

Note: You cannot be insured for both critical illness and disability insurance at the same time, on the same mortgage.

If you have an existing RBC Royal Bank mortgage you can apply for HomeProtector Insurance by:

• Signing into RBC Online Banking and reviewing the application information. Then follow the steps outlined to apply. Apply Now

• Contacting the Insurance Service Centre at 1-800-769-2523 to enroll over the phone.

  Clients in Alberta and Saskatchewan who wish to enrol over the phone are required to call RBC Royal Bank at 1-800-769-2511.

• Visiting your RBC Royal Bank branch, where you can talk to a Credit Specialist and complete a HomeProtector Insurance Application.

We offer a 30-day review period

• You have the option of cancelling your insurance coverage at any time.
• If you cancel coverage within 30 days of being approved, you will get a full refund of your premiums, if any have been collected.

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.

• Call 1-800-769-2511, 24 hours a day, 7 days a week

How long will the approval process take?

• Acceptance is usually automatic on the date you apply
• In most cases no medical examination is required

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 will my life insurance premium be calculated?

• Your life insurance premium is based on your age and the amount of your mortgage at the time of application.
• If, when coverage begins, the total of all mortgages to be insured under HomeProtector Life Insurance exceeds $750,000, premiums will only be calculated on the $750,000 maximum, and your benefit paid will be pro-rated.
• Your premium rate will not increase due to your age, provided your mortgage balance does not increase during the life of your existing mortgage, or you do not refinance your mortgage.
• The cost of joint coverage is calculated by using the joint rate for the older insured person.

For example:

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).

Life Insurance Premium Rate Chart(Opens modal window)

How will my disability insurance premium be calculated?

• Your disability insurance premium is based on your age at the time of application and the amount of your regular mortgage payment, including life insurance premiums.
• The cost of joint coverage is calculated by using the joint rate for the older insured person.
• Your disability premium will increase if your mortgage payment increases.

For example:

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).

• Disability Insurance Premium Rate Chart(Opens modal window)

How will my critical illness insurance premium be calculated?

• Your critical illness insurance premium is based on your age and the amount of your mortgage at the time of application.
• If, when coverage begins, the total of all mortgages to be insured under HomeProtector Critical Illness Insurance exceeds $300,000, premiums will only be calculated on the $300,000 maximum, and your benefit paid will be pro-rated.
• Your premium rate will not increase due to your age, provided your mortgage balance does not increase during the life of your existing mortgage and you do not refinance your mortgage.
• The cost of joint coverage is calculated by using the joint rate for the older insured person.

For example:

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).

• Critical Illness Insurance Premium Rate Chart(Opens modal window)

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,

• and your total insured balance is $750,000 or less for life insurance
• and your total insured balance is $300,000 or less for critical illness insurance,
• and you are less than 70 years old for life insurance,
• and you are less than 56 years old for critical illness insurance,

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 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:

• The date your mortgage is paid in full, discharged (unless exercising your portability option without adding additional funds), or assumed in writing by another person;
• The date the principal balance of your mortgage increases;
• The date the Insurance Service Centre receives your written or verbal request to cancel your life, critical illness or disability insurance;
• The date that all or part of your insurance premiums are 90 days overdue;
• The last day of the month in which you turn 70 years of age;
• The date you are no longer a borrower, co-borrower or guarantor on the mortgage;
• The date you die; or
• The date the group policy for life, critical illness or disability coverage terminates.

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.

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:

• Suicide, during the first 2 years from the date your insurance coverage started; or
• Direct or indirect participation or attempted participation in a criminal offence.

Disability Insurance

No benefit will be paid if your disability was directly or indirectly the result of any of the following:

• Intentional, self-inflicted injury;
• Your pregnancy, other than physical complications of pregnancy;
• Your alcoholism or drug addiction, unless you maintain satisfactory participation in a rehabilitation program approved by the Insurer and your participation began during the waiting period and continues throughout the benefit period.

Critical Illness Insurance

No benefit will be paid if:

• Within 90 days of your coverage effective date, a diagnosis of cancer occurs or you have signs, symptoms or investigations leading to a diagnosis of cancer, regardless of when the diagnosis is made, or
• Your illness is not one of the covered illnesses stated in the Certificate of Insurance.

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

• die or become disabled within 12 months, or
• are diagnosed with the Covered Illness within 24 months

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.

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 Benefit Claim Form
• Disability Benefit Claim Form
• Critical Illness Benefit Claim Form

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.