Help Protect the Lifestyle You've Built
You want the best for your family – a comfortable lifestyle, post-secondary education and more. But if something happened and you could no longer make your loan or line of credit payments, would your family have to give these things up?
Affordable Protection for the Unexpected
By having LoanProtector insurance that's dedicated to your loan or line of credit, any additional income you could receive, such as employer's benefits, may be preserved to take care of your family's other expenses.
Your loan or line of credit payments fit neatly within your finances.
But what if you got sick or hurt and were suddenly unable to work?
A LoanProtector insured loan or line of credit means your payments could be made for you.
Benefits at a Glance
- Customizable: Choose life insurance only — or add critical illness or disability insurance for even more protection. See how it works
- Affordable & Convenient: Premiums are based on your age and loan or line of credit balance and are added to your regular payments.
- Easy to Apply: In most cases, acceptance is automatic. See eligibility requirements
- Builds on Existing Coverage: Receive benefits on top of other coverage you may have, such as through your employer.
Let Us Help You Get Started
Other Ways to Apply
Visit a BranchIf you already have a loan or line of credit with RBC Royal Bank
Apply Online
LoanProtector Insurance for RBC Royal Bank Loans and Lines of Credit at a Glance:
- Life insurance pays off or reduces the outstanding insured balance of your personal loan and the qualifying balance of your insured line of credit (up to $500,000) if you pass away.
- Disability insurance maintains your regular personal loan payments and pays 3% of the qualifying balance on your line of credit (up to $3,000 per month, for up to 24 months) if you are disabled and unable to work due to an illness or an injury.
- Critical illness insurance pays a lump sum to your outstanding loan balance or the qualifying balance of your line of credit (up to $300,000) if you are diagnosed with a covered critical illness – cancer (life-threatening), heart attack or stroke.
- You pay only for the coverage you need, based on your outstanding balance.
Note: Life Insurance is part of all coverage plans. You cannot be insured for both critical illness and disability insurance at the same time, on the same loan or line of credit.
Eligibility Requirements for RBC Royal Bank LoanProtector Insurance
To apply for LoanProtector life insurance, you must be:
- Either a borrower or co-borrower of an eligible RBC Royal Bank® personal loan or line of credit; and
- Be under age 70 on the date you apply.
To apply for LoanProtector disability insurance, you must also:
- Have LoanProtector life insurance coverage; and
- Be actively working on the date of your application1.
To apply for LoanProtector critical illness insurance, you must also:
- Have LoanProtector life insurance coverage; and
- Be under age 56 on the date you apply.
Note: You cannot be insured for both critical illness and disability insurance at the same time, on the same loan or line of credit.
- 1) Actively working means you are:
- engaged in full-time employment (including self-employment), consistently working at least 20 hours a week, for which you are paid a salary or wages; or
- on maternity or parental leave but capable of performing the regular duties of your employment or occupation; or
- employed seasonally for at least 20 hours a week during the work season, which has a beginning and end, and you have a proven work history as a seasonal employee, you expect to return to the same occupation the next season and you are currently capable of performing the regular duties of your seasonal employment.
Apply Online
Sign in to RBC Online Banking.
Review the application information.
Follow the steps outlined to apply.