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Creditor Life

Loan, mortgage and credit card insurance is a convenient tool to safe guard your savings and investments. It preserves your life and disability insurance for the other things for which they were intended.

You are on: RBTT Loan Protection Plan tab

Loan protection insurance pays off or reduces your personal loan balance(s) in the event of death, to a maximum outstanding loan balance of $500,000.

Features and Benefits:

  • Easy Application
  • There are no medical requirements in order to receive coverage under this policy. You simply complete a non-medical application and the sign up process is complete.
  • Flexible Terms
  • Coverage is available in accordance with the terms of the loan which is usually for a period of 3 to 5 years on a decreasing term basis.

You are on: RBTT Residential Mortgage Plan Tab

The RBC Group Mortgage Plan is for RBC Royal Bank clients with Residential mortgages with RBC Royal Bank and provides loan protection to pay off or reduce your residential mortgage loan balance in the event of death to a maximum of $1,500,000.

Features and Benefits:

  • Easy Application
  • Provides coverage for residential mortgage loans amounts form $100,000 to $1,500,000. There are no lengthy medical requirements in order to receive Life Insurance cover. For loans up to $300,000, no medical evidence of insurability is needed, however, an application form must be completed. For amounts between $300,001 and $1,500,000 a short medial application form must be completed. Once you truthfully answer 'No' to a few short questions on the application form you are on your way.
  • Joint Coverage Options
  • Individual and joint applicants can be accommodated on this plan. A maximum of three (3) joint applicants can be covered.
  • Applicants can be from 21 to 65 years of age. For joint applicants there are various options:
    • Each person named in the mortgage can be covered for the full amount of the mortgage balance OR
    • Each person named in the mortgage can be covered for a proportional share of the mortgage balance.
    • Premiums will be calculated based on age, gender and amount of sum assured.
    • Optional Payment Periods
    • Premiums can be conveniently paid annually, semi-annually, quarterly or monthly utilizing on eof our payment options.
    • Variable Coverage Term
    • Any period of insurance is available between 5 to 30 years and is usually inline with the mortgage loan term.
    • The insurance is written on a Decreasing Term basis which means that the sum insured reduces as the mortgage amount reduces.

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