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Get a HomeProtector Insurance Quote in Minutes
Protect your family and your financial future with affordable insurance coverage on your RBC Royal Bank® Mortgage.
Your Insurance Quote
Mortgage Details
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Payment Frequency
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Type of Coverage
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Age Range of Borrower
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Age Range of Co-Borrower
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Province of Residence
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Your HomeProtector Insurance Quote
Mortgage Details
- Mortgage Balance:
- Mortgage Payment:
- Payment Frequency:
- Type of Coverage:
Borrower Details
- Age Range of Borrower:
- Age Range of Co-Borrower: N/A
- Province:
Borrower
Co-Borrower
Cost of Insurance1
(per payment):
New Mortgage
Payment Amount:
- Note: If you are between the ages of 66 and 69, you may only apply for HomeProtector insurance if you are refinancing or adding on to an existing insured mortgage.
- Note: Based on your mortgage balance and coverage option(s) selected at time of application, pro-rated coverage(Opens modal window) may apply.
- Note: Critical illness insurance is not available for borrowers over age 55.
- Note: Critical illness insurance is not available for co-borrowers over age 55.
What does HomeProtector Insurance Cover?
- Life Insurance: pays off or reduces your outstanding mortgage balance in the event of death (up to $750,000)
- Disability Insurance: pays your regular mortgage payment(s) in the event of a disability (up to $3,000 per month for a maximum of 24 months)
- Critical Illness Insurance: pays off or reduces your outstanding mortgage(s) balance if you are diagnosed with a covered illness (up to $300,000)
What is pro-rated coverage?
Life Insurance Coverage.
If your mortgage balance exceeds $750,000 when applying for HomeProtector insurance, please note that life insurance coverage will be
pro-rated.
This means that benefit amount is calculated as a percentage of the outstanding balance based on a ratio of the maximum benefit of $750,000
amount versus the outstanding mortgage balance at the time of the HomeProtector insurance application.
| Example | |
|---|---|
| Mortgage balance at time of HomeProtector Insurance Application | $780,000 |
| Maximum HomeProtector coverage | $750,000 |
| Percentage of mortgage balance covered | $750,000 ÷ $780,000 = 96.154% |
| Borrower passes away and mortgage balance remaining is | $380,000 |
| Life Insurance benefit payable | 96.154% of $380,000 = $365,384 |
Critical Illness Insurance Coverage
If your mortgage balance exceeds $300,000 when applying for HomeProtector insurance, please note that critical illness insurance coverage
will be pro-rated.
This means that benefit amount is calculated as a percentage of the outstanding balance based on a ratio of the maximum benefit of $300,000
amount versus the outstanding mortgage amount at the time of the HomeProtector insurance application.
| Example | |
|---|---|
| Mortgage balance at time of HomeProtector insurance Application: | $375,000 |
| Maximum HomeProtector coverage: | $300,000 |
| Percentage of mortgage balance covered: | $300,000 ÷ $375,000 = 80% |
| Borrower is diagnosed with a covered critical illness and mortgage balance remaining is: | $125,000 |
| Critical illness insurance benefit payable: | 80% of $125,000 = $100,000 |
| Borrower | Co-Borrower |
Cost of Insurance1
(per payment)
|
Mortgage Payment Amount |
|
|---|---|---|---|---|
| Life + Critical Illness Insurance | Life + Disability Insurance | |||
| Joint Life + Joint Critical Illness Insurance | Joint Life + Joint Critical Illness Insurance | |||
| Life + Critical Illness Insurance | Life Insurance | |||
| Life + Critical Illness Insurance | No Coverage | |||
| Joint Life + Joint Disability Insurance | Joint Life + Joint Disability Insurance | |||
| Life + Disability Insurance | Life + Critical Illness Insurance | |||
| Life + Disability Insurance | Life Insurance | |||
| Life + Single Disability Insurance | No Coverage | |||
| Life Insurance | Life + Disability Insurance | |||
| Life Insurance | Life + Critical Illness Insurance | |||
| Joint Life Insurance | Joint Life Insurance | |||
| Life Insurance | No Coverage | |||
| No Coverage | Life + Disability Insurance | |||
| No Coverage | Life + Critical Illness Insurance | |||
| No Coverage | Life Insurance |
Other Ways to Apply for HomeProtector Insurance
If you have a mortgage with us, your application for coverage may be automatically approved and it only takes a few minutes to apply.
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Provincial sales tax included in the insurance payment where applicable. The amounts listed are estimates only—when you apply for coverage, the actual cost may be different. Coverage is subject to eligibility and underwriting requirements.
The content of these pages is provided for informational purposes only and is not complete in detail. Coverage is optional and is governed by the terms and conditions of group's creditor 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. Please see the HomeProtector Certificate of Insurance and for Quebec residents, the Fact Sheet and Product Summary.
Underwritten by The Canada Life Assurance Company.