FAQs

Although you may already have some life insurance, it may not be enough to cover all your financial obligations. For instance, your obligations could include providing for your family, and paying off personal loans, a line of credit, credit card debt, and mortgage debt. Many financial planners recommend that you have life insurance for about eight to ten times your gross annual salary.

Most employer disability plans cover only a portion of your salary while you're disabled, and some plans have an extended waiting period before benefits start. If you become disabled, your reduced income may not provide enough cash to maintain your current standard of living. Also, it may not be enough to cover any additional medical and living expenses. HomeProtector ^®, LoanProtector ^® and BalanceProtector ^® insurance can provide additional benefits that you could use. This is especially reassuring to know in the event that you leave your current employer and lose your employee benefit coverage.

The waiting period is a specific period of time, beginning at the onset of a disability, which must pass before any insurance benefit will be paid. For example, if the waiting period is 60 days, the insurance benefit begins on the day your first payment is due after the 60 day waiting period.

Typically the insurer starts paying insurance benefits for approved claims after the waiting period. However in some cases the insurer may require longer to approve your claim. You are responsible for maintaining your mortgage, loan, line of credit or credit card payments until your claim is approved. For example, once your LoanProtector claim is approved, the insurer will start paying benefits retroactive to the first day after your waiting period.

For LoanProtector or HomeProtector:

LoanProtector and HomeProtector insurance are underwritten by The Canada Life Assurance Company. The Insurance Service Centre works with Canada Life to administer your policy. Please contact the Insurance Service Centre at 1-800-ROYAL 2-3 (1-800-769-2523) with any questions or concerns.

For BalanceProtector:

BalanceProtector insurance is creditor's group insurance underwritten by Assurant Solutions and provided to eligible RBC Royal Bank^® credit card cardholders. Assurant Solutions is the trade name for the Canadian Branches of American Bankers Life Assurance Company of Florida and American Bankers Insurance Company of Florida. You can call them at 1-800-ROYAL 2-3 (1-800-769-2523), Monday to Friday, 8 am to 8 pm, ET.