Protecting your loved ones: Homeprotector Life and Disability Insurance. Most of us want to know our families will be protected-no matter what happens to us. If you had an accident or sickness and couldn’t work for a long period of time, how hard would it be on your family? And what would your family do if you were not longer there to support them? Did you know? Only 55% of working Canadians are offered disability coverage by their employer (even then a majority of group disability plans cover less than 70% of gross income. Could you pay for existing financial obligations with 30% less income?) Half of all mortgage foreclosures are related to disability -If you save 5% of your salary for 10 years, it takes just six months of complete disability to wipe it out Between the ages of 25-65, there is a 50% chance you will be disabled for more than 90 days at least once.
Why is HomeProtector Insurance so important? Buying a home is one of the largest purchases you will make in your lifetime. That’s why it’s so important to protect it from the unexpected. We can help ensure your family’s lifestyle stays intact even if the unexpected were to occur. You can rely on RBC Royal Bank HomeProtector insurance for the security you need. HomeProtector insurance’s competitively priced life and disability coverage can help safeguard not only you and your family’s lifestyle, but also your assets and net worth.
Why is HomeProtector Insurance so important? Since buying a home is the most expensive investments one can make, it is important to protect yourself from the unexpected. To protect your family, you can rely on RBC Royal Bank HomeProtector insurance for the security you need.
How does HomeProtector insurance work? Provided by The Canada Life Assurance Company, HomeProtector life insurance can pay off or reduce your RBC Royal Bank mortgage in the even of death, while the disability insurance can take care of your mortgage payments n the event of a disability. With HomeProtector insurance benefits going toward your mortgage, other coverage that you may have in place can go toward taking care of your loved ones. HomeProtector life and disability benefits are non-taxable and do not have to be co-ordinate with any other insurance plan. Your Premium rates will not increase due to your age during the life of your existing mortgage as long as your balance does not increase. For added convenience, the premium is added to your regular mortgage payment.
What are the benefits? – Life Insurance can either pay off or reduce up to $500,000 of your outstanding insured RBC mortgage in the event of death. Disability insurance can maintain your regular mortgage payments in the event of disability for up to 24 months (up to $3,000 a month) – HomeProtector insurance preserves your personal or group insurance for other needs while also safeguarding your assets and net worth.
Who is eligible for HomeProtector Insurance? HomeProtector life and disability insurance is available to the individual borrower, co-borrower or guarantor of an eligible RBC Royal Bank Mortgage to a maximum of two people. HomeProtector insurance eligibility: Must be at least 18 years old and less than 66 years old at date of application. Must be a Canadian resident (living in Canada at least six months of the year). To Apply for HomeProtector disability insurance you must also: – Have Homeprotecto life insurance coverage; and – Be actively working on the date of application, in full-time employment, self employment or seasonal employment.
What if I’m adding on to or refinancing my existing mortgage? The importance of life and disability mortgage heightens when adding onto your mortgage. You will need to reapply for insurance, once you add to your mortgage. However, you will not be required to answer the application health questions if you are applying for the same or less coverage, are less than 70 years of age, are adding on to or refinancing your mortgage by $100 000 or less, and if the total of all your insured RBC Royal Bank mortgages plus any HomeProtector mortgage you’re applying for is $500,000 or less.
How does the life insurance benefit work? You must meet all the terms and conditions of your Certificate of Insurance and then Canada Life will pay RBC the balance of your insured mortgage at your date of death to a maximum of $500,000. For HomeProtector Insurance, the insured balance includes: The unpaid principal balance(s) The mortgage interest and insurance premiums in arrears from the mortgage payment due date immediately prior to death to a maximum of five years. Any pre-payment charges; and any overdrawn balance in your property tax account
How does the disability benefit work? If meet the terms and conditions of your Certificate of Insurance, Canada Life will pay up to an overall maximum of $3,000 a month for all your insured mortgages combined. HomeProtector disability insurance benefit: Canada Life will pay your regular insured mortgage payment of principal, interest and insurance premiums to RBC for a maximum of 24 months. However this does not include your property taxes. This benefit will start after the first 60 complete and consecutive days of your disability, which is your waiting period.
What is a disability? A disability is a sickness, injury, mental illness or nervous disorder that completely prevents you from performing the regular duties of: The occupation(s) in which you were engaged immediately before the date you became disabled; or Your principal occupation if you’re a seasonal employee and your become disabled between seasons; or Your occupation prior to retirement
10 day free look. You can cancel your coverage within 10 days of the later of the following dates: The date your coverage begins; or Five days after the date when we mail your HomeProtector booklet,if you applied for coverage over the internet, telephone, or through a direct mail offer; and in either of the above cases, a full refund of your premiums will be issued, if any have been collected. How to apply for HomeProtector life and disability insurance. To apply for HomeProtector life and disability insurance, simply visit an RBC Royal Bank branch near you and speak to a representative. You can also call the Insurance Service Centre at 1-800-ROYAL 23 (1-800-769-25
Looking to find Home Mortgage Advice in Barrie. Home Buying in Alliston Ontario then visit www.allistonrealestateagents.info for all your Real Estate needs.