They could, but are those assets enough to cover your debts and look after your family's immediate and long-term needs? And what would happen if your family had to suddenly sell your assets in a down market to pay off your debts? HomeProtector Insurance can help keep your existing financial plan intact. HomeProtector Insurance can help take care of your debt while allowing your existing employee coverage to take care of your family.Ĭouldn't my estate just sell my assets if I die? If you leave your job or become self-employed, you could lose your coverage.Would you be able to manage with increased expenses and a third less income?.Typically, employers only provide coverage that amounts to 1 to 2 times your salary in the event of your death, and about two-thirds of your income if you are disabled and unable to work due to illness or injury. If you lose your job, any group disability insurance coverage through your work may terminate, meaning you and your family could be left without coverage. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.ĭo I need more coverage if I already have coverage through work? ®/™ Trademark(s) of Royal Bank of Canada. Benefit maximums: life coverage-the outstanding balance of your mortgage to a maximum of $750,000, disability coverage-your regular mortgage payment to a maximum of $3,000 monthly for up to 24 months, critical illness coverage-the outstanding balance of your mortgage to a maximum of $300,000. HomeProtector insurance is an optional creditor’s group insurance program, underwritten by The Canada Life Assurance Company, and is subject to terms, conditions, exclusions and eligibility restrictions. You can’t predict the future, but you can help to ensure that once you’re in your new home, you’ll stay there, with a protected mortgage balance from RBC. That means any additional income is preserved to take care of your other expenses. Right now, your finances and mortgage add up nicely.īut what if you got sick or hurt, and were suddenly unable to work?īy protecting your mortgage balance with insurance, your payments could be made for you. When you chose your home, you chose a neighbourhood to live in and schools to send your kids to.
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