Insurance is an important consideration for many circumstances. It isn’t only available to protect your home, vehicle and physical health – it’s also available to help protect you financially.
For example, you can obtain insurance to cover certain financial obligations if you become unemployed due to a strike or lockout or if an unexpected accident impacts your earning abilities.
“BalanceProtector insurance is a low–cost way to make sure your credit card account balance doesn’t become a burden to you or your family when the unexpected happens,” advises Sean Amato–Gauci, vice president, RBC Credit Cards.
This type of insurance includes job loss coverage which can cover your monthly credit card payments for up to 20 months, based on your qualifying balance at the time of involuntary unemployment.
Disability protection is also included and can cover your payments on the same basis should you find yourself unable to work and help you focus on getting better. If you were to be diagnosed with certain critical illnesses – such as cancer, stroke or heart attack – and you’re a primary or spousal credit cardholder under 65 years of age, insurance can cover the balance owing on your credit card account for up to a maximum of $15,000 at the time of your diagnosis. This benefit is also available if you were to lose your life as a direct result of an accident.
“There are different qualifying factors and coverage amounts involved, but it is well worth your time to explore the insurance options that are available with your credit card,” added Amato–Gauci.
Protecting your financial and physical health can give you and your loved ones invaluable peace of mind. For more information about protecting your credit card balances visit www.rbcroyalbank.com/cards/documentation/bal_protector.html.
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