Loan protector insurance for RBC car loans?
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Written on: 15.11.2009 [06:14]
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Wolfgang
Wolfgang
Topic creator
Posts: 3
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Do you need loan protector insurance for car loans? RBC are offering it but it costs $5 more a month, which is $180 for the term of my loan. |
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Written on: 21.11.2009 [05:39]
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Curtis
Curtis
Posts: 4
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Loan protector insurance is an insurance to cover your financial commitments in the event that you die or are disabled and unable to make repayments. It may seem like $180 is a lot, but if you were to die this insurance would clear any debts you have with RBC, up to $500,000! So you're getting a high level of protection for the money you spend. In the long-term $180 isn't much for peace of mind. Of course, as always, there are restrictions, so you won't get the pay out if you commit suicide, die of alcoholism or die / become disabled within the first twelve months of the cover. If you have this kind of cover with another insurer, you may not need it from RBC. |
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