RBC calculator
RBC Life Insurance Calculator Canada
RBC HomeProtector Insurance can bundle mortgage life, critical illness, and disability protection around an RBC mortgage. Run the numbers before you compare it with personally owned term life.
What this RBC calculator is comparing
RBC describes HomeProtector Insurance as mortgage-balance protection for future what-ifs such as illness, disability, or unexpected loss of life. RBC also says borrowers can choose life insurance only or add critical illness or disability coverage.
The Financial Consumer Agency of Canada says optional mortgage life insurance may pay the mortgage balance to the lender, the lender is the beneficiary, and the death benefit usually decreases as the mortgage is paid down. FCAC also says term or permanent life insurance can keep the death benefit level and pay your named beneficiary directly.
That is the real comparison. Are you buying RBC loan-balance protection, or coverage your family controls even if you renew elsewhere, refinance, or need cash for more than the mortgage?
Free estimate
Calculate RBC HomeProtector vs term life
RBC is preselected. Adjust age, balance, smoking status, province, and years remaining to see the side-by-side estimate.
How to use the result safely
1. Separate the coverages
Life, critical illness, and disability respond to different events. Price and compare each RBC coverage line on its own.
2. Check payout control
If the benefit is directed to the mortgage balance, your household may still need flexible cash for income, childcare, tax, or transition costs.
3. Avoid a coverage gap
Keep existing RBC coverage active until any replacement term life policy is approved, accepted, and in force.
Sources checked: RBC HomeProtector Insurance and Financial Consumer Agency of Canada optional mortgage insurance guidance. This page is educational, not personalized insurance advice.
RBC mortgage insurance calculator: common questions
These answers cover the HomeProtector questions RBC mortgage borrowers ask after using the calculator, based on RBC's product description and Financial Consumer Agency of Canada guidance.
Does this RBC calculator use my actual HomeProtector premium?
No. It uses the balance, age, smoking status, province, and years remaining that you enter to model a comparison. Your RBC HomeProtector quote or certificate is the number that counts, so enter your real premium wherever the calculator allows it.
Is RBC HomeProtector the same as RBC life insurance?
HomeProtector is mortgage insurance sold alongside the loan, which is creditor insurance rather than a personally owned policy. RBC describes it as optional coverage that can include life, critical illness, and disability benefits, each with its own definitions and limits. A personally owned term policy names your own beneficiary and stays in force if you refinance elsewhere.
What should I check before accepting HomeProtector?
Check which coverage lines are included, the maximum benefit, the review period, what happens if the mortgage is refinanced or transferred, and whether the death benefit tracks the declining balance. Those four points decide more of the long-term value than the sign-up convenience does.
Can I cancel RBC HomeProtector?
Yes, optional mortgage insurance can be cancelled. Arrange replacement coverage first and confirm it is approved and in force before you cancel, so your household is never between policies.
Why does the term life estimate come out lower than HomeProtector?
The estimate compares a mortgage-tied creditor product with individual term life priced on level coverage. Creditor insurance premiums usually stay flat while the benefit declines with the balance, so the effective cost per dollar of coverage rises over time. Treat the estimate as a range for comparison, not a quoted price.