![]() Note that the eligibility rules are quite strict with group insurance. Understanding mortgage insurance from RBC Bank If your loan is for commercial or rental property and you have written confirmation which confirms that this life insurance (not applicable to disability) is required for acceptance of the loan, your premiums will be tax deductible under certain conditions. However, they cannot force you to obtain that insurance from their financial institution. Note that, under certain circumstances, financial institutions may ask you to obtain mortgage life insurance before they approve a loan. He may not exercise undue pressure on the client or use fraudulent tactics to induce him to purchase a financial product or service.” According to Article 439 of the Act respecting the distribution of financial products and services : “A distributor may not require the entering into of a subordinate contractual obligation for the customer to enter into a contract of insurance with the specified insurer. The bank owns the insurance policy and the premium, so that in case of death or disability, it can be used to pay for the mortgage, and nothing else. Signing up for an individual policy gives you the benefits and flexibility that you cannot get from most banking institutions, who have group contracts. With InfoPrimes, the act of filing a bankruptcy petition will not affect your insurance policy. Far from protecting your family in the most challenging times, this clause you’re your protection. For instance, mortgage loan insurance from the Royal Bank will automatically terminate on the date that you file a petition for bankruptcy or a petition for bankruptcy is filed against you. However, some insurance contracts contain clauses that provide for the removal of your protection in the event a financial setback. If your family is going through difficult times, it is reassuring to know that your insurance company will not jump ship. Shopping for mortgage insurance has never been simpler! Mortgage Insurance : RBC User our online calculator to compare RBC's offer.
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