mademadeit Posted May 26, 2009 Report Share Posted May 26, 2009 Hey.. For those who've signed up for the RBC LOC for medical students.... were you automatically signed up for LoanProtector insurance as well? And if so.. do you know how they charge us for insurance? Link to comment Share on other sites More sharing options...
fireball Posted May 26, 2009 Report Share Posted May 26, 2009 I wasn't automatically signed up, but I was asked if I wanted it for 12 cents per $1000 Link to comment Share on other sites More sharing options...
mademadeit Posted May 26, 2009 Author Report Share Posted May 26, 2009 Did you take it? So for every 1000$ you take out.. you are charged 12 cents? Link to comment Share on other sites More sharing options...
fireball Posted May 26, 2009 Report Share Posted May 26, 2009 Yes x2 :D Link to comment Share on other sites More sharing options...
ploughboy Posted May 26, 2009 Report Share Posted May 26, 2009 I don't know the terms of RBC's LoanProtector insurance, but keep in mind that, in Ontario at least, you can get $100,000 in life insurance free from OMA Insurance. Link to comment Share on other sites More sharing options...
BMO guy Posted May 28, 2009 Report Share Posted May 28, 2009 just an FYI on any bank's creditor insurance products. Its should NEVER be mandatory that you take it. If anyone tells you, you need to take life or disability insurance (or any other bank products like bank accounts) in order to get approved for the line of credit, that is considered tied selling and is illegal. Never feel obligated to take an insurance product in order to get the line of credit, if they say this, you should be submitting a complaint to the their manager. Just to clarify on this point, this is for the "approval" portion. Banks sometimes get around this by offering more preferred rates or terms if you sign up for more stuff (like insurance or bank accounts), but should never say you need to have other products in order to get the approval. Link to comment Share on other sites More sharing options...
MTesi Posted June 24, 2009 Report Share Posted June 24, 2009 I don't know the terms of RBC's LoanProtector insurance, but keep in mind that, in Ontario at least, you can get $100,000 in life insurance free from OMA Insurance. Hi there, yes you are correct OMA Insurance is offering $100,000 of free life insurance and FREE Disability in your final year of studies, which I strongly urge med students take advantage of. Membership is required either in OMA or one of the Atlantic Medical Associations. I am a consultant to medical students and physicians. I possess 13 years experience with OMA Insurance specializing in Disability contracts and provisions. http://Www.mtadvisory.com dedicated to doctors. committed to service. Link to comment Share on other sites More sharing options...
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