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RBC Line of Credit with Insurance

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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.

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  • 4 weeks later...
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.




dedicated to doctors. committed to service.

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