8/22/2023 0 Comments Home protector insurance premiumOtherwise, you will receive a pro-rated premium refund upon the termination of your HPS cover. Focus on getting better, with coverage that makes your mortgage payments for you if you are disabled. If we receive your HPS exemption request from your insurer within one month of the issuance of your HPS cover, we will refund the full premium into your Ordinary Account. *Within 6 months from the date the application for exemption is submitted. These can generally be found on your housing loan statement. Home Protector is a simplified issue term to age 95 life insurance plan with 15, 20, 25 and 30 year level premium periods. Unlike term policies, which charge fixed premiums for 30 years with no surprise price increases, premiums on mortgage life insurance policies may only be fixed for the first five years, after. Affordable & Convenient: Premiums are locked in based on your age and mortgage balance. Customizable: Choose life insurance only or add critical illness or disability insurance for more comprehensive protection. loan commencement date, balance loan amount, balance term of loan & the mortgage rate. For help protecting your family’s lifestyle, choose HomeProtector Insurance for your RBC Royal Bank mortgage. You will need to provide your insurer(s) with supporting documents showing your current* housing loan details, i.e. We will only process applications submitted through insurers. Please approach the insurer(s) of your private insurance policies to submit your application to be exempted from HPS. If you have refinanced your housing loan, you may apply for HPS exemption after the refinancing is completed and the housing loan has been disbursed by the new mortgagee. You can apply for HPS exemption after you have obtained legal ownership of the flat and the housing loan for the property has been disbursed. Doing so will avoid any delay in commencing the use of your CPF savings for your monthly housing instalments. The benefit can cover up to 125 of your monthly mortgage and/or line-of-credit payment (including property taxes, if desired), to a maximum of 3,500 per month.
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