RBC life insurance (credit card rip-off)

Royal_Bank_of_Canada_Old_LogoRBC and other banks are making a killing selling credit card life insurance.

Here is how it works. Say you want to have your credit card paid if you die.

They charge $1.19 per $100 of coverage. So if you have an average balance of $10,000 on your card you pay $119 per month!!!

Compare that to a term 20 $100,000 for a 45 year old male. at $28/month.

The coverage is 1/10 and the cost is FOUR TIMES the COST!!