CIBC Payment Protector™ Insurance for Credit Cards
Should the unexpected happen, help protect yourself and your family with CIBC Payment Protector Insurance for Credit Cards (CIBC Payment Protector), which provides protection for your credit card balance1.
CIBC Payment Protector has been designed to assist you in a time of need:
- How would you make your credit card payments if you were diagnosed with cancer, involuntarily unemployed, became totally disabled or needed hospitalization?
- How would your family handle the burden of your credit card balance should you or your spouse pass away?
- CIBC Payment Protector can assist you when you need it most.
Picture the worst case scenario, then imagine the relief of knowing that you have protected yourself with CIBC Payment Protector*.
- CIBC Payment Protector will pay a monthly benefit to your insured CIBC credit card account equal to the greater of $10 or 3% of your outstanding balance, up to $600 per month, to a total maximum benefit of $20,000, if you are involuntarily unemployed, or are unable to work due to a total disability as a result of an accident or illness.
- If you are hospitalized for 3 consecutive days or more, CIBC Payment Protector will pay up to two monthly benefit amounts to your insured CIBC credit card account equal to the greater of $10 or 3% of your outstanding balance to a monthly maximum of $600 and a total maximum benefit of $1,200.
- If you or your spouse should die, or should you be diagnosed with cancer (other than skin cancer), the outstanding balance on your insured CIBC credit card account, up to a maximum benefit of $20,000 is paid off.
Peace of mind so convenient and affordable.
- Only 89 cents per $100 of your outstanding balance on the billing date and it is charged directly to your insured credit card account.
- No charge and no benefits during months when you do not have a balance as of the billing date.
- This optional insurance coverage is available on most CIBC credit cards; it is not available for U.S. dollar credit cards.
- If you cancel this insurance within 30 days of receipt of your Certificate you will receive a full refund of any premiums paid and the coverage will be deemed never to have been in force.
*Restrictions on Coverage
To be eligible for the involuntary unemployment coverage, you must be employed for at least 30 hours/week (full-time basis) or 20 hours/week (part-time basis) with the same employer for at least 3 months before the claim. Disability and Hospitalization benefits are subject to a six-month pre-existing condition exclusion clause. Any disability or hospitalization arising from such condition will not be covered. If you have been diagnosed with cancer prior to the effective date of your coverage, you will be eligible for cancer benefits only after you complete a period of at least 365 consecutive days where you have been free of all symptoms and have not received treatment for such conditions. A cancer benefit will not be paid if the date of diagnosis of cancer occurs in the first 60 days following the effective date, or you have been diagnosed with AIDS or related HIV condition.
Benefits are based on the outstanding balance owing to CIBC on the insured credit card as of the last billing date prior to the date of loss; and any additional charges made to the account after the last billing date prior to the loss are not covered by the claim.
Coverage ends on the next billing date after the primary cardholder reaches age 65 for involuntary unemployment and disability, and age 70 for hospitalization and cancer. At age 70, life insurance coverage is limited to death from accidents.
There is a waiting period for disability and involuntary unemployment benefits. For involuntary unemployment, you must be continuously unemployed for a minimum of 30 consecutive days. For disability, you must be continuously disabled for a minimum of 30 consecutive days (if working on a permanent basis) or 60 consecutive days (if not working on a permanent basis).
Other limitations and exclusions apply; see Insurance Certificate for details.
Trademarks and Disclaimers
1 Products and their features may change at any time. This is a general description only. Some limitations and exclusions apply (including pre-existing condition exclusions). A detailed summary of the terms, conditions, benefits, limitations, exclusions and other provisions are contained in your Certificate of Insurance. Download a sample copy of the current Certificate of Insurance (400 KB) used for new customer enrolments or receive your copy upon enrolment. CIBC Payment Protector is underwritten by Canadian Premier Life Insurance Company (CPL) and is administered by CPL and CIBC. CIBC receives a fee from CPL to promote and administer the plan.
™ Trademark of CIBC.
The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.