CIBC Payment Protector Insurance for Credit Cards
CIBC Payment Protector Insurance for Credit Cards is an optional product, offering protection for your credit card balance.1
- If you lost your job or became disabled, how would you make your credit card payments?
- If you pass away how would your family handle paying off your credit card balance?
- If you were diagnosed with a serious illness, would you be relieved knowing your credit card balance could be paid off?2
Insurance that can pay a benefit when the unexpected happens:3
- Job loss or disability: If you lose your job through no fault of your own or are unable to work due to disability4, this insurance pays a benefit to CIBC to be applied to your credit card account (after the applicable waiting period) for each billing cycle that you are disabled or unemployed. The benefit for each billing cycle is equal to the greater of: (a) 5% of the outstanding balance on the credit card account statement for the statement period immediately prior to the date of loss, and (b) an amount equal to the Minimum Payment for the statement period. The maximum benefit payable for any one occurrence is the outstanding balance on your credit card account statement for the statement period immediately before the date of your disability or unemployment, up to $25,000.
- Serious illness or death: If you are first diagnosed with cancer, heart attack or stroke, or if you die, this insurance pays a lump-sum benefit to CIBC to be applied to your credit card account. This benefit is equal to the outstanding balance on the credit card account statement for the statement period immediately before the date of diagnosis or death, up to $25,000.
Convenient and affordable
- Cost to you: $0.99 per $100 of the outstanding balance on your credit card account statement, plus applicable taxes. Premiums and applicable taxes are charged directly to your insured CIBC credit card account at the end of each statement period. These premiums pay for your coverage during the next statement period. CIBC Payment Protector Insurance for Credit Cards premium rates are subject to change.
- For example: If your outstanding balance is $500 and the premium rate is $0.99 per $100, the insurance premium for the next statement period is calculated as follows: ($500/100) x $0.99 = $4.95
- If you want to include coverage for your spouse on your credit card account, the cost is $1.19 per $100 of the outstanding balance on your credit card account statement, plus applicable taxes. Your spouse does not need to be a secondary cardholder. Job loss coverage is excluded for your spouse.
- Cancellation: You can cancel this insurance at any time. If you cancel within 30 days of receiving the Certificate of Insurance, you will receive a full refund.
When coverage starts and ends
- Life and accidental death insurance coverage: Starts on the effective date shown on your Certificate of Insurance. At age 80, life insurance coverage is limited to death from accidents.
- Job loss, disability and critical illness coverage: Starts on the 31st day after the effective date shown on your Certificate of Insurance. Coverage ends when you turn 70.
- Your Certificate of Insurance identifies other circumstances when the Certificate of Insurance ends.
Coverage, eligibility conditions and restrictions
- Eligibility: This optional insurance coverage is available to CIBC Cardholders and their spouses who are Canadian residents aged 18 to 69 years old? (not available on the CIBC U.S. Dollar Visa Card, the CIBC Aventura Visa Card for Business, the CIBC Aerogold Visa Card for Business, CIBC Corporate Visa Card or the CIBC bizline Visa Card).
- To be eligible for job loss or disability benefits: 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 date of loss. To be eligible for job loss or disability benefits if you are self-employed, you must be working a minimum of 20hrs/week at a business in which you are at least a 50% owner for a minimum of 3 consecutive months before the date of loss of self-employment or disability.
- To be eligible for a critical illness benefit: you must be first diagnosed with cancer, heart attack or stroke by a licensed physician and you must be alive on the 31st day following the date you were first diagnosed.
Benefits are not payable in some situations:
- No job loss, disability or critical illness benefit is payable if you are 70 or older on your last statement date before the date of job loss or disability, or the date you are first diagnosed with a critical illness
- No job loss, disability or critical illness benefit is payable if the date of the job loss or disability, or the date you are first diagnosed with a critical illness occurs before or within 30 days of the effective date of insurance
- No job loss benefit is payable if you quit or voluntarily end your employment, including retirement
- If self-employed, no job loss benefit is payable if you are employed
- No disability benefit is payable if you have received a critical illness benefit and the medical condition for which you received the benefit is the cause of your disability
- No critical illness benefit is payable if a critical illness benefit has already been paid to the same insured person for the same medical condition
- No life benefit is payable if the cause of death is suicide within 6 months of the effective date of insurance
- No accidental death benefit is payable if the death occurs more than 100 days after the accident
There is a waiting period for job loss and disability benefits. For detailed information about the waiting periods, refer to your Certificate of Insurance.
Details of the eligibility conditions, benefits, terms and conditions, including the full limitations and exclusions of your coverage are contained in your Certificate of Insurance, which is mailed to you after your enrollment with a 30-day review period. View a sample copy of the Certificate of Insurance for CIBC Payment Protector Insurance for Credit Cards or the Certificate of Insurance for CIBC Payment Protector Insurance for Credit Cards with spousal coverage for new customer enrollments.
Contact the Insurer
You may contact Canadian Premier Life Insurance Company at:
5000 Yonge Street
1-800-893-2862 for English
1-800-939-0169 for French
1 CIBC Payment Protector Insurance for Credit Cards is optional creditor’s group insurance underwritten by Canadian Premier Life Insurance Company under a group policy issued to CIBC as group policyholder. The insurance is administered by Canadian Premier Life Insurance Company and CIBC. CIBC receives a fee from Canadian Premier Life Insurance Company to promote and administer the insurance product and people promoting this insurance on behalf of CIBC may receive compensation. Please note, this is a general description only and products and their features may change or be discontinued at any time. Additional eligibility conditions, limitations and exclusions may apply. The eligibility conditions, benefits, limitations, exclusions and other terms are contained in your Certificate of Insurance. In case of discrepancy between the information and examples provided on these pages and your Certificate of Insurance, your Certificate of Insurance prevails. The information in these pages is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.
2 The covered critical illnesses are cancer, heart attack and stroke as described in the Certificate of Insurance.
3 Benefits are subject to eligibility conditions, exclusions, limitations and other terms described in the Certificate of Insurance you receive upon enrollment.
4 You are considered to be disabled if you are no longer able to perform your regular duties of Employment or Self Employment as a result of accidental bodily injury or sickness. Pregnancy is not considered a sickness, unless the pregnancy is defined as high risk by your Licensed Physician.
5 If you have misstated your age and your true age would have rendered you ineligible for coverage, Canadian Premier Life Insurance Company’s liability will be limited to a refund of premiums paid and your insurance will be void as if it never existed.
Information current as of October 18, 2014
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