1 in 3 people, on average, will be disabled for 90 days or more at least once before they reach age 65.ⓘ This means that your income may stop due to an unforeseen event, and you may not be able to pay for your expenses.
Why choose Creditor Insurance for your CIBC Credit Card?
Choosing the right insurance can help keep your finances on track. Optional CIBC Payment Protector Insuranceⓘ can help reduce the burden of your credit card balance in case of unexpected events like disability, job loss, critical illness or loss of life.
CIBC Payment Protector Insurance is underwritten by The Canada Life Assurance Company (Canada Life).
Cookies are disabled
The video that you’ve selected cannot be displayed because you turned off advertising cookies on this website. Please
enable advertising cookies to access this content, and to help us provide you with a superior browsing experience.
What is CIBC Payment Protector Insurance for credit cards? (2:33)
Watch a quick video to learn more about this insurance.
Get protected
This insurance can help provide financial support for life’s unexpected moments. Whether your income is suddenly reduced due to an involuntary job loss, disability or covered critical illness, or there is an unexpected loss of life, have a plan in place to help manage your expenses and preserve your savings.
Easy enrolment
No health questions or medical exams are needed to apply. The online application process is simple and quick.
Simple claims process
Focus on what matters during challenging times with our easy claims process. Submit your claim online or get step-by-step support by calling our Creditor Insurance Helpline at 1-800-465-6020 Opens your phone app..
Understand your coverage
How this insurance can protect you:
Life and critical illness coverage
Can pay your credit card balance up to the maximum benefit of $50,000 in the event of a covered critical illness or unexpected passing, helping you maintain financial stability during challenging times. The covered critical illnesses are a life-threatening cancer, heart attack or stroke or if you undergo coronary artery bypass surgery.
Job loss and disability coverage
Can pay your credit card balance up to the maximum benefit of $50,000 if you face involuntary unemployment or are unable to work due to a disability, helping you stay on track financially during tough times.
Am I eligible to apply?
You must be:
A Canadian resident
Over 18 and under 69 years old
Employed and working at least 20 hours a week
Approved for an eligible CIBC credit card
Please refer to the Certificate of Insurance for detailed eligibility conditions.
How is my premium calculated?
Simple pricing based on your credit card balance on the date your monthly credit card statement is prepared.
The monthly cost is $0.99 per $100 of your outstanding balance on the insured credit card's statement date, plus applicable taxes.
Your monthly premium for Life Insurance coverage will be reduced to $0.39 per $100 at age 70.
To learn more about submitting a claim for your creditor insurance, please visit our submit a claim page for detailed information on the claims process, required documentation, and helpful resources to guide you through each step. If you have any further questions, feel free to reach out to the CIBC Creditor Insurance Helpline at 1-800-465-6020Opens your phone app..
To be eligible for involuntary unemployment benefits:
You must be actively working for salary, wages or any form of taxable remuneration as a permanent employee, seasonal worker or independent contractor for at least 20 hours per week for one or more employers immediately before the date of involuntary unemployment
Your employment must be terminated involuntarily (not for cause) for at least 30 consecutive days. For independent contractors and seasonal workers, your employment must also be involuntarily terminated prior to the pre-determined time limit or end date in your employment or services contract by the other party for convenience (not for cause).
To be eligible for loss of self-employment benefits:
You must be actively working for taxable income for at least 20 hours per week immediately before the date of loss of self-employment in a business that is your own active company or any entity in which you hold assets as an owner, and has been registered or incorporated for at least 3 consecutive months immediately before your date of loss of self-employment, or
You have involuntarily lost your self-employment for at least 30 consecutive days due to:
A permanent closure of your business for causes not within your control and the closure has been registered with the applicable provincial or federal government authority
A temporary closure of your business due to your business being subject to a provincial or federal government mandatory closure order
To be eligible for disability benefits, you must be completely unable, due to illness or injury, to perform for a period of 30 consecutive days:
The regular duties of your employment or self-employment in which you were engaged immediately prior to becoming disabled, or
The regular duties of your employment or self-employment in which you were engaged immediately prior to your retirement, going on parental, maternity, paternity, or compassionate leave, or becoming unemployed, if you are retired, on parental, maternity, paternity, or compassionate leave, or unemployed
If you experience a covered loss, a one-time lump sum insurance benefit equal to the greater of the following two amounts can be applied to your CIBC credit card account:
The amount owing on your insured credit card on the date of loss, or
The balance on your last credit card monthly statement prior to the date of loss
The maximum benefit payable is $50,000.
If your claim is approved, Canada Life pays the benefit to CIBC, and CIBC applies the benefit payment to your insured credit account to reduce or pay off your balance.
Your Life Insurance coverage begins on the effective date of insurance shown in your welcome letter that accompanies your Certificate of Insurance.
Your Involuntary Unemployment, Loss of Self-employment, Disability and Critical Illness Insurance coverage begins 31 days after the effective date shown in your welcome letter.
Your Involuntary Unemployment, Loss of Self-employment, Disability and Critical Illness coverage ends when you turn 70.
Your life coverage ends when you turn 80.
Exclusions are situations or circumstances not covered by the insurance, and limitations specify maximum amounts of insurance for certain types of losses.
A Disability Insurance benefit won’t be paid if:
Your disability begins before the effective date of insurance
You’ve received a Critical Illness benefit for the condition causing your disability
An Involuntary Unemployment Insurance or Involuntary loss of Self-Employment benefit won’t be paid if:
You were not actively working for at least 20 hours per week in your employment or self-employment immediately before your date of involuntary unemployment or loss of self-employment
You engage in any in any work for a minimum of 20 hours per week for salary, wages or profit within 30 days of the date of your involuntary unemployment or Involuntary loss of self-Employment
You are an employee, a seasonal worker or independent contractor and your employment ended on the pre-determined time limit or end date in your employment or services contract
Your involuntary unemployment was due to strikes, lock-outs or other labour disputes
You are terminated by your employer for cause
You quit or voluntarily end your employment
You retired, whether mandatory or voluntarily
Your business is closed due to your illegal or willful misconduct
A critical illness insurance benefit won’t be paid if:
Your diagnosis of cancer, stroke, or heart attack, or your coronary artery bypass surgery occurs within the first 6 months of the effective date of insurance and is related to a medical condition for which you’ve received medical treatment in the 6 months prior to the effective date of insurance (this is a pre-existing medical condition exclusion)
A life insurance benefit won’t be paid if:
You take your own life, whether you are aware or not aware of the result of your actions, regardless of your state of mind within 6 months of the effective date of insurance
Disability, Involuntary Unemployment or Involuntary loss of Self-Employment Insurance:
Benefits are payable after a 30-day waiting period provided you have a disability or are involuntarily unemployed or lose your self-employment involuntarily for more than 30 consecutive days.
Involuntary unemployment, loss of self-employment, disability and critical illness coverage begins 31 days after the effective date of insurance shown in your welcome letter that accompanies your certificate of insurance.
Your critical illness coverage has a 30-day survival period. A critical illness benefit won’t be paid if you aren’t alive 31 days after the date of your diagnosis or coronary artery bypass surgery.
30-day review period:
You have 30 days from the date you receive your Certificate of Insurance to review your coverage and decide if it meets your needs. If you cancel your coverage during this 30-day review period, you will receive a full refund of any premiums paid. You can also cancel this insurance at any time by calling Canada Life at 1-833-666-4295 Opens your phone app. or providing written notice to Canada Life. You can contact Canada Life at:
The Canada Life Assurance Company Creditor Insurance 330 University Avenue Toronto, Ontario M5G 1R8
