CIBC Payment Protector™ Insurance for Credit Cards1, underwritten by Canadian Premier Life Insurance Company (Canadian Premier), helps ensure you and your family are able to make the payments on your CIBC Credit Card  if you are unable to work due to a disability or job loss. Make a lump sum payment toward your CIBC Credit Card if you have a critical illness or in the event of your death.

Key benefits

Protection

  • Job lossand disability1 Insurance
    If you lose your job or self-employment income, through no fault of your own or become unable to work due to disability, illness or injurya monthly payment would be applied towards your CIBC Credit Card account up to $25,000. The monthly payment is greater of: 5% of the balance on your last credit card statement prior to the date of job loss, loss of self-employment or disability or the minimum payment for your credit card
  • Life and accidental death1 Insurance
    In the event of death: your CIBC Credit Card balance, as it appears on your last statement prior to the date of death, would be paid off up to $25,000
  • Critical illness1 Insurance
    If you are diagnosed with cancer, or have a stroke, or heart attack for the first time: your CIBC Credit Card balance, as it appears on your last statement prior to the date you are diagnosed, would be paid off up to $25,000

Affordable
Premiums are $0.99 per $100 of your statement balance (plus applicable taxes).


Spousal coverage
Disability, life/ accidental death and critical illness insurance coverage is also available for your spouse. The premium rate is $1.19 per $100 of your statement balance.


Convenience
You don’t need to make separate payments for your insurance premiums — they’re charged to your CIBC Credit Card at the end of each statement period.


30-day review period
If you change your mind, you can cancel the insurance within the first 30 days of receiving the Certificate of Insurance and any premiums collected will be refunded.


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 (PDF, 185 KB)  or the Certificate of Insurance for CIBC Payment Protector Insurance for Credit Cards with spousal coverage (PDF, 195 KB)  for new customer enrollments.

For more information about product terms and conditions or further assistance, please contact the Insurer:

Canadian Premier Life Insurance Company

5000 Yonge Street
Toronto, ON
M2N 7J8
For service in English, call 1-800-893-2862
For service in French, call 1-800-939-0169 

Did you know?

Nearly half of Canadians dealt with a major unexpected event or emergency during the past year that required most of them either to borrow money or dip into their savings to cover the unplanned costs2 .

Get started

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 old5 (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 (PDF, 185 KB) or the Certificate of Insurance for CIBC Payment Protector Insurance for Credit Cards with spousal coverage (PDF, 195 KB) for new customer enrollments.


Terms and conditions

1 CIBC Payment Protector™ Insurance for Credit Cards is optional creditor’s group insurance underwritten by Canadian Premier Life Insurance Company (Canadian Premier) and administered by Canadian Premier and CIBC. CIBC receives fees from Canadian Premier for providing services to Canadian Premier regarding this insurance. Also, the risk under the group insurance policy may be reinsured, in whole or in part, to a reinsurer affiliated with CIBC. The reinsurer earns reinsurance income under this arrangement. Representatives promoting this insurance on behalf of CIBC may receive compensation. This insurance is subject to eligibility conditions, limitations and exclusions (which are circumstances when benefits are limited or not paid), including pre-existing medical/health condition exclusions. These and other terms are described in the Certificate of Insurance (PDF, 170 KB) /  Certificate of Insurance (with spousal coverage) (PDF, 130 KB). You will receive your Certificate of Insurance upon enrolment. The information in these pages is general only. Products and their features may change at any time. In case of discrepancy between the information and examples provided on these pages and your Certificate of Insurance, your Certificate of Insurance prevails.

2 Source: CIBC Poll, October, 2014.

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