CIBC Payment Protector Insurance for Credit Cards

• 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, loss of self-employment and disability
  If you lose your job or self-employment income, through no fault of your own or are unable to work due to an illness or injury (i.e., a disability), a monthly payment would be applied towards your CIBC credit card account up to $50,000 (after the applicable waiting period) for each statement period that you are disabled or unemployed. The monthly payment is equal to 20% of the balance on your last credit card account statement for the statement period immediately prior to the date of loss.
• Life and accidental death
  In the event of death, your CIBC credit card balance, as it appears on your statement prior to the date of death, would be paid off up to $50,000.
• Critical Illness
  If you are diagnosed with cancer, heart attack or stroke, your CIBC credit card balance, as it appears on your statement prior to the date of diagnosis would be paid off up to $50,000.

There is a waiting period for job loss, loss of self-employment and disability benefits. There is a survival period for critical illness benefits. All benefits are subject to eligibility conditions, limitations and exclusions. Additional details are provided below, including a sample Certificate of Insurance which contains the full details of your coverage.

Cost to you

• $0.99 per $100 of the amount you owe CIBC as of the credit card statement date, (plus applicable taxes).
  For example: If the amount you owe CIBC on the credit card’s statement date (before the premium is calculated) is $2,000, the monthly insurance premium is ($2,000 ÷ 100) × $0.99 = $19.80 (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 the amount you owe CIBC as of the credit card statement date.
  For example: If the amount you owe CIBC on the credit card’s statement date (before the premium is calculated is $2,000, the monthly insurance premiums is ($2,000 ÷ 100) × $1.19 = $23.80 (plus applicable taxes).
• Premiums are Capped
  Premiums will only be charged on your balance up to $25,000. This means your coverage is free for the portion of your balance over $25,000.
• 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.
• 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. It is not available on the CIBC U.S. Dollar Aventura^® Gold 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 benefits, you must be employed as an employee (not as an independent contractor) with no pre-determined end date for your employment and be working in a non-seasonal occupation for at least 30 hours per week (full-time basis) or 20 hours per week (part-time basis) with the same employer for at least 3 months before the date of loss.
• To be eligible for loss of self-employment benefits, you must be working a minimum of 20 hours per 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.
• To be eligible for disability benefits, you must be employed as an employee or an independent contractor, and be working for at least 30 hours per week on a full-time basis, or 20 hours per week on a part-time basis, with the same employer, for at least 3 months prior to the date of your disability. If you are self-employed, you must be working a minimum of 20 hours per week at a business in which you are at least a 50% owner, for a minimum of 3 consecutive months prior to the date of your disability.
• To be eligible for a critical illness benefit, you must be 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 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 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 diagnosed with a critical illness occurs before or within 30 days of the effective date of insurance.
• No job loss benefit is paid if you are self-employed or an independent contractor or a non-permanent employee with a pre-determined time limit or end date for your employment.
• No job loss benefit is payable for loss of seasonal employment.
• No job loss benefit is payable if you quit or voluntarily end your employment, including retirement.
• No loss of self-employment benefit is payable if you engage in any business, occupation or employment for wages or profit.
• 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 your diagnosis of a critical illness occurs within the first 6 months of the effective date of insurance from a condition or health problem for which you received medical treatment in the 6 months prior to the effective date of insurance.
• 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.
• No accidental death benefit is payable if the death is due to sickness, disease or natural causes of any kind.