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 happens³

• Job loss, loss of self-employment, disability, critical illness and life
  If you’re unable to work due to a disability, you lose your job through no fault of your own, are diagnosed with a covered critical illness (cancer, heart attack, stroke, or coronary artery bypass surgery), or you pass away, you will receive a one-time lump sum benefit can be applied to pay down your credit card balance equal to the greater of the following two amounts:

1. The amount owing on your insured credit card on the date of the covered loss; and

2. The new balance shown on your credit card’s monthly statement for the last statement period prior to the date of loss.

The maximum benefit that will be paid under each coverage is $50,000.

There is a 30 day waiting period for job loss, loss of self-employment and disability benefits. There is a 31 day 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

• Monthly cost: $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).
• 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.

When coverage starts and ends

• Life insurance coverage
  Starts on the effective date of insurance shown in your welcome letter that accompanies your Certificate of Insurance. Your life insurance coverage ends at age 80.
• Job loss, disability and critical illness coverage
  Starts on the 31st day after the effective date of insurance shown in the welcome letter that accompanies your Certificate of Insurance. These coverages 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 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 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; and
• You have involuntarily lost your employment for at least 30 consecutive days due to:
  • for permanent employees: your employment was involuntarily terminated by your employer (not for cause), including permanent layoff; and
  • for independent contractors and seasonal workers: your employment was involuntarily terminated prior to the pre-determined time limit or end date in your employment or services contract by the other party for convenience (and not for cause) and not by you.

Involuntary Unemployment does not include strikes or layoffs where the employment relationship has not been completely and permanently terminated.

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; and 
• 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; or
  • 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. 

To be eligible for a critical illness benefit: 

• You must be diagnosed by a licensed physician with a covered cancer, heart attack, stroke or coronary artery bypass surgery and you must be alive on the 31st day following the date you were diagnosed or undergo coronary artery bypass surgery.

Benefits are not payable in some situations:

A Disability Insurance benefit won’t be paid if:

• You do not meet the definition of “Disability/Disabled” in your Certificate of Insurance
• You experience a disability for fewer than 30 consecutive days (this is a waiting period exclusion)
• Your disability begins before the effective date of insurance
• Your date of disability is within 30 days of the effective date of insurance (this is a qualifying period exclusion)
• You’ve received a Critical Illness benefit for the condition causing your disability
• You have received a disability Insurance benefit and experience a subsequent disability but are ineligible to make a new Disability Insurance claim as outlined under the heading “What if You are Disabled Again” in the Certificate of Insurance;
• You are age 70 or older prior to your date of disability; or
• The insurance was not in effect on your date of disability.

An Involuntary Unemployment or Involuntary loss of Self-Employment Insurance benefit won’t be paid if:

• You do not meet the definition of “Involuntary Unemployment” or “Involuntary Loss of Self-Employment” in your Certificate of Insurance
• Your involuntary unemployment or involuntary loss of self-employment is for fewer than 30 consecutive days (this is a waiting period exclusion)
• Your involuntary unemployment or involuntary loss of self-employment begins before the effective date of insurance
• Your involuntary unemployment or involuntary loss of self-employment occurs within 30 days of the effective date of insurance (this is a qualifying period exclusion)
• 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 have received an involuntary unemployment or loss of self-employment insurance benefit and experience a subsequent involuntary unemployment or loss of self-employment but are ineligible to make a new claim as outlined under the heading “What If You Experience Involuntary Unemployment Or Involuntary Loss Of Self- Employment Again” in the Certificate of Insurance;
• 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;
• You are a seasonal worker or independent contractor and your employment was terminated prior to the pre-determined time limit or end date in your employment or services contract by you directly or indirectly or by the other party for cause;
• Your involuntary unemployment was due to strikes, lock-outs or other labour disputes;
• You were age 70 or greater on the last statement date of the insured credit card prior to your date of involuntary unemployment or involuntary loss of self-employment;
• You are terminated by your employer for cause
• You quit or voluntarily ended your employment or voluntarily forfeited your salary, wages or income
• You retire, whether mandatory or voluntarily
• Your business is closed directly or indirectly 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 or health problem for which you received medical treatment in the 6 months prior to the effective date of insurance (this is a pre-existing medical condition exclusion)
• Your diagnosis of cancer, stroke, or heart attack or your coronary artery bypass surgery does not meet the definition of “Cancer,” “Stroke,” “Heart Attack” or “Coronary Artery Bypass Surgery” in your Certificate of Insurance
• Your diagnosis or coronary artery bypass surgery occurs within 30 days of the effective date of insurance (this is a qualifying period exclusion)
• You are age 70 or greater prior to the date of your diagnosis or coronary artery bypass surgery
• You aren’t alive 31 days after the date of diagnosis or coronary artery bypass surgery (this is a survival period exclusion)
• The insurance is not in effect on the date of your diagnosis or coronary artery bypass surgery

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
• You are 80 years old or older
• The insurance is not in effect on the date of your death

For a complete list of exclusions and limitations, refer to the Certificate of Insurance for Payment Protector (PDF, 180 KB) Opens a new window.