CIBC Payment Protector™ Insurance for Credit Cards

If you have CIBC Payment Protector Insurance for Credit Cards, you may be eligible to submit a claim Skip to Making a claim. .

Know your family is covered should the unexpected happen.

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CIBC Payment Protector™ Insurance for Credit Cards 1 helps reduce the burden of your CIBC credit card payments if you’re unable to work due to a disability, involuntary unemployment, loss of self-employment, or in the event of a critical illness or death.

CIBC Payment Protector Insurance is underwritten by Canadian Premier Life Insurance Company (Canadian Premier). Purchase of this insurance is optional and isn’t required to obtain any CIBC product or service.

Why choose Creditor Insurance for your CIBC credit card?

• Protection
  This insurance helps you make your CIBC credit card payments if you’re unable to work due to a disability, involuntary unemployment loss of self-employment or in the event of a critical illness or death.
• Spousal coverage
  Disability, Life, Accidental Death and Critical Illness Insurance coverage is also available for your spouse.
• Convenience
  Insurance premiums are charged to your CIBC credit card at the end of each statement period.

What coverage plans are offered?

You can choose between Primary Cardholder Coverage and Primary Cardholder + Spouse Coverage:

Primary Cardholder Coverage:

As the primary cardholder, you’re covered for involuntary unemployment, loss of self-employment, disability, death and a critical illness.

Primary Cardholder + Spouse Coverage:

As the primary cardholder, you’re covered for involuntary unemployment, loss of self-employment, disability, death and a critical illness. In addition, your spouse is covered in the event of disability, diagnosis of a critical illness and death. Your spouse isn’t covered in the event of involuntary unemployment and loss of self-employment.

Note: Spousal Coverage (referred to as Primary Cardholder + Spouse Coverage) isn’t available in Quebec and Saskatchewan or via CIBC Online Banking ® and CIBC Mobile Banking ® App. To enrol in Spousal Coverage please visit your nearest CIBC Banking Centre or contact Canadian Premier Life Insurance Company at 1-800-893-2862 Opens your phone app. .

Overview

Up to $50,000 paid towards your credit card balance.

Involuntary Unemployment, Loss of Self-employment and Disability

If you lose your job or self-employment, through no fault of your own, or become unable to work due to an illness or injury (i.e., a disability)

A monthly payment would be applied to your CIBC credit card account, equal to 20% of the balance on your last credit card statement prior to the date of your job loss, loss of self-employment or disability

The maximum benefit is the lesser of:

• The balance on your last credit card statement prior to the date of your job loss, loss of self-employment or disability; or
• $50,000

Life, Accidental Death and Critical Illness

If you’re diagnosed with cancer, have a stroke or heart attack, or in the event of your death

A payment would be applied to your CIBC credit card account equal to the balance on your last credit card statement prior to the date of your diagnosis or death, up to the maximum benefit of $50,000

What does the CIBC Payment Protector Insurance for Credit Cards cost?

Primary Cardholder Coverage

Monthly cost: $0.99 cents per $100 of the amount you owe CIBC on the insured credit card’s statement date (plus applicable taxes)

Primary Cardholder + Spouse Coverage

Monthly cost: $1.19 per $100 of the amount you owe CIBC on the insured credit card’s statement date (plus applicable taxes)

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Am I eligible to apply for the CIBC Payment Protector Insurance for Credit Cards?

To be eligible to apply for CIBC Payment Protector Insurance for Credit Cards, you must be:

• at least 18 years old and under 69
• a resident of Canada*; and
• approved for an eligible CIBC credit card

• has lived in Canada for a total of 183 days or more during the 365 days prior to the date of your application (days do not need to be consecutive); or
• is a member of the Canadian Forces.

1. Disability, Involuntary Unemployment and Loss of Self-Employment benefits also have eligibility requirements that must be met at the time of submitting your claim for it to be approved. For more details, review the frequently asked questions and the Certificate of Insurance located under “Important documents and information.”
2. Spousal coverage (referred to as Primary Cardholder + Spouse Coverage) isn’t available in Quebec and Saskatchewan.

Making a claim

We want to make this process as easy as possible. We recommend that you make a claim as soon as possible following an insured event. Call Canadian Premier Life Insurance Company so that a knowledgeable customer service specialist can guide you through the process of submitting a claim. Canadian Premier can be reached at 1-800-893-2862 Opens your phone app. . For service in French, call 1-800-939-0169 Opens your phone app. . They’re available Monday to Friday from 8 am to 7 pm ET.

Once Canadian Premier has been notified of the claim, they’ll send you a claim form within 15 days of the notification. If your claim is approved, Canadian Premier pays the benefit to CIBC, and CIBC applies the benefit payment to the insured credit card account.

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Important documents and information

Important documents

Your certificate of insurance will contain the full details of your coverage, including benefits, cost, eligibility conditions, limitations and exclusions. Your certificate of insurance will be mailed to you approximately 2 weeks after you complete your application.

To help you make an informed decision, you can access sample certificates of insurance and other important documents below.

• Certificate of Insurance for Primary Cardholder coverage (PDF, 275 KB) Opens in a new window.
• Certificate of Insurance for Primary Cardholder and Spousal coverage (PDF, 285 KB) Opens in a new window.
• Product Summary (PDF, 375 KB) Opens in a new window.
• Additionally, for Quebec residents:
  • Product summary (PDF, 345 KB) Opens in a new window.
  • Fact Sheet (PDF, 120 KB) Opens in a new window.
  • Notice of Rescission (PDF, 90 KB) Opens in a new window.

  Information about CIBC

  CIBC receives fees from the insurer, Canadian Premier Life Insurance Company, for providing services to the insurer regarding this insurance. Also, the risk under the group 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.

  Frequently asked questions

  What are the eligibility requirements for involuntary unemployment, loss of self-employment and disability benefits? Select to show or hide.

  To be eligible for involuntary unemployment benefits, you must be:

  • Working a minimum of 30 hours per week on a full-time basis or 20 hours per week on a part-time basis as a permanent employee (not as an independent contractor) for the same employer for a minimum of 3 consecutive months immediately prior to the date of your involuntary unemployment

  To be eligible for loss of self-employment benefits, you must:

  • Have involuntarily lost your self-employment due to circumstances outside your control, resulting in a bankruptcy of your business
  • Be working a minimum of 20 hours per week in a business of which you are at least a 50% owner for 3 consecutive months immediately prior to date of your loss of self-employment

  To be eligible for disability benefits, you must be:
  

  • Working a minimum of 30 hours per week on a full-time basis or 20 hours per week on a part-time basis for the same employer for a minimum of 3 consecutive months immediately prior to the date of your disability
  When does coverage begin? Select to show or hide.

  Your Life and Accidental Death Insurance coverage begins on the effective date shown on your Certificate of Insurance that is mailed to you after you complete your application.

  Your Involuntary Unemployment, Loss of Self-employment, Disability and Critical Illness Insurance coverage begins 31 days after the effective date shown on your Certificate of Insurance.

  When does coverage end? Select to show or hide.

  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. After turning 80, a benefit is only paid if your death is caused by an accident.

  What are the limitations and exclusions? Select to show or hide.

  A Disability Insurance benefit won’t be paid if:

  • 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 haven’t been working a minimum of 30 hours per week on a full-time basis or 20 hours per week on a part-time basis for the same employer for a minimum of 3 consecutive months prior to your date of disability
  • You’ve been self-employed but haven’t been working a minimum of 20 hours per week in a business of which you’re at least a 50% owner for a minimum of 3 consecutive months prior to your date of disability
  • You’ve received a Critical Illness benefit for the condition causing your disability

  An Involuntary Unemployment Insurance benefit won’t be paid if:

  • You’ve been involuntarily unemployed for fewer than 30 consecutive days (this is a waiting period exclusion)
  • Your involuntary unemployment begins before the effective date of insurance
  • Your involuntary unemployment occurs within 30 days of the effective date of insurance (this is a qualifying period exclusion)
  • You haven’t been employed by the same employer for 3 consecutive months immediately before your date of involuntary unemployment
  • You haven’t been working a minimum of 30 hours per week on a full-time basis or 20 hours per week on a part-time basis immediately before your date of involuntary unemployment
  • You are a seasonal worker, independent contractor or non-permanent employee
  • You engage in any business or occupation for wages or profit
  • You are terminated by your employer for cause
  • You quit or voluntarily end your employment
  • You retired, whether voluntarily or otherwise
  • You were on maternity or parental leave

  A loss of self-employment insurance benefit won’t be paid if:

  • Your involuntary loss of self-employment is fewer than 90 consecutive days (this is a waiting period exclusion)
  • Your involuntary loss of self-employment begins before the effective date of insurance
  • Your involuntary loss of self-employment occurs within 30 days of the effective date of insurance (this is a qualifying period exclusion)
  • You haven’t been working a minimum of 20 hours per week in a business of which you’re at least a 50% owner for 3 consecutive months immediately before your date of involuntary loss of self-employment
  • You engage in any business or occupation for wages or profit
  • Your business is closed down directly or indirectly due to your commission or attempted commission of a criminal offense, or willful misconduct
  • Your business isn’t declared bankrupt under applicable legislation

  A critical illness insurance benefit won’t be paid if:

  • Your diagnosis 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)
  • Your critical illness diagnosis occurs within 30 days of the effective date of insurance (this is a qualifying period exclusion)
  • You aren’t alive 31 days after the date of diagnosis (this is a survival period exclusion)

  A life insurance benefit won’t be paid if:

  • The cause of death is suicide within 6 months of the effective date of insurance
  • You are 80 or older

  An accidental death insurance benefit won’t be paid if:

  • Your death is due to sickness, disease or natural causes of any kind
  • Your death occurs more than 100 days after the accident

  For a complete list of exclusions and limitations, refer to the:

  • Payment Protector Certificate of Insurance (PDF, 1.5 MB) Opens in a new window.
  • Certificate of Insurance (with spousal coverage) (PDF, 755 KB) Opens in a new window.
  What are the waiting periods before benefits are payable? Select to show or hide.

  Disability and Involuntary Unemployment Insurance:

  Benefits are payable after a 30-day waiting period provided you have a disability or are involuntarily unemployed for more than 30 consecutive days.

  Involuntary Loss of Self-Employment Insurance:

  Benefits are payable after a 90-day waiting period provided you are not employed or self-employed in the 90 days following your date of involuntary loss of self-employment.

  What are the qualifying periods for which there is no coverage? Select to show or hide.

  Involuntary unemployment, loss of self-employment, disability and critical illness coverage begins 31 days after the effective date shown on your certificate of insurance.

  What are the survival periods before benefits are payable? Select to show or hide.

  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.

  How can I cancel? Select to show or hide.

  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 providing written or verbal notice to Canadian Premier. Contact information for Canadian Premier is listed below.

  Get started

  Apply now through CIBC Online Banking ® . Or, contact the insurer, Canadian Premier Life Insurance Company, for more information about product terms and conditions and further assistance.

  Apply online Call Canadian Premier: 1-800-893-2862

  Terms and conditions

  1 The content of these pages is provided for informational purposes only and is not complete in detail. CIBC Payment Protector™ Insurance for Credit Cards is an optional creditor’s group insurance underwritten by Canadian Premier Life Insurance Company (Canadian Premier) and administered by Canadian Premier and CIBC. CIBC is the group policyholder. 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, 260 KB) Opens in a new window. . You can also find additional terms described in the Certificate of Insurance (with spousal coverage) (PDF, 270 KB) Opens in a new window. . You will receive your Certificate of Insurance in the mail as well. 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. 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.

  Creditor Insurance

  • Creditor Insurance for CIBC Mortgages
  • Creditor Insurance for CIBC Personal Lines of Credit
  • CIBC Payment Protector™ Insurance for CIBC Credit Cards
  • Creditor Insurance for CIBC Personal Loans