Optional Services
 |
 |
 |
 |
CIBC Payment Protector™
Protect yourself and your family with CIBC Payment Protector Insurance for Credit Cards, which provides protection for your credit card balance should the unexpected happen1.
CIBC Payment Protector has been designed to assist you in a time of need:
- How would you make your credit card payments if you were diagnosed with cancer, involuntarily unemployed, became totally disabled or needed hospitalization?
- How would your family handle the burden of your credit card balance should you or your spouse pass away?
- CIBC Payment Protector can assist you when you need it most.
Picture the worst case scenario, then imagine the relief of knowing that you have protected yourself with CIBC Payment Protector.
- CIBC Payment Protector will make at least your minimum monthly payment up to $500 per month, to a maximum of $10,000, if you are involuntarily unemployed, or are unable to work due to a total disability as a result of an accident or illness.
- If you are hospitalized for 3 consecutive days or more, CIBC Payment Protector will make one monthly payment, the greater of $10 and 3% of your outstanding balance, up to $500.
- If you or your spouse should die, or should you be diagnosed with cancer (other than skin cancer), the incurred outstanding balance on your CIBC credit card account, up to $10,000 is paid off.
Peace of mind so convenient and affordable.
- Only 89 cents per $100 of your monthly statement balance* and it is charged directly to your credit card account.
- No charge during months when you have no transactions and no statement balance.
- This optional insurance coverage is available on most CIBC credit cards.
- This optional insurance coverage is not available for U.S. dollar credit card accounts.
Restrictions on Coverage
To be eligible for the job loss coverage, you must be gainfully employed for at least 30 hours/week (permanent full-time basis) or 20 hours/week (permanent part-time basis) with the same employer for at least 3 months before the claim. Disability benefits are subject to a six-month pre-existing condition clause. Any disability arising from such condition will not be covered. If you have been diagnosed with cancer prior to the effective date, you will be eligible for cancer benefits only after you complete a period of at least 365 consecutive days where you have been free of all symptoms and have not received treatment for such conditions.
Benefits are based on the outstanding statement balance issued as of the last billing day prior to the date of death, disability, diagnosis of cancer or involuntary unemployment. The monthly payment amount will be the greater of $10 and 3% of your outstanding balance, which exceeds CIBC Visa's minimum monthly payment requirement.
Benefits are available until the primary cardholder reaches age 65 for unemployment, disability and hospitalization. At age 70, coverage is limited to death from accidents.
Other limitations and exclusions apply; see Insurance Certificate for details.
Trademarks and Disclaimers
* For residents of Quebec the premium is charged on the average daily balance of your credit card account.
1 A detailed summary of the terms, conditions, limitations, exclusions and other provisions are contained in your Certificate of Insurance, which you receive upon enrolment.
Products and their features may change at any time.
™ Trademark of CIBC. Payment Protector is underwritten by Canadian Premier Life Insurance Company and is subject to limitations and exclusions set out in the insurance certificate provided on enrolment.
The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.
Copyright® 2008 Canadian Imperial Bank of Commerce. All rights reserved.