CIBC Payment Protector™ Insurance for Credit Cards

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

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. 

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

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.