Transcript: What is CIBC Payment Protector™ Insurance for Credit Cards?

[Light music playing throughout]

[What is CIBC Payment Protector™ Insurance for Credit Cards? A man grunting and struggling to hold an oversized CIBC Visa* card on his back]

CIBC Payment Protector™ Insurance helps reduce the burden of your credit card payments, should the unexpected happen.

[CIBC credit card shrinking down to the size of a normal card and landing in his hand. The man letting out a relieved sigh]

[CIBC logo. Inside a frame shaped like a credit card are a wheelchair and a box full of binders, documents, a plant, a coffee mug and a desk lamp. 

Disability and Job Loss Insurance:

Helps pay your monthly CIBC credit card payments in the event you lose your job or are unable to work due to a disability]

It provides coverage of up to $50,000 paid towards your credit card balance in the event you lose your job or are unable to work due to a disability.

[Disclaimer: CIBC Payment Protector™ Insurance is optional insurance and is a separate product from your CIBC credit card. You don’t need to sign up for CIBC Payment Protector™ Insurance to be approved for your CIBC credit card.”’

Hospital bed appearing next to the box. 

Life and Critical Illness Insurance: 

helps pay down or pay off your CIBC credit card if you are diagnosed with a covered critical illness or pass away]

It also helps pay down or pay off your CIBC credit card if you’re diagnosed with cancer, have a stroke or heart attack or pass away.

What are the benefits? 

[Benefits: Disability and Job Loss Insurance]

If you lose your job through no fault of your own, or become unable to work due to disability, a monthly payment would be applied to your CIBC credit card account equal to 20% of the balance shown on your last credit card statement.

[The wheelchair and box of office supplies. A piechart with 80% identified as balance and 20% identified as monthly]

The total maximum coverage is the lesser of: 

• the balance shown on your last credit card statement prior to the date of your unemployment or disability; and 
• $50,000.

[Benefits: Life and Critical Illness Insurance. The hospital bed. A piece of paper unfolding to show an a credit card statement]

In the event of a covered critical illness or death, this insurance will pay the balance shown on your last credit card statement prior to the date of your diagnosis or death, up to a maximum benefit of $50,000.

[Disclaimers: The covered critical illnesses are cancer, heart attack and stroke as defined in your certificate of insurance. 

Waiting Periods: Benefits are payable after a 30 day waiting period for job loss and disability insurance (90 days for loss of self-employment insurance). 

Qualifying period for which there is no coverage: Job loss, loss of self-employment, disability and critical illness coverage begins 31 days after the effective date shown on your certificate of insurance]

[Three large question marks. Limitations and Exclusions]

As with most insurance products, CIBC Payment Protector Insurance has limitations and exclusions, when benefits are limited or not paid.

This includes a pre-existing medical condition exclusion for the critical illness benefit.

[Visit cibc.com for all limitations and exclusions]

[Who is covered?

A house with a husband and wife standing out front. The husband is holding a CIBC Visa* card]

As the primary card holder, you can choose coverage for yourself only or choose disability, critical illness and life insurance coverage for your spouse.

[Chose Primary coverage or Primary + spousal coverage (disability, critical illness and life insurance only). *Spousal coverage available in certain provinces in Canada. Talk to your advisor to learn more] 

How much does PayPro cost? 

The cost per month for primary card holder coverage is $0.99 per $100 of the amount you owe CIBC on the insured credit card on statement date, plus applicable taxes. With spousal coverage, the cost is $1.19 cents per $100. You only pay for coverage on amounts owing up to $25,000. There is no additional cost for coverage above $25,000 to a maximum of $50,000.

[Who qualifies?]

In order to qualify for this insurance: 

• you must be a Canadian resident; 
• at least 18 years old and under 69; and 
• approved for an eligible CIBC credit card.

[Map of Canada in the background. A teenager waving a Canadian flag and an older man]

[A businessman holding a briefcase]

To be eligible for Disability and Job Loss Insurance, you must meet eligibility requirements at the time of submitting your claim for it to be approved.

[An oversized clock appears next to the man. The clock’s hands move]

For example, to be eligible for job loss benefits, at the time of claim, you must be working a minimum of 20 hours per week on a part-time basis or 30 hours per week on a full-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 job loss.

For more information, visit CIBC.com.

[CIBC logo. Visit cibc.com to learn more. The content of these pages is provided for informational purposes only and is not complete in detail. This insurance is subject to eligibility  conditions, waiting, qualifying and survival periods, and limitations and exclusions (including pre-existing medical condition exclusions). CIBC Payment Protector™ Insurance for Credit Cards is optional creditor’s group insurance underwritten by Canadian Premier Life Insurance Company.  The complete terms and conditions are described in the Certificate of Insurance you receive following enrollment.]