CIBC Payment Protector™ Insurance for Credit Cards1, underwritten by Canadian Premier Life Insurance Company (Canadian Premier), helps ensure you and your family are able to make the payments on your CIBC Credit Card  if you are unable to work due to a disability or job loss. Make a lump sum payment toward your CIBC Credit Card if you have a critical illness or in the event of your death. Purchasing this insurance is optional and is not required to obtain any CIBC product or service.

Key benefits

Protection

  • Job loss, loss of self-employment and disability Insurance
    If you lose your job or self-employment income, 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 towards your CIBC credit card account up to $50,000. The monthly payment is equal to 20% of the balance on your last credit card statement prior to the date of job loss, loss of self-employment or disability.
  • Life and accidental death Insurance
    In the event of death, your CIBC credit card balance, as it appears on your last statement prior to the date of death, would be paid off up to $50,000.
  • Critical illness Insurance
    If you are diagnosed with cancer, or have a stroke or heart attack, your CIBC credit card balance, as it appears on your last statement prior to the date you are diagnosed, would be paid off up to $50,000.

There is a waiting period for job loss, loss of self-employment and disability benefits. There is a 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
Premiums are $0.99 per $100 of the amount you owe CIBC as of the credit card statement date (plus applicable taxes).

Sample Premium Calculation: If the amount you owe CIBC on the credit card’s statement date (before the premium is calculated) is $2,000, the monthly insurance premiums is ($2,000 ÷ 100) × $0.99 = $19.80 (plus applicable taxes).

Spousal coverage
Disability, life/ accidental death and critical illness insurance coverage is also available for your spouse. The premium rate is $1.19 per $100 of the amount you owe CIBC as of the credit card statement date.

Sample Premium Calculation: If the amount you owe CIBC on the credit card’s statement date (before the premium is calculated) is $2,000, the monthly insurance premiums is ($2,000 ÷ 100) × $1.19 = $23.80 (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.

30-day review period
If you change your mind, you can cancel the insurance within the first 30 days of receiving the Certificate of Insurance and any premiums collected will be refunded.

Details of the eligibility conditions, benefits, cost, limitations and exclusions and other terms of your coverage are contained in your Certificate of Insurance, which is mailed to you after your enrollment with a 30-day review period. Refer to a sample copy of the Certificate of Insurance for CIBC Payment Protector Insurance for Credit Cards (PDF, 1.5 MB)   or the Certificate of Insurance for CIBC Payment Protector Insurance for Credit Cards with spousal coverage (PDF, 755 KB)  for new customer enrollments.

Additional details regarding this insurance are provided below. If you still have questions or for more information about product terms and conditions or further assistance, contact the insurer:

Canadian Premier Life Insurance Company

25 Sheppard Avenue West, Suite 1400
Toronto, Ontario
M2N 6S6

For service in English, call 1-800-893-2862.
For service in French, call 1-800-939-0169.

Did you know?

Nearly half of Canadians dealt with a major unexpected event or emergency during the past year that required most of them either to borrow money or dip into their savings to cover the unplanned costs2.

Get started

Call us at 1-800-293-5008

When coverage starts and ends

Life and accidental death insurance coverage: 
Starts on the effective date shown on your Certificate of Insurance. At age 80, life insurance coverage is limited to death from accidents.

Job loss, disability and critical illness coverage: 
Starts on the 31st day after the effective date shown on your Certificate of Insurance. Coverage 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 and their spouses who are Canadian residents aged 18 to 69 years old (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 employed as an employee (not as an independent contractor) with no pre-determined end date for your employment and be working in a non-seasonal occupation for at least 30 hours per week (full-time basis) or 20 hours per week (part-time basis) with the same employer for at least 3 months before the date of loss.
  • To be eligible for loss of self-employment benefits, you must be working a minimum of 20 hours per week at a business in which you are at least a 50% owner for a minimum of 3 consecutive months before the date of loss of self-employment.
  • To be eligible for disability benefits: you must be employed as an employee or an independent contractor, and be working for at least 30 hours per week on a full-time basis, or 20 hours per week on a part-time basis, with the same employer, for at least 3 months prior to the date of your disability. If you are self-employed, you must be working a minimum of 20 hours per week at a business in which you are at least a 50% owner, for a minimum of 3 consecutive months prior to the date of your disability.
  • To be eligible for a critical illness benefit: you must be diagnosed with cancer, heart attack or stroke by a licensed physician and you must be alive on the 31st day following the date you were diagnosed.

Benefits are not payable in some situations:

  • No critical illness benefit is payable if your diagnosis of a critical illness occurs within the first 6 months of the effective date of insurance from a condition or health problem for which you received medical treatment in the 6 months prior to the effective date of insurance.
  • No critical illness benefit is payable if a critical illness benefit has already been paid to the same insured person for the same medical condition.
  • No job loss, loss of self-employment, disability or critical illness benefit is payable if you are 70 or older on your last statement date before the date of job loss, loss of self-employment or disability, or the date you are diagnosed with a critical illness.
  • No job loss, loss of self-employment, disability or critical illness benefit is payable if the date of the job loss, loss of self-employment or disability, or the date you are diagnosed with a critical illness occurs before or within 30 days of the effective date of insurance.
  • No job loss benefit is paid if you are self-employed or an independent contractor or a non-permanent employee with a pre-determined time limit or end date for your employment.
  • No job loss benefit is payable for loss of seasonal employment.
  • No job loss benefit is payable if you quit or voluntarily end your employment, including retirement.
  • No loss of self-employment benefit is payable if you engage in any business, occupation or employment for wages or profit.
  • No disability benefit is payable if you have received a critical illness benefit and the medical condition for which you received the benefit is the cause of your disability.
  • No life benefit is payable if the cause of death is suicide within 6 months of the effective date of insurance.
  • No accidental death benefit is payable if the death occurs more than 100 days after the accident.
  • No accidental death benefit is payable if the death is due to sickness, disease or natural causes of any kind.

Terms and conditions

1 CIBC Payment Protector™ Insurance for Credit Cards is optional creditor’s group insurance underwritten by Canadian Premier Life Insurance Company (Canadian Premier) and administered by Canadian Premier and CIBC. 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. 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, 1.5 MB) / Certificate of Insurance (with spousal coverage) (PDF, 755 KB). You will receive your Certificate of Insurance upon enrolment. The information in these pages is general only. 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.

2 Source: CIBC Poll, October, 2014.

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