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:

A credit card

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

A credit and a debit card

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 is covered in the event of involuntary unemployment and loss of self-employment.

Overview

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

Insurance

Coverage

Benefit

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)

Sample premiums calculation for Primary Cardholder coverage:

Statement period:
January 16 to February 15                       

Statement date:
February 15

Amount you owe on the statement date (February 15) before calculating the premium:
$2,000

Premium you pay for Primary Cardholder Coverage:
$0.99 X ($2,000/100) = $19.80 (plus applicable taxes).

Your premium (plus applicable taxes) is automatically charged by Canadian Premier to your insured credit card on the statement date (i.e., February 15). This premium pays for coverage for the next statement period (i.e., the statement period from February 16 to March 15).

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

To be 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

* A person who: 

  • 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.

Note: 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.”

How does it work?

Notice and proof of claim must be provided to Canadian Premier: 

  • within 60 days of the date of death;
  • after the 30-day waiting period applicable for Disability and Involuntary Unemployment Insurance; or 
  • after the 90-day waiting period applicable for Involuntary Loss of Self-Employment Insurance.

Once Canadian Premier has been notified of the claim, they will 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.

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.

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

You may also contact the insurer for more information about product terms and conditions or further assistance:

Canadian Premier Life Insurance Company
25 Sheppard Ave West, Suite 1400
Toronto, Ontario
M2N 6S6

For service in English, call opens your phone appopens your phone app1-800-893-2862opens your phone app.
For service in French, call opens your phone app1-800-939-0169opens your phone app.


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, 1.5 MB) Opens a new window in your browser. and Certificate of Insurance (with spousal coverage) (PDF, 755 KB)Opens a new window in your browser. . 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.