CIBC Payment Protector™ Insurance Quiz

CIBC Payment Protector™ Insurance safeguards your credit card balance if certain events occur, including job loss, disability, critical illness, or death.

CIBC Payment Protector™ Insurance is optional and doesn't require you to purchase any other CIBC products.

To be eligible for CIBC Payment Protector™ Insurance, you must be a Canadian resident, a CIBC credit card holder, between 18 and 69 years old, and actively working at least 20 hours per week.

CIBC Payment Protector™ Insurance covers Life, Critical Illness, Disability, Involuntary Unemployment, and Involuntary Loss of Self-Employment Insurance.

The cost of CIBC Payment Protector™ Insurance is $0.99 per $100 of your credit card balance on the statement date.

The insurance benefit is a lump sum payment equal to the higher of your outstanding balance or the previous month's balance on the date of loss.

The maximum benefit paid out for each coverage is $50,000.

Involuntary Unemployment Insurance covers situations where you lose your job through no fault of your own, such as layoffs.

Situations beyond your control leading to the end of your contract. This includes being fired without fault, or your contract ending before planned.

A type of employment where you work for a set period, often during specific seasons. Think of a summer job or a seasonal holiday worker.

A worker who provides services to a company but is not an employee. They have their own business and operate independently.

A temporary closure of your business due to a government order, like a lockdown during a pandemic.

Working for at least 20 hours per week for earnings like salary, wages, or profit.

The period during which you can claim unemployment benefits after losing your job. It starts after you've been unemployed for 30 days.

Loss of employment through no fault of your own. This can include being laid off, terminated without cause, or having your contract ended early.

The date your involuntary unemployment or business closure occurs. This cannot be within the first 30 days of your insurance coverage.

Involuntary Unemployment Benefit is not payable if you lose your job due to strikes, lockouts, or other labor disputes. You are also ineligible if you are fired for a reason related to your actions or quit voluntarily.

To be eligible for Involuntary Unemployment Benefit, you must be unemployed for at least 30 consecutive days due to circumstances beyond your control.

Involuntary Loss of Self-Employment Benefit is not payable if you work for 20 or more hours per week for pay within 30 days of losing your self-employment. This benefit is also unavailable if your business closes due to your illegal or willful conduct.

You must be out of work for at least 30 days to be eligible for Involuntary Loss of Self-Employment Benefit.

Disability Insurance covers you if you become completely unable to work due to illness or injury. This applies to your regular duties in your current or previous employment, or self-employment, even if you are retired, on leave, or unemployed.

Critical Illness Insurance provides a payout if you are diagnosed with a covered critical illness, including cancer, heart attack, stroke, or if you undergo coronary artery bypass surgery.

Disability insurance covers you even if you are retired, on leave, or unemployed, as long as you were working prior to your disability.

Critical Illness Insurance is helpful because it provides a lump sum payment to help manage the financial burden of a serious illness.

The amount you owe on your credit card statement when your insurance premium gets calculated.

The date you start paying for coverage after your initial premium is paid.

The period between your statement date and your next statement date. This includes the time you are covered by your insurance.

The time you have to review your insurance policy and decide if you want to keep it. You get a full refund if you cancel within this period.

The amount of money you pay for your CIBC Payment Protector™ Insurance for the current month, calculated based on your statement date balance.

The date the disability begins cannot be within the first 30 days of the insurance taking effect.

The date of diagnosis for a critical illness or coronary artery bypass surgery cannot occur within the first 30 days of the insurance taking effect.

No benefit is paid if the illness you received treatment for in the 6 months before your insurance started is the cause of your critical illness or bypass surgery.

You must be disabled for at least 30 consecutive days before you are eligible for benefits.

You must be alive on the 31st day after your diagnosis or surgery to receive benefits.

Coverage for both Disability and Critical Illness ends when you reach 70 years old.

No benefit is paid if you intentionally end your life within six months of the insurance starting.

The insurance covers the loss of your life.

The coverage for losing your job through no fault of your own, like being laid off or having your contract ended early.