CIBC Payment Protector Insurance for Credit Cards PDF

CIBC Payment Protector™ Insurance for Credit Cards — Product summary Ensure you’re protected if the unexpected occurs. What is CIBC Payment Protector™ Insurance? CIBC Payment Protector™ Insurance helps you pay your insured CIBC credit card in times of need, including if you lose your job or are una...

CIBC Payment Protector™ Insurance for Credit Cards — Product summary Ensure you’re protected if the unexpected occurs. What is CIBC Payment Protector™ Insurance? CIBC Payment Protector™ Insurance helps you pay your insured CIBC credit card in times of need, including if you lose your job or are unable to work due to a disability, or if you’re diagnosed with a covered critical illness or pass away. It is an optional group insurance product provided by The Canada Life Assurance Company (“Canada Life”). This brochure summarizes important information about this insurance.1 Please read this information carefully to help you make an informed purchase decision.1 Purchase of this insurance is optional and is not required to obtain any CIBC product or service. Who can apply for CIBC Payment Protector™ Insurance? Approved CIBC Credit Card holders who are Canadian residents between the ages of 18 and 69 and are actively working at least 20 hours per week. Summary of CIBC Payment Protector™ Insurance The primary cardholder is covered for Life, Critical Illness, Disability, Involuntary Unemployment and Involuntary Loss of Self-Employment Insurance. The cost for this coverage is $0.99 per $100 of the amount you owe on your credit card statement date (plus applicable taxes). At age 70, the premium rate is automatically reduced from $0.99 to $0.39 per $100 because coverage reduces to Life insurance only. CIBC Payment Protector™ Insurance benefit The insurance benefit for each coverage is a one-time lump sum benefit equal to the greater of the following two amounts: 1. The amount owing on your credit card on the date of loss; and 2. The new balance shown on your monthly credit card statement for the statement period immediately prior to the date of loss. The maximum benefit that will be paid under each coverage is $50, 000. 13034R - 2025/02 Involuntary Unemployment & Loss of Self-Employment Insurance Summary Involuntary Unemployment Insurance Involuntary Loss of Self-Employment Insurance What it covers Your employment being involuntarily terminated Your loss of self-employment due to: by your employer (not for cause), including a permanent closure of your business for permanent layoff. causes not within your control and the closure For independent contractors and seasonal has been registered with the applicable workers: Your employment being involuntarily government authority; or terminated prior to the pre-determined time a temporary closure of your business due to limit or end date in your employment or services a government mandatory closure order. contract by the other party for convenience (not for cause) and not by you. Employment You were actively working at least 20 hours per You were actively working for taxable income for requirements to week for salary, wages, profit or any form of at least 20 hours per week immediately before claim benefit taxable remuneration immediately before your your date of involuntary loss of self-employment date of involuntary unemployment. in an active business that you wn and that has Other eligibility requirements may apply. Refer to been registered or incorporated for at least the sample Certificate of Insurance for complete 3 consecutive months immediately before your information. date of involuntary loss of self-employment. Other eligibility requirements may apply. Refer to the sample Certificate of Insurance for complete information. Qualifying period The date of your involuntary unemployment The date of your involuntary loss of self- cannot occur within the first 30 days from the employment cannot occur within the first 30 days effective date of insurance. from the effective date of insurance. Exclusions No involuntary unemployment benefit is No loss of self-employment benefit is payable if: payable for: You engage in any work for 20 or more hours Strikes, lock-outs or other labour disputes, or per week for salary, wages or profit within If you are dismissed for cause, quit or 30 days of the date of your involuntary loss of voluntarily end your employment. self-employment; or Other exclusions may apply. Refer to the sample Your business is closed due to your illegal or Certificate of Insurance for complete information.2 willful misconduct. Other exclusions may apply. Refer to the sample Certificate of Insurance for complete information.2 Payment waiting period You must be involuntarily unemployed for at least Your loss of self-employment must continue for 30 consecutive days. at least 30 consecutive days. At what age does 70 70 coverage end 2 | CIBC Disability & Critical Illness Insurance Summary Disability Insurance Critical Illness Insurance What it covers You being completely unable, due to illness or If you are diagnosed with a covered critical injury, to perform: illness:3 The regular duties of your employment or Cancer self-employment in which you were engaged Heart attack immediately prior to becoming disabled; or Stroke; or The regular duties of your employment or You undergo Coronary Artery Bypass Surgery self-employment in which you were engaged immediately prior to your retirement, going on parental, maternity, paternity, or compassionate leave, or becoming unemployed, if you are retired, on parental, maternity, paternity, or compassionate leave, or unemployed. Qualifying period The date of disability cannot occur within the The date of diagnosis of your critical illness or first 30 days from the effective date of insurance. coronary artery bypass surgery, cannot occur within the first 30 days from the effective date of insurance. Exclusions for N/A No benefit payable if your diagnosis or coronary pre-existing medical artery bypass surgery occurs within 6 months conditions of the effective date of this insurance, from a condition or health problem for which you received medical treatment in the 6 months prior to the effective date of this insurance. Other exclusions No benefit payable if your disability began Not all cancers, strokes, heart attacks or coronary before the effective date of insurance or you artery bypass surgeries are covered by this have received a critical illness benefit for the insurance. Other exclusions may apply.2 Refer to condition causing your disability. Other exclusions the sample Certificate of Insurance for complete may apply.2 Refer to the sample Certificate of information. Insurance for complete information. Payment waiting You must be disabled for at least 30 consecutive You must be alive on the 31st day from date of period days. your diagnosis or coronary artery bypass surgery. At what age does 70 70 coverage end Life Insurance Summary Life Insurance What it covers Loss of your life. Exclusions No benefit is payable if you take your own life, whether you are aware or not aware of the result of your actions, regardless of our state of mind, within 6 months of the effective date of insurance. At what age does 80 coverage end CIBC Payment Protector™ Insurance for Credit Cards — Product summary | 3 How your premium is calculated Sample premium calculation Premium rate: $0.99 per $100 of amount you owe on Your Statement Date Statement period: January 16th to February 15th Statement date: February 15th Amount you owe on the statement date (February 15th) before calculating the premium: $2,000 Premium you pay: $0.99 multiplied by ($2,000 divided by 100) = $19.80 (plus applicable taxes). Your premium (plus applicable taxes) is automatically charged to your insured credit card on the statement date (i.e., February 15th). This premium pays for coverage for the next statement period (i.e., the statement period from February 16th to March 15th) How to apply You can apply by visiting your nearest CIBC Banking Centre or by contacting The Canada Life Assurance Company at 1 833 666-4295. Review period and how to cancel You have 30 days from receipt of your certificate of insurance to review the coverage and decide if it meets your needs. If you cancel within the 30-day period, you’ll receive a full refund of any premiums you paid. You can cancel this optional coverage at any time by contacting Canada Life at the number or address listed below. How do I make a claim? Contact the CIBC Creditor Insurance Helpline at 1 800 465-6020 or submit your claim online at creditorselfserve.canadalife.com as soon as possible after the date of the insured event. Once Canada Life has been notified of the claim, they will send you a claim form to complete. If your claim is approved, Canada Life pays the benefit to CIBC, and CIBC applies the benefit payment to the insured credit card account. Who do I contact with additional questions? Name and address of the insurer Name and address of the distributor The Canada Life Assurance Company Canadian Imperial Bank of Commerce Creditor Insurance Head office: 81 Bay Street, 330 University Avenue Toronto, ON M5J 0E7 Toronto, ON M5G 1R8 Telephone: 1 800 465-6020 Telephone: 1 833 666-4295 cibc.com www.canadalife.com Information about CIBC Representatives promoting this insurance on behalf of CIBC may receive compensation. CIBC receives fees from Canada Life for providing services to Canada Life 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 affiliated with CIBC may earn reinsurance income under this arrangement. Have a complaint? Please contact Canada Life at 1 833-666-4295 or visit canadalife.com, under Customer satisfaction, Customer complaints. This site will take you through the complaint process and give you the contact information to make a complaint. 1 The information in this brochure is intended to be a general summary only, and is not complete in detail. Your certificate of insurance will contain the full details of your coverage, including benefits, eligibility conditions, limitations and exclusions. In the event of a discrepancy between this brochure and your certificate of insurance, your certificate of insurance will govern. The product features described in this brochure may change at any time. 2 Please see the certificate of insurance on cibc.com/insurance for details or call the Canada Life Assurance Company at 1 833 666-4295. 3 The covered medical conditions ‘cancer’, ‘stroke’ ‘heart attack’, and “coronary artery bypass” are defined in the certificate of insurance. Please review these definitions carefully to ensure you understand your coverage. If you are uncertain or have any questions, you can contact Canada Life for more information regarding what medical conditions are covered by this insurance. CIBC logo design is a trademark of CIBC, used under license. 4 | CIBC