Insurance Coverage for Your Credit Card Balance
BalanceProtector Premiere Plus coverage helps to ensure your credit card balance does not become a burden to you or your family, should the unexpected happen.
Coverage is affordable, so enrol today. Enrolment is easy for eligible cardholders2 and you can cancel any time.
This optional insurance protects you in the event of:
Total Disability / Involuntary Unemployment5 /Loss of Self-Employment Income
- A monthly benefit of up to 10% of your outstanding balance can be made for up to 10 months (to a maximum of $25,000)
Disability Requiring Hospitalization for Accidental Injury
- A single payment of up to 10% of your outstanding statement balance can be made for each 24-hour period of hospitalization (to a maximum of $25,000)
How Pricing Works
- Your coverage: $25,000 maximum benefit amount; up to 10% of your account balance for up to 10 months for Total Disability, Involuntary Unemployment, and Loss of Self-Employment Income.
- You pay: $1.19 per $100 of your insured balance6. At age 70, the monthly premium rate is reduced to $0.59 per $100 of your insured balance6.
Example: If your insured balance is $500, you pay $5.95 per month + applicable taxes for coverage.
You do not have to pay a premium during months when you have no card activity and no previous balance has been carried forward. Plus, you will receive a refund in the amount of the premium charged to your account as of Statement Date prior to your date of loss while on a claim for Total Disability, Involuntary Unemployment, Loss of Self-Employment Income and Lifetime Milestones Service.
We Celebrate Your Lifetime Milestones!
A single payment of up to 10% of your outstanding statement balance can be made (to a maximum account balance of $25,000) when you reach a Lifetime Milestone(Opens modal window), such as the purchase of a new home.
Eligible Lifetime Milestones
- Purchase of a home
- Birth/adoption of a child
- Final mortgage payment
- Graduation from post-secondary education or professional certification/designation
- First job after post-secondary graduation
Note: A maximum of 2 Milestones in a 12-month period will be paid. No benefit is payable for any Lifetime Milestone within the first 30 days from enrolment date.
Enrol Today... It’s Quick and Easy!
Enrolment is easy for eligible cardholders2 and you can cancel at any time.
Already have BalanceProtector?
Involuntary unemployment due to strike or lockout, dismissal without cause or involuntary layoff.
We’re here to help.
If you’re an existing BalanceProtector client and have questions or need to make a claim, please contact the insurer at 1-888-896-2766.