Credit Card Outstanding Balance Insurance
Credit card outstanding balance insurance pays your credit card balance or minimum payment up to a pre-determined maximum amount, in the event of your death, accidental dismemberment or critical illness. This insurance can help you maintain a good credit rating in the event of a covered accident or illness that leaves you unable to work, or your involuntary unemployment.
Our credit card outstanding balance insurance can cost less than $1 per $100 of your previous month's statement balance (plus provincial sales tax where applicable). The details and benefits of coverage vary by lender and product. Benefits are paid directly to your lender.
- Disability, involuntary job loss, strike or lockout – In the event of your disability, job loss, strike or lockout, the insurance can pay your minimum monthly outstanding balance, up to a pre-determined maximum.*
- Critical illness, life, accidental death or dismemberment – In the event of your critical illness, death or accidental dismemberment, the insurance can pay your entire outstanding balance, up to a pre-determined maximum.*
All benefits are subject to conditions that are fully described in the certificate of insurance that you receive when you enrol for the insurance.
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