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, terminal illness, hospitalization, critical illness, disability or job loss. This insurance can help you maintain a good credit rating in the event of an accident or illness that leaves you unable to work, or if you become involuntarily 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 and number of payments.*
- Critical illness, terminal 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.*
- Hospitalization – In the event that you are hospitalized from an accidental injury or sickness, for more than two consecutive days, the insurance benefit may cover one monthly payment or an amount up to a pre-determined maximum and number of payments.*
All benefits are subject to terms, conditions, restrictions and exclusions that are fully described in the certificate of insurance that you receive when you enrol for the insurance.
Learn more about creditor insurance
Have questions about how creditor insurance works? Our FAQ page can help answer them.