Coverage, eligibility conditions and restrictions
This optional insurance coverage is available to CIBC Cardholders and their spouses who are Canadian residents aged 18 to 69 years old5 (not available on the CIBC U.S. Dollar Visa Card, the CIBC Aventura Visa Card for Business, the CIBC Aerogold Visa Card for Business, CIBC Corporate Visa Card or the CIBC bizline Visa Card).
- To be eligible for job loss or disability benefits: you must be employed for at least 30 hours/week (full-time basis) or 20 hours/week (part-time basis) with the same employer for at least 3 months before the date of loss. To be eligible for job loss or disability benefits if you are self-employed, you must be working a minimum of 20hrs/week at a business in which you are at least a 50% owner for a minimum of 3 consecutive months before the date of loss of self-employment or disability.
- To be eligible for a critical illness benefit: you must be first diagnosed with cancer, heart attack or stroke by a licensed physician and you must be alive on the 31st day following the date you were first diagnosed.
Benefits are not payable in some situations:
- No job loss, disability or critical illness benefit is payable if you are 70 or older on your last statement date before the date of job loss or disability, or the date you are first diagnosed with a critical illness
- No job loss, disability or critical illness benefit is payable if the date of the job loss or disability, or the date you are first diagnosed with a critical illness occurs before or within 30 days of the effective date of insurance
- No job loss benefit is payable if you quit or voluntarily end your employment, including retirement
- If self-employed, no job loss benefit is payable if you are employed
- No disability benefit is payable if you have received a critical illness benefit and the medical condition for which you received the benefit is the cause of your disability
- No critical illness benefit is payable if a critical illness benefit has already been paid to the same insured person for the same medical condition
- No life benefit is payable if the cause of death is suicide within 6 months of the effective date of insurance
- No accidental death benefit is payable if the death occurs more than 100 days after the accident
There is a waiting period for job loss and disability benefits. For detailed information about the waiting periods, refer to your Certificate of Insurance.
Details of the eligibility conditions, benefits, terms and conditions, including the full limitations and exclusions of your coverage are contained in your Certificate of Insurance, which is mailed to you after your enrollment with a 30-day review period. View a sample copy of the Certificate of Insurance for CIBC Payment Protector Insurance for Credit Cards (PDF, 185 KB) or the Certificate of Insurance for CIBC Payment Protector Insurance for Credit Cards with spousal coverage (PDF, 195 KB) for new customer enrollments.