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Credit Card Outstanding Balance Insurance

Canada Life Health Insurance Plan

Protecting Your Credit Card Outstanding Balance Made Easy

Maintaining your credit card balance could be a lot difficult if a disability or terminal illness strikes. You need a robust insurance plan to maintain a good credit rating at such a time. This is exactly what credit card outstanding balance insurance stands for. This plan pays your credit card balance or minimum payment up to a predetermined maximum amount.

The insurance plan can cost below $1 per $100 of your previous month’s statement balance, together with your provincial sales tax if applicable. The benefits of this plan are paid directly to your credit card lender and also the details and benefits of the plan also vary depending on your product and the lender.

Benefits Offered by Canada Life’s Credit Card Outstanding Balance Insurance

Canada Life’s credit card outstanding balance insurance will pay you a benefit if you are hospitalized, or suffer a disability, lockout, strike or lose your job involuntarily. You will also receive the benefit in the event of a critical illness, terminal illness, death or dismemberment.

  • The insurance plan provides the robust coverage you need in the event of death, disability, hospitalization, involuntary loss of job, lockout or strike, critical illness, terminal illness, accidental death or dismemberment.
  • On enrolling for the insurance, you will receive a certificate of insurance that fully describes all benefits subject to restrictions, conditions, terms, and exclusions.
  • You can opt for the credit card or a personal loan insurance directly through your participating lender. You can enroll as soon as you apply for a credit card or a personal loan.
  • In most cases, acceptance to this coverage can be automatic on the same date you apply.
  • The benefit of this plan is paid directly to your lender.

Ask your Broker about Canada Life Credit Card Outstanding Balance Insurance Quotes and Compare!

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