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.