Balance Protection Insurance
Balance Protection Insurance
Sometimes unexpected events happen in life that could leave you unable to pay your credit card balance or even the minimum monthly payment. To help you deal with these unexpected events, your Consumer Canadian dollar Collabria account provides you access to comprehensive Balance Protection Insurance* at an affordable price.
For only $0.99 per $100 of outstanding balance (plus taxes as applicable), you can protect yourself and gain peace of mind. The monthly fee is based on the outstanding account balance on the statement billing date. The cost of this insurance is automatically added to your credit card statement each month and if you do not have a balance, you do not pay. The cost calculation will be capped at $0.99 per $100 for the first $10,000 of your credit card balance.**
Balance Protection Insurance helps protect your finances if your earnings are interrupted by involuntary loss of employment, loss of self-employment, accidental dismemberment/paraplegia, disability or diagnosis of an insured critical illness or terminal illness or death.
Being insured with Balance Protection Insurance offers many benefits, such as:
- Peace of mind
- Standard of living maintained for your loved ones
- Protects credit rating
- No increase in debt or tapping into existing savings or retirement assets
- Ability for your loved ones to continue to pay expenses
With Balance Protection Insurance, your minimum monthly payments continue to be made on your account if your income is interrupted by disability, illness, accident, strike, job layoff or involuntary dismissal.
Further, in the event of death, accidental dismemberment/paraplegia or diagnosis of an insured critical illness or terminal illness, the outstanding balance on your credit card account will be paid off (up to a maximum of $25,000).
Please note that applicants must have an approved Consumer Canadian dollar Collabria account and be under the age of 70 at the time of application to be eligible for this insurance.
For more information, please call us at 1-855-341-4643 today to speak with one of our agents about how Balance Protection Insurance can help protect you.
*Balance Protection Insurance coverage is optional and underwritten by Co-operators Life Insurance Company. Full details can be found here.
**Maximum coverage of $25,000 outstanding balance will be protected by Balanced Protection Insurance.
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