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 Collabria credit card product provides you access to comprehensive balance protection insurance* at an affordable price. For only $0.99 per $100 of outstanding balance, 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.
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 credit card 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 earnings are 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).
For more information, please call the Collabria Call Centre 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 CUMIS Life Insurance Company.