In the event of accidental death, depending on the selected plan your insurance could pay out an amount equivalent up to 5 times the balance1 of your credit card, up to the credit card limit, maximum of $50,000. This coverage applies to the primary cardholder and their spouse, if the spouse is an authorized user.
In the event of death, accidental dismemberment or a diagnosis of critical illness (up to 3 illness, depending on the selected plan), your insurance will pay out an amount equivalent to the balance1 of your credit card, up to $25,000 depending on the selected plan. This coverage applies to the primary cardholder and their spouse, if the spouse is an authorized user.
The primary cardholder may also be covered in the event of disability or job loss. In these situations, up to 20%2 of the balance1 could be paid off each month, as long as the situation persists, allowing you to get back on your feet without having to worry about this financial obligation.
Every individual has different concerns; for example, self-employed workers may not be worried about losing their job. That’s why National Bank Insurance offers credit card payment insurance solutions tailored to your needs.
Through its Distinction Plan, National Bank Insurance wants to celebrate your key life events by crediting your Mastercard—whether you are obtaining a university degree, getting married, welcoming a new child, buying a home, making your last mortgage payment or entering retirement.
If you are age 18 or older and living in Canada, acceptance is guaranteed and no medical questions will be asked. This coverage can be added or removed at any time. For more information on payment insurance, consult the distribution guide.
Although acceptance is guaranteed, we want to make sure that you are fully aware of the conditions that must be met for you to be able to receive benefits. For details of these conditions and applicable exclusions, read the distribution guide before signing up for credit card payment insurance.
You will then receive an insurance certificate which will set out conditions, limitations and timelines for the coverage to take effect.
Note: You will not receive benefits if the situation was already present or known before you decided to take out insurance.
For example, you cannot take out insurance to cover job loss if you know that your company will shut down in two months, nor can you make a claim for a first diagnosis of cancer if you think you already have symptoms.
Feel free to contact our Customer Service Department if you have any doubts concerning your situation or to learn more about credit card payment insurance.
1 The balance on the last account statement prior to the date of the insured event plus transactions in process if they have been made no later than the day before the insured event. Percentages, maximum coverage and coverage vary according to plan and are subject to the terms and conditions of the Certificate of Insurance.
2 The benefit rate payable applies to all customers who have credit card payment insurance, depending on the chosen plan.