In Canada, more than 74 million Mastercard and Visa cards are in circulation,1 so it’s safe to assume that many people are using credit in one way or another. Some Canadians might use credit as a form of borrowing (paying for items they cannot afford), while others use credit as a form of payment (an easy way to pay for recurring monthly payments such as a cellphone or cable bill). However credit is being used, losing a job can significantly hinder your ability to pay monthly credit card payments.
Credit card payments need to be paid, even if you aren’t currently collecting a paycheque. Failing to make a payment can increase the overall payment and most likely will negatively affect your credit rating. With almost 90% of Canadian adults having at least one credit card2 and about half living paycheque to paycheque, many people wouldn’t be able to continue making monthly minimum credit card payments without some sort of help.
Life, Disability and Income Insurance helps provide financial security during a time of involuntary job loss with the ability to use up to $1,000 a month to make credit card payments. Unlike other insurance products, Life, Disability and Income Insurance gives you the money directly — providing increased flexibility on how to use the monthly benefit. Since you might have more than one credit card, splitting the benefit can help ensure you’re at least making minimum monthly payments.
Protect your paycheque with Life, Disability and Income Insurance. With plans starting as low as $19.99 a month, you’ll have the financial security to help you and your family in case of disability or involuntary job loss. You’ll also earn up to 8,000 Hudson’s Bay Rewards points when you sign up and every year on renewal.2
Protect your paycheque and
get guaranteed coverage in under three minutes.
For more than six decades, Canadian Premier Life Insurance Company has been committed to providing financial security for Canadians who are facing uncertainties. They now insure more than 1 million Canadians from coast to coast.
1 Canadian Bankers Association. “Focus: Credit cards: Statistics and facts.” Retrieved November 3, 2018, from https://www.cba.ca/credit-cards.
2 Each Hudson’s Bay Rewards points offer is limited to one Rewards account per household. Rewards points will be issued within four to six weeks.