How to Cover Credit Card Payments while Laid Off
Many Canadians pay for everyday expenses with their credit card and, unfortunately, often carry a significant balance forward. If you get laid off, your credit card payments are still due—and it can be difficult to make even the minimum required payment, let alone pay off the whole balance. With Life, Disability and Income (LDI) Insurance, you can receive a monthly benefit to help cover credit card debt while you look for new employment.
Hudson’s Bay Financial Services offers this unique product, which pays a monthly benefit of up to $500 in the event you lose your job due to a layoff, business closure or company restructuring. The monthly benefit can be used to pay off credit card balances to help protect your credit rating.
Below is a partial list of other debts covered by LDI Insurance:
- personal loans
- lines of credit
- vehicle loans
- student loans
- vehicle leases
Layoffs often come as a surprise, but with LDI Insurance, you can ensure that you still cover your credit card payments and keep your credit rating intact while looking for a new job. It’s easy to apply online and coverage begins immediately. You’ll also earn up to 4,000 Hudson’s Bay Rewards points when you sign up and every year on renewal.1
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 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.
This page is also available in: FR