Outsmart the unexpected with
Amex® Creditor Insurance Ultimate is an optional insurance that can help ensure your Flexible Payment Option Balance**** does not become a strain on you or your business in the event of an unexpected challenge or milestone.
****Flexible Payment Option Balance means the lesser of: (1) Flexible Payment Option limit minus the available Flexible Payment Option limit and (2) $30,000.
Amex® Creditor Insurance Ultimate (CIU)
How does it work?
It’s easy!
When you enroll in Amex® Creditor Insurance Ultimate, your premium payment will be $0.99* per every $100 of your current month’s outstanding Flexible Payment Option Balance, less any current insurance premiums included in that Flexible Payment Option Balance, plus applicable taxes.
For example
If your current month's outstanding Flexible Payment Option balance is $500 and there is no current insurance premium included in that balanace, then $500 x $0.99 / $100 = $4.95. So, the amount you’d be paying on the $500 Flexible Payment Option Balance would be $4.95 (plus applicable taxes).
*The monthly premium rate will be reduced to $0.69 per $100 once you turn 70 when only Life coverage will remain.
How much can I be covered for?
You can be covered for up to $30,000 in times of need, such as illness, injury, job loss or death.
You can also be eligible for certain positive life events.
Review the full coverage inclusions below.
What can I be covered for?
Your Flexible Payment Option Balance can be paid up to $30,000 in one of these cases:
If you should pass away while under the age of 80.
If you are initially diagnosed with a heart attack, stroke, cancer or coronary artery bypass surgery and survive for a period of at least 30 consecutive days after diagnosis.
If you’re hospitalized due to accidental bodily injury or sickness beyond a 24-hour period.
In case of Job Loss or Total Disability you can be eligible for monthly payments equal to 20% of your applicable Flexible Payment Option Balance.
You must be unable to perform your normal activities of daily living including the regular duties of your employment or self-employment and remain totally disabled for more than 30 consecutive days.
In case you experience an eligible Positive Life Event such as birth or adoption of a new child or marriage you can be eligible for a one-time payment of 10% of your applicable Flexible Payment Option Balance to a maximum of $2,000.
If you are employed you must have been working for salary or wages 25 hours per week in a non-seasonal occupation with a single employer for at least three consecutive months immediately prior to the date of job loss and remain unemployed for more than 30 consecutive days.
If you are self-employed and experience a job loss due to your business permanently closing for financial reasons. Must have been working 25 hours per week and the business must be registered or incorporated for at least 12 consecutive months.
** = Coverage ends at 70
*** = Coverage ends at 80
- Critical Illness resulting from a pre-existing condition
- Loss of self-employment for any reason within 12 months of the effective date
- Disability requiring hospitalization in a hospital outside of Canada or the United States
- No benefit will be paid for death resulting from suicide within 6 months of the effective date.
Creditor Insurance is not available to residents of the province of Quebec
Get protection for your Flexible Payment Option balance.
Frequently Asked Questions
American Express® Creditor Insurance UltimateTM is an optional creditor insurance coverage product offered to American Express Charge Card Cardmembers. Benefits can include coverage for the following:
- Life
- Critical Illness
- Disability Requiring Hospitalization
- Total Disability with Positive Life Events
- Job Loss
Refer to the “Coverage Details” section and see the Certificate of Insurance for full details on the terms, eligibility, benefits, limitations and exclusions.
American Bankers Life Assurance Company of Florida (ABLAC) and American Bankers Insurance Company of Florida (ABIC) are the underwriters of this coverage. ABLAC and ABIC, their subsidiaries, and affiliates carry on business in Canada under the trade name of Assurant®.
Enrolling online is easy! Visit the enrollment section of our website to review the product details, including the Certificate of Insurance. Then complete the online application.
You are now leaving this American Express website and will transfer to the Assurant website.
Assurant is responsible for processing your insurance claim. All the information you provide will be subject to Assurant’s Privacy Policy that can be found on their website.
Insurance benefits are subject to terms, conditions, limitations, and exclusions as outlined in the Certificate of Insurance.
TM, ®: Used by Amex Bank of Canada under license from American Express.
1American Express® Creditor Insurance UltimateTM (“Amex® Creditor Insurance UltimateTM") is underwritten by American Bankers Life Assurance Company of Florida (ABLAC) and American Bankers Insurance Company of Florida (ABIC) under Group Master Policy numbers 0325CIU and 0325CIUL. ABLAC and ABIC, their subsidiaries, and affiliates carry on business in Canada under the trade name of Assurant®.
®Assurant is a registered trademark of Assurant, Inc.
Amex Bank of Canada identifies insurance providers and products that may be of interest to customers. We do not act as an agent or fiduciary for you, and we may act on behalf of the insurance provider, as permitted by law. We receive compensation from insurance providers and our compensation may vary by provider and product. These arrangements may also influence what products we identify. We do not require you to purchase any insurance product, and you may choose to cover your insurance needs from other sources.