Frequently
Asked Questions

American Express Creditor Insurance Ultimate 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 Insurance Company of Florida (ABIC) and American Bankers Life Assurance Company of Florida (ABLAC) are the underwriters of this coverage. ABIC and ABLAC, 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 must be the basic Cardmember of an eligible American Express Charge Card. You must also be a resident of Canada, at least 18 years old and less than 68 years old at time of enrollment. This plan is not available to residents of the province of Quebec.

Visit the “What Does It Cost?” section to learn more. 

Your premium plus applicable taxes will be charged to your American Express Charge Card Account and will appear on your monthly statements.

You are eligible for coverage as long as your American Express Charge Card Account is in good standing (as defined in your Cardmember’s agreement).

Insurance coverage begins on the effective date stated in the welcome letter you receive with your Certificate of Insurance  upon enrolling in the product.

Your insurance coverage automatically ends when: 

1.    The policy is terminated;

2.    You turn 80 (Your Job Loss, Total Disability coverage with Positive Life Events, Disability Requiring Hospitalization and Critical Illness insurance ends on the date your monthly premium rate is reduced once you turn 70);

3.    You pass away;

4.    A Critical Illness benefit is paid in respect of this Certificate of Insurance;

5.    Amex Bank of Canada closes your account, cancels your Charge Card, or revokes your rights and privileges on your account; or

6.    We receive your request to cancel your insurance coverage.

A welcome package containing your Certificate of Insurance which explains all benefits and terms of coverage including exclusions and limitations will be mailed to the address we have on file for you. We’ll also send you an email confirmation to the email address we have on file.

You are not eligible for American Express Creditor Insurance Ultimate because you did not meet the eligibility requirements.

Your Job Loss, Total Disability coverage with Positive Life Events, Disability Requiring Hospitalization and Critical Illness end and the monthly premium rate is reduced once you turn 70. Your Life coverage continues until the date on which you turn 80.

Insurance coverage does not cease when a benefit for Job Loss, Disability Requiring Hospitalization, Total Disability, or Positive Life Events is paid. However, if a benefit is paid for Critical Illness or Life the insurance coverage will terminate.

For complaints/concerns about your Creditor Insurance coverage or service, please call Assurant^® at 1-800-708-0807 or visit www.assurant.ca/customer-assistance

This benefit can make monthly payments, which are equal to 20% of the Flexible Payment Option Balance^* based on Your Account statement issued on or immediately prior to the first day of total disability.

The initial benefit payment will be made retroactive to the day first of total disability and will continue until you are no longer totally disabled, or the applicable Flexible Payment Option Balance^* has been paid. 

To be eligible for Total Disability benefits, 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. Please refer to your Certificate of Insurance for full details and exclusions.

You can claim for benefits resulting from Total Disability if you are self-employed and become Totally Disabled. 

Upon our request, you will be required to provide proof of Total Disability to continue receiving benefits under this coverage. Assurant will supply you with the appropriate forms or request that you provide additional information to ensure that you do not experience interruption in benefits.

After the completion of benefit payments under a total disability claim, you may be re-eligible for a new claim if your licensed physician confirms that you have recovered from your prior total disability for a period of at least 30 consecutive days and you are suffering from a new episode of total disability. 

The following Positive Life Events are covered under your AMEX Creditor Insurance Ultimate:

• Your retirement from your principal occupation (lifetime limit of one payment)
• Your purchase of a home for use as a principal residence
• Your child enters a post-secondary accredited college or university for the first time
• Your marriage
• Your child’s marriage
• Your child’s birth or the adoption of a child

You can qualify for a benefit payment equal to 10% of the Flexible Payment Option Balance* based on your account statement issued on or immediately prior to the date of the event, up to a maximum of $2,000.

There is a maximum of 2 covered Positive Life Events in any 12-month period.

This benefit can make monthly payments, which are equal to 20% of the Flexible Payment Option Balance* based on Your Account statement issued on or immediately prior to the date of Job Loss.

The initial benefit payment will be made retroactive to the date of Job Loss and will continue until you return to employment or the applicable Flexible Payment Option Balance* has been paid. 

If you experience a job loss due to involuntary layoff, strike, lockout, labour dispute, or dismissal without cause, 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, you must have been working 25 hours per week in gainful self-employment and be registered or incorporated for at least 12 consecutive months and remain unemployed for more than 30 consecutive days.

No benefits will be paid if job loss is due to or results from:

• Expiration of a fixed-term contract of employment at the end of its term
  
• Loss of self-employment for any reason within 12 months of the effective date

Please refer to your Certificate of Insurance for full details and exclusions.

Unfortunately, seasonal employment is not eligible to claim under this coverage.

After the completion of benefit payments under a Job Loss claim, you may be re-eligible for a new claim if you return to:

(a)  Employment 25 hours per week in a non-seasonal occupation with a single employer for a period of at least 3 consecutive months; or

(b)  Self-employment 25 hours per week for a period of at least 12 consecutive months.

A lump sum benefit payment equal to the Flexible Payment Option Balance* as of the date of your hospitalization.

If you are hospitalized for more than 24-hours for an accidental bodily injury or sickness resulting in confinement in a legally constituted accredited hospital which provides 24-hour nursing care by registered nurses, organized facilities for diagnosis and major surgical procedures, operates primarily for the care and treatment of sick and injured persons, maintains x-ray equipment and operating room facilities and is under the medical supervision of a licensed physician. Please refer to your Certificate of Insurance for full details and exclusions.

Coverage is provided only for Hospitalization within Canada and the United States. 

A lump sum benefit payment equal to the Flexible Payment Option Balance* as of the date of death.

If you should pass away while under the age of 80.

No benefits will be paid if death is a result of suicide within 6 months of the effective date of insurance.

Please refer to your Certificate of Insurance for full details and exclusions.

A lump sum payment equal to the Flexible Payment Option Balance* as of the date of initial diagnosis.

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.

No benefits will be paid if the Critical Illness diagnosis is the result of a pre-existing condition within 6 months of the effective date or non-invasive cancers in situ. Please refer to your Certificate of Insurance for full details and exclusions.

If you have any questions, please contact Assurant.