BMO Credit Card Balance Protection Enhanced - FAQ

Français ENGLISH

Have questions about AMEX Account Protector Ultimate? We have answers!

Have questions about BMO Credit Card Balance Protection Enhanced? We have answers!

Coverage

What is BMO Credit Card Balance Protection Enhanced?
BMO Credit Card Balance Protection Enhanced is an optional insurance product offered to BMO cardholders. When a covered event occurs, we will either make monthly payments or pay the total debt on your credit card account. Benefits can include coverage for the following:
- Life
- Job Loss
- Total Disability
Learn more by reviewing the coverage details. See the Certificate of Insurance for full terms and conditions.
Who is the underwriter for this insurance?
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 name of Assurant^®.
How do I enrol?
Enrolling online is easy! Visit the enrolment section of our website to review the product details, including the Certificate of Insurance and Product Summary, Notice of Rescission and Fact Sheet (for Quebec residents only). Then complete the online application.
I am enrolled in this program – is my spouse covered too?
This optional insurance coverage is limited to primary cardholders.
How do I know if I am eligible for BMO Credit Card Balance Protection Enhanced?
To be eligible, you must be the primary cardholder who is a resident of Canada with an account in good standing. You must also be at least 20 years old and less than 70 years old at time of enrolment.
Are there any health questions or a medical exam required to enrol?
There are no health questions or medical exams required to determine eligibility. See the Certificate of Insurance for full terms, limitations and exclusions.
How much does this insurance cost?
Visit the "Cost of Coverage" section to learn more.
How do I pay for BMO Credit Card Balance Protection Enhanced coverage?
Your premium, including applicable taxes, will be charged to your BMO credit card and appear on your monthly credit card statement. Your premium will fluctuate, since it is calculated based on your total balance. There will be no monthly charge if your total balance is zero for the month.
What if I miss a bill payment? Am I still covered under this insurance?
You are eligible for coverage as long as your BMO credit card account is in good standing (as defined in your cardholder’s agreement).
When does coverage begin?
Coverage begins on the Effective Date stated in the Welcome Letter you receive with your Certificate of Insurance upon enrolling in the product.
I enrolled in BMO Credit Card Balance Protection Enhanced online and was approved. What happens next?
A welcome package containing your Certificate of Insurance and Product Summary, Notice of Rescission and Fact Sheet (for Quebec residents only) will be mailed to the address we have on file for you.
Why was my application for BMO Credit Card Balance Protection Enhanced denied?
Your application may have been denied because you did not meet our eligibility requirements or because you already have coverage.
If I submit a claim and receive a benefit, does my coverage terminate?
Coverage does not cease if you receive a benefit for Job Loss, Total Disability, or Celebration Events. Coverage terminates after a Life benefit is paid.
Can I cancel my coverage at any time?
Yes, you can cancel your coverage at any time. To do so, please contact Assurant by phone at 1-800-268-5962. You will receive a full refund if you cancel within the first 30 days of receipt of the Certificate of Insurance. If you decide to cancel any time after that, any premium paid including applicable taxes for the period after the cancellation will be refunded.
If I am enrolled in this coverage, when does this insurance end?
Your insurance coverage automatically ends at the earliest of the following dates:
- The date on which the policy is terminated;
- The date on which you turn 75;
- The date of your death;
- The date on which BMO closes your account, cancels your card, or withdraws your rights and privileges on your account;
- The date your account is not in good standing; or
- The date on which we receive your request to cancel your insurance coverage.

Total Disability

What is the Total Disability benefit?
We will pay a monthly benefit equal to the greater of 20% of the eligible balance or $10 if you are unable to perform your normal activities of daily living (including the regular duties of your employment/self-employment). To be eligible, you must remain totally disabled for more than 30 consecutive days and be regularly seen by a licensed physician. The initial benefit payment will be made after 30 days and will be paid retroactively from that date. Benefits will be paid as long as you remain eligible.

If you return to your normal activities of daily living, you may be entitled to an additional benefit of up to one monthly payment (as long as your eligible balance has not been exceeded). Please refer to your Certificate of Insurance for full terms and conditions.
Am I covered for Total Disability if I am working part-time?
Yes, you are covered if you are working part-time. 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/self-employment). To be eligible, you must remain totally disabled for more than 30 consecutive days and be regularly seen by a licensed physician.
Am I covered for Total Disability if I am self-employed?
Yes, you are covered if you are self-employed. 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/self-employment). To be eligible, you must remain totally disabled for more than 30 consecutive days and be regularly seen by a licensed physician.
What happens if I become Totally Disabled again?
We will resume paying your monthly benefits if you become totally disabled again from the same condition, less than 21 days after resuming your normal activities. Benefits will end when the maximum eligible balance is reached.

You will be eligible for a new claim if you are suffering from a new Total Disability. You must have returned to your normal activities of daily living for at least 60 days and your physician must confirm that you have recovered from your prior Total Disability. Your new period or Total Disability must last for more than 30 consecutive days.

Job Loss

What is the Job Loss benefit?
We will pay a monthly benefit equal to the greater of 20% of the eligible balance or $10 if you lose your job due to involuntary layoff or dismissal without cause or are self-employed and your business closes for financial reasons. You must have been working for at least 20 hours per week prior to the job loss and remain unemployed for more than 30 consecutive days. In addition, if employment was contract or temporary, you must have worked at least 90 consecutive days with the same employer or if self-employed in an active business, you must have been working for at least 12 consecutive months. Benefits will be paid as long as you remain eligible. Please refer to your Certificate of Insurance for full terms and conditions.
Do I need to be employed full-time to qualify for Job Loss benefits?
To qualify for Job Loss benefits, you must have been working for at least 20 hours per week.
If my work is seasonal or fixed-term contract am I eligible for Job Loss benefits?
No benefit will be paid for a job loss resulting from the regular end of seasonal employment or expiration of a fixed-term contract of employment.
If my job loss is due to strike or lockout am I eligible for benefits?
No benefit will be paid for a job loss resulting from strike or lockout.
If I quit my job, am I eligible for Job Loss benefits?
No benefit will be paid for a job loss resulting from voluntary forfeiture of salary, wages or income.
I have been approved for a Job Loss claim. Will my payments be made automatically every month until I notify Assurant?
You are required to submit a continuing claim form monthly in order for your payments to be made.
What happens if I experience another Job Loss?
You will be eligible for a new claim if you return to employment or self-employment for a period of at least 60 consecutive days. If your employment is contract or temporary, you must return to work for at least 90 consecutive days with the same employer. Your new period of unemployment must last for more than 30 consecutive days.

Life

What is the Life benefit?
In the event of your death, we will pay the total debt on your credit card account as of the date of death, to a maximum of $20,000. Please refer to your Certificate of Insurance for full terms and conditions.

Celebration Events

What is the Celebration Events benefit?
In the event of the birth or adoption of your child or grandchild, we will pay one monthly benefit equal to the greater of 20% of the eligible balance or $10. The celebration event must occur more than 30 days after enrolment.
Can I receive benefits for multiple Celebration Events?
This coverage does not terminate after receiving payment for a Celebration Event. However, a maximum of one covered event per calendar year will be paid.

Filing a Claim

How do I file a claim?
Please visit the claims portal to file a claim.
How can I check the status of a claim?
Please visit the claims portal to check the status of a claim.
If I have a question or concern about my claim or the insurance coverage who should I contact?
You can check the status of a claim by visiting the claims portal. If you have any additional questions or concerns, please contact Assurant.

true true