Have questions about American Express Creditor Insurance Ultimate? We have answers!
Have questions about
American Express® Creditor Insurance UltimateTM 1? We have answers!
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  • What is American Express® Creditor Insurance UltimateTM ?
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  • 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.

  • Who is the underwriter for this insurance?
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  • 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®.
  • How do I enroll?
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  • 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.
  • Who can enroll in the optional American Express® Creditor Insurance UltimateTM ?
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  • 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.
  • How much does this insurance cost?
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  • Visit the “What Does It Cost?” section to learn more.
  • How do I pay for American Express® Creditor Insurance UltimateTM coverage?
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  • Your premium plus applicable taxes will be charged to your American Express Charge Card Account and will appear on your monthly statements.
  • Am I still covered under this insurance if I miss a bill payment?
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  • You have coverage until Amex Bank of Canada closes your account, cancels your Charge Card, or revokes your rights and privileges on your account.
  • When does insurance coverage begin and end?
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  • 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.
  • My online enrollment in American Express® Creditor Insurance UltimateTM was successful. What happens next?
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  • A welcome package containing your Certificate of Insurance which explains all benefits and terms of coverage including exclusions and limitation 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.
  • Why am I not eligible for American Express® Creditor Insurance UltimateTM ?
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  • You are not eligible for American Express® Creditor Insurance UltimateTM because you did not meet the eligibility requirements.
  • What changes happen with my coverage and monthly premium rate once I reach age 70?
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  • 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.
  • Does my insurance coverage terminate when a benefit is paid?
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  • 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.
  • Can I cancel my insurance coverage?
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  • Yes, you can cancel your insurance coverage at any time by contacting Assurant at 1-800-708-0807. If you cancel within 30 days of receiving your Certificate of Insurance, any premium paid (including applicable taxes) will be refunded to your American Express Charge Card Account. If you decide to cancel any time after that, any premium paid including applicable taxes for the period after the cancellation will be refunded.
  • What is the Total Disability benefit?
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  • 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 first day of total disability and will continue until you are no longer totally disabled, or the applicable Flexible Payment Option Balance* has been paid.

  • How do I qualify for Total Disability benefits?
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  • 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.
  • What if I am self-employed?
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  • You can claim for benefits resulting from Total Disability if you are self-employed and become Totally Disabled while under the age of 70. Please visit the Assurant claims portal to file a claim.
  • What is proof of Continuing Total Disability?
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  • 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.
  • What happens if I am totally disabled again?
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  • 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.

  • Which Positive Life Events are covered?
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  • 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
  • What is the Positive Life Event benefit?
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  • 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.
  • What if I have multiple Positive Life Events that I would like to claim?
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  • There is a maximum of 2 covered Positive Life Events in any 12-month period.
  • What is the Job Loss benefits?
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  • 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.

  • How do I qualify for Job Loss benefits?
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  • 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.

  • What if my employment is seasonal?
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  • Unfortunately, seasonal employment is not eligible to claim under this coverage.
  • What happens if I experience another Job Loss?
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  • 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.
  • What is the Disability Requiring Hospitalization benefit?
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  • A lump sum benefit payment equal to the Flexible Payment Option Balance* as of the date of your hospitalization.
  • How do I qualify for Disability Requiring Hospitalization benefits?
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  • 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.
  • Am I covered all around the world?
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  • Coverage is provided only for Hospitalization within Canada and the United States.
  • What is the Life benefit?
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  • A lump sum benefit payment equal to the Flexible Payment Option Balance* as of the date of death.
  • How do I qualify for Life benefit?
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  • 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 or full details and exclusions.

  • What is the Critical Illness benefit?
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  • A lump sum payment equal to the Flexible Payment Option Balance* as of the date of initial diagnosis.
  • How do I qualify for Critical Illness benefits?
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  • If you are initially diagnosed with a heart attack, stroke, cancer or coronary artery bypass surgery and survive for a period of more than 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.

  • How do I file a claim?
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  • Please visit the Assurant claims portal to file a claim. Proof of the loss or positive life event must be submitted to Assurant along with a completed claim form.
  • How can I check the status of a claim?
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  • Please visit the Assurant claims portal to check the status of a claim.
  • If I have a question about my claim or the insurance coverage, who should I contact?
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  • If you have any questions, please contact Assurant.

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