Payment Protector Premium at CIBC is an insurance service linked to CIBC credit cards that helps cover your credit card balance if you can't work due to disability, lose your job, get a serious illness, or pass away. If one of these situations happens, the insurance pays off the balance on your credit card up to $50,000. You get billed monthly for this insurance, costing $0.99 for every $100 you owe on your credit card statement. It's a way to protect yourself from unexpected events that might make it hard to pay your credit card.
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Cancellation can be done easily by calling a specific helpline number or providing written notice. The process is straightforward and does not involve complicated steps, making it relatively quick and easy to cancel the subscription.
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minutes to cancel a Payment Protector Premium subscription.
How to Cancel Payment Protector Premium: Step by Step
If you purchased through CIBC:
- Contact Canada Life by calling 1-833-666-4295 to cancel your Payment Protector Premium membership at any time.
- Alternatively, you may cancel by providing written notice. Ensure that you include your details for identification.
- If you are within the 30-day review period of receiving your Certificate of Insurance, you will receive a full refund of any premiums paid upon cancellation.
Tips & Tricks for Canceling Payment Protector Premium
- Call the cancelation number immediately upon noticing the charge and ask to be transferred to a specialist.
- Demand proof of consent—request a signed agreement or a verbal recording showing you agreed to the insurance.
- Firmly deny that the insurance was accepted with the credit card if told it is 'automatically included.'
- Insist on a full refund if the company cannot provide proof of your consent.
- Do not accept refusal—keep pressing customer service for proof or a refund.
- Request incident or reference numbers for your cancellation and any investigations the company agrees to conduct.
- Be persistent and follow up if charges continue or the cancellation is not properly recorded.
- Consider legal advice or mentioning potential legal action if refunds are denied and proof is not provided.
- Check statements carefully for unauthorized charges regularly.
- Keep a detailed record of all communication, calls, and promises made by the company representatives.
- Timing can help: Cancel during the initial review or free trial period (usually 30 days) to ensure a full refund.
- Use language suggesting non-consent: Mention you never agreed or signed up for this insurance intentionally.
Payment Protector Premium Customer Service Info
If you need assistance, here's how you can get in touch with Payment Protector Premium's support team.
Cancel Payment Protector Premium Script
Script
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Dear Payment Protector Premium Team,
I hope this message finds you well. I am writing to request the cancellation of my Payment Protector Premium subscription. Due to recent changes in my financial situation, I must reevaluate my expenses and, unfortunately, cannot continue with the subscription at this time.
I would appreciate your assistance in processing this cancellation at your earliest convenience. Thank you for your understanding.
Best regards,
Frequently Asked Questions
The Payment Protector Premium offers a 30-day review period from the receipt of your certificate of insurance, during which you can cancel and receive a full refund of any premiums paid. After this period, you can cancel the coverage at any time by contacting Canada Life. This policy ensures flexibility and a straightforward cancellation process.
You do not need your password to cancel your Payment Protector Premium subscription with CIBC. You can cancel this insurance at any time by calling Canada Life directly at 1-833-666-4295 or by providing written notice to them. Since the cancellation process is handled via phone or mail with Canada Life, password authentication on the CIBC site is not required. For more assistance, you can visit the CIBC Payment Protector Insurance page here: https://www.cibc.com/en/personal-banking/insurance/creditor/credit-card-payments.html
- Employment terminated early: Seasonal worker or independent contractor employment ends before predetermined time.
- Unemployment due to labor disputes: Involuntary unemployment from strikes, lock-outs, or labor disputes.
- Age restrictions: Age 70 or greater before involuntary unemployment or loss of self-employment.
- Termination for cause: Terminated by employer for cause.
- Voluntary resignation: Quit or voluntarily ended employment or forfeited salary/income.
- Retirement: Mandatory or voluntary retirement.
- Business closure due to misconduct: Business closed due to illegal or willful misconduct.
- Age 80 or older: For life insurance benefit non-payment.
- Suicide within 6 months: Death by suicide within 6 months of insurance effective date (life insurance non-payment).
- Insurance not effective at diagnosis or death: No coverage if insurance is not active at these times.
- Pre-existing condition exclusions: Critical illness benefits exclusions due to pre-existing medical conditions.
- Waiting periods: Benefits payable only after 30-day waiting period for disability, involuntary unemployment, or loss of self-employment.
- Coverage delays: Coverage starts 31 days after insurance effective date for key benefits.
- Cancellation policies: 30-day review period for full refund; can cancel anytime by contacting Canada Life.
Payment Protector Premium allows you to cancel at any time by contacting Canada Life, with no contracts, lock-ins, or early cancellation fees. However, you should be aware that you only have a 30-day review period from the receipt of your certificate of insurance to cancel and receive a full refund of any premiums paid. After this period, while you can still cancel, there is no refund of premiums.
Before cancelling Payment Protector Premium with CIBC, know that if you cancel within the 30-day review period, you receive a full refund of any premiums paid. After this period, you can cancel anytime by contacting Canada Life. When you cancel, you will lose all benefits and features of the insurance, which includes coverage for disability, involuntary unemployment, critical illness, and life (death) benefits up to $50,000 paid directly to your credit card. Important considerations include the waiting periods and exclusions for claims, plus the fact that this insurance is optional and separate from any other CIBC products or services.
- Your full name as it appears on the insurance or credit card account
- Credit card number linked to Payment Protector Premium coverage
- Date of birth for identity verification
- Mailing address on file (for verification purposes or written request)
- Contact phone number (especially if canceling by phone or for call-back)
- Policy or certificate number (if stated on insurance documents)
- Written notice of cancellation if sending by mail (must include identification details, signature, and clear request to cancel coverage)
- Reason for cancellation (may be requested but not mandatory)
- Confirmation that you are the policyholder or authorized to cancel the coverage
We've actually written a step by step guide on how to get a refund from Payment Protector Premium. Check it out!
The Easiest Way to Cancel Payment Protector Premium
If you’re frustrated trying to cancel your subscription, membership, or bill from Payment Protector Premium—or if you didn’t even realize you were being charged—Chargeback can help. Chargeback is a personal subscription manager that automatically detects hidden, recurring charges like Netflix, Hulu, and hundreds of others. With one click, we can cancel unwanted subscriptions, flag suspicious billing, and even initiate refund requests on your behalf. No more waiting on hold or navigating confusing help pages. Just connect your bank or email account, and we’ll take care of the rest.
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Editorial Note: These articles reflect the opinions of Chargeback's writers. Everyone's situation is unique; therefore, it is important to conduct your own research and note that our self-help tools are not guaranteed to help with any specific problem.
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