PAYMENT PROTECTION PLAN FOR CREDIT CARDS Multiprotection for your credit when you need it most.
Assurant covers you when the unexpected happens
When facing an unforeseen event that keeps you from meeting your obligations with creditors, we provide help by protecting your credit card payment with coverage for events such as natural or accidental death, dismemberment, hospitalization, critical illness, involuntary unemployment or any temporary or permanent disability.
You’re also protected when your financial capacity is stretched by joyful events such as your wedding, a new baby, buying a new home, kids getting into college, and your retirement.
Multiprotection for your credit when you need it most.
The Credit Card Payment Protection Plan offers you a simple and convenient way to protect yourself against the unexpected.
Bundled coverages
Most of our plans include coverages for Life, Accidental Death, Dismemberment, Disability and Involuntary Unemployment.
Plan that fits your needs
With additional coverages, you can choose the protection that best fits your needs. Some of our options include coverages for Critical Illness, Hospitalization, Leave of Absence and Positive Life Events.
Convenient
Premium charges are applied directly to your credit card and are calculated based on your outstanding balance. This way you only pay for the protection you need; if your balance is $0.00, you will not be charged the monthly Premium but the plan is still active.
FREQUENTLY ASKED QUESTIONS
Click on one of the questions listed below to view it’s corresponding answer
- GENERAL INFORMATION
- YOUR COVERAGE
- FILE A CLAIM
You may know the Credit Card Payment Protection Plans as Chargegard or a similar name chosen by your creditor. This is an optional insurance policy with multiple coverages within the same program. Each coverage protects your credit card balance when an unforeseen event covered in your certificate compromises your ability to meet your financial obligations.
With this plan you get all the basic coverages including life, accidental death, dismemberment, disability and involuntary unemployment. Depending on the plan you chose, you’ll get additional coverages such as critical illness, hospitalization, extended hospitalization, leave of absence and positive life events. To sign up for this plan and its additional coverages no medical exams or physical evaluations are required.
Also, it allows you to protect your credit and future borrowing power; get coverage for any cosigner and enjoy the peace of mind knowing that you and your family will be protected if for any of the reasons covered in your policy you could not pay your creditor.
With this plan you get all the basic coverages including life, accidental death, dismemberment, disability and involuntary unemployment. Depending on the plan you chose, you’ll get additional coverages such as critical illness, hospitalization, extended hospitalization, leave of absence and positive life events. To sign up for this plan and its additional coverages no medical exams or physical evaluations are required.
Also, it allows you to protect your credit and future borrowing power; get coverage for any cosigner and enjoy the peace of mind knowing that you and your family will be protected if for any of the reasons covered in your policy you could not pay your creditor.
The Credit Card Payment Protection Plan will always provide you with all the basic coverage benefits. It can also include one or more additional coverages, according to your plan selection.
BASIC COVERAGES (Available in all variations of the Payment Protection Plan.)
BASIC COVERAGES (Available in all variations of the Payment Protection Plan.)
- Life: If you or the cosigner of your credit card should die due to natural causes or illness, the total balance will be covered in a lump sum up to the maximum limit of your policy.
Exclusions: This plan does not provide protection in the event of suicide during the first two (2) years of coverage. - Dismemberment: If you or the cosigner of your credit card should suffer loss of vision in both eyes, or should lose any hand or foot, the total balance will be covered in a lump sum up to the maximum limit of your policy.
Exclusions: This plan does not provide protection in the event of dismemberment as a result of self-inflicted wounds or preexisting conditions.
- Accidental death: If you or the cosigner of your credit card die as a result of an accident, the beneficiary will be paid an additional amount equivalent to life insurance benefits up to the policy limit.
Exclusions: This plan does not provide protection in the event of suicide during the first two (2) years of coverage. - Disability: If you find yourself unable to work due to disability resulting from an illness or accident, the policy will cover the minimum monthly payment, after 30 consecutive days of disability. Coverage will be applied retroactively back to the first day of disability.
Exclusions: This coverage does not provide protection in case of disability due to a normal pregnancy or childbirth, intentionally self-inflicted wounds or preexisting conditions. - Involuntary Unemployment: If you lose your job for reasons such as lay-off, general strike, or labor disputes, this coverage will make the minimum monthly payment of your account, starting after 30 consecutive days of unemployment.
Exclusions: This coverage does not provide protection in case of unemployment resulting from disability caused by accident, illness, or normal pregnancy; or dismissal for criminal behavior or intent. Neither does it cover those who work seasonal jobs. - Critical Illness: If you receive an initial diagnosis of cancer, stroke, heart attack, or undergo bypass surgery, this coverage will pay the total balance of your account, up to the maximum policy limit.
Exclusions: Among other exclusions, this coverage does not provide protection in case of preexisting conditions or noninvasive cancer diagnosis, and stage 1 cancer diagnosis in organs such as the liver. - Hospitalization: It covers the minimum monthly payment of your credit card, if you are hospitalized, at least for one night, for non-ambulatory procedures.
- Extended Hospitalization: If your hospital stay is extended for a period longer than two months, this coverage will pay the total balance of your account at the time of the hospitalization, less the benefits received under the regular hospitalization coverage, up to the maximum policy limit.
Exclusions: Among other exclusions, this coverage does not provide protection in case of preexisting conditions, suicide or suicide attempt, hospitalization for medical evaluation and tests for conditions associated to an HIV/AIDS diagnosis.
- Leave of Absence: This coverage will make the minimum monthly payment of your credit card, up to six (6) months, if you had to take an unpaid leave to take care of your spouse, children or parents for reasons related to any of the following:
- Accident or illness affecting any member of your immediate family that requires you to take care of them.
- You live in an area declared by federal authorities as a disaster zone.
- You’ve been called for military service.
- New baby is coming by birth or adoption.
- Positive Life Events: There are life events that bring plenty of joy as well as additional financial burden. This coverage will pay the minimum monthly payment of your card if on the month you have the pleasure of celebrating any of the following:
- Retirement from your primary job.
- Buying a new primary home.
- Kids enrolled in a credited college or academic institution for the first time.
- You got married.
- One of you children got married.
- A new baby arrived, by birth or adoption.
No. The coverages of the Payment Protection Plan do not have deductibles.
Life Insurance is undoubtedly a great vehicle to protect your family’s financial future. Our Credit Card Protection Plan offers additional comfort, knowing that if you are gone, your financial obligation is covered, giving your family one less burden.
The Credit Card Protection Plan is designed to protect your specific obligation with your credit card account, regardless of any additional benefits received from other insurance policies.
The Credit Card Protection Plan is designed to protect your specific obligation with your credit card account, regardless of any additional benefits received from other insurance policies.
Your coverage is renewed on a monthly basis and stays active as long as you pay your premium.
You can request it by calling us at 1-800-981-8888, Monday through Friday, from 8:00 a.m. to 5:00 p.m.
The premium cost for the Credit Card Protection Plan takes into consideration the rate for the selected plan, and is determined each month dividing the account balance by 100 and multiplying it by the rate established in your coverage.
If your balance is $0.00, you will not be charged the monthly Premium but the plan is still active.
Premium charges are applied directly to your credit card. In most cases, your statement will show a transaction named “Insurance Premium” or “Insurance Charge” (the transaction name could also be listed in Spanish). Keep in mind that this is not a fixed amount, and may increase or decrease according to your account balance. That way you only pay for the coverage you need. When you balance is $0.00 there will be no monthly premium charge for the plan.
In most cases, your statement will show a transaction named “Insurance Premium” or “Insurance Charge” (the transaction name could also be listed in Spanish). Keep in mind that this is not a fixed amount, and may increase or decrease according to your account balance. When you balance is $0.00 there will be no premium charge for the plan.
Call us at 1-800-981-8888, Monday through Friday, from 8:00 a.m. to 5:00 p.m. We’ll walk you through all the specific benefits available through your financial institution. We can also answer any question you may have.
To file a claim, you can access the claims section at File a Claim and download the appropriate form. Each form details the documentation required for your type of claim and the steps to take to file your claim. If you have any questions or would like to check your claim status call us at 1-800-981-8888 Monday through Friday, from 8:00 a.m. to 5:00 p.m.
Required documents vary according to claim types. Check the details included in the claims form available at File a Claim.