Frequently
Asked Questions

AMEX Account Protector Ultimate is an optional Credit Insurance program offered to American Express Cardmembers. Benefits can include coverage for the following:

• Life
  
• Dismemberment
  
• Critical Illness
  
• Involuntary Unemployment/Loss of Self-Employment Income
  
• Total Disability with Positive Life Events
  
• Disability Requiring Hospitalization
  
• Accidental Death at Age 80 or Over
  

American Bankers Insurance Company of Florida (ABIC) and American Bankers Life Assurance Company of Florida (ABLAC) are the underwriters of this coverage. ABIC, ABLAC, and their subsidiaries and affiliates carry on business in Canada under the name of Assurant.

As the Insured Cardmember who has enrolled in this coverage, your Spouse is also covered for the following benefits:

• Life
  
• Total Disability
  
• Critical Illness
  
• Accidental Death
  
• Dismemberment
  

Certain limitations and exclusions apply. Refer to the Certificate of Insurance for eligibility details. 

Insurance premiums for AMEX Account Protector Ultimate are calculated based on your current month’s outstanding* balance (up to $20,000). For every $100.00 outstanding on your account, you will be charged $0.99 – this means that your monthly premiums for this insurance will change or fluctuate.

Please see the following example to see how your monthly premium is calculated:
If you have an outstanding balance of $500.00:
 $500.00 / $100.00 = 5
 5 x $0.99 = $4.95

Your monthly premium in this case would be $4.95 plus applicable taxes.

At age 70, the cost of this insurance program reduces from $0.99 to $0.69 per $100 of your current month’s outstanding balance.

*Outstanding balance equals the total amount owing on your Account as of the Statement Date, comprised of the new balance plus any new installment balance from your participation in the Installment Program as indicated on your statement.

The premium, plus applicable taxes, is charged to your American Express Credit Card Account on a monthly basis when your account’s outstanding balance is greater than zero.

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

Coverage begins on the Effective Date stated in the Welcome Letter you received with your Certificate of Insurance upon enrolling in the product.

Your coverage for Life and Dismemberment continues through to age 80; however, coverage for Critical Illness, Involuntary Unemployment/Loss of Self-Employment, Disability requiring Hospitalization and Total Disability, along with coverage for Positive Life Events, will terminate. At the age of 70 years the cost of this insurance program reduces from $0.99 to $0.69 per $100 of your current month’s outstanding balance (up to $20,000).

At age 80, your Life coverage will be limited to Accidental Death but your Dismemberment coverage will continue. All other coverages terminate at age 70.

Coverage does not cease if you receive a benefit for Involuntary Unemployment/Loss of Self-Employment Income, Disability Requiring Hospitalization, Total Disability, or Positive Life Events. If you receive a benefit for Critical Illness, Life, Accidental Death or Dismemberment, your coverage will be terminated.

Yes, you may cancel your coverage at any time. To do so, you may contact Assurant by phone at 1-800-708-0807. Cancellation takes effect on the next statement date following receipt of the request by Assurant.

Your insurance coverage will end as follows (whichever occurs first):

1. One or more of the Group Master Policies are terminated;
   
2. The next Statement Date after we receive your request to end this insurance coverage;
   
3. The date your credit privileges on your Account are revoked;
   
4. The date your Account is terminated;
   
5. The date of the Group Member’s death;
   
6. On the next Account Statement Date after your 70th birthday for Involuntary Unemployment, Disability Requiring Hospitalization, Total Disability with Positive Life Events, Loss of Self-Employment Income and Critical Illness coverage;
   
7. On the next Account Statement Date after your 80th birthday for Life coverage, while Dismemberment coverage continues and Accidental Death coverage begins (Accidental Death coverage begins for you on the next Account Statement Date after your 80th birthday);
   
8. The date on which a Life, Dismemberment, Accidental Death or Critical Illness benefit is paid; or
   
9. If you change credit card products with American Express and all 15 digits of Your American Express credit card changes, your coverage will end
   

If you or your Spouse become Totally Disabled and are unable to work due to illness or accident, and are under a doctor’s care for at least 30 consecutive days, you may qualify for a Total Disability benefit. This benefit can make monthly payments equivalent to the sum of: (a) the greater of $10 or 5% of the amount owing on your Account as of the Date of Loss, not including any amount owing under your Installment Program, up to a maximum of $1,000; and (b) Your monthly installment payment obligation under your Installment Program as of the Date of Loss. These payments can continue until you are no longer Totally Disabled or for up to 90 days. If you remain totally Disabled for a continuous period of 90 consecutive days, Assurant may pay the total amount owing on your Account as of the first day of Total Disability, less any benefits already paid for this episode of Total Disability, to a maximum of $20,000. Please refer to your Certificate of Insurance for full limitations and exclusions.

To be eligible to receive Total Disability benefits, the Insured person who is submitting a claim for this coverage must perform regular duties of occupation for salary or wages for a minimum of 25 hours per week.

Your Spouse is eligible for coverage under this benefit, so your Spouse is eligible to file a claim under your Total Disability benefits. Please refer to your Certificate of Insurance for full limitations and exclusions.

Upon our request, you will be required to provide proof of Total Disability each month 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.

If you or your Spouse has received the maximum benefits for Total Disability, you may be eligible to submit a claim for benefits if you have returned to work on a full-time basis or a minimum of 25 hours per week for a period of at least 30 consecutive days prior to submitting another claim.

If you have become Unemployed, you may be eligible to receive benefits under this coverage. At the Date of Loss, you must have been employed at least 25 hours per week with a single employer for at least three consecutive months. You must remain Unemployed for at least 30 consecutive days before any benefits are paid. This benefit can make monthly payments, which are equivalent to the sum of: (a) the greater of $10 or 5% of the amount owing on your Account as of the Date of Loss, not including any amount owing under your Installment Program, up to a maximum of $1,000; and (b) Your monthly installment payment obligation under your Installment Program as of the Date of Loss. Benefits can be paid until you return to work or for up to 90 days. If you remain Unemployed for 90 consecutive days, Assurant can pay the total amount owing on your Account as of the Date of Loss, less any benefits already paid for this episode of Involuntary Unemployment, to a maximum of $20,000. Please refer to your Certificate of Insurance for full limitations and exclusions.

At the time of job loss, you must have been working for salary or wages for a minimum of 25 hours per week for at least three consecutive months for the same employer.

If you are self-employed then you are ineligible to claim benefits for Involuntary Unemployment, however you may be eligible to claim Loss of Self-Employment Income benefits. For FAQs concerning Loss of Self-Employment Income, see the section below.

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

You should contact Assurant at 1-800-708-0807 or indicate this on your next continuing claim form.

You are required to submit a continuing claim form monthly in order for your payments to be made.

Disability Requiring Hospitalization can cover accidental bodily injury or sickness, 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.

Benefits will be payable to the Creditor and will be made after the 24 hour Waiting Period.

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

Only the Insured Cardmember is covered for this benefit.

If you become Unemployed due to the closure of your business for financial reasons, you may be eligible for benefits. If you remain Unemployed for a continuous period of 90 consecutive days and are eligible for Loss of Self-Employment Income Benefits, Assurant can pay the total amount owing on your Account as of the first day of Unemployment to a maximum of $20,000. Please refer to your Certificate of Insurance for full limitations and exclusions.

Unfortunately, the Loss of Self-Employment benefit is only available to the Insured Cardmember, so in this case your Spouse’s Loss of Self-Employment income would not be a valid claim.

Life Coverage proceeds can be paid to the Creditor upon receiving proof of your or your Spouse’s death. The proceeds are the total amount owing on your Account as of the date of death, subject to the maximum amount of $20,000. Payment of a Life benefit ends all coverages under your Certificate of Insurance. Please refer to your Certificate of Insurance for full limitations and exclusions.

You can be paid Critical Illness proceeds if you or your Spouse are diagnosed with a heart attack, stroke, cancer or coronary artery disease (refers only to bypass surgery), and survive for a period of more than 30 days after diagnosis. No benefits will be paid if the Critical Illness diagnosis is the result of a Pre-Existing Condition. The proceeds are the total amount owing on your Account as of the date of diagnosis, subject to the Maximum Amount of Insurance indicated in the Certificate of Insurance.

Accidental Death benefits are paid if you or your Spouse are 80 years of age or over and die through accidental means sustained directly and independently of all other causes occurring within 100 days of the accident causing such death.

The proceeds are the total amount owning on your Account as of the date of the accident, subject to the maximum amount of $20,000. Payment of an Accidental Death benefit ends all coverages under your Certificate of Insurance.

Dismemberment benefits are paid if you or your Spouse suffer a total and irrecoverable loss of sight in both eyes, or a hand or foot by complete severance through or above the wrist or ankle joint occurring within 100 days of the accident causing such Dismemberment.

The proceeds are the total amount owing on your Account as of the date of the accident, subject to the maximum amount of $20,000. Payment of a Dismemberment benefit ends all coverages under your Certificate of Insurance.

The following Positive Life Events  can be covered under your AMEX Account Protector Ultimate policy:

• 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
  

If you experience one of the eligible Positive Life Events, you can qualify for two monthly payments, each payment equal to the sum of: (a) the greater of $10 or 5% of the amount owing on your Account as of the Date of Positive Life Event, not including any amount owing under your Installment Program, up to a maximum of $1,000; and (b) your monthly installment payment obligation under your Installment Program as of the date of the Positive Life event. Proof of the event must be submitted to Assurant along with a completed claim form.

This coverage does not terminate after receiving payment for a claim on a Positive Life Event. However, there is a limit of two Positive Life Event claims per 12 month period.