Money Mart Credit Card Balance Protection Plan – Frequently Asked Questions
These frequently asked questions (FAQs) are intended to help you determine whether Money Mart Credit Card Balance Protection Insurance (the “Credit Card Balance Protection Plan”) will meet your needs.
These FAQs apply to customers who reside in all provinces of Canada (except Quebec) and are for informational purposes. The Certificate of Insurance sets out the complete terms, conditions, and eligibility requirements and will govern in the event of any differences. For full details, see the Certificate of Insurance at LINK.
Q: What is the Credit Card Balance Protection Plan?
A: The Credit Card Balance Protection Plan is a comprehensive optional insurance available to credit card holders who have requested the coverage, agreed to pay the premium, and continue to pay premiums on a timely basis. Coverage is underwritten by Trans Global Insurance Company and Trans Global Life Insurance Company.
This insurance may pay your minimum monthly payments and up to your total amount owing when a covered condition arises.
Q: What does the Credit Card Balance Protection Plan cover?
A: Below is a summary of your coverages and features:Coverages:
- Involuntary unemployment: Could pay up to 12 minimum monthly credit card payments when you are working full-time and you involuntarily lose your employment; $35,000 maximum benefit.
- Injury or sickness: Could pay up to 12 minimum monthly credit card payments when you suffer an injury or suffer from sickness, and are unable to work; $35,000 maximum benefit.
- Critical Illness or Death: Could make a single payment of up to the total amount owing, in case of critical illness or death; $35,000 maximum benefit.
Additional Features:
- Unpaid family leave support: Could pay a one-time payment of up to 3x your next minimum monthly payment following your claim, when you have an unpaid family leave of absence from your employer to take care of a family member.
- Lifetime Milestone Support: Could pay a one-time payment of up to 3x your next minimum monthly payment following your claim, when you experience a lifetime milestone (ex. celebrate birth or adoption, marriage, retirement, graduation or purchase of a home).
Q: Who is eligible for the coverage?
A: To be eligible for coverage, you must be between the ages of 18 and 70 years on the date your enrolment is received.
Q: Will I have to continue being charged premiums if I have been approved for a claim under my insurance?
A: You will continue being charged premiums as long as you continue to be enrolled in insurance. Being approved for a claim doesn’t affect how premiums are charged.
Q: How much does the Credit Card Protection Balance Plan cost?
A: Pricing is based on your balance. The cost is $1.50 per $100 of your account balance on your statement date (plus applicable taxes). The premium will appear on your monthly credit card statement as a transaction line item.
Q: What are the exclusions and conditions of the coverage?
A: General exclusions from the coverage include:
- Intentionally self-inflicted injury;
- Attempted suicide;
- Drug, Alcohol or Solvent abuse;
- The commission, or attempted commission, of an illegal act; or
- Military service, declared or undeclared war, or any nuclear, chemical, or biological contamination resulting from an act of terrorism.
For more information on coverage specific exclusions and conditions of coverage, please see the a sample copy of the certificate of insurance at LINK.
Q: When does insurance start?
A: The effective date of the Credit Card Balance Protection Plan is the date that Trans Global Insurance Company and Trans Global Life Insurance Company receives your application for insurance.
Q: When does the insurance end?
A: Coverage ends on the earliest of:
- Your 75th birthday;
- The date of your death;
- The next billing date after Trans Global Insurance or Money Mart receives your written request to cancel;
- 31 days after Trans Global Insurance or Money Mart sends you written notice of cancellation of insurance;
- The date your insured credit card contract is terminated; or
- The date when your account is more than 30 days past due in making any required payments in respect of the account.
See the Certificate of Insurance at LINK for more details.
Q: Can I cancel?
A: Credit Card Balance Protection Plan is an optional coverage. You can cancel it at any time. If you cancel within the first 30 days (60 days in Quebec), the premiums you paid will be refunded to you. If you cancel any time after 30 days (60 days in Quebec), you will not be entitled to any refund of premiums charged.
Q: What if I already have other insurance?
A: Credit Card Balance Protection Plan is designed to complement any existing protection by paying in addition to any other coverage you may have.
Q: How do I make a claim?
A: To make a claim, follow these steps to contact Trans Global Insurance:
- By calling 1-844-930-6022 between 8:00 a.m. and 5:00 p.m. (MST)
- By emailing clientcare@transglobalinsurance.ca
- By written notice to TRANS GLOBAL INSURANCE GROUP, 16902-137 Ave. NW, Edmonton, Alberta, T5V 0C8
Q: How do I make a complaint?
A: To make a complaint, follow these steps:
If for some reason you are not satisfied with the resolution to an inquiry or dissatisfaction, please call 1-844-930-6022 between 8:00 am and 5:00 pm (MT), Monday to Friday. Should you require more information regarding the Insurer’s complaint handling procedure, please visit Trans Global Insurance website to view the complaint resolution processes which can be found at: https://transglobalinsurance.ca/resolving-complaints/
Q: Who do I contact if I have questions about the Credit Card Balance Protection Plan
A: If you have any questions about this insurance coverage, contact Trans Global Insurance at 1-844-930-6022.