The MBNA ® Credit Card Payment Protection Plan helps you deal with your credit card payment obligations in certain covered events. Protect yourself by insuring your balance.
If you’re between the ages of 21 and 65 then the MBNA ® Credit Card Payment Protection Plan 1 can help protect the balance of your credit card account during some of the really difficult times in life. For example, if you have to cope with Job Loss, Total Disability or loss of Life.
For a monthly premium charge of $1.20 per $100 of your insured balance 5 , plus applicable taxes, you can enroll in Payment Protection Plan 1 today. Enjoy the security of knowing that the amount owing on your Credit Card Account, as of your date of loss, can be protected by either a lump sum payment or monthly payments, to a maximum of $25,000, should you experience one of the following covered events 4 :
If you meet the eligibility requirements 2 , the monthly benefit payment will be equal to the greater of 20% of the Eligible Balance 3 and $10. Total monthly benefits will not exceed $25,000, the maximum amount of insurance.
Get a refund of premiums while receiving monthly benefits, and on your return to work after a covered Total Disability or Job Loss claim you could receive one additional monthly benefit payment.
Sign in to MBNA Online Banking and get the optional Payment Protection Plan.
If you’re already enrolled, you can file a claim or check the status of an existing claim.
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1. Total Disability and Job Loss coverages are underwritten by American Bankers Insurance Company of Florida (ABIC), and Life coverage is underwritten by American Bankers Life Assurance Company of Florida (ABLAC). ABIC and ABLAC, their subsidiaries, and affiliates carry on business in Canada under the name of Assurant®. ®Assurant is a registered trademark of Assurant, Inc.
2. As defined in the Certificate of Insurance.
3. Eligible Balance means the amount owing on your account as of the statement date coinciding with, or if not applicable, immediately before the date of loss.
4. Your Total Disability and Job Loss insurance coverages will terminate on the next Account Statement Date after You turn 66 and Your Life insurance coverage will terminate on the next Account Statement Date after You turn 80, and the price is reduced to $0.60 per $100 of the Insured Balance5, plus applicable taxes. Premium rate is subject to change upon 30 days notice. Complete terms of coverage, limitations and exclusions are in the Certificate of Insurance that you will receive upon enrollment.
5. Insured Balance is defined as outstanding account balance, calculated as of the Statement Date if you reside in a Province/Territory other than Quebec, or as Average Daily Balance if you reside in the Province of Quebec as of the Statement Date. Average Daily Balance is calculated by adding the credit card account balance each day and dividing that total by the number of days in the statement period. Statement Date means the last date of the statement period for which Your Account statement is produced.