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Account Protector

Have questions about AMEX Account Protector Ultimate?

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Coverage
What is AMEX Account Protector Ultimate?

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
  • Positive Life Events
  • Disability Requiring Hospitalization
  • Accidental Death at Age 80 or Over
Who is the underwriter for this insurance?

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 Solutions.

How do I enroll?

Currently this product is not available for enrollment.

I am enrolled in this program – is my spouse covered too?

As the Basic 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. 

How much does this insurance cost?

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, coverage reduces to Life and Accidental Dismemberment coverages and the cost of this insurance program reduces from $0.99 to $0.69 per $100 of your current month’s outstanding balance.

How do I pay for my AMEX Account Protector Ultimate coverage?

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. 

What if I miss a bill payment? Am I still covered under this insurance?

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).

When does coverage begin?

Coverage begins on the Effective Date stated to in the welcome letter you received with your Certificate of Insurance upon enrolling in the product.

What changes happen with my coverage once I reach age 70?

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).

What changes happen with my coverage once I reach age 80?

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.

If I submit a claim and receive a benefit, does my coverage terminate?

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.

Can I cancel my coverage at any time?

Yes, you may cancel your coverage at any time. To do so, you may contact Assurant Solutions by phone at 1-800-708-0807.

If I am enrolled in this coverage, when does this insurance end? Can American Express or Assurant Solutions cancel this coverage?

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

i.   On your next Account statement date following receipt by Assurant Solutions of your written request to cancel coverage.

ii.  On the date your credit privileges on your Account are revoked.

iii. On the next Account statement date after your 70th birthday for Involuntary Unemployment, Disability Requiring Hospitalization, Total Disability with Positive Life Events Protection, Loss of Self-Employment Income and Critical Illness coverage.

iv. 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 on the next Account statement date after your 80th birthday.

v.  On the date of your death or the date on which a Critical Illness, Life, Accidental Death or Dismemberment benefit is paid.

vi. 31 days from the date you receive written notice from the Assurant Solutions to terminate coverage because the Group Master Policies have been terminated

vii. On the date your Account with American Express is terminated.

Positive Life Events
Which Positive Life Events are covered under this policy?

The following Positive Life Events are 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 new child
What benefit is available to me if I file a claim for a Positive Life Event?

If you experience one of the eligible Positive Life Events, you qualify for a two monthly  payments, each payment equal to 5% of your Account balance at the time the event occurs, to a maximum of $1,000.00 per payment. Proof of the event must be submitted to Assurant Solutions along with a completed claim form.

What if I have multiple Positive Life Events that I would like to claim?

This coverage does not terminate after receiving payment for a claim on a Positive Life Event; however, it is limited to a maximum of 2 Positive Life Events per 12 month period.

Total Disability
What coverage is available to me for Total Disability?

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 will make your minimum monthly payment, which is equal to 5% of your outstanding insured balance at time the event occurs, up to $1,000.00, until you are no longer Totally Disabled or for up to 3 months. If you remain totally Disabled for a continuous period of 90 consecutive days, Assurant Solutions will pay the total amount Incurred 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 $20,000.00. Please refer to your Certificate of Insurance for full limitations and exclusions.

Am I covered for Total Disability if I am working part-time?

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

What if I am Self-Employed?

You or your Spouse can claim for benefits resulting from Total Disability if either of you are Self-Employed and become Totally Disabled. Additional forms, including a Self-Employment Affidavit, will be required to submit your claim. Please see the Filing a Claim section of this website to ensure that you have all of the information you need to submit your claim.

I am the Basic Cardmember enrolled in AMEX Account Protector Ultimate and my Spouse has recently become Totally Disabled. What coverage is available to me?

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.

What is proof of Continuing Total Disability?

Upon our request, you will be required to provide proof of Total Disability each month to continue receiving benefits under this coverage. Assurant Solutions will supply you with the appropriate forms or request that you provide additional information to ensure that you do not experience interruption in benefits.

What is Re-eligibility?

If you or your Spouse have 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 for a period of at least 30 consecutive days prior to submitting another claim.

Involuntary Unemployment
What do Involuntary Unemployment benefits cover?

If you have become Unemployed, you may be eligible to receive benefits under this coverage. At the time of loss, you must be employed on a full-time basis, and remain Unemployed for at least 30 consecutive days before any benefits are paid. This benefit will make your minimum monthly payment, which is equal to 5% of your outstanding insured balance at the time the event occurs, up to $1,000.00, until you return to work or for up to 3 months.  If you remain Unemployed for a continuous period of 90 consecutive days, Assurant Solutions will pay the total amount Incurred on your Account as of the first day of Involuntary Unemployment, less any benefits already paid for this episode of Involuntary Unemployment to a maximum of $20,000.00. Please refer to your Certificate of Insurance for full limitations and exclusions.

Do I need to be employed full-time to qualify for Involuntary Unemployment benefits?

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

What coverage is available to me if I am Self-Employed?

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.

If my work is seasonal am I eligible for benefits of Involuntary Unemployment?

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

I submitted an Involuntary Unemployment Claim and have been approved, but I have recently returned to work. How should I notify Assurant Solutions?

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

I have been approved for an Involuntary Unemployment Claim. Will my payments be made automatically every month until I notify Assurant Solutions?

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

Disability Requiring Hospitalization
What do Disability Requiring Hospitalization benefits cover?

Disability Requiring Hospitalization covers 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.

How long do I need to stay in the hospital before I receive benefit payment?

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

Am I covered all around the world?

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

Is my spouse covered for this benefit?

Only the Basic Cardmember is covered for this benefit.

Loss of Self-Employment Income
What benefits are available for Loss of Self-Employment Income?

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 Solutions will pay the total amount Incurred on your Account as of the first day of Unemployment to a maximum of $20,000.00. Please refer to your Certificate of Insurance for full limitations and exclusions.

If I am the Basic Cardmember enrolled in AMEX Account Protector Ultimate, and my spouse has a Loss of Self-Employment Income, are we covered?

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

Life Insurance
What is my coverage for Life Insurance benefits with AMEX Account Protector Ultimate?

Life Insurance proceeds will be paid to the Creditor upon receiving proof of your or your Spouse’s death. The proceeds are the total amount Incurred on Your Account as of the date of death, subject to the maximum amount of $20,000.00. 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.

Critical Illness
What do Critical illness benefits cover with AMEX Account Protector Ultimate?

You will be paid Critical Illness proceeds if you or your Spouse are diagnosed with one of heart attack, stroke, cancer or coronary illness, 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 Incurred on your Account as of the date of diagnosis, subject to the maximum amount of insurance indicated in the Certificate of Insurance. Payment of a Critical Illness benefit ends all coverages under this Certificate.

Accidental Death & Dismemberment
What type of coverage is provided for Accidental Death and Dismemberment?

Accidental Death benefits are paid if you or your Spouse are at age 80 or over and die through accidental means sustained directly and independently of all other causes.

 

Dismemberment benefits are paid if you or your Spouse suffers 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 Incurred on your Account as of the date of the accident, subject to the maximum amount of $20,000.00 . Payment of an Accidental Death or Dismemberment benefit ends all coverages under your Certificate of Insurance

 

For frequently asked questions on Claims, visit the Filing a Claim section.

For Frequently asked questions on Claims, visit the Filing  a Claim section.