American Express Canada Insurance Services

American Express Canada offers three types of insurance - account and credit protection products, card protection, life and health protection, and travel protection, depending on the individual requirements of clients. With a variety of insurance plans on offer, clients have the flexibility to choose the coverage they need.

The AMEX Account Protector Insurance is one type of insurance that protects card accounts in the event of death, disability, or critical illness. This coverage protects cardholders and their family by keeping the account in good standing. The outstanding credit card balance is paid up in the amount of up to $10,000 if the cardholder is diagnosed with some critical illness, including coronary artery disease, stroke, heart attack, or cancer. The outstanding balance is paid up in the same amount in the event of death. A payment of 5 percent of the credit card’s outstanding balance, but not exceeding $500 a month, is made if the cardholder is disabled by an accident or illness for more than thirty consecutive days. This payment goes toward the 3 percent minimum payment, plus 2 percent toward the account balance. Monthly payments are covered for a period of up to 24 months or alternatively, until the insured balance is fully paid off up to $10,000. Cardholders pay 79 cents per $100 of their ending balance as shown on their monthly statement. American Express offers a 30-day money-back guarantee.

In addition to account and card protection, clients can buy life and health protection insurance plans. There are two basic plans to choose from – AMEX Hospital and Recovery Cash Plan and AMEX Accident Protection Plan. The AMEX Hospital and Recovery Cash Plan is useful to have in the event of sudden illness or accident, helping to offset the financial burden. The cash can be used in any way. The insured can use it to meet unexpected costs that recovering at home or in a hospital involve. Examples of this include the cost of temporary child care, loss of income due to inability to work, parking, gas, and meals for family and visitors, as well as overnight accommodation if you have out-of-town visitors. Expenses for mobility devices that are not included in your provincial health plan are also paid for. Clients of American Express can choose from 2 coverage options – accident and sickness coverage or accident only coverage. In addition, they can choose a family or single coverage.

The second plan, AMEX Accident Protection Plan offers comprehensive living benefits and coverage for accidental death, which offer financial support to those who face difficult situations. Up to $250,000 is offered in the event of accidental death. It should be noted that benefits reduce by 50 percent at the age of 65. Living benefits are in the amount of $250,000 or more. Recovery benefits include assistance devices, home modification, and rehabilitation. Home modification and rehabilitation benefit is available on non-death claims, and fracture claims are not covered. Insured persons receive up to $20,000 to be used for home modification should they need items like walk in shower, wheelchair ramps or other items necessary for rehabilitation purposes.

American Express also offers travel protection plans to clients who want to make sure they travel safely and with confidence. Four types of coverage are offered – The Select Travel Plan, Ultimate Travel and Medical Plan, The Basic Medical Plan, and Essential Travel and Medical. The Select Travel Plan is for persons who already have emergency medical insurance. Under this plan, clients are covered for a variety of non-medical travel-related hiccups. The Basic Medical Plan provides out of country and out of province coverage, helping clients meet emergency medical expenses.