Cancellation service N°1 in Canada
Contract number:
To the attention of:
Cancellation Department – Cibc Payment Protector
330 University Avenue
M5G 1R8 Toronto
Subject: Contract Cancellation – Certified Email Notification
Dear Sir or Madam,
I hereby notify you of my decision to terminate contract number relating to the Cibc Payment Protector service. This notification constitutes a firm, clear and unequivocal intention to cancel the contract, effective at the earliest possible date or in accordance with the applicable contractual notice period.
I kindly request that you take all necessary measures to:
– cease all billing from the effective date of cancellation;
– confirm in writing the proper receipt of this request;
– and, where applicable, send me the final statement or balance confirmation.
This cancellation is sent to you by certified email. The sending, timestamping and integrity of the content are established, making it equivalent proof meeting the requirements of electronic evidence. You therefore have all the necessary elements to process this cancellation properly, in accordance with the applicable principles regarding written notification and contractual freedom.
In accordance with the Consumer Rights Act 2015 and data protection regulations, I also request that you:
– delete all my personal data not necessary for your legal or accounting obligations;
– close any associated personal account;
– and confirm to me the effective deletion of data in accordance with applicable rights regarding privacy protection.
I retain a complete copy of this notification as well as proof of sending.
Yours sincerely,
12/01/2026
Cancellation Cibc Payment Protector: Easy Method
What is Cibc Payment Protector
Overview
CIBC Payment Protector is creditor insurance for CIBC credit cards designed to help cover minimum payments or balances under specified circumstances such as job loss, disability or death. The product is administered by The Canada Life Assurance Company (Canada Life) and premiums are charged monthly based on your credit card balance.
Premiums are calculated at C$0.99 per C$100 of balance per month (plus applicable taxes), up to a capped balance of C$25,000 for premium calculation. Coverage terms, eligibility and claims are managed by Canada Life; CIBC provides product access but Canada Life is the insurer and contract holder.
How to cancel Cibc Payment Protector
To cancel Payment Protector you must contact the insurer, Canada Life. Cancellation is handled directly with Canada Life whether you bought the insurance via CIBC online, in branch, or through an app store. The review (free‑look) period and cancellation terms are stated on the CIBC/Canda Life product pages and in your Certificate of Insurance.
- Call Canada Life at 1‑833‑666‑4295 and request cancellation and confirmation of any applicable refund; or
- Send written notice to The Canada Life Assurance Company (address below). Sending by registered mail is recommended so you have proof of cancellation.
- If you are within the 30‑day review (free‑look) period after receiving your Certificate of Insurance, state that you are cancelling within the review period to request a full refund of premiums paid.
- For purchases through App Store, Google Play or web, cancellation is still done with Canada Life - there is no separate app‑store cancellation path for the insurance contract.
What happens when you cancel
When you cancel Payment Protector your coverage ends in accordance with the insurer’s cancellation effective date. Cancellation will stop future premium charges and prevent further renewals; it does not automatically reverse past premium transactions unless a refund is granted. If you have an active claim, ask Canada Life how cancellation affects claim processing.
After cancellation Canada Life will typically provide written confirmation or a cancellation reference; keep that confirmation for your records. Canada Life will retain policy records as required by law and for administrative purposes.
Will I get a refund?
If you cancel within the 30‑day review (free‑look) period after receiving your Certificate of Insurance you are entitled to a full refund of any premiums paid, per the insurer’s policy. This 30‑day review period is the standard consumer protection interval cited for credit‑card creditor insurance and is the mechanism for no‑cost cancellation.
Outside the review window you may still cancel, but refunds (full or partial) are not guaranteed and depend on Canada Life’s post‑review refund policies. There is no separate 14‑day statutory cooling‑off right in this context; the 30‑day review period is the applicable consumer protection timeframe for this product in Canada.
Cibc Payment Protector plans and pricing
| Plan | Price | Period | Features |
| Payment Protector Insurance - Credit Cards | C$0.99 per C$100 of balance per month (plus applicable taxes) | Monthly | Premium calculated monthly on credit card balance; premium calculation capped at first C$25,000 of balance (no premium charged on amount owing over C$25,000). Example: C$2,000 balance → (2,000 ÷ 100) × C$0.99 = C$19.80 + taxes. |
Your consumer rights in Canada
Under Canadian financial consumer protections (administered by the Financial Consumer Agency of Canada), insurers must provide a review (free‑look) period for creditor insurance. Review periods for credit‑card balance insurance commonly range between 20 and 30 days depending on province; Canada Life provides a 30‑day review period for this product. During the review period you may cancel at no cost and receive a full refund of premiums paid.
There is no universal 14‑day cooling‑off right for this product across Canada; rely on the insurer’s stated review period. If you believe your rights under federal or provincial rules were not respected, you can contact the Financial Consumer Agency of Canada for guidance: Financial Consumer Agency of Canada - balance insurance.
Customer experiences
Customer reports are mixed. Some consumers on public forums have reported success obtaining full refunds after being charged for insurance they did not recall signing up for by contacting the insurer and providing account documentation. Other reviews for CIBC‑related services note long hold times, difficulty cancelling and frustration with customer service; these concerns appear in broader reviews and some forum posts related to unsolicited or unwanted insurance adds.
If you encounter problems, remain persistent, document each contact and ask for written confirmation. Community threads that describe successful refunds often cite calling the Canada Life number and providing proof of charges or lack of signed consent.
Documentation checklist
- Certificate of Insurance (copy from when coverage began)
- Credit card statements showing insurance premium charges
- Copy of the signed agreement (if available) or account application
- Photo ID and credit card/account information
- Written cancellation notice (copy) and mailing/tracking receipt if sent by mail
- Any email or written confirmation from Canada Life or CIBC
Common mistakes
Common mistakes include waiting past the review period before attempting to cancel and expecting an automatic refund, contacting the bank (CIBC) instead of the insurer (Canada Life) for cancellation, and relying solely on app‑store refund processes when the insurance contract must be cancelled with Canada Life. Also, not keeping copies of your Certificate of Insurance, statements and any communication can make obtaining a refund or resolving disputes harder.
Example: a cardholder who was charged monthly but did not save the Certificate of Insurance still obtained a refund by calling Canada Life and providing bank statements; however, the process was smoother when documentation was available. Another example: seeking an app‑store refund alone without contacting Canada Life delays proper cancellation of the insurance contract.
Comparative recap
| Method | Refund | Difficulty |
| Cancel within 30‑day review period (call or written to Canada Life) | Full refund of premiums paid | Low - straightforward if you contact Canada Life and provide proof |
| Cancel after review period (call or written to Canada Life) | Refunds not guaranteed; partial refunds possible but depend on insurer policy | Medium - High - may require persistence and documentation |
| App Store / Google Play / Web purchases | Handled by Canada Life - subject to the same review rules; app‑store refunds alone do not cancel insurer contract | Medium - purchaser must contact Canada Life directly; app‑store processes may not resolve insurance contract issues |
After cancelling
After you cancel, monitor your credit card statements for at least two billing cycles to confirm premiums have stopped. Request written confirmation of cancellation and any refund determination from Canada Life. If you do not receive a satisfactory response, escalate by asking for a supervisor, retaining all documentation and, if necessary, contacting the Financial Consumer Agency of Canada for guidance.
Useful links: CIBC/Canda Life product information and customer help pages are available at the insurer/product page: CIBC Payment Protector / Canada Life. For federal guidance on creditor balance insurance: FCAC - balance insurance.
Address
Send written cancellation notices to:
Creditor Insurance
The Canada Life Assurance Company
330 University Avenue
Toronto, Ontario M5G 1R8
Phone for cancellations and enquiries: 1‑833‑666‑4295. It is recommended you send written notice by registered mail (to provide proof of delivery) and retain a copy and tracking receipt for your records.