Frequently Asked Questions
Q: What types of events does Payment Security cover?
A: There are 7 protected events:
- Involuntary unemployment – You lose your job due to a general strike, layoff, a unionized labor dispute, or are terminated due to no fault of your own.
- Leave of Absence – You are on an unpaid employer approved leave of absence.
- Disability – You are unable to perform normal daily activities and require the care of a doctor due to sickness or injury.
- Hospitalization – You are admitted to a hospital and under the care of a doctor.
- Nursing Home Care - You are admitted to a nursing home and under the care of a doctor.
- Diagnosed with a Terminal Illness – A doctor diagnoses you with a medical condition that is expected to cause your death in six months or less.
- Loss of Life
Q: If I pay my bill in full each month, will I still be charged for Payment Security?
A: Yes, you would be charged for Payment Security any month you have a statement balance.
Q: If I'm not using my card and have no balance on my account, will I still be charged for Payment Security?
A: No, there is no fee if you do not have a statement balance on your account in a given month.
Q: What if I am self-employed, work part-time, or only work seasonally? Can Payment Security still benefit me?
A: Yes, you would still be eligible for up to 6 months of minimum monthly payment cancellations. But you will not be eligible for full balance cancellation.
Q: If I'm employed in a full-time non-seasonal job, how could I benefit from Payment Security?
A: After 90 days of involuntary unemployment or leave of absence, Payment Security will cancel the full balance on your account (up to $10,000) if you were to become unemployed or take a leave of absence.
Q: If tomorrow I become unemployed or take a leave of absence, would I be eligible for a benefit under Payment Security?
A: No, you must be enrolled in Payment Security at least 30 days before the involuntary unemployment or leave of absence occurs to claim a benefit.