Payment Support Plan
PSP is optional insurance that may help you with the payments on your PC Financial® Mastercard® in case the unexpected happens.
Payment Support Plan - Standard
PSP will cover you and an authorized user who is your spouse in two different ways:
It pays a monthly benefit of 20% of your PC Financial Mastercard® balance as of the statement date on or immediately prior to occurrence, if you lose your job involuntarily or become disabled.
It protects you in the event of loss of life with one payment of up to $30,000 to cover the outstanding balance on your PC Financial Mastercard® as of the date of death in the event of your loss of life.
To enroll in PSP you must be 64 years of age or younger, a Canadian resident and your PC Financial Mastercard® account must be in good standing. Coverage is not available for residents of Quebec, Saskatchewan and the Yukon Territory.
The cost for PSP is 99¢ (plus applicable taxes) per $100 of your current month's statement balance. For example, if the balance on your monthly statement was $300, the cost for that month would be $2.97 plus any applicable taxes.
Please note if you are currently enrolled in Account Balance Protection (ABP) and want to enroll in the Payment Support Plan (PSP), you will need to cancel ABP first. If you are enrolled in ABP and decide to enroll in PSP, you cannot re-add ABP after cancellation.
How to use Payment Support Plan
Once enrolled you may make a claim by calling Canada Life at their number set out in the Certificate of Insurance. You have 90 days from the date a claim arises to inform Canada Life, but under no circumstances should you delay longer than 1 year to furnish proof of claim.
For complete information regarding the Payment Support Plan, please call 1‑866‑246‑7262 to speak with a representative.