Citibank provides insurance coverage for members

Have you ever thought about what will happen to your credit card bills in case something happens to you?

Now, Citibank card members need not worry when faced with this situation. CreditGuard, an insurance coverage especially packaged for Citibank Cardmembers, will pay for your Citibank credit card bills when you can’t. This plan provides the cardmember valuable coverage designed to ease the financial strain of finding money to pay for your credit card bills in the event of death, temporary or permanent disablement. CreditGuard is underwritten by CMG Life Insurance Co. Inc.

If you are unable to work temporarily due to an accident or illness, CreditGuard can help you make your minimum monthly payments to your credit card for up to six months, keeping your account current and protecting your credit rating. More importantly, in the event of your total disablement or death, CreditGuard can pay off your total outstanding balance up to your credit limit or a maximum of P600,000.

Citibank cardmembers can avail of this coverage for a very minimal monthly premium – 36 centavos for every P100 of the total outstanding balance. So, for a monthly outstanding card balance of P25,000, you will only pay P90. If you do not use your credit card and have no outstanding balance, no premiums will be charged.

Knowing the importance of CreditGuard and the peace of mind that it can provide to its cardmembers and their families. Citibank will be automatically enrolling qualified Citibank cardmembers to this coverage in batches.

To allow the cardmember to experience the benefit of CreditGuard, the first three months of coverage will be free of charge. Citibank will also pay for the onetime, upfront documentary stamp tax (DST). Thus, Citibank cardmembers can enjoy the convenience of being covered without the hassle of filing out forms or answering health statements. Certain policy exclusions will apply, details of which are found in the certificate of coverage that will be given to the qualified cardmembers.

If the cardmembers want to cancel the coverage at any time, they can call the CreditGuard customer hotline at 860-0999 or fax or mail the CreditGuard cancellation form.