Life Insurance for CIBC Mortgages

Help protect your family’s home, in the event of your death, with Life Insurance for CIBC Mortgage, underwritten by The Canada Life Assurance Company (Canada Life).Interested in applying for Mortgage Life Insurance?
Call 1866-321-3639


When you buy a home, you want security to go with it. Mortgage life insurance1 can help protect what’s likely one of your family’s most important assets by helping to provide financial protection for your mortgage in the event of your death.

Key benefits


Protection

Your CIBC Mortgage balance is reduced or paid off up to $750,000.

Instant coverage

On-the-spot approval with coverage beginning immediately if you are eligible to apply and answer “No” to the health questions on the insurance application and your CIBC Mortgage is approved.

Convenience

You don’t need to make separate payments for your insurance premiums — they are added to your mortgage payment and automatically adjusted if you change the frequency of your CIBC Mortgage payment.

30-day review period

If you change your mind, you can cancel the insurance within the first 30 days of receiving the Certificate of Insurance and any premiums collected will be refunded.

Premiums

No premium is charged until your mortgage is funded.

Prior coverage recognition

If you are declined for insurance coverage on your new mortgage but you had insurance coverage on the mortgage loan you paid out, you may be eligible to have a portion of your new mortgage insured under “Prior coverage recognition”


Questions?

For more information about product terms and conditions or further assistance please visit one of our banking centres or call CIBC's Creditor Insurance Helpline at 1-800-465-6020.


Did you know?

Nearly half of Canadians polled dealt with a major unexpected event or emergency during the past year that required most of them either to borrow money or dip into their savings to cover the unplanned costs2.


Terms and conditions

1Mortgage Life Insurance is optional creditor's group insurance underwritten by The Canada Life Assurance Company and administered by Canada Life and CIBC. CIBC receives fees from Canada Life for providing services to Canada Life regarding this insurance. Also, the risk under the group insurance policy may be reinsured, in whole or in part, to a reinsurer affiliated with CIBC. The reinsurer earns reinsurance income under this arrangement. Representatives promoting this insurance on behalf of CIBC may receive compensation. This insurance is subject to eligibility conditions, limitations and exclusions (which are circumstances when benefits are limited or not paid). For the complete terms and conditions, please review the sample Certificate of Insurance (PDF, 170 KB). The information in these pages is general only. Products and their features may change at any time. In case of discrepancy between the information and examples provided on these pages and your Certificate of Insurance, your Certificate of Insurance prevails.

2 Source: CIBC Poll, October 30, 2014.


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