*The monthly disability benefit is 3% of the least of the following: The end of day balance of the PLC/ELC owing to CIBC on the date you first become disabled. The credit limit of the PLC/ELC on the date you first become disabled. The Canada Life approved maximum insurance coverage amount on the date you first become disabled. The Capped Disability Benefit Amount $200,000
**PLCs that exceed this amount require you to answer the application health questions.
Terms and conditions
1 Disability Insurance for CIBC Personal Lines of Credit is optional creditor’s group insurance underwritten by The Canada Life Assurance Company (Canada Life) 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), including pre-existing medical/health condition exclusions. For the complete terms and conditions, review the sample Certificate of Creditor Insurance for CIBC Personal Lines of Credit (PDF, 245 KB) Opens in a new window.. You can also contact Canada Life at 1-800-387-4495Opens your phone app.. Or you can visit canadalife.comOpens a new window in your browser.. 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: Benefits Canada, Workers Underestimate Likelihood of Disability, September 24, 2014.