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Life insurance can help you provide your loved ones with protection from financial hardships and money when they need it most should you pass away while your policy is in force.

The Term 10 and Term 20 Insurance coverages offered by CIBC Life Insurance Company Limited (“CIBC Life”) can be a good fit if you need insurance protection for 10 or 20 year terms. If you pass away while the policy is in force, the insurance benefit can be used to help protect your family’s lifestyle by:

• replacing your lost income
• providing for your children’s child care expenses, education costs, or other expenses
• covering your financial obligations (such as loans and mortgages)

Whether you are recently married, planning a family, purchasing a new home, starting a new career or running your own business, CIBC Term Life Insurance offers you a convenient way to protect your family’s financial future.

As life insurance premiums are based on your age, lifestyle and health status, it makes sense to apply early because in as little as one year, you could find yourself paying more for the life insurance coverage you can buy today. Or a change in your health may make it more expensive or more difficult to get coverage later.

CIBC Term Life Insurance offers various coverage options with coverage amounts ranging from $50,000 to $5,000,000.

Our simple-to-use coverage calculator can help you to determine the amount of coverage that’s right for you. You can also speak to one of our licensed life insurance agents to review your insurance needs by calling us at 1-888-393-1110 Opens your phone app..

A medical exam isn’t always a requirement to apply for CIBC Term Insurance. To apply for coverage, simply answer a few health and lifestyle questions on our application and we’ll let you know if you’re automatically approved for coverage. If additional underwriting or a medical exam is required, one of our representatives will contact you.

To be eligible for CIBC Term Life Insurance, you must be a resident of Canada¹ and between the ages of 18 and 65 years of age for CIBC Term 10 Life Insurance and between the ages of 18 to 55 years of age for CIBC Term 20 Life Insurance.

CIBC Term Life Insurance provides you with insurance coverage for a set number of years. If you were to pass away while the policy is in force, the tax-free death benefit would be payable directly to your named beneficiaries.

Premiums are guaranteed to stay the same for the duration of the term. After this initial term, coverage will automatically renew (unless you elect to cancel) and premiums will increase for that term period. Unless you cancel your coverage, your coverage can continue regardless of any changes to your health until age 75 at which time your coverage will end. 

CIBC Term Life Insurance also includes a conversion option that allows you to convert all or part of your 10 or 20 year Term Life coverage to one or more policies that provide lifetime coverage without completing any medical questions or exam.²

In addition, if you are diagnosed with a terminal illness and have less than 12 months to live, you may request to receive up to 50% (up to $250,000 across all CIBC Term life Insurance policies) of your life insurance benefits as an advance.

Your loved ones may notify CIBC Life by calling us at 1-888-393-1110 Opens your phone app. and our claims representatives will assist them throughout the claims process.

If you determine that CIBC Term Life Insurance is right for you, you can conveniently apply by completing your insurance application online Opens in a new window. or by phone at 1-888-393-1110 Opens your phone app. if you would like to speak with one of our licensed life insurance agents who can assess your insurance needs and complete your application.

Once you have received your policy and if for any reason you are not completely satisfied, simply return the policy within 30 days from the issue date and any premiums paid will be refunded. 

You can also cancel your policy any time by calling us at 1-888-393-1110 Opens your phone app..