CIBC Term Life Insurance provides your beneficiaries with a lump-sum payment in the event of your death. This product may be appropriate for you if you do not have, or do not have enough life insurance and would like to provide financial security for your loved ones. It may help maintain your family's current lifestyle, pay for children’s education, pay off debt or cover other expenses.
Coverage is available for 10-year or 20-year terms. Coverage for a 10-year term can help with shorter term financial needs or is suited for those who would like to pay a consistent premium that only increases after every 10-year period. Coverage for a 20-year term can help you with longer term financial needs or is suited for those who would like to pay a consistent premium that only increases after every 20-year period.
- Select the coverage amount you need from $50,000 to $5,000,000.
- You have the option to receive 50% of your coverage amount up to $250,000 during your lifetime if you are diagnosed with a terminal illness and have less than 12 months to live.
- You can choose who the benefit is paid to.
- The monthly premium is guaranteed for each term.
- Premiums do not change for the duration of your term. Once that term is completed, your policy will automatically renew for the same term with a higher premium (up to age 75) unless you cancel.
- Coverage ends at age 75.
- You can also extend your coverage beyond age 75 by changing your term from a 10-year or 20-year term to a term that lasts for your lifetime. In order to do so, you must convert before age 65.
A sample insurance policy with the complete terms and conditions can be viewed here: CIBC Term Life Insurance Policy (PDF, 3.3 MB) Opens in a new window..
Products and their features may change at any time. In case of discrepancy between the information provided on this website and your insurance policy, your policy prevails.
Exclusions and limitations
No benefit will be paid if:
- Your death results from any self-inflicted injury or suicide within two years from the date that your policy comes into effect;
- Your policy is not in effect; or
- Your policy is declared void because you provided false, incorrect or incomplete information during the application process or because you committed a fraud in connection with your policy.
- The above information is intended as a summary only. Please review all CIBC Term Life exclusions and limitations (PDF, 40 KB) Opens in a new window..
To be eligible to apply for CIBC Term Life Insurance or CIBC Critical Illness Insurance you must be:
- A resident of Canada, and
- Between the ages of 18 to 65 years old inclusive (for 10-year term coverage) or between the ages of 18 to 55 years old inclusive (for 20-year term coverage).