1 Disability Insurance for CIBC Mortgage Loans 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). For the complete terms and conditions please review the sample Certificate of Insurance (PDF, 275 KB) Opens a new window in your browser. You can also contact Canada Life at 1-800-387-4495Opens your phone app. or 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 The fixed monthly benefit amount is calculated by rounding the principal and interest portion of your total monthly Mortgage Loan payment on the date you applied for Mortgage Disability Insurance to the nearest $100, up to a maximum monthly benefit of $3,000. If your Mortgage Loan payments are not monthly, this amount is adjusted as described in the Certificate of Insurance. Once your application for coverage is approved, your fixed monthly benefit amount will not change for the life of your Mortgage Loan unless you cancel and reapply. The maximum amount of benefits paid for each insured person for each incident of disability across all insured CIBC Mortgage Loans is $150,000. This maximum applies to your insurance claims under all of your Mortgage Disability Insurance and Mortgage Disability Insurance Plus insured Mortgage Loans.
3 Source: Benefits Canada, Workers Underestimate Likelihood of Disability, September 24, 2014.
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