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”

For more information about product terms and conditions or further assistance please visit one of our banking centresOpens a new window in your browser 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.