Help protect your family’s home, in the event of your death, with Life Insurance for CIBC Mortgage, underwritten by The Canada Life Assurance Company (Canada Life). Interested in applying for Mortgage Life Insurance? Call 1-866-321-3639 Opens your phone app.
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.
Your CIBC Mortgage balance is reduced or paid off up to $750,000.
On-the-spot approval with coverage beginning immediately if you're eligible to apply and answer “No” to the health questions on the insurance application and your CIBC Mortgage is approved.
You don’t need to make separate payments for your insurance premiums — they're added to your mortgage payment and automatically adjusted if you change the frequency of your CIBC Mortgage payment.
Prior coverage recognition
If you're 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.”
Important documents and other information
Your Certificate of Insurance will contain the full details of your coverage, including benefits, cost, eligibility conditions, limitations and exclusions.
To help you make an informed decision, you can access a sample certificate of insurance and other important documents below.
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.