Disability Insurance for CIBC Personal Lines of Credit
Get greater security and peace of mind for you and your family with optional Disability Insurance for CIBC Personal Lines of Credit (Disability Insurance).
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 Call 1-800-465-2422 or visit one of our branches. |
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Disability Insurance for CIBC Personal Lines of Credit could be right for you if any of the following apply:
- You have a personal liability for a CIBC Personal Line of Credit (PLC) and/or CIBC Education Line of Credit (ELC) as a borrower, co-borrower or guarantor
- You don't think you would be able to make your PLC, or your ELC payments if you were unable to earn your usual salary
- You don't have Disability Insurance on 3 other CIBC PLC/ELCs
In the event your disability claim is approved, Sun Life Assurance Company of Canada (Sun Life) will pay the Disability Insurance benefit to CIBC to reduce your insured CIBC PLC/ELC.
The monthly disability benefit* is 3% of the least of the following:
- The end of day balance of the PLC/ELC owing to CIBC on the date you first become disabled
- The credit limit of the PLC/ELC on the date you first become disabled
- The Sun Life approved maximum insurance coverage amount on the date you first become disabled
- $200,000
Key benefits
| Peace of mind | In the event your disability claim is approved, you and your family may not need to worry about making the monthly payments on the CIBC PLC/ELC*. |
| Greater security & savings for the second insured |
Disability Insurance for CIBC PLC/ELCs provides security to both you and your co-borrower/guarantor. If your co-borrower/guarantor does not qualify or does not wish to apply for Disability Insurance, you can still apply.
You can save up to 25% on the second insured's Disability Insurance premium when two people are approved on the same CIBC PLC/ELC. |
| Saves you time | You'll receive simple and fast automatic approval without completing a Statement of Health when the CIBC PLC/ELC credit limit is less than or equal to $100,000*. |
| Convenience | Your insurance premiums are automatically charged to your PLC/ELC account, and are detailed on your monthly statement. Insurance premiums are only charged when you have a debit balance on your CIBC PLC/ELC. |
When would coverage begin?
If you are eligible to apply for Disability Insurance, coverage can begin as soon as you are approved for the CIBC PLC/ELC, or the date you sign a completed Application for Creditor Insurance for CIBC Personal Lines of Credit if later, provided that your CIBC PLC/ELC credit limit is equal to or less than $100,000.
If the CIBC PLC/ELC credit limit exceeds $100,000, a Statement of Health will be required in order for Sun Life to determine if the excess coverage (coverage above $100,000) can be granted. Even if you are declined for the excess amount, the coverage up to $100,000 will remain in force. Sun Life will advise you in writing of the total amount of Insurance coverage available to you.
For more information about product terms, conditions, limitations, exclusions and other provisions or further assistance please call CIBC's Creditor Insurance Helpline at 1-800-465-6020. |
Trademarks and Disclaimers
* Products and their features may change at any time. This is a general description only. Disability Insurance for CIBC Personal Lines of Credit is underwritten by Sun Life Assurance Company of Canada and administered by Sun Life and CIBC. A detailed summary of the terms, conditions, limitations, exclusions and other provisions are contained in your Certificate of Insurance, which you receive upon enrolment.
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