Skip to main content Home | Contact Us | Find Us | Français | Asian Banking | Site MapCIBC Websites
 
Personal Banking Business Services About CIBC
 
Everyday Banking
Borrowing
Mortgages
Buying your first home
Already a homeowner
Choosing a mortgage
FAQ
Downpayment Options
Glossary
Better Than Prime
Better Than Posted
AeroMortgage
Fixed-Rate Closed
Fixed-Rate Open
Variable Flex
Variable-Rate Open
Convertible
ENVIRO-SAVER
Self-Employed Recognition
Home Power
Mortgage Insurance
Loans & Lines of Credit
Investing
Financial Advice
Insurance

Mortgage Life Insurance

Protect your family's home for the life of your mortgage with Mortgage Life Insurance provided by The Canada Life Assurance Company (Canada Life).

When you buy a home, you want peace of mind to go with it. CIBC Mortgage Life Insurance can help. It provides you with up to $750,000 in coverage, so that your family's most important asset is protected for the life of your mortgage at a very low cost.

Interested in applying for Mortgage Life Insurance?

Call 1-800-465-2422 or visit one of our branches.

Key benefits


Peace of mind Should you pass away, your outstanding mortgage would be reduced or paid off (up to a maximum of $750,000) without burdening your family.
Greater security Mortgage Life Insurance provides security to both you and your co-borrower. If your co-borrower does not qualify for life insurance, you can still apply.
Saves you time You'll receive simple and fast approval when your total CIBC approved mortgage is less than or equal to $500,000 and you answer "No" to the Health Question on the insurance application.
Convenience Premiums are included with your mortgage payment. Insurance premium adjustments are made automatically if you change the frequency of your mortgage payment.
Saves you money Premium rates are based on your age at the date of application and remain unchanged throughout the mortgage amortization period unless the mortgage principal amount is refinanced or your mortgage is transferred to another property ("ported"). Even if you refinance your mortgage, the amount of your premium rate will not increase because of your age. **

** When refinancing your mortgage, you will have to reapply for Mortgage Life Insurance. Even if you are declined due to your health condition, you may still be covered for the amount of life insurance you had on your previous mortgage at the time you had refinanced, up to the percentage it represents of the new mortgage amount.

When would coverage begin?

If your Mortgage life insurance qualifies for automatic approval, you can expect coverage to begin immediately. If you do not qualify for automatic approval, your insurance application must be sent to Canada Life for approval and your insurance begins when Canada Life advises you in writing that your coverage has been approved.

When would coverage end?

Your coverage ends on the earliest of the following dates:

  • You reach your 70th birthday
  • CIBC receives a signed letter from you canceling your insurance
  • Your mortgage is discharged, refinanced or transferred to another property
  • Your mortgage is assigned or sold to another creditor
  • The mortgage property is foreclosed or disposed of in any other way
  • You have not made mortgage payments including insurance payments, for 90 days
  • CIBC & Canada Life terminate the insurance policy

Exclusions

No benefit will be paid if your death is a result of any of the following events:

  • You take your own life, whether you are sane or insane if you have had this insurance for less than 2 years. The insurance will be treated as if it never came into effect, and any premiums paid will be refunded
  • Your death is directly or indirectly due to or was in any manner or degree associated with or occasioned by your commission or attempted commission of a criminal offence, including but not limited to operating a motor vehicle while impaired

Limitations

  • If your mortgage amount plus the outstanding balance of any other CIBC mortgages is more than $750,000, the maximum benefit paid for all outstanding mortgages will be $750,000
  • Any mortgage payments more than three months overdue, on the date of your death, will not be part of the benefit paid
Questions?

For more information about product terms and conditions or further assistance please call CIBC's Creditor Insurance Helpline at 1-800-465-6020.

Trademarks and Disclaimers

CIBC mortgages are offered by CIBC Mortgages Inc., a subsidiary of CIBC.

* Some limitations and exclusions apply. For full details, see the Mortgage Life Insurance Application and Certificate of Insurance. Products and their features may change at any time. This is a general description only. Mortgage Life Insurance is underwritten by The Canada Life Assurance Company.