Mortgage Life Insurance
Help protect your family's home with Creditor Life Insurance for CIBC Mortgages provided by The Canada Life Assurance Company (Canada Life).
When you buy a home, you want security to go with it. Creditor Life Insurance for CIBC Mortgages can help. It provides you with up to $750,000 in coverage, so that your family's most important asset is protected.
Should you pass away and your claim is approved, the outstanding principal balance of your mortgage on the day you pass away would be reduced or paid off (up to a maximum of $750,000 for all your life insured CIBC brand mortgages.)
Creditor Life Insurance for CIBC Mortgages provides security to both you and your insured 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 the mortgage amount plus the outstanding principal balance of all your other life insured CIBC brand mortgages is less than or equal to $500,000 and you answer "No" to the Health Question on the insurance application and your mortgage is approved.
Premiums are added to your mortgage payment. Insurance premium adjustments are made automatically if you change the frequency of your mortgage payment.
|30-day review period||
If you decide that you don't need this valuable protection, you may cancel within the 30-day review period and any premiums collected will be refunded!
For more information about product terms and conditions or for assistance please call CIBC's Creditor Insurance Helpline at
Trademarks and Disclaimers
CIBC mortgages are offered by CIBC Mortgages Inc. (CMI), a subsidiary of CIBC.
Products and their features may change at any time. This is a general description only. Some limitations and exclusions apply. A detailed summary of the terms, conditions, benefits, limitations, exclusions and other provisions are contained in your Certificate of Insurance. Download a sample copy of the current Certificate of Insurance (200 KB) used for new customer enrolments or receive your copy upon enrolment. Creditor Life Insurance for CIBC Mortgages is creditor's group insurance and is underwritten by The Canada Life Assurance Company, and is administered by Canada Life and CMI and CIBC.