Business Loan and Farm Credit Life Insurance
CIBC Farm Credit Life Insurance, underwritten by The Canada Life Assurance Company, provides life insurance coverage at a competitive cost to help protect you, your family and your farm business from unexpected financial hardship.
Many farming operations rely heavily on the abilities of one or two individuals, making it essential to protect your family from loan liability. The untimely death of a key individual could jeopardize the future of your farm for the remaining family members. CIBC Farm Credit Life Insurance1 ensures your CIBC Farm Loan is either reduced, or paid in full in the event of your death or accidental dismemberment.
Business Loan and Farm Credit Life Insurance Key Benefits:
- protection for you, your family and your farm business
- up to $1 million in benefits for each borrower, guarantor or endorser
- accidental dismemberment benefits of up to $100,000 at no additional cost
- competitive rates, including reduced premiums for non-smokers
- once approved, guaranteed coverage for the approved amount up to the age of 70
- up to $200,000 guaranteed coverage in most cases if you are in good health
- premiums are calculated on the outstanding balance, so you only pay for it when you need it
- easy, convenient administration through automatic withdrawal from your CIBC account
Information you need to know:
- up to $1 million protection on any individual
- accidental dismemberment benefits of up to $100,000
The amount of coverage you are entitled to is determined by the loans you are responsible for, and will not exceed the outstanding amount owed.
The cost of coverage depends on your age and whether or not you are a smoker. The following chart indicates premiums:
Age Annual Cost per $1,000 of Coverage2