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When you invest in the right insurance coverage, you help protect and ensure the lifestyle you and your family enjoy today is one you can continue to enjoy in the future.
Creditor Insurance for CIBC Mortgages, underwritten by The Canada Life Assurance Company (Canada Life), can help pay off or reduce your mortgage in the event of death or critical illness, or cover your payments in the event of a disability or involuntary job loss.
Why choose Creditor Insurance for your CIBC mortgage?
- Protection
This insurance will protect your mortgage and ensure you and your family can stay in your home if you are unable to work due to a disability, involuntary job loss, critical illness, or in the event of your death. - Instant coverage
Get on-the-spot approval with coverage beginning immediately if you can answer “No” to all of the health questions on the application and your CIBC mortgage is approved. - Convenience
Don’t worry about making separate payments for your insurance premiums. They’re added to your CIBC mortgage payment and are 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 CIBC mortgage, but you had insurance coverage on the CIBC mortgage you paid out, you may be eligible to have a portion of your new CIBC mortgage insured under Prior Coverage Recognition.
Customize your protection
Choose insurance for your CIBC mortgage that meets your needs to help financially protect against death, critical illness, disability or job loss.
Life Insurance1
Protect your family's home with life insurance for CIBC mortgage loans in the event of your death.
Critical Illness Insurance
If you're diagnosed with cancer, acute heart attack or stroke1, the Critical Illness Insurance can protect your mortgage.
Disability Insurance Plus
Have protection for your mortgage loan if you can't work due to a disability or lose your job through no fault of your own1.
Disability Insurance
Make sure your family's home is protected if you can't work due to a disability1.
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Terms and conditions
1 Life Insurance, Critical Illness Insurance, Disability Insurance Plus and Disability Insurance for CIBC Mortgage Loans are optional creditor's group insurance plans underwritten by The Canada Life Assurance Company (Canada Life) and administered by Canada Life and CIBC. CIBC receives fees from Canada Life for providing services to Canada Life regarding this insurance. Also, the risk under the group insurance policy may be reinsured, in whole or in part, to a reinsurer affiliated with CIBC. The reinsurer earns reinsurance income under this arrangement. Representatives promoting this insurance on behalf of CIBC may receive compensation. This insurance is subject to eligibility conditions, limitations and exclusions (which are circumstances when benefits are limited or not paid). For the complete terms and conditions, review the sample Certificate of Insurance (PDF, 310 KB) Opens a new window in your browser.. You can also contact Canada Life at 1-800-387-4495Opens your phone app. or visit canadalife.comOpens a new window in your browser.. The information in these pages is general only. Products and their features may change at any time. In case of discrepancy between the information and examples provided on these pages and your Certificate of Insurance, your Certificate of Insurance prevails.