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, 275 KB) Opens in a new window.. You can also contact Canada Life at 1-800-387-4495 Opens your phone app.. Or you can visit canadalife.com Opens in a new window.. 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.
† If you meet the terms of the special offer both the Basic and the Max Bundle (as set out in the chart below) provide a one-time partial refund of Creditor Insurance premiums under the Mortgage Loan. This partial refund represents a reduction of the amount of premium payable under the Certificate.
The special offer applies to the Creditor Insurance qualifying bundles that are described in the chart below (i.e., the Basic and Max Bundles). The Insurance coverage types may be held by one person, or, if there is more than one Insured Person under the same Mortgage Loan, the Insurance can be spread between the different Insured Persons. There is a limit of one premium refund per Mortgage Loan for the entire promotional period even if more than one Insured Person purchases a qualifying bundle.
If the conditions of this special offer are met, and continue to be met on August 31, 2023, CIBC, on behalf of Canada Life, will pay the amount of premium refund detailed in the chart below to the account that is debited for the Mortgage Loan and Insurance premium payments, by October 31, 2023.
The amount of premium refunded will be determined as follows:
- The Max Bundle premium refund will apply if three (3) different Insurance coverage types for the Mortgage Loan are in force for the period beginning on August 31, 2022 and ending on August 31, 2023 (the “May 2022 Qualifying Period”).
- The Basic Bundle premium refund will apply if two (2) different Insurance coverage types for the Mortgage Loan are in force for the May 2022 Qualifying Period.
If the qualifying bundle type changes during the May 2022 Qualifying Period from the Basic Bundle to Max Bundle, or from the Max Bundle to the Basic Bundle, then the Basic Bundle premium refund will apply.
No premium refund will be paid if an Insurance benefit has been approved or paid under the Mortgage Loan on or prior to August 31, 2023. Any coverage approved under prior coverage recognition is excluded from this special offer. CIBC may modify, extend, or withdraw the special offer at any time without prior notice to you.
Who is eligible for the special offer
In addition to meeting the eligibility conditions in the Certificate under the heading “Who can Apply”:
- You must be a Canadian resident;
- The application for your CIBC Mortgage Loan must be dated between March 1, 2022 and May 31, 2022;
- CIBC must fund your Mortgage Loan by August 31, 2022;
- The outstanding principal balance of the Mortgage Loan on the date you apply for Creditor Insurance and at the time your Mortgage Loan is funded must be at least $100,000;
- Your Mortgage Loan must not be refinanced during the May 2022 Qualifying Period; and
- You must apply for and Canada Life must approve your application for coverage for the Basic Bundle or the Max Bundle (as outlined in the chart below) at the time your Mortgage Loan is:
- Funded;
- Refinanced (excluding Mortgage Loans approved for rate exception related to existing Insurance coverage); or
- Transferred to CIBC from another financial institution;
and in any case, by August 31, 2022.
Premium Refund:
| Bundle |
Eligible coverage types |
Special Offer One-time Premium Refund Amount: |
If your Mortgage Loan at time of funding is at least $100,000 and up to $299,999 |
If your Mortgage Loan at time of funding is at least $300,000 and up to $499,999 |
If your Mortgage Loan at time of funding is $500,000 or more |
Basic bundle |
Canada Life approved two (2) of the following coverages under the Mortgage Loan:
- Life Insurance;
- Critical Illness Insurance; and
- Disability Insurance or Disability Insurance Plus (as applicable).
|
$150 |
$400 |
$800 |
Max bundle |
Canada Life approved three (3) of the following coverages for your Mortgage Loan:
- Life Insurance;
- Critical Illness Insurance; and
- Disability Insurance or Disability Insurance Plus (as applicable).
|
$250 |
$700 |
$1,000 |
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