When you buy a home, you want security to go with it. Mortgage Disability Insurance Plus1 helps provide financial protection for your CIBC Mortgage if you are unable to work due to a disability or lose your job through no fault of your own.

Mortgage Disability Insurance Plus is underwritten by The Canada Life Assurance Company (Canada Life). Purchase of this insurance is optional and is not required to obtain any CIBC product or service.

If you become disabled, up to $3,000 per month would be applied (after a 60-day waiting period) towards your CIBC mortgage loan payments for up to 24 months to a maximum of $150,000 per incident of disability.

If you lose your job through no fault of your own, up to $3,000 per month would be applied (after a 60-day waiting period) towards your CIBC mortgage loan payments for up to 6 months to a maximum of $50,000 for each incident of job loss.

What does Mortgage Disability Insurance Plus cost?

Premiums are based on your age on the date of your insurance application, the Fixed Monthly Benefit Amount and the applicable premium rate from the rate table below. 

Monthly Mortgage Disability Insurance Plus monthly premium rates per $100 of the Fixed Monthly Benefit Amount (applicable taxes will be added to your premium)††:

Age group

Mortgage disability insurance plus rate per $100

Under 30 $2.64
30 to 35 $2.99
36 to 40 $3.44
41 to 45 $4.09
46 to 50 $4.74
51 to 55 $5.74
56 to 60 $6.79
61 to 64 $7.29

Your monthly Mortgage Disability Insurance Plus premium = the Fixed Monthly Benefit Amount ÷ 100 × the applicable premium rate.

An example of single coverage calculation:
You are 36 years old on the date of your insurance application and the Fixed Monthly Benefit Amount is $1,000. Your monthly Mortgage Disability Insurance Plus premium would be calculated as follows:

$1,000 (Fixed Monthly Benefit Amount) ÷ 100 × $3.44 (the applicable premium rate based on age of 36) = $34.40 per month.

Savings for two applicants:
Two applicants that are approved for Disability Plus Insurance, save 5% off the combined single premium.

 The Fixed Monthly Benefit Amount means:

  • the benefit amount described in your application if you are approved for coverage. It is calculated by rounding off the principal and interest portion of your total monthly mortgage loan payment (on the date you applied for Mortgage Disability Insurance Plus) to the nearest $100, up to a maximum monthly benefit of $3,000; or
  • the amount communicated to you by the insurer, if you initially declined coverage but are eligible for coverage based on prior coverage you had.

†† If the CIBC mortgage payment frequency is other than monthly, your insurance premium will be adjusted accordingly.

Am I eligible to apply for Disability Insurance Plus for CIBC Mortgages?

To be for Disability Insurance Plus on your CIBC mortgage loan, you must be:

  • approved for the mortgage;
  • a Canadian resident;
  • 18 to 64 years old;
  • a borrower, co-borrower or guarantor on the mortgage; and
  • gainfully employed as a permanent employee, and working at least 25 hours per week.

Also, you must not be:

  • receiving disability benefits from any source;
  • a seasonal worker; or
  • self-employed, an independent contractor, a controlling shareholder of the company that employs you, or employed by a member of your immediate family or a company either owned or controlled by an immediate family member.

 A person who: 

  • has lived in Canada for a total of 183 days or more during the 365 days prior to the date of your insurance application (days do not need to be consecutive); or
  • is a member of the Canadian Forces.

Note: There are additional eligibility requirements that must be met at the time of submitting your claim for it to be approved. For more details, review the frequently asked questions and the Certificate of Insurance located under “Important documents and information.”

You can make a claim using the claim form below (also available at CIBC Banking Centres) or by calling the CIBC Creditor Insurance Helpline at 1-800-465-6020Opens your phone app.. We recommend that you make a claim as soon as possible following an insured event.

Notice and proof of claim must be made to Canada Life within 120 days from the date of disability or job loss, otherwise the claim will not be payable. Please refer to the claim form below for further details:

CIBC Mortgage Disability Insurance Plus Claim form (PDF, 55 KB) Opens a new window in your browser.

Important documents and other information

Important documents

Your Certificate of Insurance will contain the full details of your coverage, including benefits, cost, eligibility conditions, limitations and exclusions.

To help you make an informed decision, you can access sample certificates of insurance and other important documents below:

Information about CIBC

CIBC receives fees from the insurer, The Canada Life Assurance Company, for providing services to the insurer regarding this insurance. Also, the risk under the group 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.

Frequently asked Questions

Get started

For more information about product terms and conditions or further assistance, visit one of our banking centres or call CIBC's Creditor Insurance Helpline at 1-800-465-6020Opens your phone app


Terms and conditions

Disability Insurance Plus for CIBC Mortgages is optional creditor’s group insurance 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.. 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.

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