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

Key benefits


  • In case of disability1, up to $3,000 per month2 would be applied toward your CIBC Mortgage Loan payments for up to 24 months (after a 60-day waiting period) to a maximum of $150,000 per incident of disability
  • In case of involuntary job loss1, up to $3,000 per month2 would be applied toward your CIBC Mortgage Loan payments for up to 6 months (after a 60-day waiting period) to a maximum of $50,000 for each incident of job loss

Instant coverage
On-the-spot approval with  coverage beginning immediately if you are eligible to apply and  answer “No” to the health questions on your insurance application and your CIBC Mortgage Loan is approved.

You don’t need to make separate payments for your insurance premiums — they are added to your CIBC Mortgage Loan payment and are automatically adjusted if you change the frequency of your CIBC Mortgage Loan payment.

30-day review period
If you change your mind, you can cancel the insurance within the first 30 days of receiving the Certificate of Insurance and any premiums collected will be refunded. 

Premiums are waived during the disability or job loss benefit period and no premiums are charged until your CIBC Mortgage Loan is funded.

Savings for two applicants
When two applicants are approved for Disability Plus Insurance, save 5% off the combined single premium rate.

Prior coverage recognition
If you are declined for insurance coverage on your new CIBC Mortgage Loan, but you had insurance coverage on the CIBC Mortgage Loan you paid out, you may be eligible to have a portion of your new CIBC Mortgage Loan insured under “Prior coverage recognition.”

Did you know?

In Canada in 2014, over 118,000 individuals filed for a consumer proposal or personal bankruptcy. More than one-third were job related and another 15% due to illness, injury or health related problems3.

Get started

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

Terms and conditions

1Disability 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, please review the sample Certificate of Insurance (PDF, 200 KB) . 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.

2 The fixed monthly benefit amount is calculated by rounding the principal and interest portion of your total monthly Mortgage Loan payment on the date you applied for Mortgage Disability Insurance to the nearest $100, up to a maximum monthly benefit of $3,000. If your Mortgage Loan payments are not monthly, this amount is adjusted as described in the Certificate of Insurance. Once your application for coverage is approved, your fixed monthly benefit amount will not change for the life of your Mortgage Loan unless you cancel and reapply. The maximum amount of benefits paid for each insured person for each incident of disability across all insured CIBC Mortgage Loans is $150,000. This maximum applies to your insurance claims under all of your Mortgage Disability Insurance and Mortgage Disability Insurance Plus insured Mortgage Loans.

3 Source: Joe Debtor -  Causes of Insolvency Hoyes–Michalos, May 2015.