When you buy a home, you want security to go with it. Mortgage disability insurance1 can help. It helps provide financial protection for your CIBC Mortgage Loan if you can no longer work due to a disability, to help protect what is likely your family’s most important asset.

Key benefits

The maximum monthly benefit is $3,000 applied toward your CIBC Mortgage Loan payments, up to 24 months per claim (after a 60-day waiting period) and to a maximum of $150,000 per insured disability incident.2

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

You don’t have to make separate payments for your insurance premiums — they are added to your CIBC Mortgage Loan payment and 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 benefit period and no premiums are charged until your CIBC Mortgage Loan is funded.

Saving for two applicants
When two applicants are approved for Mortgage Disability 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?

1 in 3 working Canadians will experience a period of disability lasting longer than 90 days during their working lives3.

Get started

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

Terms and conditions

1 Disability Insurance for CIBC Mortgage Loans 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.

3Source: Benefits Canada, Workers Underestimate Likelihood of Disability, September 24, 2014.