Disability Insurance for CIBC Mortgages

Coverage begins on the date CIBC receives your signed and completed insurance application if:

• You have answered “No” to all applicable health questions on the application; and
• Your CIBC Mortgage loan has been approved.

In all other situations, the insurer (The Canada Life Assurance Company) will review your application. If your application is approved, the insurer will advise you in writing of the date your insurance begins. If your application is not approved, the insurer will provide you with a notice of decline.

Disability insurance coverage ends when you reach the age of 65. 

Coverage would also end for a number of other reasons. For a complete list, refer to the Certificate of Insurance for CIBC Mortgages (PDF, 310 KB) Opens a new window in your browser.

A Disability Insurance benefit payment will not be paid if:

• you return to work for wages or profit during the waiting period or after the waiting period but before the first scheduled benefit payment 
• You aren’t completely unable to perform your regular duties of your full-time occupation or the essential duties of your principal occupation if you are a seasonal worker;
• You don’t provide satisfactory proof of your disability to Canada Life;
• You don’t stop working due to your disability;
• You give false or incomplete information in your application or to any subsequent request for information, and Canada Life determines based on the correct or complete information that you don’t qualify for this insurance (misrepresentation).

There are other limitations and exclusions. For a complete list, refer to the Certificate of Insurance (PDF, 310 KB) Opens a new window in your browser.

Benefits are payable after a 60-day waiting period following the date of disability. You are responsible for your regular mortgage payments during the waiting period and until your claim is approved.

30-day review period: 

You have 30 days from the date you receive your Certificate of Insurance to review your coverage and decide if it meets your needs. If you cancel your coverage during this 30-day review period, you will receive a full refund of any premiums paid.