When you buy a home, you want security to go with it. Mortgage Disability Insurance1 can provide financial protection for your CIBC mortgage loan if you are no longer able to work due to a disability.

Mortgage Disability Insurance 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.

Did you know?

76% of Canadian workers believe that a disability preventing them from working for three months would have serious financial consequences2.

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

What does Mortgage Disability Insurance cost?

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

Mortgage Disability Insurance 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 $1.35
30 to 35 $1.70
36 to 40 $2.15
41 to 45 $2.80
46 to 50 $3.45
51 to 55 $4.45
56 to 60 $5.50
61 to 64 $6.00

Your monthly mortgage disability insurance premium = The Fixed Monthly Benefit Amount ÷ 100 x 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 premium would be calculated as follows: $1,000 (Fixed Monthly Benefit Amount) ÷ 100 × 2.15 (applicable premium rate based on age of 36) = $21.50 per month.

Savings for two applicants: 
Two applicants that are approved for Disability 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 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; 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 for CIBC Mortgages?

To be eligible to apply for Disability Insurance 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 a CIBC mortgage;
  • Not receiving disability benefits from any source; or
  • Gainfully employed and be able to perform your regular duties of your principal occupation or your duties as a seasonal worker for at least 25 hours per week.

† 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 application (days do not need to be consecutive); or
  • is a member of the Canadian Forces.

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, otherwise the claim will not be payable. Please refer to the claim form below for further details:

CIBC Mortgage Disability Insurance 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, as well as 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

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

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, review the sample Certificate of Insurance (PDF, 310 KB) Opens a new window in your browser.. You can also contact Canada Life at 1-800-387-4495Opens your phone app. or visit canadalife.comOpens 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.

2 Source: Benefits Canada, Workers Unprepared for Financial Impact of Disabilities, January 20, 2015.

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