When you buy a home, you want security to go with it. Mortgage Life Insurance can help. It provides you with up to $750,000 in coverage, so that your family's most important asset is protected.
Should you pass away and your claim is approved, the outstanding principal balance of your mortgage on the day you pass away would be reduced or paid off (up to a maximum of $750,000 for all your life insured CIBC brand mortgages.)
Mortgage Life Insurance provides security to both you and your insured co-borrower/guarantor. If your co-borrower/guarantor does not qualify for Mortgage Life Insurance, you can still apply.
Saves you time
If you answer "No" to the Health Question on the insurance application and your mortgage is approved, your approval for the insurance is automatic.
Insurance premiums are added to your mortgage payment and are automatically adjusted if you change the frequency of your mortgage payment.
30-day review period
If you decide that you don't need this valuable protection, you may cancel within the 30-day review period and any premiums collected will be refunded!
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
Mortgage Life Insurance is optional creditor's group insurance underwritten by The Canada Life Assurance Company and administered by Canada Life and CIBC. This insurance is subject to eligibility conditions, limitations and exclusions (which are circumstances when benefits are limited or not paid). For more information download a sample copy of the current Certificate of Insurance (PDF, 175 KB) used for new client enrollments. This is a general description only. Products and their features may change at any time.