Your CIBC Mortgage Loan balance is reduced or paid off up to $750,000.
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 need to make separate payments for your insurance premiums — they are added to your 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.
No premium is charged until your mortgage loan is funded.
Prior coverage recognition
If you are declined for insurance coverage on your new mortgage loan but you had insurance coverage on the mortgage loan you paid out, you may be eligible to have a portion of your new mortgage loan insured under “Prior coverage recognition.”
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
1Mortgage Life Insurance is optional creditor's group insurance underwritten by The Canada Life Assurance Company 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 Source: CIBC Poll, October 30, 2014.