When you buy a home, you want security to go with it. Mortgage Life Insurance1 can help protect what’s likely one of your family’s most important assets by paying off or reducing your mortgage loan in the event of your death. 

Mortgage Life 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?

Almost one-quarter (23%) of Canadians say they aren’t at all financially prepared if they were to pass away too soon2.

Your CIBC mortgage balance is reduced or paid off up to $750,000.

This amount is subject to certain conditions. Please refer to the Certificate of Insurance for CIBC Mortgages (PDF, 310 KB) Opens a new window in your browser. for further details.

What does Mortgage Life Insurance cost?

Your Mortgage Life Insurance premium is based on your age on the date of your insurance application, the initial insured amount of your mortgage and the applicable premium rate from the rate table below.

Mortgage Life Insurance monthly premium rates per $1,000 of the initial insured amount of your mortgage (applicable taxes will be added to your premium):

Age group

Single coverage

Joint coverage††

Under 30 $0.08 $0.15
30 to 35 $0.13 $0.22
36 to 40 $0.20 $0.34
41 to 45 $0.29 $0.49
46 to 50 $0.43 $0.68
51 to 55 $0.64 $0.90
56 to 60 $0.90 $1.19
61 to 64 $0.97 $1.62

Your monthly Mortgage Life Insurance premium = the initial insured amount of your mortgage ÷ 1,000 × applicable premium rate.

An example of single coverage calculation:

You are 36 years old on the date of your insurance application and the initial insured amount of your mortgage is $150,000. The monthly mortgage insurance premium would be calculated as follows:

$150,000 (initial insured amount of your mortgage) ÷ 1,000 × $0.20 (the applicable premium rate based on age 36) = $30.00.

 If your CIBC mortgage payment frequency is other than monthly, your insurance premium will be adjusted accordingly.

†† Joint rate is based on the age of the older applicant.

Am I eligible to apply for Life Insurance for CIBC Mortgages?

To be eligible to apply for Life Insurance on your CIBC mortgage loan, you must:

  • be approved for the mortgage;
  • be a Canadian resident;
  • be 18 to 64†† years old;
  • be a borrower, co-borrower or guarantor on the mortgage; and
  • have less than $750,000 of life insurance coverage on all your life-insured CIBC mortgage loans.

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

†† Available for up to 69 years old under Prior Coverage Recognition (PCR). 

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 one year (3 years in Quebec) from the date of death. Refer to the claim form for further details:

Life Insurance for Mortgages Claim form (PDF, 30 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, limitations and exclusions.

To help you make an informed decision, you can access a sample certificate 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

Get started

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 Mortgage Life Insurance is an 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. 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: Edward Jones via Leger online panel of 1564 Canadians in Oct 2016.


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