With Disability Insurance for CIBC Personal Lines of Credit1, underwritten by The Canada Life Assurance Company (Canada Life), it can help ensure you and your family are not worried about making the payments on your CIBC Personal Line of Credit (PLC) or Education Line of Credit (ELC), if you are unable to work due to a disability.

Key benefits

Up to $6,000 per month is applied towards your CIBC PLC/ELC payments for a maximum period of 24 months (after a 60-day waiting period)*.

Instant coverage
On-the-spot approval for a CIBC PLC/ELC up to $150,000* with coverage beginning immediately if you are eligible to apply and your CIBC PLC/ELC is approved.

You don’t need to make separate payments for your insurance premiums — they are automatically included to your PLC/ELC payment, and are detailed on your monthly statement.

Premiums are waived during the disability benefit period.

Premium discount of 10% on your PLC disability insurance when at least one applicant is approved for both PLC life and disability insurance.

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.

Did you know? 1 in 3 working Canadians will experience a period of disability lasting longer than 90 days during their working lives.2

Get started

For more information about product terms, conditions, limitations, exclusions and other provisions or further assistance, please visit one of our banking centres or call CIBC's Creditor Insurance Helpline at 1-800-465-6020.

Terms and conditions


*PLCs that exceed this amount require you to answer the application health questions. 

*The monthly disability benefit* is 3% of the least of the following: The end of day balance of the PLC/ELC owing to CIBC on the date you first become disabled. The credit limit of the PLC/ELC on the date you first become disabled. The Canada Life approved maximum insurance coverage amount on the date you first become disabled. The Capped Disability Benefit Amount $200,000. 

1 Disability Insurance for CIBC Personal Lines of Credit 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), including pre-existing medical/health condition exclusions. For the complete terms and conditions, please review the sample Certificate of Insurance (PDF, 170 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.

Source: Benefits Canada, Workers Underestimate Likelihood of Disability, September 24, 2014.