Creditor Insurance for CIBC Personal Lines of Credit

The monthly benefit is applied towards your regular monthly PLC payments and is 3% of the lowest of the following:

• The end-of-day balance on your insured PLC on the date you first become disabled
• The credit limit of your insured PLC on the date you first become disabled
• The maximum coverage amount for your insured PLC on the date you first become disabled
• The Capped Disability Benefit Amount^ⓘ
• $200,000

For Disability Insurance, a 30-day waiting period applies before benefits are payable.

• Your premium is calculated and accumulated daily. If you have PLC balance on any day, there will be a premium payable for that day.
• Your premium is based on your age on the on the first day of the month in which your premium is calculated, your PLC insured outstanding balance and the applicable premium rate as set out in your Certificate of Insurance (PDF, 220 KB) Opens a new window..
• The premium rate is per $1,000 of the end-of-day PLC insured outstanding balance (applicable taxes will be added to your premium) and is calculated as follows:
  • Your monthly PLC Life/Disability Insurance premium = the PLC insured outstanding balance × the applicable premium rate.

Please refer to the Certificate of Insurance for CIBC PLC for a complete description of how your insurance premiums are calculated, including premium rates and examples.

To learn more about submitting a claim for your creditor insurance, please visit our submit a claim page Opens a new window. for detailed information on the claims process, required documentation, and helpful resources to guide you through each step. There is also important information about submitting a claim, including important deadlines you must meet for your claim to be paid, in your Certificate of Insurance. If you have any further questions, reach out to our CIBC Creditor Insurance Helpline at 1-800-465-6020 Opens your phone app..

To be eligible to apply for Life Insurance on your CIBC PLC you must:

• Be approved for the PLC
• Be a Canadian resident^ⓘ
• Be over 18 and under 65 years old
• Be a borrower, co-borrower or guarantor on the CIBC PLC
• Not have more than three (3) life-insured personal lines of credit under the group insurance policy

To be eligible to apply for the Disability Insurance on your CIBC PLC you must:

• Be approved for the PLC
• Be a Canadian resident^ⓘ
• Be over 18 and under 65 years old
• Be a borrower, co-borrower or guarantor on a CIBC PLC
• Not be receiving disability benefits from any source
• Be gainfully employed as an employee or seasonal worker (such person must have worked for at least one previous season) and able to perform for at least 25 hours per week regular duties of your principal occupation

If your credit limit on the PLC is $150,000 or less, your insurance begins on the later of:

• The day CIBC approves your PLC or
• The day CIBC receives your signed and completed application

You don’t have to answer health questions when your credit limit is $150,000 or less.

If your credit limit is greater than $150,000, your insurance begins on the PLC up to $150,000 begins on the later of:

• The day CIBC approves your PLC or
• The day CIBC receives your signed and completed application

Your insurance coverage for the PLC balance in excess of $150,000 begins on the day Canada Life advises you in writing that it has approved your insurance coverage for the excess amount. You will be required to answer health questions. If your additional insurance isn’t approved, Canada Life will inform you in writing. However, insurance coverage for the PLC balance of $150,000 or less will remain in force.

Coverage could end for a number of reasons, such as when you reach the age of 70.

For a complete list, refer to the Certificate of Insurance for CIBC Personal Lines of Credit (PDF, 170 KB) Opens a new window..

The following are key limitations and exclusions. For a complete list, refer to the Certificate of Insurance for CIBC Personal Lines of Credit (PDF, 170 KB) Opens a new window..

A disability insurance benefit will not be paid if:

• Your approved insurance coverage is $150,000 or less and you become disabled — within 12 months after the date you first apply for insurance — from a condition for which you’ve received treatment in the 12 months immediately preceding the date of your first application
• You return to work for wages or profit during or after the waiting period but before the first scheduled benefit payment
• You aren’t completely unable to perform the regular duties of your full-time occupation or the essential duties of your principal occupation if you’re a seasonal worker
• You don’t provide sufficient proof of your disability to Canada Life
• You don’t stop working due to your disability

A life insurance benefit will not be paid if:

• Your approved insurance coverage is $150,000 or less and you die — within 12 months after the date you first apply for insurance — from a condition for which you’ve received medical treatment in the 12 months immediately preceding the date of your first application.
• Your death results from a self-inflicted injury within 2 years of the date your insurance begins.
• Your death results from events directly or indirectly related to:
  • Your use of any drug, poisonous substance, intoxicant (other than alcohol) or narcotic, unless taken according to the instructions of your physician.
  • Your operation of any motorized vehicle or watercraft while your ability to do so is impaired by drugs or alcohol, or with blood alcohol concentration in excess of legal limits in the jurisdiction where the operation occurred.
  • Your commission or attempted commission of a criminal offence, or
• You give false or incomplete information in your application or to any subsequent request for information, and Canada Life determines based on the correct or complete information that you don’t qualify for this insurance. In this case, your insurance coverage will be void and considered never to have been in force.

You can cancel this insurance at any time by either:

• Calling CIBC’s Creditor Insurance Helpline at 1-800-465-6020 Opens your phone app. or
• Completing the Creditor Insurance Cancellation form at a CIBC Banking Centre Opens a new window.

30-day review period:

You have 30 days from the date you receive your certificate of insurance to review your coverage and decide if it meets your needs. If you cancel your coverage during this 30-day review period, you’ll receive a full refund of any premiums paid.