With life insurance1, your family won’t have to worry about making the payments on your CIBC Personal Line of Credit (PLC) or Education Line of Credit (ELC) in the event of your death.

Life Insurance for CIBC Personal Lines of Credit is underwritten by The Canada Life Assurance Company (Canada Life). Purchase of this insurance is optional and isn’t 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 pass away too soon.2

Your CIBC PLC or ELC is reduced or paid off up to $300,000, and up to $750,000 for a total of 3 CIBC Life Insured Personal or Education Lines of Credit. This is subject to certain conditions. For further details, refer to the Certificate of Creditor Insurance for CIBC Personal Lines of Credit (PDF, 170 KB) Opens a new window in your browser..

What does Life Insurance for CIBC Personal Lines of Credit cost?

Your PLC life insurance premium is calculated and accumulated daily. If you have a balance on any day, there will be a premium payable for that day. Your premium is based on your CIBC PLC or ELC insured outstanding balance and the applicable premium rate from the rate table below. Your premium rate is based on your age on the first day of the month in which your premium is calculated. 

Approximate monthly premium rate per $1,000 of the end-of-day insured outstanding balance of the CIBC PLC or ELC owed (applicable taxes will be added to your premium):

Age group

1 person

2 people††

18 to 30 $0.25 $0.41 
31 to 35 $0.25 $0.41 
36 to 40 $0.28 $0.46 
41 to 45 $0.40 $0.66
46 to 50 $0.53 $0.87
51 to 55 $0.69 $1.14
56 to 60 $0.95 $1.57
61 to 64 $1.45 $2.39
65 to 59 $2.25 $3.71

Your monthly PLC Life Insurance premium = the PLC insured outstanding balance × the applicable premium rate.

Your CIBC PLC or ELC insured outstanding balance is the lowest of:

  • end-of-day balance of the CIBC PLC or ELC; 
  • the credit limit; 
  • the life insurance coverage limit Canada Life communicated to you by letter (if applicable); or 
  • $300,000. 

The accumulated daily insurance premiums, plus any applicable taxes, are charged to the CIBC PLC or ELC on the billing date. 

An example of premium calculation for single coverage:
You’re 42 years old and your CIBC PLC or ELC balance is $50,000. Your life insurance premium for one day is calculated as follows: ($0.40 (applicable premium rate based on age 42) × 12 months ÷ 365 days) × ($50,000 insured balance ÷ $1,000) = $0.658. If your balance remained at $50,000 for the entire 30-day billing period the monthly premium would be the $0.658 daily rate added for the 30 days, which is $19.74. 

 The monthly premium will vary depending on the number of days in the month. The above rate table is based on a year with 365 days spread over 12 equal months.

†† If two people are insured on the PLC and each is approved for a different insurance coverage amount, the life insurance joint coverage premium rate is based on the age of the older person for the life insurance coverage amount that is common to both people. The life insurance premium for the additional insurance coverage amount is based on the age of the person insured (using the life insurance single coverage rate) for such additional coverage.

To be eligible to apply for life insurance on your CIBC PLC or ELC, you must:

  • be approved for the PLC or ELC; 
  • be a Canadian resident;
  • be 18 to 64 years old; 
  • be a borrower, co-borrower or guarantor on the CIBC PLC or ELC; and
  • not have more than 3 life-insured personal lines of credit under the group insurance policy.

 A person who: 

  • has lived in Canada for a total of 183 days or more during the 365 days prior to the date of the insurance application (days do not need to be consecutive); or 
  • is a member of the Canadian Forces.

You can make a claim using the claim form below (also available at CIBC Banking Centres) or by calling the CIBC Creditor 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 sent to Canada Life within 1 year from the date of death, or 3 years in Quebec. For further details, refer to the Life Insurance Claim form (PDF, 30 KB) Opens a new window in your browser..

Important documents and other information

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 affiliated with CIBC may earn 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, conditions, limitations, exclusions and other provisions or further assistance please visit one of our banking centres or call CIBC's Creditor Insurance Helpline at 1-800-465-6020Opens your phone app.


Terms and conditions

1 Life 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 affiliated with CIBC may earn 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, review the sample Certificate of Creditor Insurance for CIBC Personal Lines of Credit (PDF, 170 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.