Life Insurance for CIBC Personal Loans*

Do you:

  • have a CIBC Personal Loan (as a borrower or co-borrower)?
  • need protection for your family in case you pass away?

Then Life Insurance for CIBC Personal Loans might be the right product for you.

Life Insurance for CIBC Personal Loans helps protect your family or dependents by reducing or paying off the outstanding principal balance of your insured CIBC personal loans. It also pays up to 6 months of accrued loan interest as charged by CIBC between the date of death and the date the claim benefit is paid, should you or your insured co-borrower die.

Disability Insurance for CIBC Personal Loans*

Do you:

  • have a CIBC Personal Loan (as a borrower or co-borrower)?
  • think you'll miss your loan payments if you're unable to earn your usual salary?

Then Disability Insurance for CIBC Personal Loans might be the right product for you.

Your loan’s regular payment amount of principal and interest will be made, as documented on your CIBC Personal Borrowing Agreement, or if renewed, the latest Loan Renewal Agreement document, plus any applicable insurance premiums on your insured CIBC Personal Loan(s) if you are unable to work due to a disability.

CIBC Payment Protector Insurance for CIBC Personal Loans*

Do you:

  • have a CIBC Personal Loan (as a borrower or co-borrower)?
  • worry about making your loan payments if you’re unable to earn your usual salary as a result of disability or job loss?

Then CIBC Payment Protector Insurance for CIBC Personal Loans might be the right product for you.

CIBC Payment Protector Insurance for CIBC Personal Loans bundles Disability Insurance and Job Loss Insurance into one package:

  • Job Loss
    The Insurer pays the interest payable on the loan to CIBC until you are no longer eligible for Job Loss benefits, up to a maximum period of 6 months for each Job Loss occurrence. Any insurance premiums owing during the Job Loss claim period are waived. This means that the loan's scheduled payments will be delayed during the Job Loss claim period and the term of the loan will be extended by the time period of each delay. You will be responsible for the loan's scheduled payments (including principal, interest and insurance premiums) during the extended period of the loan.
  • Disability
    Your loans regular payment amount of principal and interest will be made, as documented on your CIBC Personal Borrowing Agreement, or if renewed, the latest Loan Renewal Agreement document, plus any applicable insurance premiums on your insured CIBC Personal Loan(s) if you are unable to work due to a disability.

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Terms and conditions

* Products and their features may change at any time. This is a general description only. Some limitations and exclusions apply (including pre-existing condition exclusions). A detailed summary of the terms, conditions, benefits, limitations, exclusions and other provisions are contained in your Certificate of Insurance. Download a sample copy of the current Certificate of Insurance (PDF, 140 KB)  used for new customer enrollments, or receive your copy upon enrolment. Creditor Insurance for CIBC Personal Loans is underwritten by The Canada Life Assurance Company and administered by Canada Life and CIBC.

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