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Your CIBC Personal Loan offers you a simple and convenient borrowing solution to help you achieve your goals. But should something unexpected happen, the right insurance coverage can help keep your and your family’s financial future protected.
Creditor Insurance for CIBC Personal Loans, underwritten by The Canada Life Assurance Company (Canada Life), can help to pay off or reduce your balance in the event of death or cover your payments in the event of a disability or involuntary job loss.
Why choose Creditor Insurance for your CIBC Personal Loan?
- Protection
This insurance will protect your CIBC Personal Loan and make sure your monthly payments are made if you can’t work due to a disability or involuntary job loss, or help pay off or reduce your balance in the event of your death. - Instant coverage
Get on-the-spot approval for the CIBC Personal Loan insurance with coverage beginning immediately when your personal loan is approved and you’ve received the loan funds. - Convenience
Don’t worry about making separate payments for your insurance premiums. They’re automatically included in your CIBC Personal Loan payments and detailed in your monthly statements.
Customize your protection
Choose insurance for your personal loan that meets your needs to financially protect against death, disability or involuntary job loss.
Disability Insurance1
Protect your and your family’s ability to make the payments on your CIBC Personal Loan If you can’t work due to a disability.
Learn moreabout Disability Insurance for CIBC Personal Loans.
Payment Protector Insurance1
Make sure your loan payments are covered if you lose your job through no fault of your own or can’t work due to a disability.
Learn moreabout Payment Protector Insurance for CIBC Personal Loans.
Life Insurance2
Have peace of mind knowing that your family can pay off or reduce your loan balance in the event of your death.
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Terms and conditions
1 Disability Insurance, Payment Protector Insurance and Life Insurance for CIBC Personal Loans 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 Loans (PDF, 205 KB) Opens a new window in your browser.. You can also contact Canada Life at 1-800-387-4495Opens your phone app. or visit canadalife.com/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.