The right insurance coverage can be important to help protect you and your family’s financial future. Creditor Insurance for CIBC Personal Loans1, underwritten by The Canada Life Assurance Company (Canada Life) can help pay off or reduce your balance in the event of your death, or cover your payments in the event you are unable to work due to a disability or involuntary job loss. Choose protection for your CIBC Personal Loan to meet your needs.

Get greater security for you and your family:

If you are unable to work due to a disability:

With disability insurance1, help protect you and your family’s ability to make the payments on your CIBC Personal Loan if you are unable to work due to a disability.

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If you become unable to work due to a disability or lose your job:

With Payment Protector Insurance for CIBC Personal Loans1, help protect you and your family’s ability to make the payments and interest on your CIBC Personal Loan if you’re unable to work due to a disability or lose your job through no fault of your own.

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In the event of death:

With life insurance1 help protect your family’s ability to help pay off or reduce your CIBC Personal Loan balance in the event of death.

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Did you know?

Job loss and illness or injury account for more than half of all personal bankruptcies in Canada. Job loss accounts for almost 40% of personal bankruptcies2.

74% of surveyed Canadians said they’d have difficulty with expenses if a primary earner were to pass away3


Terms and conditions

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 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 for the complete terms and conditions. Please review the sample Certificate of Insurance (PDF, 140 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: Joe Debtor -  Causes of Insolvency Hoyes–Michalos, May 2015.

Source: LIMRA 2013 Canadian Ownership Study.

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