With disability insurance1, your family won’t have to worry about making the payments on your CIBC Personal Loan if you can no longer work due to a disability.

Disability Insurance for CIBC Personal Loans 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?

76% of Canadian workers believe that a disability preventing them from working for 3 months would have serious financial consequences.2

Payments are made (after a 30-day waiting period) to cover your personal loan’s regular payments, up to a maximum of $200,000

What does Disability Insurance for CIBC Personal Loans cost?

Your personal loan disability insurance premium is calculated and accumulated daily. Premiums are based on your age on the date you’ve received the loan funds, the applicable premium rate from the rate table below, and your loan’s regular payment amount of principal and interest. 

Approximate personal loan disability insurance monthly premium rate per $100 of the loan’s regular payment (applicable taxes will be added to your premium):

Age group

Single coverage

Under 30 $3.06
31 to 35 $3.34
36 to 40 $3.52
41 to 45 $3.70
46 to 50 $4.70
51 to 55 $5.40
56 to 60 $6.20
61 to 64 $7.00
65 to 69 N/A

 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.

To be eligible to apply for disability insurance on your personal loan, you must:

  • be approved for the personal loan; 
  • be a Canadian resident;
  • be 18 to 64 years old; 
  • not receive disability benefits from any source;
  • be gainfully employed and able to perform your regular duties of your principal occupation (for at least 25 hours per week) or your duties as a seasonal worker; and
  • not have more than $200,000 as the total outstanding principal balance of all your CIBC Personal Loans insured for disability or payment protector insurance under the group 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 your application (days don’t need to be consecutive); or 
  • is a member of the Canadian Armed Forces

You can make a claim using the claim form below (also available at CIBC Banking Centres) or by calling the CIBC’s Creditor Insurance 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 made to Canada Life within 120 days from the date of disability, otherwise the claim won’t be payable. For further details, refer to the Disability or Job Loss Insurance Claim form (PDF, 55 KB) Opens a new window in your browser..

Important documents and other information

Important documents

Your certificate of Insurance will contain the full details of your coverage, including benefits, cost, eligibility conditions, limitations and exclusions.

To help you make an informed decision, you can access sample certificates of insurance and other important documents below:

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 and conditions or further assistance, 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 Disability 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 a sample copy of the Certificate of Creditor Insurance for CIBC Personal Loans (PDF, 835 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: Benefits Canada, Workers Unprepared for Financial Impact of Disabilities, January 20, 2015

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