What does Life Insurance for CIBC Personal Loans cost?
Your personal loan life insurance premium is calculated and accumulated daily. Premiums are based your age on the date you receive the loan funds, the applicable premium rate from the table below and your loan’s daily outstanding principal balance.
Approximate personal loan life insurance monthly premium rate per $1,000 of the loan’s outstanding principal balance (applicable taxes will be added to your premium)†:
† 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.
†† When there are two people insured on the loan, the life insurance premium rate is based on the age of the older person.