With payment protector 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 or lose your job through no fault of your own.

Payment Protector 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.

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

If you lose your job through no fault of your own, payments are made (after a 30-day waiting period) to cover your personal loan’s regular payments, up to a maximum period of 6 months.

What does Payment Protector Insurance for CIBC Personal Loans cost?

Your personal loan payment protector insurance premium is calculated and accumulated daily. Premiums are based 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 payment protector 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 $3.83
31 to 35 $4.18
36 to 40 $4.40
41 to 45 $4.63
46 to 50 $5.88
51 to 55 $6.75
56 to 60 $7.75
61 to 64 $8.75
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 Payment Protector Insurance on your CIBC Personal Loan, you must:

  • be approved for the personal loan;
  • be a Canadian resident;
  • be 18 to 64 years old;
  • be gainfully and continuously employed for at least 6 months and able to perform your regular duties of your principal occupation for at least 25 hours per week;
  • not have more than $200,000 as total outstanding principal balance for all your CIBC Personal Loans insured for disability or payment protector insurance under the group policy;
  • not receive disability benefits from any source;
  • not be a seasonal worker;
  • not have received notice of your pending unemployment; or
  • not be self-employed, an independent contractor, a controlling shareholder of your company or employed by a member of your immediate family.

 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 insurance application (days do not 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 Creditor 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 or job loss, otherwise the claim won’t be payable. For further details, refer to the Opens a new window in your browser.Disability or Job Loss Insurance Claim form (PDF, 55 KB) .

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 Payment Protector 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 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.

Trademarks