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

Key benefits


In case of disability1, payments are made towards your CIBC Personal Loan principal and interest up to $200,000 across all insured loans (after a 30 day waiting period).

In case of job loss1, payments towards your CIBC Personal Loan interest are made up to a maximum period of 6 months (after a 30 day waiting period).

Instant coverage

Your coverage begins immediately on your approved CIBC Personal Loan once the loan funds are advanced and the insurance application is completed.


You don’t need to make separate payments for your Insurance premiums—they’re automatically added to your CIBC Personal Loan payment. 


Premiums are waived during the disability or job loss benefit period.

30-day review period

If you change your mind, you can cancel the insurance within the first 30 days of receiving the Certificate of Insurance and any premiums collected will be refunded.

Did you know? 

In Canada, in 2014, over 118,000 individuals filed a consumer proposal or personal bankruptcy. More than one-third were job related and another 15% due to illness, injury or health related problems2.

Get started

For more information about product terms and conditions or further assistance, please visit one of our banking centresOpens a new window in your browser or call CIBC’s Creditor Insurance Helpline at 1-800-465-6020.

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 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 limited or not paid), including pre-existing medical/health condition exclusions. Please download a sample copy of the Certificate of Insurance (PDF, 835 KB)  for the complete terms and conditions. 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: Joe Debtor - Causes of Insolvency Hoyes–Michalos, May 2015.