Life Insurance for CIBC Personal Lines of Credit

Help protect your family from financial hardships and get peace of mind with optional Life Insurance for CIBC Personal Lines of Credit (Life Insurance).

Interested in applying for Life Insurance for CIBC Personal Lines of Credit?

Call 1-800-465-2422 or visit one of our branches.

Life Insurance for CIBC Personal Lines of Credit could be right for you if any of the following apply:

• You have personal liability for a CIBC Personal Line of Credit (PLC) and/or CIBC Education Line of Credit (ELC) as a borrower, co-borrower or guarantor
• You need protection for your family in case of unforeseen events
• You don't have Life Insurance on 3 other CIBC PLC/ELCs

In the event your Life claim is approved, Sun Life Assurance Company of Canada (Sun Life) will pay the Life Insurance benefit to CIBC to reduce or pay off your insured PLC/ELC.

The Life insurance benefit* is the least of the following:

• The end-of-day balance of the PLC/ELC owing to CIBC on the date of death
• The credit limit of the PLC/ELC on the date of death
• The Sun Life approved maximum insurance coverage amount on the date of death
• $300,000

In addition, Sun Life will pay up to 6 months of PLC/ELC interest on the claim benefit amount between the date of death and the date the claim benefit is paid.

There is a maximum Life Insurance benefit payable for all your Life Insured CIBC PLC/ELCs of $750,000.

Key benefits

When would coverage begin?

If you are eligible to apply for Life Insurance, coverage can begin as soon as you are approved for the CIBC PLC/ELC, or the date you sign a completed Application for Creditor Insurance for CIBC Personal Lines of Credit if later, provided that your CIBC PLC/ELC credit limit is equal to or less than $100,000.

If the CIBC PLC/ELC credit limit exceeds $100,000, a Statement of Health will be required in order for Sun Life to determine if the excess coverage (coverage above $100,000) can be granted. Even if you are declined for the excess amount, the coverage up to $100,000 will remain in force. Sun Life will advise you in writing of the total amount of Insurance coverage available to you.

Trademarks and Disclaimers

* Products and their features may change at any time. This is a general description only. Some limitations and exclusions apply (including pre-existing condition exclusions). A detailed summary of the terms, conditions, benefits, limitations, exclusions and other provisions are contained in your Certificate of Insurance. Download a sample copy of the current Certificate of Insurance (260 KB) used for new customer enrolments or receive your copy upon enrolment. Life Insurance for CIBC Personal Lines of Credit is underwritten by Sun Life Assurance Company of Canada and is administered by Sun Life and CIBC.