Insurance coverage types

Mortgage Life Insurance:

Pay off or reduce the outstanding insured balance of your CIBC Mortgage Loan in the event of your death up to $1,000,000 for all your life-insured CIBC Mortgages combined.

Mortgage Critical Illness Insurance:

Pay off or reduce the outstanding insured balance of your CIBC Mortgage Loan if you’re diagnosed with a covered critical illness (such as life-threatening cancer, acute heart attack, stroke, or you undergo coronary artery bypass surgery) up to $500,000 for all your critical illness insured CIBC Mortgage Loans combined.

Mortgage Disability Insurance:

Pays a fixed monthly benefit amount up to $6,500, subject to a 30-day waiting period, for a maximum payment period of 24 months that’s applied to your monthly CIBC mortgage payments in the event you’re unable to work due to a disability (such as an illness or injury). The maximum total benefit payable for each incident of disability for all your disability-insured CIBC mortgage loans combined is $350,000.

Mortgage Disability Insurance Plus (Disability and job loss coverage):

Disability Insurance: Please see the benefits described in the Disability Insurance section.

Job Loss Insurance:

Pays a fixed monthly benefit amount up to $6,500, subject to a 30-day waiting period, for a maximum payment period of 6 months that’s applied to your monthly CIBC mortgage payments in the event you’re involuntarily terminated by your employer (not for cause) and you’re eligible to receive Government of Canada Employment Insurance benefits or you’re unable to work due to a disability (such as an illness or injury). The maximum total benefit payable for each incident of job loss for all your job loss-insured CIBC mortgage loans combined is $125,000.

Learn more about Creditor Insurance for CIBC Mortgages (PDF, 386 KB) Opens in a new window.