When you buy a home, you want security to go with it. Mortgage Disability Insurance Plus1 helps provide financial protection for your CIBC Mortgage if you are unable to work due to a disability or lose your job through no fault of your own or if self-employed, your business has closed permanently for causes not within your control.

Mortgage Disability Insurance Plus is underwritten by The Canada Life Assurance Company (Canada Life). Purchase of this insurance is optional and is not required to obtain any CIBC product or service.

If you become disabled, up to $6,500 per month would be applied (after a 30-day waiting period) towards your CIBC mortgage loan payments for up to 24 months to a maximum of $350,000 per incident of disability.

If you lose your job through no fault of your own, up to $6,500 per month would be applied (after a 30-day waiting period) towards your CIBC mortgage loan payments for up to 6 months to a maximum of $125,000 for each incident of job loss.

What does Mortgage Disability Insurance Plus cost?

Your monthly Mortgage Disability Insurance Plus premiums are calculated by adding together your (i) disability insurance premiums; and (ii) job loss insurance premiums.

Premiums are based on your age on the date of your insurance application, the fixed monthly benefit amount† and the applicable premium rate from the rate table below. 

Monthly Mortgage Disability Insurance Plus monthly premium rates per $100 of the fixed monthly benefit amount (applicable taxes will be added to your premium)††:

Age group

Mortgage Disability Insurance rate per $100

Mortgage Job Loss Insurance rate per $100
Under 30 $1.47 $1.50
30 to 35 $1.84 $1.50
36 to 40 $2.30 $1.50
41 to 45 $2.99 $1.50
46 to 50 $3.70 $1.50
51 to 55 $4.60 $1.50
56 to 60 $5.67 $1.50
61 to 64 $6.15 $1.50

Your monthly Disability Insurance Plus premium is the sum of two premiums: the Disability Insurance premium and the Job Loss insurance premium.

Your monthly Mortgage Disability Insurance premium = (fixed monthly benefit amount ÷ 100 × the applicable premium rate) plus applicable taxes.

Your monthly Job loss Insurance premium = (fixed monthly benefit amount ÷ 100 × $1.50) plus applicable taxes.

You may be eligible for discounts on your premium

You may be eligible for discounts on your Mortgage Disability Insurance Plus premiums. These discounts (tiered, joint, and bundle) can be combined and applied on top of or in addition to one another in this order: tiered, joint, and bundle. 

Savings for fixed monthly benefits over $1,500 (Tiered Discount)

  • No discount will be applied on the Disability insurance premium for fixed monthly benefit amounts up to $1,500. 
  • A 25% discount will be applied on the Disability Insurance premium for fixed monthly benefit amounts over $1,500 up to $2,500.
  • A 35% discount will be applied on the Disability Insurance premium for fixed monthly benefit amounts over $2,500 up to $6,500.

There is no tiered discount for Job Loss insurance.  

An example of Mortgage Disability Insurance premium calculation with a tiered discount:

You are 36 years old on the date of your insurance application and the fixed monthly benefit amount is $4,000 on your mortgage loan. Your monthly Disability Insurance premium would be calculated as follows:

Premium rate applicable for a 36 year old: $2.30 per $100 of fixed monthly benefit: 

  • Premium for the fixed monthly benefit up to $1,500: ($1,500/100) X 2.30 = $34.50.
  • Premium for the fixed monthly benefit over $1,500 up to $2,500: ($1,000/100) X 2.30 X 0.75 = $17.25.
  • Premium for the fixed monthly benefit over $2,500 up to $4,000: ($1,500/100) X 2.30 X 0.4 = $13.80.

Your monthly Disability Insurance premium with a tiered discount will be $34.50 + $17.25 + $13.80 = $65.55 plus applicable taxes.

Add Job Loss insurance premium of $1.50 per $100 of fixed monthly benefit = $4,000/100 x 1.50 = $60.00 plus applicable taxes.

Total Disability Insurance Plus premium: $65.55 + $60.00 = $125.55 plus applicable taxes.

Savings for two applicants (joint discount):

If you and another borrower or guarantor on the mortgage loan, apply and are approved for Disability Insurance Plus or Disability Insurance on this mortgage loan, each Insured Person will receive a 15% discount on their Mortgage Disability Insurance Plus or Disability Insurance premium.

Example: Assuming the same facts as in the tiered discount example above (and applying the tiered discount to the premium calculation), if a co-borrower on the mortgage loan is approved for Disability Insurance Plus or Disability Insurance, the monthly premium would be calculated as follows: 

For you: $134.18 X 0.85 = $114.05 plus applicable taxes.

Note: the 15% joint discount will also be applied to your co-borrower’s monthly Disability Insurance Plus or Disability Insurance premiums (calculation not provided in this example).

Save more with more than one coverage type (bundle discounts):

If more than one coverage type is approved under the Mortgage loan (i.e., in addition to Mortgage Disability Insurance Plus, Critical Illness and/or Mortgage Life Insurance is approved for one insured person, or between co-borrowers and/or guarantors), all insured persons under the mortgage loan will receive a 5% discount on their premiums for all their coverages on the mortgage loan. 

Example: assuming the same facts as in the tiered discount example above (and applying the tiered and joint discount to the premium calculation), if a co-borrower on the mortgage loan is approved for both Disability Insurance and Life Insurance, your monthly Disability Insurance plus premium will be calculated as follows: 

For you: $114.05 X 0.95 = $108.35 plus applicable taxes.

Note: the 5% bundle discount will also be applied to your co-borrower’s monthly Disability Insurance Plus and Life Insurance premiums (calculation is not provided in this example). 

Use the Mortgage Payment Calculator to calculate your estimated mortgage amount, including estimated mortgage creditor insurance premiums.

† fixed monthly benefit amount means:

  • the benefit amount described in your application if you are approved for coverage. It is calculated by rounding off the principal and interest portion of your total monthly mortgage loan payment (on the date you applied for Mortgage Disability Insurance Plus) to the nearest $100, up to a maximum monthly benefit of $6,500; or
  • the amount communicated to you by the insurer, if you initially declined coverage but are eligible for coverage based on prior coverage you had.

†† If the CIBC mortgage payment frequency is other than monthly, your insurance premium will be adjusted accordingly.

Am I eligible to apply for Disability Insurance Plus for CIBC Mortgages?

To be eligible to apply for Disability Insurance Plus on your CIBC mortgage loan, you must be:

  • approved for the mortgage;
  • a Canadian resident†;
  • 18 to 64 years old;
  • a borrower, co-borrower or guarantor on the mortgage; and
  • gainfully employed and able to perform your regular duties of your principal occupation or your duties as a self-employed, seasonal or independent contract worker for at least 25 hours per week.

Also, you must not be:

  • receiving disability benefits from any source;

† 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 Forces.

Note: There are additional eligibility requirements that must be met at the time of submitting your claim for it to be approved. For more details, review the frequently asked questions and the Certificate of Insurance located under “Important documents and information.”

You can make a claim using the claim form below (also available at CIBC Banking Centres) or by calling the CIBC Creditor Insurance Helpline at 1-800-465-6020 Opens 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 no later than one year from the date of disability or job loss, otherwise the claim may not be payable. Please refer to the claim form below for further details:

Job loss insurance claim form (PDF, 215 KB) Opens in a new window.

Disability insurance claim form (PDF, 390 KB) Opens in a new window.

  Tip: Download the form by right-clicking the file and selecting “Save link as.” You can then open it using Adobe Acrobat Reader.

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 a sample certificate of insurance and other important documents below.

  Tip: Download the form by right-clicking the file and selecting “Save link as.” You can then open it using Adobe Acrobat Reader.

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 earns reinsurance income under this arrangement. Representatives promoting this Insurance on behalf of CIBC may receive compensation.

Frequently asked Questions

Get started

Call us at  1-866-321-3639 Opens your phone app.
Find a CIBC Banking Centre Opens a new window in your browser.

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 1-800-465-6020 Opens your phone app.. 

Terms and conditions

1 Disability Insurance Plus for CIBC Mortgages 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). For the complete terms and conditions, review the sample Certificate of Insurance (PDF, 275 KB) Opens in a new window.. You can also contact Canada Life at 1-800-387-4495Opens your phone app. or visit canadalife.comOpens 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.

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