Did you know?

76% of Canadian workers believe that a disability preventing them from working for three months would have serious financial consequences2.

Coverage and maximum benefit

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

What does Mortgage Disability Insurance cost?

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

Mortgage Disability Insurance 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
Under 30 $1.47
30 to 35 $1.84
36 to 40 $2.30
41 to 45 $2.99
46 to 50 $3.70
51 to 55 $4.60
56 to 60 $5.67
61 to 64 $6.15

Your monthly mortgage Disability Insurance premium = The fixed monthly benefit amount ÷ 100 x applicable premium rate.

You may be eligible for discounts on your premium

You may be eligible for discounts on your Mortgage Disability Insurance 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 discounts)

  • No discount will be applied to your 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.

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. Your monthly Mortgage 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 0.65 = $13.80.

Your monthly Disability Insurance premium with a tiered discount will be $34.50 + $17.25 + $13.80= $65.55 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 or Disability Insurance Plus on this mortgage loan, each Insured Person will receive a 15% discount on their Disability Insurance premium.

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

For you: $74.18 X 0.85 = $63.05 plus applicable taxes. 

Note: the 15% joint discount will also be applied to your co-borrower’s monthly Disability Insurance or Disability Insurance Plus premium (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, Critical Illness Insurance and/or Mortgage Life Insurance), all insured persons under the mortgage loan will receive a 5% discount on their premiums for all their coverages on the mortgage.

Example: assuming the same facts as in the tiered discount the 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 premium will be calculated as follows:

For you : $63.05 X 0.95 = $59.90 plus applicable taxes.

Note: the 5% bundle discount will also be applied to your co-borrower’s monthly Disability Insurance and Life Insurance premiums (calculation 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 the principal and interest portion of your total monthly mortgage loan payment (on the date you applied for Mortgage Disability Insurance) 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 for CIBC Mortgages?

To be eligible to apply for Disability Insurance 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 a CIBC mortgage;
  • Not receiving disability benefits from any source; or
  • Gainfully employed and be able to perform your regular duties of your principal occupation or your duties as a seasonal, contract or self-employed worker for at least 25 hours per week.

† 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 application (days do not need to be consecutive); or
  • is a member of the Canadian Forces.

Making a claim

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 after the date of loss, otherwise the claim may not be payable. Please refer to the claim form below for further details:

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, as well as 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

Let's get started

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

Terms and conditions

1 Disability Insurance for CIBC Mortgage 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). 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 1-800-387-4495 Opens your phone app.. Or you can visit canadalife.com Opens in a new window.. 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: Benefits Canada, Workers Unprepared for Financial Impact of Disabilities, January 20, 2015.

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