You’ve worked hard to secure a home. Help protect your mortgage against an unexpected loss of income and ensure that your family can continue to stay in the home.
80% of Canadian homeowners are uninsured or underinsured.ⓘ This means that many families could experience financial stress in paying their mortgage in case of an unforeseen event.
Why choose creditor insurance for your CIBC Mortgage?
Buying a home is one of the biggest financial decisions you make, so it is important to have a plan to protect your mortgage. Optional Creditor Insurance for CIBC Mortgagesⓘ can help pay off or reduce your mortgage balance in the event you pass away or are diagnosed with a covered critical illness, and can help with your mortgage payments in case of disability or job loss.
Creditor Insurance for CIBC Mortgages is underwritten by The Canada Life Assurance Company.
A "Mortgage" on these CIBC Creditor Insurance webpages means a loan (excluding lines of credit) that is either secured by a charge registered against residential real/immovable property or is unsecured and in respect of a residential property on reserve land, treaty land or Aboriginal title land.
Video: Creditor Insurance for CIBC Mortgages (3:22)
Watch a quick video to learn more about this insurance.
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Security
Creditor insurance can help you feel financially confident against life’s unexpected events. Whether your income is suddenly reduced due to a job loss, disability, covered critical illness, or there is an unexpected loss of life, have a plan in place that can help manage one of your biggest financial obligations.
Instant approval
Get on-the-spot approval if you can answer “No” to the health questions on the application and your CIBC Mortgage is approved, with coverage beginning when the mortgage has funded.
Simple claims process
Focus on what matters during challenging times with our easy claims process. Get all the support you need to complete your claim by visiting your local banking centre or contacting our Creditor Insurance Helpline for assistance at 1-800-465-6020 Opens your phone app..
Explore your coverage options
Learn about the different coverages available to you that can help safeguard your home and financial well-being.
Mortgage Life Insurance for CIBC Mortgages
This Insurance can help pay off or pay down your mortgage balance if you were to pass away. It can help ensure that your family continues to stay in the home.
Maximum benefits
Up to $1,000,000 paid toward your Mortgage balance if you were to pass away.
Joint discount
Enjoy a 15% discount on Life Insurance premiums when two people are insured with Life Insurance coverage on the same Mortgage.
Bundle discount
Get a 5% discount on premiums if the same Mortgage is insured with more than one coverage.
Additional eligibility conditions apply. Please refer to the Certificate of Insurance for complete details.
Mortgage Critical Illness Insurance for CIBC Mortgages
This insurance can help pay off or pay down your Mortgage balance in the event of a covered cancer, heart attack, stroke, or if you undergo coronary artery bypass surgery, so that you can concentrate on your recovery.
Maximum benefits
Up to $500,000ⓘ paid toward your mortgage balance in the event of a covered critical illness.
Joint discount
Enjoy a 15% discount on your Critical Illness premiums when two people are insured with Critical Illness insurance coverage on the same Mortgage.
Bundled discount
Get a 5% discount on premiums if the same Mortgage is insured with more than one coverage.
Additional eligibility conditions apply. Please refer to the Certificate of Insurance for complete details.
Mortgage Disability Insurance Plus — Disability and Job Loss
This Insurance helps with your Mortgage payments if a disability prevents you from working or when you lose a job through no fault of your own. It helps you manage your financial responsibilities so you can concentrate on your recovery or while you are looking for your next job.
Maximum benefits for disability
In the case of a disability, this insurance pays towards the principal and interest of your CIBC Mortgage payment up to $6,500 per month, for up to 24 months and a maximum of $350,000 per incident of disability.
A 30-day waiting period applies.
Maximum benefits for involuntary unemployment
If you become unemployed through no fault of your own, this insurance pays towards the principal and interest of your CIBC Mortgage payment up to $6,500 per month, for up to 6 months and a maximum of $125,000 for each incident of job loss.
A 30-day waiting period applies.
Multiple discounts
Joint discount: Enjoy a 15% discount on your Disability Insurance Plus premiums when two people are insured with Disability Insurance or Disability Insurance Plus coverage on the same Mortgage.
Bundle discount: Get a 5% discount on premiums if the same mortgage is insured with more than one coverage.
Am I eligible to apply?
You must be:
A Canadian resident
Over 18 and under 65 years old
Employed and able to work for at least 25 hours per week
Approved for a CIBC Mortgage
Additional eligibility conditions apply. Please refer to the Certificate of Insurance for complete details.
Mortgage Disability Insurance
This Insurance can help you with your mortgage payments if a disability prevents you from working. It can help you manage one of your biggest financial responsibilities so you can focus on your recovery.
Maximum benefits
If you become disabled, this insurance pays towards the principal and interest of your CIBC Mortgage payment up to $6,500 per month, for up to 24 months and a maximum of $350,000 per incident of disability.
A 30-day waiting period applies.
Joint discount
Enjoy a 15% discount on your Disability Insurance premiums when two people are insured with Disability Insurance or Disability Insurance Plus coverage on the same mortgage.
Bundle discount
Get a 5% discount on premiums if the same mortgage is insured with more than one coverage.
Am I eligible to apply?
You must be:
A Canadian resident
Over 18 and under 65 years old
Employed for at least 25 hours per week
Approved for a CIBC Mortgage
Additional eligibility conditions apply. Please refer to the Certificate of Insurance for complete details.
This Insurance can help pay off or pay down your mortgage balance if you were to pass away. It can help ensure that your family continues to stay in the home.
Maximum benefits
Up to $1,000,000 paid toward your Mortgage balance if you were to pass away.
Joint discount
Enjoy a 15% discount on Life Insurance premiums when two people are insured with Life Insurance coverage on the same Mortgage.
Bundle discount
Get a 5% discount on premiums if the same Mortgage is insured with more than one coverage.
Additional eligibility conditions apply. Please refer to the Certificate of Insurance for complete details.
Mortgage Critical Illness Insurance for CIBC Mortgages
This insurance can help pay off or pay down your Mortgage balance in the event of a covered cancer, heart attack, stroke, or if you undergo coronary artery bypass surgery, so that you can concentrate on your recovery.
Maximum benefits
Up to $500,000ⓘ paid toward your mortgage balance in the event of a covered critical illness.
Joint discount
Enjoy a 15% discount on your Critical Illness premiums when two people are insured with Critical Illness insurance coverage on the same Mortgage.
Bundled discount
Get a 5% discount on premiums if the same Mortgage is insured with more than one coverage.
Additional eligibility conditions apply. Please refer to the Certificate of Insurance for complete details.
Mortgage Disability Insurance Plus — Disability and Job Loss
This Insurance helps with your Mortgage payments if a disability prevents you from working or when you lose a job through no fault of your own. It helps you manage your financial responsibilities so you can concentrate on your recovery or while you are looking for your next job.
Maximum benefits for disability
In the case of a disability, this insurance pays towards the principal and interest of your CIBC Mortgage payment up to $6,500 per month, for up to 24 months and a maximum of $350,000 per incident of disability.
A 30-day waiting period applies.
Maximum benefits for involuntary unemployment
If you become unemployed through no fault of your own, this insurance pays towards the principal and interest of your CIBC Mortgage payment up to $6,500 per month, for up to 6 months and a maximum of $125,000 for each incident of job loss.
A 30-day waiting period applies.
Multiple discounts
Joint discount: Enjoy a 15% discount on your Disability Insurance Plus premiums when two people are insured with Disability Insurance or Disability Insurance Plus coverage on the same Mortgage.
Bundle discount: Get a 5% discount on premiums if the same mortgage is insured with more than one coverage.
Am I eligible to apply?
You must be:
A Canadian resident
Over 18 and under 65 years old
Employed and able to work for at least 25 hours per week
Approved for a CIBC Mortgage
Additional eligibility conditions apply. Please refer to the Certificate of Insurance for complete details.
Mortgage Disability Insurance
This Insurance can help you with your mortgage payments if a disability prevents you from working. It can help you manage one of your biggest financial responsibilities so you can focus on your recovery.
Maximum benefits
If you become disabled, this insurance pays towards the principal and interest of your CIBC Mortgage payment up to $6,500 per month, for up to 24 months and a maximum of $350,000 per incident of disability.
A 30-day waiting period applies.
Joint discount
Enjoy a 15% discount on your Disability Insurance premiums when two people are insured with Disability Insurance or Disability Insurance Plus coverage on the same mortgage.
Bundle discount
Get a 5% discount on premiums if the same mortgage is insured with more than one coverage.
Am I eligible to apply?
You must be:
A Canadian resident
Over 18 and under 65 years old
Employed for at least 25 hours per week
Approved for a CIBC Mortgage
Additional eligibility conditions apply. Please refer to the Certificate of Insurance for complete details.
Premiums and discounts
Premiums are paid monthly, and are calculated based on factors such as your age at the time of your application and the coverage selected.
To know more about how the premiums are calculated, please refer to the FAQ.
Tools
Mortgage payment calculator
Get a premium quote with the CIBC Mortgage payment calculator. Estimate your mortgage costs with optional creditor insurance.
There may be one or more discounts applicable to your mortgage creditor insurance premiums. These can be combined and added to one another.
For example, you may be eligible for an additional discount on life and critical illness insurance premiums for initial insured amounts over $300,000, and on disability insurance premiums for fixed monthly benefit amounts (as defined in your Certificate of Insurance) over $1,500.
Coverage begins on the date CIBC receives your signed and completed insurance application if:
You have answered “No” to all applicable health questions on the application
Your CIBC Mortgage has been approved
In all other situations, the insurer (The Canada Life Assurance Company) will review your application. If your application is approved, the insurer will advise you in writing of the date your insurance begins. If your application is not approved, the insurer will provide you with a notice of decline.
For Disability Insurance Plus and Disability Insurance, a 30-day waiting period applies before benefits are payable.
For Critical Illness insurance, benefits are payable after a 30-day survival period. This means that the benefit will not be paid if you die within 30 days after being diagnosed (as defined in your Certificate of Insurance).
How will my Life and Critical Illness Insurance premiums be calculated?
The premium rate is per $1,000 of the initial insured amount of your mortgage (applicable taxes will be added to your premium) and is calculated as follows:
Your monthly Mortgage Life/Critical Illness Insurance premium = the initial insured amount of your mortgage ÷ 1,000 × applicable premium rateⓘ
Your monthly Mortgage Disability Insurance Plus premiums are calculated by adding together your (i) disability insurance premiums; and (ii) job loss insurance premiums
The premium rate is per $100 of the fixed monthly benefit amounti (applicable taxes will be added to your premium) and is calculated as follows:
Your monthly Mortgage Disability/Job loss Insurance premium = (fixed monthly benefit amount ÷ 100 × the applicable premium rateⓘ) plus applicable taxes
Coverage could end because of a number of reasons. For example:
Life and Critical Illness insurance coverages end when you reach the age of 70
Disability and Disability Insurance Plus coverages end when you reach the age of 65
Be a borrower, co-borrower or guarantor on the mortgage
Be gainfully employed as an employee, seasonal worker (such person must have worked for at least one previous season), independent contractor or self-employed worker and be able to perform, for at least 25 hours per week, regular duties of your principal occupation
Not be receiving disability benefits from any source at the time of application
To be eligible to apply for Disability Insurance on your CIBC Mortgage, you must:
Be a borrower, co-borrower or guarantor on a CIBC Mortgage
Not be receiving disability benefits from any source at the time of application
Be gainfully employed as an employee, seasonal worker (such person must have worked for at least one previous season), independent contractor or self-employed worker and be able to perform for at least 25 hours per regular duties of your principal occupation
To learn more about submitting a claim for your creditor insurance, please visit our submit a claim page for detailed information on the claims process, required documentation and helpful resources to guide you through each step. If you have any further questions, reach out to our CIBC Creditor Insurance Helpline at 1-800-465-6020 Opens your phone app..
You give false or incomplete information in your application or to any subsequent request for information, and Canada Life determines based on the correct or complete information that you don’t qualify for this insurance (misrepresentation)
The insurance is not in force on the Date of Death, Date of Diagnosis, Date of Disability or Date of Job Loss
Your death, disability or critical illness is directly or indirectly related to:
Your use of any drug, poisonous substance, intoxicant (other than alcohol) or narcotic, unless taken according to the instructions of your physician
Your operation of any motorized vehicle or watercraft while your ability to do so is impaired by drugs or alcohol, or with blood alcohol concentration in excess of legal limits in the jurisdiction where the operation occurred
Your commission or attempted commission of a criminal offence
A Life Insurance benefit will not be paid if:
Your death results from a self-inflicted injury within two years of the date your insurance begins
A Critical Illness Insurance benefit will not be paid if:
You die within 30 days after being diagnosed with a critical illness
Your illness is not one of the covered critical illnesses stated in the certificate of insurance
A Disability Insurance benefit payment will not be paid if:
You return to work for wages or profit during the waiting period or after the waiting period but before the first scheduled benefit payment
You aren’t completely unable to perform your regular duties of your full-time occupation or the essential duties of your principal occupation as a seasonal worker
You don't provide satisfactory proof of your disability to Canada Life
You don’t stop working due to your disability
A Job Loss Insurance benefit payment will not be paid if:
You return to work for salary, wages or profit for a minimum of 25 hours per week during the waiting period or after the waiting period but before the first scheduled benefit payment
You do not provide satisfactory proof of your continuing receipt of Government of Canada Employment Insurance benefits to Canada Life
You are terminated by your employer for cause
You quit, resign, retire or voluntarily terminate your employment
If you are self-employed, and the closure of your business has not been registered with the applicable provincial or federal government authority
If you are an independent contractor or seasonal worker and your employment ended on the pre-determined time limit or end date in your employment or services contract
If you are a seasonal worker and you are not actively working for at least 25 hours per week after the agreed upon start date indicated in your employment or services contract
You can cancel this insurance at any time by either:
You have 30 days from the date you receive your Certificate of Insurance to review your coverage and decide if it meets your needs. If you cancel your coverage during this 30-day review period, you’ll receive a full refund of any premiums paid.
