Creditor Insurance for CIBC Personal Loans

For Disability Insurance and Job Loss Insurance, there is a 30-day waiting period before benefits are payable.

Your insurance coverage begins on the day your CIBC Personal Loan funds are advanced, as long as CIBC has received your completed and signed application for Creditor Insurance for CIBC Personal Loans.

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. There is also important information about submitting a claim, including important deadlines you must meet for your claim to be paid, in your Certificate of Insurance. If you have any further questions, feel free to reach out to the CIBC Creditor Insurance Helpline at 1-800-465-6020 Opens your phone app..

To be eligible to apply for Disability Insurance on your CIBC Personal Loan, you must:

• Be approved for the personal loan
• Be a Canadian resident^ⓘ 
• Be over 18 and under 65 years old
• Not receive disability benefits from any source
• Be gainfully employed and able to perform your regular duties of your principal occupation (for at least 25 hours per week) or your duties as a seasonal worker

Only one person can be insured for either Disability Insurance or CIBC Payment Protector Insurance on the loan.

To be eligible to apply for Payment Protector Insurance on your CIBC Personal Loan, you must:

• Be approved for the personal loan
• Be a Canadian resident^ⓘ 
• Be over 18 and under 65 years old
• Be gainfully and continuously employed for at least 6 months and able to perform your regular duties of your principal occupation for at least 25 hours per week
• Not be a seasonal worker, self-employed, an independent contractor, a controlling shareholder of your company or employed by a member of your immediate family

Only one person can be insured for either Disability Insurance or CIBC Payment Protector Insurance on the loan.

To be eligible to apply for Life insurance coverage on your CIBC Personal Loan, you must:

• Be approved for the personal loan
• Be a Canadian resident^ⓘ 
• Be over 18 and under 70 years old
• Have less than $200,000 of total outstanding principal balance for all your CIBC Personal Loans insured for Life Insurance under the Group Policy, including the loan being applied for

Only one or two people can be insured for Life Insurance on the loan.

Premiums for Life Insurance

• Your premium is calculated and accumulated daily.
• It's based on the following factors:
  • Your age on the date you’ve received the loan funds
  • The applicable premium rate set out in your Certificate of Insurance and the daily outstanding principal balance of your loan
• The premium rate is per $1,000 of the loan’s outstanding principal balance (applicable taxes will be added to your premium)

Premiums for Disability and Payment Protector Insurance

• Your premium is calculated and accumulated daily.
• It's based on the following factors:
  • Your age on the date you’ve received the loan funds
  • The applicable premium rate set out in your Certificate of Insurance
  • Your loan’s regular payment principal and interest
• The premium rate is per $100 of the loan’s regular payment (applicable taxes will be added to your premium).

For premium rates and examples of calculation, please refer to the Certificate of Insurance for CIBC Personal Loans (PDF, 205 KB) Opens a new window..

Coverage could end for a number of reasons, such as when you reach the age of 70.

For a complete list, refer to the Certificate of Creditor Insurance for CIBC Personal Loans (PDF, 205 KB) Opens a new window..

The following are key limitations and exclusions. For a complete list, refer to the Certificate of Insurance for CIBC Personal Loans (PDF, 210 KB) Opens a new window..

A life insurance benefit will not be paid if:

• You die within 12 months of the Effective Date of your insurance from a condition for which you’ve consulted with a physician, taken medication or received treatment in the 12 months before your insurance application
• You commit suicide within 2 years of the Effective Date of your insurance
• Your death results from events 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
• Your insurance isn’t in force on the date of death

A disability insurance benefit payment will not be paid if:

• You become disabled within 12 months of the Effective Date of your insurance, or from a condition for which you’ve consulted a physician or received treatment in the 12 months before your insurance application
• Your disability results from a self-inflicted injury
• Your disability results from events 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
• You give a false or incomplete response to requests for information that Canada Life requires to approve your claim

A job loss insurance benefit payment will not be paid if:

• You don’t provide sufficient proof of your continuing receipt of Government of Canada Employment Insurance benefits to Canada Life
• You’ve received notice of your pending unemployment in the 90 days prior to applying for CIBC Payment Protector Insurance
• You’re terminated by your employer for cause
• You quit, resign, retire or voluntarily terminate your employment
• You give a false or incomplete response to requests for information that Canada Life requires to adjudicate your claim

You can cancel this insurance at any time by either:

• Calling CIBC’s Creditor Insurance Helpline at 1-800-465-6020 Opens your phone app.
• Completing the Creditor Insurance cancellation form at a CIBC Banking Centre Opens a new window.

Your 30-day review period:

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.