Did you know?

Almost one quarter (23%) of Canadians say they aren’t at all financially prepared if they pass away too soon.2

Coverage and maximum benefit

Your CIBC personal loan is reduced or paid off up to $200,000. This amount is subject to certain conditions. For further details, refer to the Certificate of Creditor Insurance for CIBC Personal Loans (PDF, 190 KB) Opens in a new window.

What does Life Insurance for CIBC Personal Loans cost?

Your personal loan life insurance premium is calculated and accumulated daily. Premiums are based on your age on the date you receive the loan funds, the applicable premium rate from the table below and your loan’s daily outstanding principal balance.

Approximate personal loan life insurance monthly premium rate per $1,000 of the loan’s outstanding principal balance (applicable taxes will be added to your premium)†:

Age group

Single coverage

Joint coverage††
Under 30 $0.14 $0.22
31 to 35 $0.23 $0.37
36 to 40 $0.35 $0.56
41 to 45 $0.57 $0.91
46 to 50 $0.83 $1.33
51 to 55 $1.25 $2.00
56 to 60 $1.42 $2.27
61 to 64 $1.68 $2.69
65 to 69 $2.90 $4.64

† The monthly premium will vary depending on the number of days in the month. The above rate table is based on a year with 365 days spread over 12 equal months.

†† When there are two people insured on the loan, the life insurance premium rate is based on the age of the older person.

Eligibility requirements

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 18 to 69 years old; and 
  • Not have more than $200,000 as total outstanding principal balance of all your CIBC Personal Loans insured for life insurance under the group policy.

† A person who: 

  • has lived in Canada for a total of 183 days or more during the 365 days prior to the date of the insurance application (days do not need to be consecutive); or 
  • is a member of the Canadian Force.

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 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 within one year (3 years in Quebec) from the date of death. For further details, refer to the Life insurance claim form (PDF, 215 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 affiliated with CIBC may earn reinsurance income under this arrangement. Representatives promoting this insurance on behalf of CIBC may receive compensation.

Frequently asked questions

Get started

Call us: 1-877-868-8018 Opens your phone app.
Find a CIBC banking centre Opens in a new window.

Terms and conditions

1 Life Insurance for CIBC Personal 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 affiliated with CIBC may earn 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), including pre-existing medical/health condition exclusions. For the complete terms and conditions, review a sample copy of the Certificate of Creditor Insurance for CIBC Personal Loans (PDF, 190 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: Edward Jones via Leger online panel of 1564 Canadians in Oct 2016.

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