With payment protector insurance1, your family won’t have to worry about making the payments on your CIBC Personal Loan, if you can no longer work due to a disability or lose your job through no fault of your own.
Payment Protector Insurance for CIBC Personal Loans is underwritten by The Canada Life Assurance Company (Canada Life). Purchase of this insurance is optional and isn’t required to obtain any CIBC product or service.
Disability insurance
Inability to work due to sickness or injury:
For the first 12 months of a disability insurance claim, you must be completely unable to perform your normal duties of your principal occupation (including seasonal employment).
Beyond the first 12 months of a disability insurance claim, for benefits to continue, you must be completely unable to perform any occupation for which you are reasonably suited by education, training, or experience.
Job loss insurance
Employment stopped, or was suspended, as a result of layoff, or termination by your employer through no fault of your own, and you are receiving Government of Canada Employment Insurance benefits. Job loss also means a temporary loss of employment due to unionized labour disputes, strikes or lockouts.
Benefit
Disability insurance
Pays a benefit (after a 30-day waiting period) equal to the loan’s regular payments of principal and interest, plus any applicable insurance premiums, up to the maximum benefit. The maximum benefit payable for all of your disability and payment protector-insured loans combined is $200,000.
Job loss insurance
Pays a benefit (after a 30-day waiting period) equal to the interest payable on your insured loan, up to the maximum benefit. Benefits will be paid during your period of unemployment, up to a maximum of 6 months per incidence of job loss. This means your loan’s scheduled payments will be delayed (after the 30-day waiting period) for the job loss claim period, and the term of your loan will be extended by the time period of the delay. Any insurance premiums owing during the job loss claim period will be waived. If you become disabled and lose your job at the same time, Canada Life will only pay disability insurance benefits.
What does Payment Protector Insurance for CIBC Personal Loans cost?
Your personal loan payment protector insurance premium is calculated and accumulated daily. Premiums are based your age on the date you’ve received the loan funds, the applicable premium rate from the rate table below and your loan’s regular payment amount of principal and interest.
Approximate personal loan payment protector insurance monthly premium rate per $100 of the loan’s regular payment (applicable taxes will be added to your premium)†:
Age group
Single coverage
Under 30
$3.83
31 to 35
$4.18
36 to 40
$4.40
41 to 45
$4.63
46 to 50
$5.88
51 to 55
$6.75
56 to 60
$7.75
61 to 64
$8.75
65 to 69
N/A
† 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.
Eligibility requirements
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 18 to 64 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 have more than $200,000 as total outstanding principal balance for all your CIBC Personal Loans insured for disability or payment protector insurance under the group policy;
Not receive disability benefits from any source;
Not be a seasonal worker;
Not have received notice of your pending unemployment; or
Not be self-employed, an independent contractor, a controlling shareholder of your company or employed by a member of your immediate family.
† 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 Armed 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 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 120 days from the date of disability or job loss, otherwise the claim won’t be payable. For further details, refer to the claim form:
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 sample certificates 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
Your insurance coverage begins on the day that you receive the loan funds — the “Effective Date” — provided that CIBC receives a completed and signed application for Creditor Insurance for CIBC Personal Loans.
Payment protector insurance coverage ends for a number of reasons including:
The date when 6 months of job loss insurance benefits have been paid per occurrence of job loss.
The date you received 12 months of disability insurance benefit payments, and you are able to perform any occupation for which you are reasonably suited by education, training or experience.
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; or
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; or
You give a false or incomplete response to requests for information that Canada Life requires to adjudicate your claim.
Benefits are payable after a 30-day waiting period following the date of disability or involuntary job loss. You’re responsible for payments on your personal loan during the waiting period and until your claim is approved.
Completing the Creditor Insurance Cancellation form at a CIBC Banking Centre.
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.
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 Payment Protector 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 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.. For more information 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.
