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Creditor Insurance for CIBC Mortgages, underwritten by The Canada Life Assurance Company (Canada Life), can help pay off, or reduce your mortgage, or cover your payments, should the unexpected occur.
Choose insurance that meets your needs for your CIBC Mortgage to help financially protect against death, critical illness, disability or job loss.
In the event of death
With Mortgage Life Insurance1 you can help ensure your family is able to remain in your family’s home in the event of death.
If you become critically ill
Help protect your family’s home with Mortgage Critical Illness Insurance1 if you are diagnosed with cancer, acute heart attack, or a stroke.
If you are unable to work due to a disability or lose your job
Help protect your family’s home with Mortgage Disability Insurance Plus1 if you are unable to work due to a disability or if you lose your job through no fault of your own.
If you are unable to work due to a disability
Help protect your family’s home with Mortgage Disability Insurance1 should you face an unforeseen event and become unable to work due to a disability.
Did you know?
In Canada in 2014, over 118,000 individuals filed a consumer proposal or personal bankruptcy. More than one-third were job-loss related and another 15% due to illness, injury or health related problems2.
74% of surveyed Canadians said they’d have difficulty with expenses if a primary earner were to pass away3.
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Terms and conditions
1 Life Insurance, Critical Illness Insurance, Disability Insurance Plus and Disability Insurance for CIBC Mortgage Loans are 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, download a sample copy of the Certificate of Insurance (PDF, 195 KB) .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: Joe Debtor - Causes of Insolvency Hoyes–Michalos, May 2015.
3 Source: LIMRA 2013 Canadian Ownership Study.
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