When you buy a home, you want security to go with it. Mortgage disability insurance1 can help. It helps provide financial protection for your CIBC Mortgage if you can no longer work due to a disability, to help protect what is likely your family’s most important asset.
 

Key benefits

Protection

In case of disability1, up to $6,500 per month2 would be applied toward your CIBC Mortgage payments for up to 24 months (after a 30-day waiting period) to a maximum of $350,000 per incident of disability3.

Instant coverage

On-the-spot approval with coverage beginning immediately if you're eligible to apply and answer “No” to the health questions on the insurance application and your CIBC Mortgage is approved.

Premium Discounts

You may be eligible for tiered, joint, and bundle discounts on your Mortgage Disability Insurance premiums. These discounts can be combined and applied on top of or in addition to one another in this order: tiered, joint, and bundle. 

  • Premium discounts available for fixed monthly benefit over $1,500 (tiered discount). 
  • When two borrowers or guarantor on the mortgage loan are approved for Disability Insurance or Disability Insurance Plus, each insured person will receive an additional 15% discount on their Disability Insurance or Disability Insurance Plus premium (joint discount). 
  • If more than one coverage type is approved under the mortgage loan (i.e., in addition to Mortgage Disability, Mortgage Life Insurance or Mortgage Critical Illness Insurance is approved for one insured person, or between co-borrowers and/or guarantors), all insured persons under the mortgage loan will receive a 5% discount on their premiums for all their coverages on the mortgage loan (bundle discount).

30-day review period

Coverage includes a review period of 30 days from the date you receive your Certificate of Insurance. If you cancel your coverage during this review period, you will receive a full refund of any premiums paid.

Convenience

You don’t have to make separate payments for your insurance premiums — they're added to your CIBC Mortgage payment and automatically adjusted if you change the frequency of your CIBC Mortgage payment.

Prior coverage recognition

If you're declined for insurance coverage on your new CIBC Mortgage, but you had insurance coverage on the CIBC Mortgage you paid out, you may be eligible to have a portion of your new CIBC Mortgage insured under “Prior coverage recognition.”

Important documents and other information

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.

Did you know?

1 in 3 working Canadians will experience a period of disability lasting longer than 90 days during their working lives4.

Questions?

For more information about product terms and conditions or further assistance, please visit one of our banking centres or call CIBC's Creditor Insurance Helpline at 1-800-465-6020.