Life Insurance for CIBC Mortgages

Help protect your family’s home, in the event of your death, with Life Insurance for CIBC Mortgage, underwritten by The Canada Life Assurance Company (Canada Life). Interested in applying for Mortgage Life Insurance?
Call 1-866-321-3639 Opens your phone app.

When you buy a home, you want security to go with it. Mortgage life insurance¹ can help protect what’s likely one of your family’s most important assets by helping to provide financial protection for your mortgage in the event of your death.

Key benefits

Protection

Your CIBC Mortgage balance is reduced or paid off up to $750,000.

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.

Convenience

You don’t need to make separate payments for your insurance premiums — they're added to your 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 mortgage but you had insurance coverage on the mortgage loan you paid out, you may be eligible to have a portion of your new 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.

Questions?

For more information about product terms and conditions or further assistance please visit one of our banking centres Opens in a new window. Or you can call CIBC’s Creditor Insurance Helpline at 1-800-465-6020 Opens your phone app..

Did you know?

Nearly half of Canadians polled dealt with a major unexpected event or emergency during the past year that required most of them either to borrow money or dip into their savings to cover the unplanned costs².