Help protect your family's home with Disability Insurance Plus for CIBC Mortgage, underwritten by The Canada Life Assurance Company (Canada Life), if you are unable to work due to a disability or involuntary job loss
Interested in applying for Mortgage Disability Insurance Plus?
Call 1-866-321-3639 Opens your phone app.
When you buy a home, you want security to go with it. Mortgage Disability Insurance Plus 1 can help. It helps provide financial protection for your CIBC Mortgage if you are unable to work due to a disability or lose your job through no fault of your own.
In case of disability 1 , up to $3,000 per month 2 would be applied toward your CIBC Mortgage payments for up to 24 months (after a 60-day waiting period) to a maximum of $150,000 per incident of disability.
In case of involuntary job loss 1 , up to $3,000 per month 2 would be applied toward your CIBC Mortgage payments for up to 6 months (after a 60-day waiting period) to a maximum of $50,000 for each incident of job loss.
On-the-spot approval with coverage beginning immediately if you're eligible to apply and answer “No” to the health questions on your insurance application and your CIBC Mortgage is approved.
You don’t need to make separate payments for your insurance premiums — they're added to your CIBC Mortgage payment and are automatically adjusted if you change the frequency of your CIBC Mortgage payment.
When 2 applicants are approved for Disability Plus Insurance, save 5% off the combined single premium rate.
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.”
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.
In Canada in 2019, just under 140,000 individuals filed for a consumer proposal or personal bankruptcy. Almost one-third of them were job-related and another 19% due to illness, injury or health related problems 3 .
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. .
Terms and conditions Show or hide1 Disability Insurance Plus for CIBC Mortgage 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 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, review the Certificate of Insurance (PDF, 130 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 The fixed monthly benefit amount is calculated by rounding the principal and interest portion of your total monthly Mortgage Loan payment on the date you applied for Mortgage Disability Insurance to the nearest $100, up to a maximum monthly benefit of $3,000 . If your Mortgage Loan payments are not monthly, this amount is adjusted as described in the Certificate of Insurance. Once your application for coverage is approved, your fixed monthly benefit amount will not change for the life of your Mortgage Loan unless you cancel and reapply. The maximum amount of benefits paid for each insured person for each incident of disability across all insured CIBC Mortgage Loans is $150,000 . This maximum applies to your insurance claims under all of your Mortgage Disability Insurance and Mortgage Disability Insurance Plus insured Mortgage Loans.
3 Source: Joe Debtor - Causes of Insolvency – Hoyes Michalos, 2019.