Disability Insurance Plus for Mortgages

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 Plus¹ 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.

Key benefits

Protection

In case of disability¹, up to $3,000 per month² 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 loss¹, up to $3,000 per month² 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.

Instant coverage

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.

Convenience

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.

Savings for 2 applicants

When 2 applicants are approved for Disability Plus Insurance, save 5% off the combined single premium rate.

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?

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 problems³.

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..

Disability Insurance Plus for CIBC Mortgages