When you pick a home, need coverage to go with it. Mortgage Life insurance policies step 1 will help cover what is actually likely one of your own family’s foremost property by paying from or reducing your mortgage in case of the demise.

Home loan Life insurance try underwritten by Canada Lives Assurance Company (Canada Lives). Purchase of so it insurance is elective which is not required in order to obtain people CIBC service or product.

Their Home loan Coverage premium will be based upon your actual age with the time of one’s insurance coverage application, the initial insured quantity of your own mortgage and the applicable premium rates regarding the speed dining table less than.

Financial Coverage month-to-month premium rates per $step one,000 of one’s initial insured level of your financial (applicable fees could well be set in your own premium):

The monthly Mortgage Life insurance coverage premium = the original covered number of your own home loan ? step 1,000 ? appropriate advanced rates.

Very important documents

The Certificate away from Insurance have a tendency to keep the full specifics of your coverage, as well as advantages, pricing, qualification standards, limitations and you can exclusions.

Tip: Down load the form from the proper-pressing the new document and looking Save yourself connect because. Then you’re able to discover they having fun with Adobe Acrobat Viewer.

Factual statements about CIBC

CIBC obtains costs regarding the insurer, The fresh Canada Lifetime Guarantee Organization, to have getting qualities on insurance company regarding so it insurance. And, the chance according to the category plan may be reinsured, in whole or even in area, to an effective reinsurer connected to CIBC. The newest reinsurer loans Newton brings in reinsurance money lower than which plan. Representatives promoting it insurance coverage on the behalf of CIBC will get receive settlement

Faqs

• You have got replied No to any or all relevant health inquiries on the application; and
• The CIBC Home loan could have been accepted.

In all almost every other things, the new insurance provider (The fresh Canada Lifetime Promise Organization) usually comment your application. Whether your software program is acknowledged, new insurer have a tendency to help you on paper of the go out your own insurance policies initiate. When your application is not approved, the insurance carrier will give you a notice off decline.

Publicity could prevent for a number of most other grounds. To have a whole range of reasons, reference the fresh Certificate away from Insurance rates getting CIBC Mortgages (PDF, 310 KB) Opens up into the a special windows.

A life insurance coverage work with are not paid off when the:

There are many restrictions and you may exclusions. To have an entire listing, consider the fresh new Certificate from Insurance policies for CIBC Mortgage loans (PDF, 310 KB) Reveals inside the a separate screen.

30-date comment several months:

You have got a month about go out obtain their Certificate out of Insurance to examine your own visibility and determine when it meets your needs. For people who cancel your exposure in this 31-go out review several months, might located a full refund of every premium paid off.

Start-off

To learn more regarding equipment terms and conditions or subsequent advice, phone call CIBC’s Collector Insurance coverage Helpline during the 1-800-465-6020 Opens your own cell phone application. .

Terms and conditions

1 Home loan Life insurance is an optional creditor’s group insurance underwritten by the Canada Life Promise Providers (Canada Lives) and you may given by Canada Lifetime and you can CIBC. CIBC get charges of Canada Lifestyle to possess providing services in order to Canada Lifestyle off that it insurance rates. Plus, the risk within the classification insurance plan is reinsured, entirely or even in area, in order to an effective reinsurer affiliated with CIBC. The latest reinsurer brings in reinsurance income not as much as so it plan. Agencies promoting so it insurance policies for CIBC get found settlement. So it insurance policy is at the mercy of qualification requirements, restrictions and you can exceptions (which happen to be facts when benefits is limited or perhaps not repaid). To your done conditions and terms, remark the newest test Certificate regarding Insurance coverage (PDF, 275 KB) Opens in the another type of screen. . You may want to get in touch with Canada Lifestyle from the 1-800-387-4495 Opens up your own cellular telephone application. . O r you can travel to canadalife Opens up inside a unique windows. . Everything during these pages are standard just. Products and its keeps get transform any time. In case of discrepancy between the information and you can advice offered into this site along with your Certification away from Insurance rates, the Certificate out-of Insurance rates prevails.