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Notable Financial Companies
CIBC Life Insurance Company
CIBC (The Canadian Imperial Bank of Commerce) offers creditor insurance, life and disability insurance products, travel insurance and health insurance. Generally their insurance policies are intended to only protect your Personal Line of Credit (LOC) or mortgage held at their institution. As CIBC does not have their own life insurance underwriting and policy issue departments, their insurance policies are underwritten by Sun Life Assurance Company of Canada (Sun Life) and are only available to CIBC clients. All insurance policies are jointly administered by Sun Life and CIBC.
As with traditional Creditor Insurance, in the event of death or disability and once your claim is approved, CIBC will receive the Insurance Benefit directly from Sun Life to cover the LOC or mortgage balance (in the case of death) or loan payments (in the case of disability). There are many different options and scenarios when purchasing a CIBC Insurance product, so be sure to explore all options in order to make an informed decision.
Some limitations and exclusions may apply when obtaining a life or disability insurance product from CIBC, such as a pre-existing medical condition. The maximum death benefit payable for any life insured Line of Credit is $750,000. CIBC also offers their Million Dollar Maximum Accident Plan which covers up to $1 million in the case of accidental death on a bus, plane, train or subway; and up to $100,000 if in an automobile; and up to $25,000 for any other accidental death. The maximum disability benefit is $200,000.
Insurance Products Offered
A type of insurance many home-owners purchase to guarantee that a mortgage is paid off in the event of their death. The beneficiary is usually the lending institution.
|Term Life Insurance
A class of products often used to insure certain debts and obligations against someone's death for a specific length of time.
Insurance that covers common risks and losses while traveling abroad, such as stolen luggage, many travel complications and most importantly, many medical risks.
Head Office LocationCIBC Life Insurance
PO Box 3020
Mississauga, Ontario L5A 4M2