CIBC Life Insurance Company is a wholly-owned subsidiary of the Canadian Imperial Bank of Commerce (CIBC), one of Canada’s “Big Five” banks.
CIBC’s roots date back to 1867 as the Canadian Bank of Commerce. In 1961, the landmark merger with Imperial Bank solidified its position as a global institution. Building on this legacy of stability, the bank launched its insurance division in 1995 to provide straightforward, accessible protection. CIBC Life Insurance leverages that institutional strength to offer reliable and straightforward products that are easy for Canadians to purchase and manage.
Important Note (updated January 5, 2026): CIBC has PAUSED new sales for Term Life, Critical Illness, Guaranteed Acceptance, and Accident Protection.
What Types of Life Insurance Does CIBC Offer?
Let’s take a closer look at the specific life insurance policies available from CIBC Life Insurance.
CIBC Term Life Insurance
Term life insurance provides temporary coverage for a set period. Key features of CIBC’s offerings are:
- Term Lengths: 10-year and 20-year terms available.
- Coverage Amounts: $50,000 to $5,000,000
- Premiums: Level premiums, meaning your payment is guaranteed not to increase for the duration of your chosen term
- Expiry Age: Coverage expires at age 75
- Conversion: Option to convert to permanent life insurance up to age 75 (must convert before your 65th birthday)
- Application: A medical exam can be waived for coverage up to $500,000 for applicants under age 50 in good health
CIBC 10-Year Term Life Insurance
CIBC 10-Year Term Life Insurance is available to applicants aged 18 to 65. At the end of each 10-year term, the policy can be renewed for another 10 years at higher premiums, or locked in for the next 10 years, up until the expiry age of 75.
Who it’s best for: New parents looking to protect their family, Young adults buying a home, Individuals needing coverage for major debts or expenses in the near term.
CIBC 20-Year Term Life Insurance
CIBC 20-Year Term Life Insurance policy keeps premiums constant for the first 20 years. This can be an ideal time to protect young families. This policy is available to applicants aged 18 to 55. It also renews every 20 years with higher locked-in premiums until the expiry age of 75.
Who it’s best for: Parents with new babies or young children, Individuals needing an extended period of coverage, or Anyone looking to lock in lower premiums for 20 years.
Included Feature: Terminal Illness Benefit
Both term policies include an optional Terminal Illness Benefit rider. This provides the option to access up to 50% of the coverage amount, up to $250,000, if diagnosed with a terminal illness with less than 12 months to live. This advance payment can help cover medical and end-of-life costs not covered by provincial healthcare or other insurance. (more information at CIBC Term Life Insurance and CIBC Critical Illness Insurance – cibc.com)
Consideration: Converting Term to Permanent Coverage
CIBC Term Life policyholders have the flexibility to convert their 10-year or 20-year term policy to permanent life insurance (term 100) that lasts their entire life. To convert their term policy, the insured must be under age 65.
Converting to permanent insurance allows clients to maintain their existing coverage without any gaps in protection. It also prevents having to re-qualify medically for a new policy later in life when health conditions could arise.
CIBC Critical Illness Insurance
CIBC Critical Illness Insurance provides a one-time, lump-sum payment if you are diagnosed with a covered condition: Cancer (life‑threatening), Heart Attack, Coronary Artery Bypass Surgery, and Stroke. A 90‑day waiting period applies for life-threatening cancer, and a 30‑day survival period applies for all covered conditions.
Similar to term life insurance, CIBC offers 10-year and 20-year critical illness policies that can be converted before age 65. The available coverage amounts range from $15,000 to $200,000.
Who it’s best for: Anyone who wants to protect their savings and income from the financial impact of a serious illness. It is a crucial supplement to disability insurance and provincial health plans.
CIBC Guaranteed Acceptance Life Insurance
This is a permanent life insurance policy designed for those who may not qualify for traditional, medically underwritten insurance due to age or health issues. It offers coverage from $5,000 to $25,000 for applicants aged 40 to 74. The premiums are level and will not increase as long as the insured’s smoking status remains the same.
Outstanding features of this product are:
- Accidental Death: Pays 5x the coverage amount if death is due to an accident before age 80.
- Living Benefit: Pays 50% of the death benefit if diagnosed with a terminal illness after the policy is in effect for 2 years (see details at Guaranteed Acceptance Life Insurance – cibc.com)
This guaranteed acceptance option from CIBC Life Insurance can provide essential coverage for older Canadians who may not qualify for traditional underwritten life insurance.
Who it’s best for: Seniors looking to cover final expenses like funeral costs and small debts, or individuals unable to qualify for fully underwritten life insurance
CIBC Accidental Death Insurance
CIBC Accidental Death Insurance policy pays out a benefit only if death occurs as the direct result of an accident.
- Application: Guaranteed acceptance with no medical exam
- Available Ages: 18 to 64
- Coverage amounts: $25,000 up to $200,000
- Spousal coverage is available on the same options
- 1% annual bonus benefit on accidental death coverage
- An optional accident hospitalization benefit of $100, $150, $200, or $300 per day.
Who it’s best for: Individuals with dangerous hobbies or in high-risk occupations, or as a low-cost supplement to existing life insurance. Remember, it should not be considered a substitute for comprehensive life insurance, as it does not cover death from illness.
Other Insurance from CIBC
In addition to the life and critical illness insurance products offered through CIBC Life Insurance, CIBC also provides other insurance options directly:
Travel Insurance
CIBC offers comprehensive travel insurance plans to protect Canadians when travelling domestically or abroad. Travel medical, trip cancellation, interruption, and baggage coverage are available.
Creditor Insurance
CIBC offers creditor insurance options such as mortgage insurance, credit card balance protection, and creditor’s disability/life insurance to help Canadians protect their finances and debt obligations.
How Much Does CIBC Life Insurance Cost?
The cost of CIBC Life Insurance will depend on many factors, including:
- Type of policy – Term, permanent, critical illness, accidental death
- Coverage amount – Death benefit or lump-sum amount
- Term length – 10 years or 20 years
- Age – Premiums are higher for older applicants
- Gender – Premiums are generally lower for females
- Smoking status – Premiums are significantly higher for smokers
- Health and lifestyle – Medical history and risky hobbies/occupations may increase premiums
To give an idea of how these factors impact pricing, here are sample monthly premiums for a healthy, non-smoking male with different CIBC Life Insurance policies:
CIBC Term Life Insurance Sample Premiums
| Age | $250,000 Coverage | $500,000 Coverage |
|---|---|---|
| 30 | $13.75 | $23.75 |
| 40 | $19.50 | $35.25 |
| 50 | $49.50 | $93.75 |
| 60 | $109.25 | $204.50 |
*Premiums quoted are for 10-year term life insurance from CIBC Life Insurance. For a 20-year term, the premiums would be moderately higher.
CIBC Critical Illness Insurance Sample Premiums
| Age | $50,000 Coverage | $100,000 Coverage |
|---|---|---|
| 30 | $18.55/month | $37.09/month |
| 40 | $30.44/month | $60.87/month |
| 50 | $78.71/month | $157.41/month |
| 60 | $192.70/month | $385.39/month |
*Premiums quoted are for a 10-year CIBC Critical Illness Insurance policy.
Ultimately, the best way to determine pricing is to get a personalized quote directly from CIBC Life Insurance based on your specific situation.
How Much Life Insurance Do You Really Need? A Practical Example
Financial advisors often use the D.I.M.E. method (Debt, Income, Mortgage, Education) to estimate needs. Let’s use a case study:
- A couple, both age 30, with two children (ages 8 and 10). They have a household income of $100,000/year.
- D – Debt: $15,000 in car loan + $5,000 in credit card debt = $20,000
- I – Income: Replacing one parent’s income ($50,000/year) for 10 years until the youngest child is independent. $50,000 x 10 = $500,000
- M – Mortgage: They have a remaining mortgage balance of $400,000.
- E – Education: They estimate $25,000 per child for post-secondary education. $25,000 x 2 = $50,000
- Final Expenses: They budget $15,000 for funeral costs.
Total Estimated Need: $20,000 + $500,000 + $400,000 + $50,000 + $15,000 = $985,000
In this scenario, each parent might consider a policy of around $1 million. A 15-year term policy would be a logical choice to cover them through their children’s dependent years.
Alternatives to CIBC Insurance While New Sales Are Paused
If you were considering CIBC Life Insurance during such a pause, it’s essential not to delay securing coverage for your family. Here are some of the best alternatives to consider, categorized by what might have attracted you to CIBC in the first place.
| Insurer | Key Strengths | Term Lengths Offered | Permanent Policy Options |
|---|---|---|---|
| RBC Insurance | Bank-backed trust, simple application process | 10, 15, 20, 30, 40 years | Term-to-100, Universal Life |
| BMO Insurance | Competitive pricing, wide range of term lengths | 10, 15, 20, 25, 30 years | Term-to-100, Universal Life |
| Manulife | Product breadth, advanced features, customization | 10, 20 years, Term-to-65 | Whole Life (Participating), Universal Life, Term-to-100 |
| Sun Life | Financial strength, brand reputation, wellness focus | 10, 15, 20, 30 years | Whole Life (Participating), Universal Life, Term-to-100 |
If the security and trust of a major Canadian bank are what drew you to CIBC, you have other strong options among the “Big Five,” such as RBC Insurance or BMO Insurance. If you found CIBC’s product lineup too restrictive, this is an excellent opportunity to explore the broader market with Canada’s largest independent insurers: Manulife, Sun Life, Foresters, etc. We recommend getting quotes from different companies before making your life insurance purchase.
Our Verdict: Is CIBC Life Insurance Worth It?
CIBC Life Insurance can make sense for many Canadians due to its convenience and backing by a major financial institution. However, there are some key advantages and disadvantages to consider when deciding if CIBC life insurance is the right option for your needs.
What We Like
- Simple online application: Smaller coverage amounts can be applied directly online without taking any medical exams or speaking to an advisor.
- Financial stability: Backed by one of Canada’s largest banks, ensuring policyholder security.
- Competitive for young, healthy individuals: For standard term coverage, their pricing is often competitive for young, healthy applicants.
- Strong guaranteed issue option: It is a valuable solution for older clients or those with health conditions who can not access traditional life insurance.
- High accidental death coverage: The maximum $200,000 coverage for accidental death is higher than that of many competitors.
Considerations
- Limited term options: Only offering 10 and 20-year terms. Some competitors offer more term lengths, such as 25, 30-year, or longer terms.
- Limited customization and riders: Lacks common policy riders like a “Child Term Rider” or a “Waiver of Premium” rider.
- No direct permanent options: You must first purchase term insurance and then convert to permanent later.
- Expensive for older age applicants: For clients over 50, CIBC’s pricing is less competitive than that of other major insurance companies.
- No participating whole life: CIBC does not offer a participating whole life policy that pays dividends to the policyholder.
Overall, CIBC Life Insurance balances simplicity and convenience with competitive pricing for select demographics. The trusted CIBC brand, easy online application process, and access to guaranteed issue coverage make it an attractive choice for many life insurance buyers.
CIBC Life Insurance best serves those seeking straightforward, no-hassle life insurance. For those seeking larger coverage amounts or with health conditions, CIBC’s pricing is less competitive compared to some other life insurance companies. Weigh its strengths and limitations against your own priorities to determine if CIBC is the right life insurance provider for you.
If you need more information about CIBC, please refer to other articles about CIBC at LifeBuzz, such as:
FAQs on CIBC Life Insurance
When can I apply for CIBC life insurance?
You can apply for CIBC life insurance policies at any time. There are no restricted enrollment periods.
Do I need a medical exam for CIBC life insurance?
For term life and critical illness up to $500,000, no medical exam is required if under age 50. Over $500,000 and for permanent policies, an exam will be needed.
How long does it take to get approved for CIBC life insurance?
Approval for fully underwritten CIBC life insurance can take 4-6 weeks. Simplified issue policies like guaranteed issue life take 1-2 weeks.
Can I pay CIBC life insurance premiums monthly?
Yes, CIBC life insurance policies allow you to pay premiums monthly or annually (you can switch later). Most monthly payments are made by pre-authorized debit.
Is CIBC life insurance renewable?
CIBC term life insurance is renewable up until age 75. Permanent life insurance from CIBC continues for life as long as premiums are paid.
How do I contact CIBC Life Insurance?
You can contact CIBC Life Insurance at 1-888-393-1110 or visit www.cibcinsurance.com to speak with an advisor or access online support resources.
