Who has the best critical illness insurance? CIBC reviewed

Great critical illness insurance is an incredible asset if the worst happens. Not only can a heart attack, stroke or cancer diagnosis sideline you from working, but the financial aspect can be a difficult weight to bear alone.

Have you ever thought about how you would provide for yourself and your dependents if you were to get ill? Whereas disability insurance can provide you with a monthly income when you are stopped from working, critical illness insurance can provide a large lump sum payment to defray the immediate costs of medical care and lifestyle changes.

Critical illness insurance comes in a wide range of coverage types and benefit amounts, so it is not always easy to pick the best one for you. 
Are you wondering if CIBC’s critical illness insurance is right for you? This page explores their offer in detail. Get our CIBC review, a breakdown of available coverage options and much more.

Who is CIBC?

Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s Big Five banks and is headquartered in Toronto. It was founded in 1961 with the merger of the Imperial Bank of Canada and the Canadian Bank of Commerce.

They are a leading insurance, banking and wealth management services provider. CIBC insurance products include travel insurance, creditor insurance, life, health and accident insurance. Below we take a look at CIBC’s critical illness insurance offer.

Why sign up for CIBC critical illness insurance?

Critical illness insurance from CIBC or another provider give you a powerful financial safety net should you contract a critical illness or condition. A serious diagnosis is likely to affect your ability to work while engendering serious expenses. These include:

  • Medical costs and specialists not covered under a different policy
  • Transportation to see specialists
  • Chair lifts or ramps at home
  • Therapy and counseling
  • Retrofitting vehicles for accessibility

Beside these additional costs you still need a plan for continuing to pay your rent or mortgage, child care, groceries and other day-to-day living expenses. The flexibility of the large lump-sum benefit from critical illness insurance means that you'll have the ability to cover these bills as you see fit. You can take care of yourself and your family while focusing on recovery.

Our review of CIBC:

CIBC is a major critical illness insurance provider in Canada, but not all clients have the same needs or situation. Here is what we like about CIBC’s critical illness insurance offer and some considerations to weigh as you shop for coverage options.

Pros of CIBC critical illness insurance:

10 and 20-year terms
Coverage of up to $200 000
Quotes available online or by phone. Discount available for two approved applicant
Available with or independant of a CIBC Term Life insurance policy
Level premiums
Lower-premiums for non-smokers
Mortgage Critical Illness Insurance available on CIBC mortgages

Cons of CIBC critical illness insurance:

Eligible illness list is limited
Fewer options that some competitors
Coverage ends at 75

Get free quotes and choose a CIBC critical illness insurance policy. Our expert can help you find the right coverage that fits the needs of you and your family.

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What critical illness insurance plans does CIBC offer?

CIBC offers a simple critical illness insurance plan. It is available either as a stand-alone policy or as part of CIBC term life insurance offer. Coverage is available from $15 000 to $200 000. Term-10 and term 20 policies are available. Upon expiration they may be renewable to a Term-75 policy, expiring on your 75th birthday. Covered illnesses are limited, but it does cover those that account for the most common critical illness claims. 

CIBC also offers mortgage critical illness insurance of up to $500 000 which may be added on to a CIBC mortgage. These plans are underwritten by the Canada Life Assurance Company and can pay off your mortgage or reduce your payments. Note that this policy is only available with a mortgage.

For more on CIBC's critical illness insurance offer see the pdf below.

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What illnesses and conditions qualify for CIBC critical illness insurance?

The following illnesses and conditions may qualify a CIBC policyholder for critical illness benefits.

-Heart attack
-Cancer (life-threatening)
-Coronary artery bypass surgery
-Stroke

Be aware that plans may cover fewer conditions than those listed below.

Good to know

Different insurers have different criteria for determining the severity of an illness or condition and whether it qualifies. If you have questions, it's best to refer to the policy documents and speak with your insurance broker or CIBC advisor.

How do I apply for CIBC insurance?

Apply for CIBC critical illness insurance through CIBC's website or by calling one of their liscensed insurance agents at 1-888-393-1110

Apply for the CIBC mortgage critical illness insurance by calling the CIBC Creditor Helpline on 1-800-465-6020 or in-person at the nearest CIBC banking centre.

Before settling on an offer with CIBC it's smart to compare critical illness insurance quotes from other providers. You can do this below to be put in contact with an expert.

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How much does CIBC critical illness insurance cost?

Unfortunately, it is difficult to provide an accurate price range for CIBC critical illness Insurance. Pricing varies widely based on the following factors

  • Age
  • Pre-existing conditions
  • General health
  • Smoking status
  • The amount of coverage desired

For general information, the table below summarizes the average price of critical illness insurance for various ages with a $25 000 benefit for the average provider. This is meant solely to provide a rough indication. Speak with an advisor for an exact CIBC critical illness insurance quote.

AgePrice per month
Under 25$7
51 to 55$27
56 to 60$44
61 to 65$56
Example critical illness quotes by age

Good to know

Need help deciding how much coverage to buy from CIBC? Our critical illness insurance calculator can help you make an informed decision.

How do I contact CIBC?

Contact CIBC insurance by calling 1-866-321-3639 or visit the nearest CIBC banking centre.