Our 2024 Review on CIBC's Critical Illness Insurance
Critical illness insurance is essential for financial support when major health issues, such as heart attacks or cancer, impact your ability to work. It guarantees immediate expense coverage with a lump sum payout during critical illnesses protecting you and your family.
However, navigating the options can be challenging. Have you thought about CIBC critical illness insurance? Renowned for its flexible terms and coverage options, CIBC's policy is worth considering. Let's delve into the details in this review.
You can also use our free comparator to compare the best critical illness insurance policies in Canada and get free personalized quotes to decide if CIBC is best for you or if there's another policy that suits you better.
CIBC critical illness insurance: Key takeaways
- CIBC offers 10 and 20-year terms for critical illness insurance.
- Coverage spans from $15,000 to $200,000.
- CIBC provides the convenience of obtaining quotes online or by phone.
- Mortgage Critical Illness Insurance, up to $500,000, is available for CIBC mortgages.
- Non-smokers benefit from lower premiums, contributing to potential cost savings.
Our 2024 review of CIBC critical illness insurance
CIBC's critical illness insurance presents flexible terms and coverage, accommodating diverse needs. It is ideal for those seeking a straightforward plan with the convenience of online quotes and potential discounts for non-smokers.
Offering 10 and 20-year term options for critical illness, CIBC gives coverage up to $200,000. Further, upon expiration, these policies may be turned into a Term-75 policy as well. But its list of covered illnesses is restricted to the most common conditions.
CIBC provides an additional layer of protection with mortgage critical illness insurance, allowing you to enhance your CIBC mortgage by adding coverage of up to $500,000.
However, individuals looking for a broader array of covered illnesses or longer coverage duration may find more extensive options with other providers like BMO critical illness insurance or Canada Life. Overall, CIBC's offering serves well for those prioritizing simplicity and tailored coverage.
If you want to look at critical illness insurance policies that offer wider coverage, you can use our free comparator below. Compare the best policies and get free personalized quotes in no time.
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Pros of CIBC critical illness insurance
- 10 and 20-year terms
- Coverage of up to $200,000
- Quotes are available online or by phone
- Available with or independent of a CIBC Term Life insurance policy
- 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 than some competitors
- Coverage ends at 75
Who offers CIBC critical illness insurance?
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, accident insurance, and critical illness coverage.
Why sign up for CIBC critical illness insurance?
Is critical illness insurance worth it? Critical illness insurance from CIBC or another provider gives 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
Besides 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.
How much does CIBC critical illness insurance cost?
Unfortunately, it is difficult to provide an exact price range as a critical illness policy is based on individual situations. Pricing varies widely based on the following factors:
- 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.
|Price per month
|51 to 55
|56 to 60
|61 to 65
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.
As premiums are highly based on individual factors, it is important to get quotes tailormade for you. You can do it using our comparator below. Compare multiple critical illness insurance plans and get free personalized quotes in no time right here.
Find a critical illness insurance policy that's right for you
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's 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.
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
While CIBC covers the most common critical illnesses, it is perhaps not as comprehensive in terms of the number of conditions it covers, unlike other providers like Canada Life critical illness insurance or Blue Cross.
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 critical illness insurance?
Apply for a CIBC policy through CIBC's website or by calling one of their licensed insurance agents at 1-888-393-1110. You could also drop in at a nearby branch.
Before settling on an offer with CIBC it's smart to compare critical illness insurance quotes from other providers. You can do this just by clicking the button below. This tool is free to use and you can get personalized quotes in no time.
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How do I contact CIBC?
Contact CIBC insurance by calling 1-866-321-3639 or visiting the nearest CIBC banking center. You can locate your nearest store by visiting the CIBC website and accessing the option "Find a branch or ATM".
You could alternatively look for a meeting with a representative using the "Book a meeting" option on the website for an appointment at a time of your convenience.