Is CIBC Life Insurance right for you? Review (2024)
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Discover the methodologyCIBC is among Canada’s largest financial organizations. Founded in 1961, it is now a major provider of life insurance and health insurance.
While CIBC doesn't offer universal life insurance, it has compelling term life insurance offers and a guaranteed acceptance plan. Application is easy and can be completed 100% online. But is it right for you?
In this CIBC Life Insurance review, we take you through its plans, pros, cons, and more. You can use our comparator and get free personalized life insurance quotes from various providers to decide if CIBC is right for you or if there's another plan that suits you better.
CIBC Life Insurance: 5 Key Takeaways
- 10 and 20-year term life insurance policies
- Easy online policy application option available
- Term to 100 policy only available as a conversion after a 10 or 20-year policy
- The Guaranteed Acceptance Insurance plan offers $25,000 coverage without a medical exam
- Few rider options, and term life insurance expires at the age of 75
Our review of CIBC Life Insurance: Best guaranteed insurance option for easy online application
CIBC Life Insurance, offered by CIBC Life Insurance Company Limited, a major Canadian financial institution, stands out for its simple and easily accessible term life insurance and guaranteed acceptance plans.
With straightforward online applications and coverage extending up to $5,000,000, it's a convenient choice for those looking for uncomplicated life insurance solutions. However, CIBC's offerings are limited compared to some competitors, and its premiums can be relatively higher.
This makes it a good option for those seeking hassle-free life insurance and with pre-existing conditions. It may not be the most cost-effective choice for those looking for extensive coverage options or more budget-friendly policies. Comparing quotes from other providers is advisable to find the best match.
You can use our comparator to compare coverages and policies from multiple life insurance companies right here. You can get free personalized quotes to help you narrow down a policy that truly fits your unique needs.
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It is clear from reading CIBC Life Insurance reviews from customers online that, like many other products, it has advantages and disadvantages. Let's look into each one of them in more detail below:
Pros
- Simple online application form
- Financially stable
- Up to $200,000 coverage on the insurance against accidental death.
- It offers comprehensive Guaranteed Acceptance Life Insurance.
Cons
- Only 10 and 20-year CIBC Term Life Insurance Canada plans are available
- Term 100 plan only available by conversion
- Only a few riders are available to customize plans
- More expensive than some competitors
- Term life insurance expires at the age of 75.
Who is CIBC Life Insurance?
The Canadian Imperial Bank of Commerce (CIBC) was established in 1961. CIBC is one of Canada's big five banks. It operates worldwide, including in the US, the Caribbean, Europe and Asia.
Besides classic banking products, CIBC in Canada offers a number of insurance options
- Term Life Insurance
- Guaranteed Acceptance Life Insurance
- Critical Life Insurance
- Accident protection insurance
How much does CIBC Life Insurance cost?
Here are prices for CIBC term life insurance and critical illness coverage for different age groups. All results were calculated using a $50,000 coverage amount for a non-smoker male. For your CIBC Term Life Insurance premiums, speak with a representative or use the online company calculator.
| Age | 10 Year CIBC Term Life Insurance | 20 Year CIBC Term Life Insurance | CIBC Critical Illness Insurance Term 10 | CIBC Critical Illness Insurance Term 20 |
|---|---|---|---|---|
| 20 |
|
|
|
|
| 30 |
|
|
|
|
| 40 |
|
|
|
$470.88 per year |
| 50 |
|
|
|
|
Many factors influence your final monthly premium, such as
- Age
- Gender
- Smoker status
- Location
- Type of plan and riders
- Coverage amount
It is important to get quotes that are specific to your individual situations. And for that, all you need to do is use our comparator tool below and get free personalized life insurance quotes from over 20 life insurance companies, in no time.
Compare the best life insurance companies
What does CIBC Life Insurance cover?
Different types of products can be found on the company's official website, and distinct coverages as well. Check the following chart for more information:
| CIBC Life Insurance | Coverage | Conversion privilege | Critical illness benefit | Death benefit |
|---|---|---|---|---|
| 10-Year CIBC Term Life Insurance | from $50,000 to $5,000,000 | |||
| 20-Year CIBC Term Life Insurance | from $50,000 to $5,000,000 | |||
| CIBC Critical Illness Insurance | from $15,000 to $200,000 |
What types of Life Insurance does CIBC offer?
CIBC offers a few different types of life insurance plans.
CIBC Term Life Insurance
There are two CIBC Term Life Insurance plans, one with a 10-year term and the other with 20 years. It’s possible to convert either term choice into a Term 100 policy.
Here is a quick comparison of both of the aforementioned plans:
| Characteristics | 10-Year CIBC Term Life Insurance | 20 Year CIBC Term Life Insurance |
|---|---|---|
| Coverage | from $50,000 to $5,000,000 | from $50,000 to $5,000,000 |
| Age | 18 to 65 years | 18 to 55 years |
| Level Premiums |
(for first 10-year term) | |
| Expiration | At 75 years | At 75 years |
| Convertible to a term 100 permanent life policy | ||
| Terminal Illness benefits riders |
Terminal Illness benefit: You have the option of receiving 50% of your life coverage amount, up to $250,000, if you are diagnosed with a terminal illness and have less than 12 months to live. Here is a pdf of the complete offerings under CIBC Term Life policy.
CIBC Permanent Life Insurance
If you are looking for lifelong protection, there are two permanent life insurance plans offered by the company.
The CIBC Term 100 Permanent Insurance can only be obtained by conversion from one of the CIBC Term Life Insurance plans. CIBC Guaranteed Acceptance Life Insurance is a solid choice for a no-medical life insurance policy for anyone between the ages of 40 and 74.
| Characteristics | CIBC Term 100 Life Insurance | CIBC guaranteed Life Insurance |
|---|---|---|
| Coverage | from $50,000 to $5,000,000 | $5,000 to $25,000 (in increments of $5,000) |
| Age | Lifetime coverage | 40 – 74 years |
| Consistent Premiums | ||
| Free premiums after 100th birthday | ||
| Spousal coverage option | ||
| Riders | Terminal Illness benefit |
|
- Accidental Death benefit: If you pass away in an accident before you turn 80, your family may be eligible for a death payment equal to five times the coverage amount (up to a maximum of $125,000).
- Terminal Illness benefit: If you are diagnosed with a terminal illness and have less than 12 months to live, you can receive 50% of your life coverage amount (up to $250,000).
CIBC PLC Life Insurance (Personal Lines of Credit)
Finally, as a major lender, CIBC Life Insurance Canada offers a unique way of insuring your personal lines of credit.
Should you pass away, the CIBC life insurance policy may assist in paying off or lowering the remaining sum on your line of credit.
Your monthly CIBC life insurance rates are computed using your age on the first day of the month. The following is the monthly premium rate per $1,000 of the PLC Life Insurance CIBC:
| Age group | Cost for 1 person | Cost for 2 people |
|---|---|---|
| 18 to 30 | $ 0.25 | $ 0.41 |
| 31 to 35 | $ 0.25 | $ 0.41 |
| 36 to 40 | $ 0.28 | $ 0.46 |
| 41 to 45 | $ 0.40 | $ 0.66 |
| 46 to 50 | $ 0.53 | $ 0.87 |
| 51 to 55 | $ 0.69 | $ 1.14 |
| 56 to 60 | $ 0.95 | $ 1.57 |
| 61 to 64 | $ 1.45 | $ 2.39 |
| 65 to 69 | $ 2.25 | $ 3.71 |
CIBC Critical Illness Insurance
When you purchase Critical Illness Insurance from CIBC, you get a strong financial safety net in case you end up developing a serious sickness or condition. They can pay for
- Specialists and medical expenses not covered by another policy
- Transportation to specialist appointments
- Ramps or chair lifts at your home
- Counseling and therapy
- Modifying vehicles for accessibility
The table below provides an overview of the typical cost of critical illness insurance for different age groups with a $25,000 benefit for the typical provider. This is to give a general idea. For a personalized CIBC Critical Illness Insurance pricing speak with a CIBC representative.
| Age | Price per month |
|---|---|
| Under 25 | $7 |
| 51 to 55 | $27 |
| 56 to 60 | $44 |
| 61 to 65 | $56 |
CIBC Mortgage Life Insurance
Mortgage life Insurance can help safeguard your family's most valuable asset, its home. This type of life insurance can pay off your mortgage loan in the case of your death or a covered catastrophic illness. And if you are unable to work because of a disability or unavoidable job loss, it may help you with mortgage payments.
Here are the estimated monthly premiums for CIBC Mortgage Loan Life Insurance:
| Age group | Single coverage | Joint coverage |
|---|---|---|
| Under 30 | $0.08 | $0.15 |
| 30 to 35 | $0.13 | $0.22 |
| 36 to 40 | $0.20 | $0.34 |
| 41 to 45 | $0.29 | $0.49 |
| 46 to 50 | $0.43 | $0.68 |
| 51 to 55 | $0.64 | $0.90 |
| 56 to 60 | $0.82 | $1.19 |
| 61 to 64 | $0.97 | $1.62 |
We recommend that you have a look at plans offered by other life insurance companies before deciding on one. You can use our comparator below and get free personalized quotes from the best life insurance providers in Canada. It doesn't require sharing sensitive details and you get results in a few moments.
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How to create a CIBC Life Insurance Login?
Making a CIBC Life Insurance login is easy, just follow the steps below:
- At the home page of the official company website, select “Sign on”
- You will be redirected to the login page, where you’ll need to enter your email and password
- Click on “Login” access your Client Area.
How are CIBC Life Insurance customer service and online reviews?
You can contact the CIBC Life Insurance Company customer care center by one of the telephones below:
| CIBC Life Insurance | CIBC Life Insurance phone number |
|---|---|
| CIBC Term Life Insurance | 1-888-393-1110 1-800-565-6010 |
| Guaranteed Acceptance Life Insurance | 1-888-393-1110 |
| CIBC Critical Illness Insurance | 1-888-393-1110 |
| CIBC PLC Life Insurance | 1-877-868-8018 |
| Accidental Death Insurance | 1-888-393-1110 |
| Accident Protection Plan | 1-888-393-1110 |
| Accident Recovery Plan | 1-888-393-1110 |
| Critical Accident Plan | 1-888-393-1110 |
| Hospital Protector Plan | 1-888-393-1110 |
Finding honest and reliable reviews for insurance providers can be challenging. Also, not all Internet life insurance customer reviews are reliable indicators of an insurance provider's overall performance.
There isn't much information on reviews accessible for CIBC, although we've noticed clients who have mentioned that they:
- Appreciate the ability to apply for a policy directly online without speaking to an advisor.
- Recognize that even if they've previously been turned down, they can apply again and still obtain a CIBC Life Insurance plan.
How to get CIBC Life Insurance quotes?
Before settling on a policy, it's important to compare what the other players in the market have to offer. While it may seem daunting to get quotes from multiple insurers, we've made it simple. All you need to do is use our comparator below and get free personalized quotes from over 20 life insurance providers.
You can compare prices, coverages, and the various plans offered by each insurer and get estimates tailormade to your specific needs right here.
Compare the best life insurance companies
If you would like to get a CIBC life insurance quote, their website boasts an easy-to-apply online application form. Getting a CIBC Life Insurance quote is as easy as following these 2 steps:
- At the CIBC Life Insurance page, click on “Get a quote and apply” to reach the quotes page.
- Next, fill in the requested information (date of birth, sex, smoker status, the location where you live, type of plan, and your desired coverage amount) and select “Continue”.
How much life insurance do I need?
Use our life insurance calculator to determine the coverage that suits your specific needs. Consider factors like dependents, outstanding debts, and future expenses. Our calculator takes a comprehensive approach to provide you with a tailored coverage estimate.
So start planning for your family's financial security today with HelloSafe's life insurance calculator. Once you know how much you need, use our comparator shared earlier on this page to get the best plans and quotes tailormade for you.
