CIBC Life Insurance Review 2025
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Discover the methodologyCIBC is among Canada’s largest financial organizations. Founded in 1961, it is now a major provider of CIBC life insurance and health insurance.
CIBC offers basic term life insurance options 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 coverage options, pros, cons, eligibility, how to get quotes, and more.
You can also use our comparator and get free personalized life insurance quotes from Canada's best 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
- CIBC offers 10 and 20-year term life insurance policies
- Easy online policy application
- Term to 100 policy only available as a conversion after a 10 or 20-year policy
- Get Guaranteed Acceptance Insurance of $25,000 coverage without a medical exam
- Few rider options, and term life insurance expires at the age of 75
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Our CIBC Life Insurance Review: Simple, Straightforward Term Life Coverage
CIBC Life Insurance offers basic life insurance coverage including term life coverage up to $5 million and a Guaranteed Acceptance plan with up to $25,000 for those seeking no-medical exam options. The application process is quick and simple, making it appealing for those who prioritize ease of enrollment.
CIBC term life insurance is offered in two term lengths: 10 and 20 years. These can be converted to Term 100 coverage at the age of 65. Meanwhile, the Guaranteed Acceptance Plan is available to Canadian residents aged 40 to 74. For this, CIBC lets you get instant quotes online and buy the policy in a few seconds making it a convenient choice for middle-aged and senior Canadians seeking accessible coverage.
However, compared to competitors like Manulife Insurance or Sun Life, CIBC's offerings lack depth in customization, such as riders for critical illness or disability. Further, it doesn't offer direct permanent life insurance options for Universal life insurance and whole life coverage.
CIBC premiums can also be higher than similar plans offered by larger providers, making it less competitive for budget-conscious customers. Another notable drawback is that term policies expire at age 75, potentially leaving older policyholders without coverage options. Overall, while CIBC is a solid choice for simplicity, it may not meet the needs of those with more complex life insurance requirements.
Expert advice
CIBC Life Insurance is best suited for individuals seeking quick, straightforward coverage, particularly those with pre-existing conditions or limited options elsewhere. However, customers requiring more robust, long-term protection or highly customizable plans may find better value with competitors like Sun Life or Canada Life.
The best way to get the perfect life insurance policy is by comparing options. You can do that right here using our free tool below. Compare over 20 personalized quotes from Canada's best life insurance companies online using our comparator.
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Pros
- Simple online application
- Up to $5 million term life coverage
- Up to $200,000 coverage on the insurance against accidental death.
- Guaranteed Acceptance Life Insurance with no medical exam requirement
- Straightforward policy management
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 offers 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 several insurance options
- Term Life Insurance
- Guaranteed Acceptance Life Insurance
- Critical Life Insurance
- Accident protection insurance
What does CIBC Life Insurance cost in 2025?
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 exact 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 |
|
|
|
|
CIBC Life insurance cost is based on the following factors:
- Age
- Gender
- Smoker status
- Location
- Type of plan and riders
- Coverage amount
It is important to get quotes that are specific to your situation. 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.
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What types of Life Insurance does CIBC offer?
CIBC offers term life insurance of 10 and 20-year term lengths. While it does not offer direct permanent life insurance coverage options, it does allow customers to convert their term life insurance into permanent coverage after age 65. Here is an overview of the CIBC life insurance plans followed by the details.
| 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 |
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
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).
Good to know
If you're looking for permanent life insurance options, explore our guide on Canada's best permanent life insurance options. Compare multiple quotes and get the best rates using our free tool.
CIBC PLC Life Insurance (Personal Lines of Credit)
Finally, as a major lender, CIBC Life Insurance Canada offers a unique way of insuring your 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
- Counselling 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 Mortgage Loan Life Insurance from CIBC:
| 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 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 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 to contact CIBC Life Insurance?
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 |
How are CIBC Life Insurance reviews from customers?
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 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.
