CIBC Insurance has been established as a subsidiary of the Canadian Imperial Bank of Commerce (CIBC), the company was dedicated to providing a range of insurance products and services to complement the bank’s financial offerings.
Today the company continues to be a provider of insurance solutions in Canada. It offers a portfolio of simple products, including life insurance, health insurance, accident insurance, travel insurance, and creditor insurance.
| COVERAGE $250,000 | MALE, NON-SMOKER $ PER MONTH | FEMALE, NON-SMOKER $ PER MONTH |
|---|---|---|
| TERM 10 for 30 years old | $15/month | $12/month |
| TERM 20 for 30 years old | $20/month | $15/month |
Pros:
– Accessibility: Convenient to acquire, easy to get a quote, particularly for customers with existing banking relationships.
– Wide Coverage of Injuries: Comprehensive protection against a wide range of injuries, ensuring thorough coverage for policyholders.
Cons:
– Limited Product Range: Lacks offerings of sophisticated products such as whole life, universal life insurance or disability insurance.
| Term lengths & issue ages | Face amounts | Unique features | Optional benefits |
| Term 10: 18 – 75 (you have to be under 65 to apply) Term 20: 18 – 75 (you have to be under 55 to apply) | ⦁ Select the coverage amount you need from $50,000 to $5,000,000 | ⦁ You have the option to receive 50% of your coverage amount up to $250,000 during your lifetime if you are diagnosed with a terminal illness and have less than 12 months to live. | ⦁ You can choose who the benefit is paid to ⦁ The monthly premium is guaranteed for each term |
| Issue ages | Face amounts | Unique features | Optional benefits |
| ⦁ 40 – 74 | • From $5,000 to $25,000 | ⦁ Your coverage will never change and your premium is locked in, as long as your smoker status remains the same ⦁ You will no longer be required to pay monthly premiums after you turn 95 | ⦁ Accidental Death Benefit ⦁ Guaranteed Insurability |
| Issue ages | Face amounts | Unique features | Optional benefits |
| ⦁ 18 – 64 | ⦁ Coverage amounts in increments of $25,000 up to $200,000 | ⦁ You can choose a daily coverage option paid to you in case of hospitalization | ⦁ Accidental Death Benefit ⦁ Guaranteed Insurability Option |
