CIBC Life Insurance Review

Learn more about CIBC and their Life Insurance options in Canada. Talk to one of our experienced advisors, today!

6 minute read

Originally published: June 17, 2022

CIBC Insurance Life Insurance Company Review from Protect Your Wealth

Learn more about CIBC and their Life insurance options in Canada. Talk to one of our experienced advisors, today!

6 minute read

Originally published: June 17, 2022

CIBC Insurance Life Insurance Company Review from Protect Your Wealth

CIBC Insurance can trace its roots back to 1867, when the Canadian Bank of Commerce was founded. It offers term life, and critical illness, guaranteed life insurance, and an accident protection plan. With a strong history and financial backing of one of the biggest financial institutions in Canada, they’re on our list of best life insurance companies in Canada. Although they offer 10 year, 20 year, and term 100 through conversion, they lack the customizability with these products, and do not have a whole life or universal life insurance product, thus leading us to the rating of 1.5/5 stars from Protect Your Wealth.

Company Overview

CIBC stands for the Canadian Imperial Bank of Commerce (CIBC), and ranks as one of the top five financial institutions in Canada. The company was founded in 1961, after the merger of two chartered banks in Canada — The Canadian Bank of Commerce (established 1867) and the Imperial Bank of Canada (established 1875). CIBC is proud of its history of assisting individuals, businesses, and communities with their financial and insurance concerns in Canada and around the world. 

CIBC has a presence in countries around the world, such as in the US, the Caribbean, and several European and Asian countries. In Canada, CIBC offers term life insurance, guaranteed acceptance life insurance, critical life insurance, and accident protection insurance. 

CIBC Life Insurance Pros

  • Financially strong

  • Accidental death insurance up to $200,000

  • Conversion to permanent insurance option available

  • Guaranteed acceptance life insurance available

CIBC Life Insurance Cons

  • Only two terms available — 10 and 20 years

  • No whole life or universal life insurance options for permanent insurance

  • Term 100 only through conversion

  • Limited riders available for customizing plans

CIBC Life Insurance Products

CIBC Term Life Insurance Products

CIBC Term Life Insurance

CIBC offers term life insurance in 10 year and 20 year terms. Both term options have the option to convert to a term 100 policy.

This product is a 10-year term product that helps you with your shorter term financial needs or is suited for those who would like to pay a consistent premium that only increases after every 10-year period.

Key Highlights:

  • Coverage from $50,000 to $5,000,000
  • Available for Canadians between the ages of 18 to 65 years
  • Level premiums for the duration of of the 10 year term
  • Coverage expires at age 75
  • Convertible to a term 100 permanent life policy
  • You can change to a 20-year term

Optional riders:

  • Terminal Illness benefit: 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

This product provides coverage for 20 years, which can be used as an ideal solution for young families looking for a safety net in place until their kids become financially independent.

Key Highlights:

  • Coverage from $50,000 to $5,000,000
  • Available for Canadians between the ages of 18 to 55 years
  • Level premiums for the duration of of the 10 year term
  • Coverage expires at age 75
  • Convertible to a term 100 permanent life policy
  • You can change to a 20-year term

Optional riders:

  • Terminal Illness benefit: 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
CIBC Permanent Insurance Products

CIBC Permanent Life Insurance

Permanent life insurance provides coverage for life. CIBC offers a guaranteed acceptance policy for those aged 40-74, and a term 100 permanent policy that is only available through conversion from one of their term policies

Although this product has the word “term” in it, this product is as much a permanent policy as any other. However, CIBC Term 100 is only available through converting from a pre-existing term 10 or term 20 policy with CIBC. It provides lifetime coverage, so you have the ease of mind of being protected without worrying about your term running out past the age of 65.  

Key Highlights:

  • Lifetime coverage, and premiums don’t have to be paid after your 100th birthday
  • Level Premium that remains the same until the policy ends
  • Only available by converting from a Term-10 Policy or Term-20 Policy before your 65th birthday

CIBC Guaranteed Acceptance Life Insurance provides a permanent insurance solution to those aged 40 to 74 years, who may not be eligible for traditional fully underwritten life insurance plans. It’s designed for those who may have an underlying condition, and are looking for a lower amount of insurance to cover final expenses and other debts remaining after death.

Key Highlights:

  • Coverage is available from $5,000 – $25,000 (in the increments of $5,000)
  • Available for Canadian residents between the ages of 40 – 74 years
  • Your premium will not change, as long as your smoking status doesn’t change
  • In the case of non-accidental death within 2 years of your policy’s start date, the benefit amount is the sum of all premiums collected
  • Spousal coverage option: the coverage amount available is $5,000 – $25,000
  • Accidental Death Benefit is included: If you die due to an accident before the age of 80, your family could receive a death benefit equal to five times the coverage amount up to a maximum of $125,000
  • Living Benefit is included: If you develop a terminal illness after two years of continuous life insurance coverage and are likely to live less than 12 months, you could receive up to 50% of the death benefit while you are still alive

Talk to an advisor today.

Best Life Insurance Quotes Canada

Other Life Insurance Products

CIBC offers Critical Illness insurance and Accident Protection as standalone products. Critical illness protection helps you pay medical bills so that you do not drain your retirement savings if you develop a serious illness. Accident protection provides a benefit in the event of accidental death or emergency hospitalization because of an accident.

Critical illness insurance guarantees a lump-sum payment if you are diagnosed with one of the covered illnesses. The payout can help you cover costs not included in your health, disability or life insurance.

CIBC offers a Critical Illness Protection product which covers the following conditions: 

  • Life-threatening cancer
  • Stroke
  • Heart attack
  • Coronary artery by-pass surgery

Their critical illness insurance comes in 10-year or 20-year terms. 

Key Highlights:

  • Coverage from $15,000 to $200,000
  • The monthly premium is guaranteed for each term
  • Premiums will only increase after each term is completed
  • Coverage ends at age 75

CIBC’s Accident Protection Plan is designed to provide financial security for your loved ones in the event that the unexpected happens. You and your loved ones will be covered for accidental hospitalization or accidental death, even when you’re outside of Canada. 

Key Highlights:

  • Guaranteed issue with no medical tests or health questions at time of enrollment
  • Worldwide coverage
  • Coverage amounts between $25,000 to $200,000
  • You can also choose a daily coverage option paid to you in case of hospitalization resulting from an accident
  • Annual bonus benefit: an amount equal to 1% of your accidental death benefit amount will be added to your Accidental Death coverage annually on the anniversary of your effective date of coverage

CIBC Life Insurance Customer Reviews

Finding reviews for insurance companies can be tricky, as taking online life insurance reviews at face value will not always be a good representation of an insurance company as a whole. Statistically speaking, people share their bad experiences more often than their good ones, which means, in a review section, you are likely to come across many customers who were not fully satisfied with something or encountered a bad experience.

CIBC has little review information available, but we’ve seen clients who have noted that they:

  • Enjoy the fact that they can apply directly for a policy online, without having a call with an advisor

  • Appreciate that they can get life insurance here if they’ve been previously denied

However, some customers dislike the fact that:

  • CIBC lacks variety in the term lengths available and life insurance offerings in general

  • There are few additional life insurance coverage options (such as riders) for additional customization

Get In Touch With Us Today

If you’re not sure of what’s the best insurance product or company for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical, term life, or permanent life insurance, since 2007. As your Life Insurance broker and financial planner, we work with you to create a personalized plan for your family or business that covers and meets your needs. 

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, and British Columbia, including areas such as Vaughan, Abbotsford, and Calgary.

Talk to an advisor today.

Best Life Insurance Quotes Canada