Bank Comparison
CIBC Mortgage Life Insurance:
Is It Worth It?
CIBC charges approximately $70.00/month for mortgage life insurance on a $500K mortgage for a 35-year-old non-smoking woman. Over 20 years, that's $16,800.
CIBC Monthly
$70.00
per month
20-Year Total
$16,800
for declining coverage
You Could Save
$8,400–$10,800
with term life
CIBC vs. Independent Term Life
Based on a 35-year-old non-smoking woman, $500K mortgage, 20-year term.
| Feature | CIBC | Term Life |
|---|---|---|
| Monthly Premium | $70.00 | $25–$35 |
| 20-Year Total Cost | $16,800 | $6,000–$8,400 |
| Coverage Type | Declining | Level (stays at $500K) |
| Beneficiary | The Bank | Your Family |
| Underwriting | Post-Claim | Full (Upfront) |
| Portable? | No | Yes |
| Can Be Denied After Death? | Yes | No |
What CIBC Won't Tell You About Their Mortgage Insurance
CIBC's Mortgage Life Insurance costs approximately $70.00/month for a $500K mortgage — roughly double to triple the cost of independent term life.
CIBC is the policy beneficiary. If you die, the insurance pays off your mortgage but your family has no control over or access to the funds.
CIBC uses post-claim underwriting. This means they don't fully verify your health when you sign up — they do it after you die. If there's a discrepancy, they can deny the claim.
Coverage is tied to your CIBC mortgage. Switch banks, lose your insurance.
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