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Company Review: CIBC


CIBC, one of the top five financial institutions in Canada, offers a wide range of life insurance products with unique features, albeit not customizable.

Company Overview

CIBC stands for the Canadian Imperial Bank of Commerce (CIBC) and ranks in Canada’s top five financial institutions. Besides, CIBC has offices in the United States, the Caribbean, and several European and Asian countries. 

The provider offers life insurance suites through its subsidiary CIBC Life Insurance Company. CIBC possesses a smaller market share in the life insurance industry in Canada, with total annual premiums of just $45 million.

HeadquartersDowntown Toronto, Ontario
AM Best RatingN/A
Better Business Bureau (BBB) Accreditation and RatingN/A
Assets$200 million
Annual Premiums$45.1 million


It is quite challenging to find online reviews from actual customers for CIBC Insurance. On Insureye, the provider only has three reviews which are too limited to make an accurate judgment about their performance. 

Furthermore, there are no Google Reviews for CIBC Insurance, but it is noteworthy that some large insurers such as Manulife also do not receive any Google Reviews. Therefore, you should not base your decisions whether to purchase policies from CIBC purely on online reviews. 

Products and Features

In Canada, CIBC Insurance offers coverage for term life insurance, guaranteed acceptance life insurance (for end-of-life expenses), and critical life insurance. The company also provides permanent life insurance plans (Term-to-100). Nevertheless, this policy is only available via conversion. 

Term Life Insurance 

  • For both 10-year and 20-year terms, the coverage is available from $50,000 to $5 million and expires at age 75. 
  • There is an option for you to convert them into a term-100 permanent plan. 
  • A 30-day free-look period, which allows you to get a full refund if you cancel the policy during that time. 
  • Both policies can be applied online. 
  • Guaranteed level premiums and guaranteed death benefits
  • Terminal illness benefit: If you have less than one year to live due to a terminal illness, CIBC will issue a cash advance equal to 50% of your policy amount.

If you have purchased multiple policies, CIBC caps the cash advance you can receive at $250,000

10-year Term Life Insurance20-year Term Life Insurance
Available for Canadian customers between 18-65 years oldAvailable for Canadian customers between 18-55 years old
CIBC Canada Review - Best Insurance Online
Company Review: CIBC 2

Guaranteed Acceptance Life Insurance

  • Mainly for those with serious pre-existing health conditions and those seeking coverage for end-of-life expenses
  • Available between the ages of 40 and 74, two term lengths (i.e., 10 and 20 years)
  • Maximum coverage amount: $5,000,000, limited to ages between 40 and 74. 
  • Renewability until age 75
  • Death benefits remain the same throughout the coverage
  • Premiums do not change provided that smoking status does not change 
  • Accidental Death Benefit and Living Benefit are included 
  • In the event of non-accidental death during the first two years of the policy, premiums paid will be refunded. 
  • Spouse coverage between $5,000 and $25,000 is available 
  • 30-day review period, get a full refund if you cancel the policy

Critical Illness Insurance

This insurance coverage is offered in 10-year and 20-year terms as well. The medical conditions covered in this policy are heart attack, stroke, cancer (life-threatening), and coronary artery bypass surgery. 

  • Available coverage between $15,000 and $200,000, expires at age 75
  • The age range for the two terms differ as above 
  • Guaranteed level premiums.
  • Exclusions and limitations may apply 
  • 2-year waiting period: Should you pass away because of a natural cause within this time, CIBC will not pay the death benefit but will refund the premiums you already paid into the policy 
  • 30-day free-look period and online application available 
  • Total payout capped at $200,000 if you have several critical illness policies 


CIBC offers numerous basic insurance products, such as Travel Insurance, Home Insurance, Auto Insurance, and Creditor Insurance. If you are interested in these, please refer to their official website or contact us for more details! 


To determine how affordable CIBC Insurance is, we have gathered quotes for a 20-year term life insurance policy with $4,000,000 in coverage for healthy men and women of different age groups.


For customers over 60, it might be worth contacting independent insurance brokers or CIBC agents to find out. 

Pros and Cons

– Easy and quick online quotes and application: easier for customers to compare rates digitally. 
– Conversion option from pure term (including guaranteed acceptance term) to permanent life insurance (Term-to-100).
– Guaranteed acceptance life insurance.
– Limited options for term coverage (i.e., 10- and 20-year term).
– No options for joint/child/family coverage.
– Limited life insurance riders (e.g., child term, guaranteed insurability, critical illness, and exchangeability), not much room for customization.
– Conversion limited to Term-to-100. No whole life or universal life.
– Often more expensive rates than larger insurance companies.
– The maximum age of term life insurance application is 64, compared to other insurers with a 70-75 range. 
– Term coverage lapses at 75 years old.

The Bottom Line 

CIBC has a simple term life insurance offering with two standard policies making the selection process much more straightforward. However, CIBC’s insurance product suite does not offer as much customization compared to bigger Canadian insurers, and similar coverage from more established companies is usually less expensive. What’s more, CIBC Insurance only has limited options for converting the policy once the term has ended.

If you prefer flexibility and affordability, we would suggest selecting other insurers in the market currently, given the potential to obtain lower rates and access a wider variety of features and optional benefits.

On the other hand, it is also a good idea to give yourself as many options as possible when purchasing your life-long insurance policy. And that includes taking smaller insurance providers like CIBC. While CIBC might not be a household name like Sun Life or Manulife, the insurer has had enough underwriting experience to deserve your attention.

We are available to help you obtain more detailed quotes from CIBC and proceed to acquire a life insurance policy if you wish. You can always use a trusted insurance brokerage service like Insurance Direct Canada, one of the best insurance brokers in Canada.

Check out our iA Financial Group review, RBC Insurance review, TD Insurance review, Foresters Insurance review, ScotiaLife Financial review, and more.



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