CIBC Life Insurance Review: What Canadians Should Know

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In This Article

Key takeaways:

  • CIBC only has 10 and 20-year-term life insurance policies, though there is an option to convert to a Term to 100 plan.
  • They have a guaranteed acceptance life insurance product for those unable to get approved elsewhere.

Our CIBC life insurance review

We've researched and analyzed the plans offered by CIBC to provide you with a comprehensive review. Keep reading to find out if CIBC life insurance is a good fit for you.

Our rating for CIBC life insurance: ★★☆☆☆ (2/5)

CIBC's best product is Guaranteed Acceptance Life insurance, which is suitable for those seeking coverage for final expenses, as a final-resort life insurance policy or for those who haven't been able to get coverage elsewhere because of a health condition or other risks like a dangerous occupation or hobby.

Applicants get instant approval without any medical questions or exams required. The downside is that it comes with a hefty price for those dealing with cancer or those finding it difficult to get covered.

Their other products, like term life and whole life, are average in terms of benefits and their prices are generally higher than the industry average. This doesn't make CIBC a great option for life insurance.

Who is CIBC?

The Canadian Imperial Bank of Canada (CIBC) is a multinational banking corporation founded in the 1960s in Toronto. CIBC has a strong business profile, according to the credit rating agency Fitch Ratings. CIBC is the fifth largest bank in Canada by loans, deposits and market capitalization.

CIBC quick facts

CIBC life insurance rates for 2023

Let's look at some of CIBC's product line-up and price range.

CIBC products Monthly premiums*
CIBC Term Life - Term 10 $10.95
CIBC Term Life - Term 20 $13.37
Critical Illness - Term 10 $32.88
Critical Illness - Term 20 $44.10

*Premiums are based on a 35-year-old man seeking $100,000 in coverage. Prices are based on publicly available rates. Terms and conditions may apply.

PolicyMe is consistently cheaper than CIBC term life, plus we offer free perks like $10,000 in Child Coverage, plus a couples discount.

CIBC life insurance customer reviews

CIBC has garnered a rating of 1.3/5 on Trustpilot. Let's look at some customers' experiences with CIBC.

Positive CIBC life insurance reviews:

  • "I had a great experience with one of the agents. He resolved my concern for just a couple of minutes and also a couple of inquiries from his supervisor ..." - Trustpilot review on September 19, 2022.
  • "Great customer service from my experience, from the branch. Great people, very nice. Also up to date technological wise. Other than that, I haven't had to deal with on-the-phone customer service, so I cannot speak for that." - Trustpilot review on February 1, 2020.

Negative CIBC life insurance reviews:

  • "I changed banks, and I got my friends to make the switch. The life insurance plans they have are horrible. I've been in nothing but fights. My financial advisors at that bank did not care about me." - Trustpilot review on August 31, 2022.
  • "CIBC life insurance operated by dries international ltd provides poor service and is only interested in withdrawing money from your bank account. They do not send you the insurance policy. You can only contact them by phone. Beware, and do not do business with them." - Trustpilot review on October 5, 2020.

CIBC life insurance: pros and cons

Read up on the pros and cons of CIBC's life insurance based on their different products.

CIBC life insurance products

Read more on CIBC's types of life insurance below.

Term Life Insurance

  • CIBC's term life insurance offers coverage for 10 or 20 years with level premiums for each term.
  • The coverage can be renewed, but premiums will increase after the initial term, which is standard in the industry.
  • You can apply up until age 75, but the policy can be converted to a Term 100 product.
  • The policy includes a terminal illness benefit that provides 50 per cent of the coverage amount (up to $250,000) while the policyholder is still alive if they are diagnosed with a terminal illness and have a life expectancy of less than 12 months. This is a good feature, that's built in.
  • CIBCs term life insurance premiums can be up to 20 per cent higher than the industry average, which is $32.63 per month.

See how CIBC's term life insurance prices stack up against the prices of products offered by other term life insurance companies in Canada.

Life insurance company Monthly premiums* Annual premiums*
CIBC Life $39.70 $476.38
Canada Life $33.27 $369.63
Desjardins $31.50 $350.00
BMO Insurance $32.40 $360.00
Industrial Allian $32.85 $365.00
PolicyMe $31.46 $349.00
Sun Life $35.10 $390.00
Manulife $32.79 $366.00
Humania $32.40 $360.00
RBC Insurance $31.32 $348.00
ivari $36.90 $410.00

*Prices are based on a 35-year-old man seeking $500,000 coverage for a 20-year term policy. Prices are publicly available rates as of April 2023; terms and conditions may apply.

PolicyMe offers some of the most affordable rates in Canada, with customers saving up to 20% on their term life insurance premiums. Get a quote in just a few clicks.

Guaranteed Acceptance Life Insurance

When it comes to cancer survivors, CIBC's Guaranteed Acceptance product is a good choice for life insurance coverage.

It's specially designed for individuals considered high risk due to previous medical conditions, including cancer.

  • This coverage is limited to up to $25,000. It is intended primarily for those looking to cover end-of-life expenses or as a final resort if you can't get coverage from another policy.
  • The coverage is available for individuals between 40 and 74.
  • The coverage amount cannot be reduced or increased once the policy is purchased.

The beneficiary also can get up to five times the coverage amount as a benefit if accidental death occurs within the policy term.

Mortgage Life Insurance

CIBC offers both single and joint coverage options for mortgage life insurance.

  • CIBC's mortgage life insurance premiums are generally level, meaning they will stay the same over the policy's length.
  • It also offers optional riders that can be added to your mortgage life insurance policy, such as critical illness coverage and disability coverage.

And if you move or refinance your mortgage, you can take your CIBC mortgage life insurance policy with you.

Additional Product Benefits

How do you get CIBC life insurance quotes?

For their Guaranteed Acceptance product, CIBC lets you get a quote and purchase a policy instantly without requiring underwriting or review.

If you're seeking quotes about CIBC term life products, you can contact one of their advisors by phone or use an independent broker.

Bottom line: CIBC's pricey life insurance is ideal only for those like cancer survivors who can't get approved elsewhere.

If you're looking for a guaranteed acceptance policy to cover funeral costs and final expenses, CIBC's guaranteed acceptance policy is a good option.

Remember that guaranteed policies are always pricier than the average whole or term life insurance policy. You can only take out a minimal amount. With CIBC, you can only take out up to $25,000.

CIBC Insurance does have a strong presence in the life insurance industry as a bank-owned insurance company. They are backed by their own bank's $200M in assets, so they are strong financially.

The problem is that their monthly premium rate for a 10-year or 20-year term is considerably higher than other Canadian insurance companies. The type of life insurance they offer is also very limited.

One common complaint is that their customer service is not up to par, which can frustrate policyholders with questions or concerns.

FAQ: CIBC life insurance

Does CIBC have unsatisfactory customer service?

According to the 2021 J.D. Power Canadian Retail Banking Satisfaction Study, CIBC ranked third in customer satisfaction among the Big Five banks in Canada, scoring above the industry average.

But their life insurance customer experiences seem to be lacklustre, scoring them a 1.3/5 on Trustpilot. Customer experiences range from long periods of time to wait for a response and difficulty cancelling or changing policies with their experienced advisors.

What other insurance policies does CIBC offer?

Besides life insurance, CIBC also offers a range of insurance products:

  1. Home Insurance: offers different types of home insurance policies to protect your home, its contents, and any other structures on your property.
  2. Auto Insurance: comprehensive and collision coverage for your car and liability coverage for bodily injury and property damage caused by your vehicle.
  3. Travel Insurance: protection from unexpected travel events, such as trip cancellation or interruption, emergency medical expenses, and lost or stolen baggage.
  4. Disability Insurance: offers disability insurance to provide income replacement if you cannot work due to a covered illness or injury.
  5. Business Insurance: CIBC offers different types of business insurance, including liability insurance, property insurance, and business interruption insurance.


Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

Laura McKay

COO & Co-Founder

About the Author

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