CIBC Insurance Term Life Insurance Review – Updated 2023


CIBC offers simplified life insurance packages with 10 or 20-year terms with coverage up to $5,000,000. Policies are not customizable, have limited conversion options to permanent policies, and usually cost more than their competitors. Product options include “Guaranteed Acceptance” plans for those with pre-existing health conditions.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
6 min read


Term Life Insurance




Not Recommended

Our CIBC Insurance rating and review

CIBC has a simplistic term life insurance offering two standard products for coverage. While its simplicity makes it easy to understand, CIBC’s insurance product suite doesn’t offer as much customization as most bigger Canadian insurance companies, and similar coverage from more established providers is usually less expensive. As well, CIBC Insurance offers limited options for converting the policy once the term has ended.

We would recommend choosing one of the many other insurers in the market at this point in time, given the potential to obtain lower prices and access a wider spectrum of features and optional benefits. Use PolicyAdvisor’s quoting tool to find the right coverage through several competitive quotes from Canada’s best life insurance companies.

Pros and cons



  • Only 2 coverage terms available: 10 and 20 years. If your coverage needs differ from these two terms, you will have better options with other Canadian insurance providers
  • No options for joint/child/family coverage
  • Conversion options are limited to term-100 coverage. No whole life or universal life conversion options
  • There are limited riders or optional add-ons to augment coverage such as child term riders, guaranteed insurability, critical illness riders, and exchangeability
  • CIBC Insurance premiums are typically more expensive than larger Canadian insurance companies
  • Maximum age to obtain coverage is 64 years old, less than the 70-75 years range offered by other providers
  • Term coverage ends at 75
Schedule a Call

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

Who is CIBC Insurance?

The Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s “big 5” financial institutions. While CIBC itself was established in 1961, its creation was due to the merger of two older Canadian banks: the Canadian Bank of Commerce (1867) and the Imperial Bank of Canada (1873). It has operations in Canada, the United States, the Caribbean, and other countries in Asia and Europe.

Apart from core banking, CIBC has ventured into insurance, investment management (through the acquisition of Wood Gundy) and digital banking (initially with a Loblaws partnership through PC Financial, which is now spun off into Simplii Financial).

CIBC Life Insurance Company is the life insurance arm of CIBC. CIBC Term Life and CIBC Critical Illness are the primary individual insurance products they offer. The company is a relatively smaller player in the Canadian life insurance industry with overall annual premiums of $45 million.

Key facts about CIBC Insurance

    • Founded: 1961
    • Headquarters: Toronto, Ontario
    • AM Best Rating: —
    • Better Business Bureau Accreditation and Rating: —
    • Assets: $200 million
    • Annual Premiums: $45.1 million

Types of term life insurance CIBC Insurance offers

CIBC offers a term life insurance and a guaranteed acceptance life insurance product (for end of life expenses)

CIBC Term Life Insurance

  • Offers coverage for 10-year or 20-year terms, with level premiums for each term.
  • Coverage is renewable, but premiums will increase after the original term is complete
  • Coverage ends at age 75 but is convertible to a term 100 product. 
  • Includes a terminal illness benefit with 50% of the coverage amount (up to $250,000) available while the policyholder is still alive, if they are diagnosed with a terminal illness and have less than 12 months to live

CIBC Guaranteed Acceptance

  • Guaranteed coverage primarily for those with severe pre-existing health conditions
  • Primarily for those looking for coverage for end of life expenses
  • Available between the ages of 40 and 74
  • Maximum coverage limited to ages between 40 and 74
cibc life insurance review

Coverage and policy details

  • Available Term Lengths: 10 and 20 years
  • Available Term Types: Guaranteed level premiums
  • Maximum Amount of Coverage: $5,000,000
  • Renewability: Yes, until age 75.
  • Convertibility: Yes, convertible to term-100 permanent insurance.
More choice. Lower price.
PolicyAdvisor saves you time and money when comparing Canada’s top life insurance companies. Check it out!

What other insurance policies does CIBC Insurance offer?

CIBC offers several basic insurance products such as:

Is CIBC Insurance right for you?

While CIBC Insurance offers name recognition and basic life insurance coverage products that are a fit for many Canadian consumers  – there may be better options. As insurance advisors for multiple life insurance companies and products, we can help you decide if CIBC Insurance policies are the best fit for you or if another provider can meet your needs.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.

The information above is intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may not include all terms, conditions, limitations, exclusions, termination, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders. All rights reserved.

If something in this article needs to be corrected, updated, or removed, let us know. Email

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
Connect with author

Want more like this in your inbox? Subscribe to our newsletter.