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Canadian Imperial Bank of Commerce (CIBC) Life Insurance

CIBC is a Canadian financial institution that runs several businesses. Two of its major operations are CIBC Retail Markets and CIBC World Markets Inc. CIBC Retail Markets offers personal banking, business banking and wealth management to its clients, and CIBC World Markets Inc. provides things like investment banking, merchant banking, research products and capital markets to a variety of customers in both the government and corporate world. CIBC came into existence in 1961 when the Canadian Bank of Commerce and the Imperial Bank of Canada merged into a company known as the Canadian Imperial Bank of Commerce (CIBC). In addition to the above described services, CIBC offers several insurance products including life insurance. Some of the life insurance policies offered by the company are the Million Dollar Maximum Plan, the CIBC Term Life Protection Plan and regular term life insurance.

Million Dollar Maximum Accident Plan

If you die an accidental death under the Million Dollar Maximum Accident Plan, CIBC will pay out a lump sum to your beneficiaries. You can purchase coverage for up to $1,000,000 for accidental deaths that occur on a plane, subway, bus or train. For an accidental death taking place in an automobile, you can purchase up to $100,000 in coverage. For accidental death insurance taking place under other circumstances, you can get up to $25,000 in coverage. You’ll need to consult the policy to see what constitutes an accidental death as not every kind of death qualifies as an accidental one. To qualify for this policy, you need to be in between the ages of 18 and 75. Premiums for this policy are rather low – for single coverage, it’s only $8.50 per month, and for family coverage, it’s $9.95 per month.

CIBC Term Life Protection

The CIBC Term Life Protection Plan is for people who are looking for short term insurance policies. Under this plan, you can get coverage for $50,000, $75,000 or $100,000 for a period of 5 years. The Protection Plan also offers a Living Benefit that can pay out up to $50,000 as well as a Cancer Benefit of up to $10,000. To apply to the Protection Plan, you’ll need to be between the ages of 19 and 66. The rates are fixed for the premiums – you’ll pay the same premiums for the entire five year period. If you’re looking for term life insurance for a longer period of time, check out the regular term life insurance plan. You can decide for how many years you want to have term life insurance, although most people do tend to get 10 or 20 year policies. You can also decide how much coverage you want as long as it’s over $100,000.

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