CIBC Critical Illness Insurance Review

CIBC critical illness cover provides an important safety net, offering a lump-sum benefit if you are diagnosed with a covered condition. The payout can cover medical bills, treatment expenses, lifestyle changes, donor expenses, and more. Having sufficient critical illness insurance allows you to access to quality healthcare services and focus on recovery without looking over your shoulder for funds. 

CIBC stands out as a reputable insurance company, but is it the right fit for you? Read our CIBC critical illness insurance review to find out the answer today.

Our CIBC Critical Illness Insurance Review

CIBC’s critical illness coverage provides protections against four most common severe illnesses, includes flexible terms and coverage, offers lower rates for non-smokers, and accepts online applications. It is a good option for those interested in an easy-to-apply and straightforward plan.

Pros

• Pays up to $200,000 in benefits
• Two term options (10-year and 20-year)
• Option to convert a 10-year critical illness insurance plan to a 20-year policy without a medical exam
• More attractive premiums for non-smokers
• Available as a stand-alone product or with CIBC term life insurance

Cons

• Covers only 4 conditions
• No permanent coverage
• Lack of flexibility

Who is CIBC?

CIBC is one of the biggest banks in Canada and is renowned for its banking, wealth management, and insurance products. CIBC offers a range of affordably-priced insurance solutions, including, but not limited to, life insurance, creditor insurance, health insurance, and critical illness insurance. 

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Types of CIBC Critical Illness plans offered

CIBC provides basic critical illness insurance coverage, covering four common critical illnesses. You will receive a payout if you are diagnosed with any of the following conditions (and satisfy other conditions mentioned in your contract, like the waiting period): 

• Life-threatening cancer
• Heart attack
• Stroke
• Coronary artery bypass surgery

Key Features

Benefit amount: Choose the benefit amount you need from $15,000 to $200,000.

Policy terms: CIBC offers critical illness insurance coverage for 10-year and 20-year terms.

Level premiums: Your premium rate remains the same for the duration of the selected policy term. For instance, if you own a 10-year term plan, you will pay a consistent premium that changes only after every 10-year period. 

Waiting period: The waiting period, also known as the survival period, for CIBC critical illness cover is 30 days. 

Conversion: You can convert a 10-year critical illness insurance plan to a 20-year policy up to age 75. 

Coverage expiry date: Your policy will automatically expire at age 75. 

Product Name	CIBC Critical Illness Insurance
Coverage	Basic
No. of illnesses covered	4
Maximum benefit amount	$200,000
Terms available	10-year and 20-year terms (renewable up to age 75)
Survival Period	30 days
Permanent coverage	No
Return of premium on death	No
Return of premium on expiry/cancellation	No
Second event	No
Free-look period	No
Online Application	Yes (30 days)

What is covered by CIBC’s Critical Illness Insurance?

As a CIBC policyholder, you may receive critical illness benefits for the following illnesses:

• Stroke
• Cancer (life-threatening)
• Heart attack
• Coronary artery bypass surgery

Although CIBC offers protection against some of the most common critical illnesses, its coverage is perhaps not as extensive as those offered by some other insurers. 

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Why get CIBC Critical Illness?

A critical illness can strike at any time, bringing not only physical and emotional challenges but often also considerable financial hardship. This is where CIBC critical illness cover can help. It can help you take care of medical expenses that health insurance generally doesn’t cover and out-of-pocket costs. For example, you can use the payout to meet in-home care costs, counselling and therapy costs, and travel expenses for seeking a second or third opinion. Additionally, you may use the critical illness insurance benefits to cover income loss if you are unable to work due to poor health. 

How much you will pay for CIBC’s critical illness cover?

CIBC is known to offer competitive premium rates, but exactly how much you will have to pay for its critical illness cover depends on many factors, some of which are unique to you.

Your critical illness insurance premiums are based on factors such as: 

• Age
• Overall health
• Pre-existing conditions
• Smoking status
• Benefit amount and other policy-specific details (like the policy term)

If you want a precise price quote for CIBC’s critical illness cover, speak to one of our advisors. 

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Applying for CIBC critical illness insurance

Interested in CIBC critical illness insurance cover? We have got you covered. Click the Check My Price button to get a free quote or schedule a call with one of our insurance advisors to start the application process.  

Conclusion - Is CIBC critical illness insurance right for you?

So, is CIBC critical illness insurance a good fit for you? That depends on your insurance needs. If you are seeking basic critical illness insurance cover from a reputable insurance provider, CIBC could be a right fit. However, if you want a plan that includes many more illnesses and conditions than the four that CIBC covers, look elsewhere. 

Not sure whether a basic or comprehensive plan will work best for you? Let Dundas Life help you. We will take time to understand your unique needs and situation and offer unbiased advice. But that’s not all. We also provide no-obligation price quotes from multiple insurance providers so that you can decide if CIBC is truly the best fit for you.