Products
Pay off or reduce the outstanding insured balance of your CIBC Mortgage Loan in the event of your death.
Mortgage Life Insurance (MLI)
On-the-spot approval with coverage beginning immediately if you answer “THIS” to the health questions on the application and your CIBC Mortgage Loan is approved.
NO
The maximum payable for all of your disability-insured CIBC Mortgages combined is $THIS.
$350,000
Which province must you not proactively offer Creditor Insurance
New Brunswick
Why would we read this disclosure? "I need to let you know CIBC and its employees are not licensed insurance agents. You may wish to seek the advice of a licensed insurance agent."
New Brunswick Resident/property
Pay a fixed monthly benefit amount that’s applied to your monthly mortgages payments in the event you’re involuntarily terminated by your employer (not for cause) and you’re eligible to receive Government of Canada Employment Insurance benefits. Job loss doesn’t include strike or temporary layoff
Mortgage Disability Plus (MDI+)
"THIS" applies if 2 people are insured for the same coverage or if you have more than one coverage type on the same mortgage
Premium Discount
For MLI, how much is covered for all your life-insured CIBC Mortgages combined.
$1,000,000
How many days do clients have to sign the application form before it expires?
30 Days
"Have you lived in Canada for a minimum of "X" days during the last 365 days? The days do not need to be consecutive."
183
Pay off or reduce the outstanding insured balance of your CIBC Mortgage if you’re diagnosed with a covered critical illness (such as life-threatening cancer, acute heart attack, stroke, or you undergo coronary artery bypass surgery) up to $500,000 for all your critical illness insured CIBC Mortgage Loans combined
Mortgage Critical Illness (MCI)
How many documents will be sent in total upon a completed Credit Insurance application?
3 - APP tool conversation, Product Summary, Application form
The maximum payable for all of your job loss-insured CIBC Mortgages combined is $THIS
$125,000
What happens if the client answers "YES" to the Health Questionnaire?
Canada Life will contact the client for more information
Which product requires THIS disclosure: "Full limitations and exclusions will be provided in the Certificate of Insurance."
All of them / Any of them. It's read after the product summary regardless of the product.
Pay a fixed monthly benefit amount that’s applied to your monthly mortgages payments in the event you’re unable to work due to a disability (such as an illness or injury).
Mortgage Disability Insurance (MDI)
For MDI & MDI +: The fixed monthly benefit amount is the principal and interest portion of your total monthly mortgage payment as at the date of your insurance application up to a maximum of $THIS per month.
$6500
MDI - The insurer will pay this monthly benefit for the duration of your claim period up to a maximum of "this amount of time"
24 months
What is the Insurance phone # for clients
1-800-465-6020
When would we use THIS disclosure: "You will also receive the Notice of Rescission form."
While generating documents, ONLY IF the client is from Quebec
This Insurance combines 2 protections in 1
MDI Plus - protects against Disability & Job loss
When creating a lead, you must include these details in your notes (5)
- Type of insurance taken
- Premiums
- Expiry date
- CI case number (from m-mortgage)
- If the client declines insurance
MDI + : The insurer will pay this monthly benefit for the duration of your claim period up to a maximum of "this time"
6 months
What is the name of the Insurance Company?
The Canada Life Assurance Company
Name 3 hard stops that will prevent us from proceeding with Insurance Application.
no email address, no electronic consent, age, any existing coverage on the mortgage, non-Canadian resident, potential answers to our eligibility Q's