Canadian consumers can now comparison-shop for critical illness insurance online, through a new CIBC service that provides multiple quotes from competing insurance providers.

In extending its online insurance services, CIBC is the first Canadian bank to offer its customers direct access to an independent online insurance shopping tool at www.cibc.com.

Powered by Kanetix, Canada’s Insurance Marketplace, the shopping service provides CIBC clients with direct access to critical illness insurance quotes from up to six of Canada’s leading insurance providers. After receiving quotes in minutes through the two-step online process, users can choose to purchase a policy over the phone or apply for coverage online.

In addition to critical illness quotes, the comparison tool also provides policy highlights and a list of covered conditions for each company’s product.

The service allows consumers to make an informed insurance purchase for one of the fastest growing insurance products in Canada — all in a fraction of the time it would take to call numerous insurance providers by phone.

“People know that the costs of recovery from a serious illness can have a dramatic impact on their family’s financial security and lifestyle,” said Rick Lancaster, senior vice president, CIBC Insurance.

“By providing online access to our innovative critical illness insurance quote comparison tool, we make it easier for Canadians to make an informed decision about this increasingly requested insurance product,” Lancaster added.

A life insurance quote comparison tool, also powered by Kanetix, was launched with the critical illness shopping service. CIBC customers are now able to compare 10 and 20-year term life insurance quotes through the insurance channel on the CIBC Web site.