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When it comes to life insurance companies, there are many options to choose from.
If you're looking for an affordable option that offers reliable life insurance coverage, and specializes in no-medical insurance, Canada Protection Plan may be the right choice for you.
In this review, we'll take a closer look at what CPP has to offer and see if it's the right fit for your needs. Keep reading to learn more!
Who is Canada Protection Plan?
Founded in 1992, Canada Protection Plan (CPP) specializes in simplified issue, no medical life insurance products.
While the insurance company is a relatively young name in the Canadian life insurance market, its whole and term life insurance policies are underwritten by Foresters Life Insurance Company, a subsidiary of Foresters Financial. Foresters Financial is worth more than 14 billion and has been around for over a century. In fact, Foresters Financial was founded in 1874, placing it among the oldest life insurers in North America.
You can purchase Canada Protection Plan products over the phone with one of their insurance advisors, or through an independent broker. The customer service provided by Canada Protection Plan is excellent, and their insurance agents are very helpful and knowledgeable.
CPP strives to provide the best possible life insurance coverage for their customers' needs. They are always willing to help their customers find the best possible coverage for their needs. The business offers a variety of products and services that are highly competitive in the insurance industry in Canada.
Canada Protection Plan Facts & Financial Information
The Facts
Founded in 1992
Headquartered at Downtown, Toronto, ON
Financial Information
$2.6 billion in Financial Assets
~$1.3 billion in annual insurance premiums
AM Best Financial Strength Rating: A+
Canada Protection Plan Insurance Reviews
CPP life insurance reviews has a good rating of 4.0 stars out of 5 on Google reviews (an increase from last year). There are not many life insurers who can boast a 3+ rating on Google, but CPP Insurance has a breakthrough as it is quite a crucial insurance plan. The insurance industry in Canada is highly competitive, with many companies offering a variety of products and services.
Products and Features
CPP offers primarily simplified-issue, no-medical exam life insurance policies. Other policies include health and dental insurance to cover medical and dental expenses, critical illness insurance for unexpected medical expenses, travel medical insurance, and funeral expense insurance.
The business offers a variety of life insurance products to meet the needs of its customers, including five term life insurance, six whole life insurance, and four critical illness insurance.
Term Life Insurance
CPP provides the following five term life products.
Express Elite Term Insurance
Introduced in 2019 by Canada Protection Plan, Express Elite Term Insurance is a new term life plan designed for people who are healthy and want a fast and convenient application process. Usually, there are many forms that need to be filled out in order to apply for the new term life plan. You can complete the application process in as little as 15 minutes and get approval within 72 hours.
Furthermore, Canada Protection Plan claims it has the lowest rates for healthy individuals looking for simplified issue term coverage up to $750,000!
Features
- Designed for individuals who are in good health and want to skip the life insurance medical exam check
- Available in 20 and 30 year periods
- For ages 18 to 50, coverage amounts available: $100,000 - $750,000
- For ages 51 to 60, coverage amounts available: $100,000 - $500,000
- Renewable up to age 80 (That is, you can renew the coverage without medical tests at the end of the term until age 80)
- Convertible up to age 70 (That is, you can convert policies into permanent life insurance policies until age 70)
- Option to add Critical Illness Insurance Rider, hospital cash benefit, and other add-ons
Simplified Elite Term Insurance
This term life insurance coverage is designed for people with moderate health issues or hazardous jobs or hobbies. You will not have to take physical tests, and the premiums are relatively affordable — but that is not all. This plan does not include a waiting period, meaning you receive coverage right from the start date of your policy.
Features
- Available in 10, 20, and 30 year periods
- For ages 18 to 60, coverage amounts available: $25,000 to $500,000
- For ages 61 to 70, coverage amounts available: $25,000 to $350,000
- Renewable up to age 80
- Convertible to whole life insurance up to age 70
- No waiting period
- Decreasing term life option available (This option is suitable for those who want term life insurance to cover a mortgage)
- Option to add Critical Illness Insurance Rider, accidental death benefit, and other add-ons
Deferred Elite Term Insurance
Deferred Elite Term Life Insurance coverage from CPP is aimed at those who have moderate to serious health conditions and have been turned down elsewhere.
Features
- Available in 10, 20, and 25 year periods
- Coverage amounts available: $25,000 to $350,000
- Renewable up to age 80
- Convertible to permanent life insurance up to age 70
- Decreasing term life option available (Generally used for covering a mortgage balance)
- Two year waiting period. The insurance company pays the full death benefit only if the death occurs after two years or from an accident. If the death occurs during the second year, the insurer will pay half of your coverage as a death benefit. If the death occurs during the first policy year, the insurer will not pay a death benefit but will refund the money from premiums.
- Option to add riders like child term life insurance and accidental death benefit
Preferred Term Insurance
This term life product is like Simplified Elite Term. However, it has lower rates, provides higher coverage amounts, and involves more underwriting. This Canada Protection Plan product is geared towards individuals with relatively good health and without any insurability issues.
Features
- Available in 10, 20, and 25 year periods
- Coverage amounts available: $50,000 to $1,000,000
- Renewable up to age 80
- Convertible to permanent life insurance up to age 70
- No waiting period
- Decreasing term life option available (Generally used for covering a mortgage balance)
- Option to add riders like child term life insurance, hospital cash benefit, and accidental death benefit
Preferred Elite Term Insurance
Like Preferred Term Insurance, this plan is aimed at healthy individuals and may involve medical exams. For this reason, premium payments are lower than other Canada Protection Plan term life products.
Features
- Available in 10, 20 and 25 year periods
- The maximum amount of coverage available is $1,000,000
- Renewable up to age 80
- Convertible to permanent life insurance up to age 70
- No waiting period
- Decreasing term life option available (Generally used for covering a mortgage balance)
- Option to add riders like child term life insurance and accidental death benefits
Permanent Life Insurance
Canada Protection Plan sells six permanent life insurance plans. Permanent life insurance, as the name suggests, covers you for your entire life. Many whole life insurance policies also accumulate cash value, which you can access while still alive.
Guaranteed Acceptance Life
Guaranteed Acceptance Life is aimed at people who do not qualify for other life insurance products. It does not involve a medical exam or health questions, and coverage is guaranteed. However, the maximum amount of coverage is low and premiums are significantly higher. Plus, this no-medical insurance plan comes with a two-year waiting period. Anyone who applies for Guaranteed Acceptance Life will be approved; there are absolutely no health exams or medical questions required to begin coverage.
Features
- Available for individuals between the ages of 18 and 75
- The maximum amount of coverage is $50,000
- Guaranteed level premium. That is, your premium will not change.
- Two year waiting period. The insurer pays the full death benefit amount if you die two years after taking the policy or because of an accident. If you die from a natural cause within the first two policy years, the insurer will not pay a death benefit but will return the premium dollars.
- Guaranteed cash value from the 5th year onward
- Covers final expenses, like funeral costs, unexpected medical costs, and outstanding debt
- Option to add riders like the Accidental Death Benefit
Deferred Life Permanent Insurance
This Deferred Life Insurance plan is designed for people with serious health conditions, and the eligible age is 18–80.
Features
- The maximum coverage amount is $75,000
- Guaranteed level premium. That is, your premium will remain the same throughout.
- Two year waiting period. If you die from a non-accidental cause within the first two policy years, the insurer will not pay the death benefit but will refund the premiums.
- Guaranteed cash value from the 5th year onward
- Option to add riders like the Accidental Death Benefit
Deferred Elite Permanent Insurance
This permanent life insurance Canada Protection Plan is designed for people with less serious health conditions and includes an option to pay off the life insurance policy in 20 years.
Features
- The maximum coverage amount is $350,000
- Option to pay off the policy in 20 years
- Guaranteed level premium. That is, your premium will remain the same throughout.
- Two year waiting period. The insurer pays the full death benefit only if the death occurs after two years or from an accident. If the death occurs during the second year, the insurer will pay half of your coverage as a death benefit. If the death happens during the first policy year, the insurer will not issue a death benefit but will refund the premiums.
- Guaranteed cash value from the 5th year onward
- Option to add riders like the Accidental Death Benefit
Simplified Elite Permanent Insurance
Aimed at people in reasonably good health, this plan is relatively affordable, comes without a waiting period, and requires no medical exams.
Features
- The maximum coverage amount is $350,000
- Option to pay off the policy in 20 years
- Guaranteed level premium. That is, your premium will remain the same throughout
- No waiting period
- Guaranteed cash value from the 5th year onward
- Option to add riders like the Accidental Death Benefit and others
Preferred Life Permanent Life Insurance
This Canada Protection Plan offers higher coverage amounts, has lower rates, and involves slightly more underwriting than most other plans.
Features
- The maximum coverage amount is $1,000,000
- Option to pay off the policy in 20 years
- Guaranteed level premium. That is, your premium will remain the same throughout
- Guaranteed cash value from the 5th year onward
- Option to add riders like the Accidental Death Benefit and others
Preferred Elite Life Permanent Insurance
If you are in relatively good health and looking for lifelong protection, the Preferred Elite Life Permanent Insurance plan may be right for you. Premium rates are lower than other permanent life insurance plans, but it may include medical exams.
Features
- The maximum coverage amount is $1,000,000
- Option to pay off the policy in 20 years
- Guaranteed level premium. That is, your premium will remain the same throughout
- Guaranteed cash value from the 5th year onward
- Option to add riders like the Accidental Death Benefit and others
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Critical Illness Insurance
With a Critical illness insurance policy, you receive a lump-sum payment if you are diagnosed with a serious illness, such as heart attack, cancer, or coronary artery bypass surgery. Canada Protection Plan reviews would not be complete without a mention of its plans with critical illness coverage. While most other life insurance companies offer one customizable critical illness insurance plan, Canada Protection Plan offers four specialized plans to suit varied needs.
Cardiac Protect CI
- Eligible age: 18 to 65
- Coverage amount: $10,000 - $50,000
- The insurer will issue a payout in the case of stroke, heart attack, heart valve operations, or aortic or coronary artery bypass surgery
Cancer Protect CI
- Eligible age: 18 to 65
- Coverage amount: $10,000 - $50,000
Cardiac and Cancer Protect CI
- Eligible age: 18 to 65
- Coverage amount: $10,000 - $50,000
- You will receive two payouts if you develop multiple severe illnesses
Cardiac or Cancer Protect CI
- Eligible age: 18 to 65
- Coverage amount: $25,000 - $100,000
- Renewable up to age 75
- The plan covers both heart illnesses and cancer but pays out only once
Canada Protection Plan Term Life Insurance Rates
Term life insurance is the best situation for 90% of people. That is because it is affordable, simple to understand, and easy to manage. We got quotes for term life from Canada Protection Plan to find out how affordable its plans are.
These quotes are for a 20-year term policy with $400,000 in coverage for non-smoking, healthy men and women of different ages.
Term Life Insurance Review - Price Comparison vs. Competitor Products
Comparison shopping is the surest way to ensure you do not pay more than you must for life insurance. We twice compared Canada Protection Plan against Sun Life — one of its main competitors — to see who offers a better deal.
Example 1: 40 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
CPP $400K -$46.44
Sun Life $400K - $50.13
Cost Savings over 20 years: $886
Example 2: 60 Year Old Female, Non Smoker, Regular Health, 20 Year Term:
CPP $250K - $167.85
Sun Life $250K - $168.07
Cost Savings over 20 years: $53
Who can benefit from Canada Protection Plan life insurance?
- Those who have pre-existing medical conditions
- Those who don't want to go through medical underwriting
- With prior or current addiction experience
- With a family history of health issues
- Who participate in high-risk activities or sports (for example, skydiving)
However, because applicants are not required to undergo a medical test, regardless of their health or circumstances, life insurance plans at Canada Protection Plan are more expensive, costing nearly twice as much for 10, 20, or 30-year terms.
Pros of Canada Protection Plan
- Quick Approvals
With Canada Protection Plan, you can expect approval within 72 hours, if not earlier. The application is simple and can be completed in as little as 15 minutes.
- Widest range of no medical life insurance plans in Canada
Canada Protection Plan has more no medical life insurance products than any Canadian life insurer. That is great news for anyone who has poor health issues and is unable to obtain standard coverage.
- Variety of term lengths available, including 30 years
You have the option to pick a 10, 20, 25, and 30 year term. Canada Protection Plan is the first insurer to offer a 30-year no medical term life insurance.
- You do not have to be a Canadian Citizen to get coverage
Options are available for temporary residents — like those on work or student visas — as well.
- Wide range of permanent and critical illness plans
Canada Protection Plan boasts of six permanent life and four critical illness plans.
Cons of Canada Protection Plan
- Premium rates are typically higher than other insurance companies
This, however, is not surprising. No medical life insurance plans are often costlier than fully underwritten life insurance policies.
- No universal life insurance policy
Canadian Protection Plan offers neither universal life insurance nor participating whole life.
- Coverage amount capped at $1 million
If you need higher coverage, you will need to look elsewhere.
Frequently Asked Questions
Who is the Canada Protection Plan for?
The Canada Protection Plan is a life insurance policy that is available to Canadian residents. The policy is designed to provide financial protection in the event of the death of the insured person. The death benefit can be used to help cover funeral costs, pay off debts, or provide financial support for the family of the deceased.
What are the benefits of the Canada Protection Plan?
The Canada Protection Plan is a life insurance policy that provides financial security for your loved ones in the event of your death. The benefits of buying life insurance from CPP include a flexible and affordable way to ensure that your family is taken care of financially if you die. The death benefits can be used to help pay for funeral expenses, outstanding debts, or to provide a financial cushion for your loved ones.
Who is eligible for the Canada Protection Plan?
The Canada Protection Plan is a life insurance policy that is available to someone who is a resident of the country of Canada. The policy doesn't cover children and is only available to any Canadian resident who is between the ages of 18 and 55. The policy provides death, terminal illness, and critical illness coverage. The policy can be purchased for a term of 10, 20, or 30 years. The policy can be renewed at the end of the term for an additional 10 years. The policy can be converted to a permanent policy at any time. The clients are important and Canada Protection Plan works hard to ensure that they are provided with the best possible life insurance policy to meet their needs. The policy is not available to residents of Quebec.
Who underwrites the Canada Protection Plan?
Foresters Life Insurance Company, a part of Foresters Financial, an international provider of financial services, underwrites the products of the Canada Protection Plan. The Canada Protection Plan is a client of Foresters Insurance Company.
What is a hospital cash benefit?
"Hospital cash benefit" is a type of insurance that provides cash benefits to policyholders in the event that they are hospitalized. Taking up hospitalization insurance, which gives hospital cash benefit to policyholders, is one way to ensure that you can meet your medical bills in the event of a hospital stay.
Is Canada Protection Plan legitimate?
Canada Protection Plan (CPP) is a trusted and legitimate life insurance provider in Canada. They have been around for a long time and have built a strong reputation. CPP offers various life insurance options to suit different needs and budgets. They are fully licensed and regulated by the appropriate authorities, ensuring that they meet all the required standards. Customers have also given positive reviews and testimonials about their experiences with CPP. So, you can have peace of mind knowing that Canada Protection Plan is a reliable company in the insurance industry.
Is Canada Protection Plan Insurance right for you?
Canada Protection Plan is primarily known for its simplified issue, no medical plans. Although CPP life insurance is primarily known for its simplified issue, no medical plans, some applicants may be required to take medical exams in order to qualify for coverage. It offers a wide range of term life, permanent life, and critical illness products.
If an applicant has a health condition that makes it difficult to qualify for a standard policy or do not want to take a physical exam, Canada Protection Plan may be right for them.
Dundas Life offers low prices for term life insurance that may be purchased online. What if you have any further questions? Certified providers are available to respond seven days a week.
👉 Want more reviews? Check them out here
Steven has a deep background in life insurance. At Dundas Life, he's helped 1000s of clients find the right insurance coverage while also training dozens of insurance advisors during his career. Previously at Finaeo, Steven oversaw compliance and coaching for over 350 independent insurance brokers. Steven is also rated the #1 Insurance Agent in Toronto on Rate-My-Agent.
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