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Canada Protection Plan Review
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Canada Protection Plan Review 2024

Perhaps one of the lesser known insurance companies, Canada Protection Plan is a nationwide specialist in simplified insurance coverage. Canada Protection Plan was founded in 1992 in Toronto making it a relatively young name on the insurance market.

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Simon Huften

Simon Huften is the President of Life Insurance Canada.com Inc.

Highlights

  • Canada Protection Plan (CPP) is a leader in No Medical and Simplified insurance products. This means no medical exams and policies are issued quick.
  • If you have previous conditions or need speedy coverage, you can get guaranteed acceptance to a whole range of both term and permanent life insurance policies. 
  • Canada Protection Plan also provides four kinds of Critical Illness insurance tailored specifically to cardiac conditions and cancer diagnoses. 
  • It is an extremely popular option for independent agents looking to insure higher risk clients.
  • Premium costs are typically higher due to the company accepting higher risk applicants.

In This Article

Frequently Asked Questions

Q: What is No Medical Life Insurance?

No medical and simplified life insurance are life insurance policies which are issued without the applicant having to complete a medical exam with a nurse. You can get a life insurance policy with very limited medical questions, no doctors reports and no medical tests. 

They are usually issued within just a few days as well!

Q: How long does it take to get No Medical Life Insurance from CPP?

No medical life insurance policies are typically approved anywhere from 1 to 5 business days. These policies are issued quick and easy to get approved.

Q: Does CPP allow annual payments?

Yes, you can either pay your insurance premiums on a monthly or annual basis. CPP does not charge for the first month of premiums if you are paying monthly (premiums start in the 2nd month).

For annual payments, CPP is one of the few life insurance companies in Canada that allows you to pay via credit card. 

Q: Are term life insurance rates from CPP guaranteed?

Yes, the rates (and coverage amount) are guaranteed for the entire length of the initial term. For example, a 10 year term policy will have fixed/level premiums and fixed/level coverage for 10 years.

Q: Does CPP offer both permanent and term life insurance options?

Yes! Depending on which plan the insured person qualifies for, CPP offers options for both term and permanent life insurance.

Q: Will CPP ever deny someone applying for life insurance coverage?

Everyone, regardless of health, will qualify for some type of plan through CPP.

Canada Protection Plan: Company Overview

  • Year Founded: 1992
  • Head Office: Toronto, Ontario
  • AM Best Rating: A+
  • Assets: Foresters Financial*: $2.6-billion
  • Annual Premiums: Foresters Financial*: $1.3-billion (*Values are shown for Foresters Financial, underwriting company for Canada Protection Plan life insurance products)
  • Website: www.cpp.ca

Perhaps one of the lesser known insurance companies, Canada Protection Plan is a nationwide specialist in simplified insurance coverage. Canada Protection Plan was founded in 1992 in Toronto, making it a relatively young name on the insurance market. The company began by selling one single No Medical insurance product through independent brokers. Independent agents are individuals who work with a variety of insurance providers selling products on their behalf for a commission. This means the company didn’t have sales representatives itself.

This small and simple operation expanded quickly over the years. By 2006, the company had a whole range of No Medical products. With the introduction of Canada Protection Plan’s Call Centre in the mid-2000s, customers could communicate directly with company representatives and advisors. In 2008, the organization’s continued effort to develop its communications technologies meant that customers could complete purchases entirely over the phone. Today, Canada Protection Plan continues to sell policies over the phone through their staff of fully licensed insurance advisors. The company continues to work with outside brokers and its products can be purchased through over 25,000 independent agents across Canada. Canada Protection Plan’s sister company, TPA Outsourcing Inc. provides policyholder support and answers any and all questions pertaining to insurance plans.

Canada Protection Plan began selling No Medical insurance because it believes firmly that life insurance should be affordable, accessible, and secure. They believe in a compassionate approach that takes into account the best interest of the client, the broker, and the community at large. This has led to Canada Protection Plan becoming a pioneer in the No Medical field and a generous contributor to many charitable causes all across Canada. To put it simply, if you’re looking for an easy, affordable policy, Canada Protection Plan is here to help! 

Canada Protection Plan: Pros & Cons

ProsCons


– Quick and simple online application process.

– Many options for those who are harder to insure due to health issues or lifestyle.

– Policies are issued very quickly as no medical is required for most plans that CPP offer

– One of the few companies that accept credit cards for annual premium payments (monthly payments via credit card is not accepted).

– Variety of term lengths available including 10, 20, 25 and 30 year terms.

– Easy to get approved for marijuana users.

– Not required to be a Canadian citizen to get coverage. Options available for temporary residents such as work/student visa.

– Wide selection of term and permanent life insurance options.

– If paying monthly, there is no premium payment required for the first month of the policy. Premiums start in the second month.

– Premium costs are typically higher than other life insurance companies for those who are in good health as they charge higher premiums due to the fact that they do not require medical exams for most policies.

– The maximum amount of coverage offered is $1,000,000. If you are needing more coverage, you will need to either purchase an additional policy with another company or look at a different insurance company all together.

– Whole life insurance cash values are sub-par compared to other insurance companies.

– Does not offer a dividend option for whole life insurance policies. 

Canada Protection Plan: Insurance Products

As mentioned above, Canada Protection Plan is a true expert in No Medical Insurance. So what is No Medical? 

Usually, when you purchase an insurance policy, your insurer will require you to undergo an extensive health questionnaire and, in most cases, a medical examination. This is to gauge your health and lifestyle to estimate the risk you pose to the insurer. However, this kind of process can disadvantage certain individuals through no fault of their own. If you have experienced conditions like heart problems, chronic mental illness, or certain cancers, your insurer may charge you more or not offer you insurance at all. No Medical avoids the hassle of medical exams and lets you access your coverage faster. Here is a quick rundown of the policies available from Canada Protection Plan: 

Canada Protection Plan: Term Life Insurance

Canada Protection Plan: Deferred Elite Term Insurance

  • Designed for those who have less serious medical/health conditions.
  • Great option for those who have been declined in the past.
  • Coverage amounts available from $25,000 to $350,000.
  • Term lengths of 10, 20 and 25 years.
  • Decreasing 25 year term life insurance option available (typically used to cover an outstanding mortgage balance).
  • Renewable at the end of the term until age 80.
  • Convertible to permanent life insurance until age 70.
  • Full coverage of the policy is payable if death occurs after two years, or if death is from accidental causes. If death occurs in the second year as a result from non-accidental means, the death benefit is reduced to 50% of the coverage amount. If death occurs in the first year of the policy as a result of non-accidental means, the death benefit is reduced to zero and the insurer will refund the premiums that have been paid plus 3% simple interest.
  • Optional riders available such as accidental death benefits and child term life insurance.

Canada Protection Plan: Simplified Elite Term Insurance

  • Very popular life insurance product because it provides coverage from the start date of the policy and guaranteed no medical examination required. Premiums are relatively affordable as well.
  • Designed for those who are in relatively good health, participate in hazardous sports or activities, been declined elsewhere or do not want to complete a medical exam.
  • For ages 18-60, coverage amounts available from $25,000 to $500,000.
  • For ages 61-70, coverage amounts available from $25,000 to $350,000.
  • Term lengths of 10, 20 and 25 years.
  • Decreasing 25 year term life insurance option available (typically used to cover an outstanding mortgage balance).
  • Renewable at the end of the term until age 80.
  • Convertible to permanent life insurance until age 70.
  • Optional riders available such as accidental death benefits and child term life insurance.

Canada Protection Plan: Preferred Term Insurance

  • Similar product to Simplified Elite Term but provides lower rates and higher coverage amounts with slightly more underwriting.
  • For ages 18-70, coverage amounts available from $50,000 to $1,000,000.
  • Term lengths of 10, 20 and 25 years.
  • Decreasing 25 year term life insurance option available (typically used to cover an outstanding mortgage balance).
  • Renewable at the end of the term until age 80.
  • Convertible to permanent life insurance until age 70.
  • Optional riders available such as accidental death benefits and child term life insurance.

Canada Protection Plan: Express Elite Term Insurance

  • Provides the lowest rates for individuals who are in very good health and do not want to complete a medical exam.
  • For ages 18-50, coverage amounts available from $100,000 to $750,000.
  • For ages 51-60, coverage amounts available from $100,000 to $500,000.
  • Term lengths of 20 and 30 years.
  • Renewable at the end of the term until age 80.
  • Convertible to permanent life insurance until age 70.
  • Optional riders available such as accidental death benefits, child term life insurance, hospital cash benefit or critical illness rider.

Canada Protection Plan: Preferred Elite Term Insurance

  • Canada Protection Plans lowest priced term life insurance product available.
  • This plan is subject to underwriting which can include a medical exam.
  • 10 year term available for those between the ages of 18 and 70.
  • 20 year term available for those between the ages of 18 and 60.
  • 25 year term available for those between the ages of 18 and 55.
  • Decreasing 25 year term available for those between the ages of 18 and 60.
  • For ages 18-70, coverage amounts available from $500,000 to $1,000,000.
  • Renewable at the end of the term until age 80.
  • Convertible to permanent life insurance until age 70.
  • Optional riders available such as accidental death benefits, child term life insurance and hospital cash benefit.

Canada Protection Plan: Permanent Life Insurance

CPP: Guaranteed Acceptance Life 

  • You are guaranteed to be approved for coverage. You will not be denied regardless of your health.
  • Available to purchase for those between the ages of 18 and 75.
  • For ages 18-60, coverage amounts available from $10,000 to $50,000.
  • For ages 61-75, coverage amounts available for $5,000 to $50,000.
  • Premium payments are required for life.
  • Full coverage of the policy is payable if death occurs after two years, or if death is from accidental causes. If death occurs in the first two years of the policy as a result of non-accidental means, the death benefit is reduced to zero and the insurer will refund the premiums that have been paid.
  • Included in the policy is guaranteed cash values after the 5th policy year, automatic premium loan provision, terminal illness benefits and transportation benefit.
  • You have the option of adding an Accidental Death Benefit to increase the policy death benefit payout.
  • This is a permanent life insurance policy and it will begin to accumulate cash value after five years. If you choose to cancel your policy, any accumulate cash value will be returned to you. 

CPP: Deferred Life Permanent Insurance

  • Designed for those who have serious health conditions. 
  • Can potentially be an option for those who have been declined in the past.
  • For ages 18-60, coverage amounts available from $10,000 to $75,000.
  • For ages 61-75, coverage amounts available from $5,000 to $50,000.
  • Premium payments are required for life.
  • Full coverage of the policy is payable if death occurs after two years or if death is from accidental means. If death occurs in the first two years of the policy as a result of non-accidental means, then the death benefit is reduced to zero and the insurer will refund the premiums that have been paid plus 3% simple interest.
  • Policy premiums are guaranteed for the length of the policy. They will not increase or decrease.
  • Included in the policy is guaranteed cash values after the 5th policy year, automatic premium loan provision, terminal illness benefits and transportation benefit.
  • You have the option of adding an Accidental Death Benefit to increase the policy death benefit payout.

CPP: Deferred Elite Permanent Insurance

  • Designed for those who have less serious medical/health conditions.
  • Great option for those who have been declined in the past.
  • For ages 18-60, coverage amounts available from $10,000 to $350,000.
  • For ages 61-80, coverage amounts available from $5,000 to $350,000.
  • Premium payments are required either for life or for 20 years.
  • Premiums are guaranteed to be level for the life of the policy.
  • Full coverage of the policy is payable if death occurs after two years, or if death is from accidental causes. If death occurs in the second year as a result from non-accidental means, the death benefit is reduced to 50% of the coverage amount. If death occurs in the first year of the policy as a result of non-accidental means, the death benefit is reduced to zero and the insurer will refund the premiums that have been paid plus 3% simple interest.
  • Included in the policy is guaranteed cash values after the 5th policy year, automatic premium loan provision, terminal illness benefits and transportation benefit.
  • You have the option of adding an Accidental Death Benefit to increase the policy death benefit payout and Child Term Benefit.

CPP: Simplified Elite Permanent Insurance

  • Very popular life insurance product because it provides coverage from the start date of the policy and guaranteed no medical examination required. Premiums are relatively affordable as well.
  • Designed for those who are in relatively good health, participate in hazardous sports or activities, been declined elsewhere or do not want to complete a medical exam.
  • For ages 18-60, coverage amounts available from $10,000 to $500,000.
  • For ages 61-80, coverage amounts available from $5,000 to $350,000.
  • Premium payments are required either for life or for 20 years.
  • Premiums are guaranteed to be level for the life of the policy.
  • Included in the policy is guaranteed cash values after the 5th policy year, automatic premium loan provision, terminal illness benefits and transportation benefit. No cash values available for the Term to 100 plan. 
  • You have the option of adding up to two term riders to the policy. The available riders are Accidental Death Benefit to increase the policy death benefit payout, Child Term Benefit and Hospital Cash Benefit.

CPP: Preferred Life Permanent Insurance

  • Similar product to Simplified Elite Term but provides lower rates and higher coverage amounts with slightly more underwriting.
  • For ages 18-60, coverage amounts available from $50,000 to $1,000,000.
  • Premium payments are required either for life or for 20 years.
  • Premiums are guaranteed to be level for the life of the policy.
  • Included in the policy is guaranteed cash values after the 5th policy year, automatic premium loan provision, terminal illness benefits and transportation benefit. No cash values available for the Term to 100 plan.
  • You have the option of adding up to two term riders to the policy. The available riders are Accidental Death Benefit to increase the policy death benefit payout, Child Term Benefit and Hospital Cash Benefit.

CPP: Preferred Elite Life Permanent Insurance

  • Canada Protection Plans lowest priced permanent life insurance product available.
  • This plan is subject to underwriting which can include a medical exam.
  • For ages 18-80, coverage amounts available from $50,000 to $1,000,000.
  • Premium payments are required either for life or for 20 years.
  • Premiums are guaranteed to be level for the life of the policy.
  • Included in the policy is guaranteed cash values after the 5th policy year, automatic premium loan provision, terminal illness benefits and transportation benefit. No cash values available for the Term to 100 plan.
  • You have the option of adding up to two term riders to the policy. The available riders are Accidental Death Benefit to increase the policy death benefit payout, Child Term Benefit and Hospital Cash Benefit.

Note: All policies guarantee steady premiums that won’t change even if your health does. There are also flexible payment options for most policies that allow you to pay a fixed rate for the duration of the policy, or a higher amount for only twenty years. 

CPP: Critical Illness Insurance

Along with their impressive range of simple permanent life insurance, Canada Protection Plan also offers Critical Illness Insurance to expand your coverage. While life insurance offers a one time payout in the event of your death, critical illness coverage helps cover unexpected medical expenses while you are still living. 

While most insurers offer one kind of customizable critical illness policy, Canada Protection Plan provides four different and specialized policies to suit your circumstances: 

CPP: Cardiac Protect CI 

  • You are eligible between 18 and 65 years old.
  • Minimum coverage amount of $10 000. 
  • Maximum coverage amount of $50 000. 
  • You will receive your payout in the event of illnesses such as: heart attack, stroke, aortic or coronary artery bypass surgery, or heart valve operations. 

:

CPP: Cancer Protect CI

  • You are eligible between 18 and 65 years old.
  • Minimum coverage amount of $10 000. 
  • Maximum coverage amount of $50 000. 
  • As well as covering cancers typically included in cancer coverage, this policy also compensates you for aplastic anemia and benign brain tumours. 

CPP: Cardiac AND Cancer Protect C

  • You are eligible between 18 and 65 years old.
  • Minimum coverage amount of $10 000. 
  • Maximum coverage amount of $50 000. 
  • This policy allows you to receive two payouts in case you suffer multiple critical illnesses. If you claim after one medical event, your policy will remain open in case of a second

CPP: Cardiac OR Cancer Protect CI

  • You are eligible between 18 and 55 years old.
  • Minimum coverage amount of $25 000. 
  • Maximum coverage amount of $100 000. 
  • It is possible to renew this policy up to age 75.
  • With this policy, you get potential coverage for both categories of illness and receive a single, more substantial payout in the event of either a cardiac event or a cancer diagnosis (but not both). 

Note: All policies except the Cardiac OR Cancer Protect policy are non-renewable and non-convertible. Every one of the policies include the option to add an Accidental Death Benefit. 

CPP: Customer Satisfaction

On their website, Canada Protection Plan features testimonials from their associates. Many are predictably grateful for the speed an efficiency with which this provider comes the aid of their clients. Many independent brokers describe their difficulty with insuring certain higher risk individuals, leaving the customer dispirited and worried about their financial security. Canada Protection Plan to the rescue! 

These fast policies have clearly made a real impact to client’s mental and physical health. Clients experience the relief of having confirmed coverage, even with a difficult set of circumstances, and their families benefit from financial help. It’s clear that this provider fulfills an urgent and important need for No Medical insurance in Canada. 

Canada Protection Plan: Customer Criticism

It’s difficult to find any criticism of CPP’s operations. Any negative feedback seems to concentrate on superficial data breaches (customers receiving inauthentic texts) and some surprise at the company’s pricing. The thing to remember with Simplified and No Medical coverage is that they will typically account for additional risk and assume the client is applying with pre-existing conditions. This means that if you are in good health, you will almost certainly find better coverage from a standard insurance provider. 

And there we have it, a full run down of Canada’s leading No Medical insurance provider. We hope you have found this review helpful and wish you the best of luck with finding your perfect policy!


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