Canada Protection Plan (CPP) Life Insurance Review

Canada Protection Plan (CPP) is a leading life insurance company best known for its no medical and simplified issue life insurance products. With an extensive line of insurance offerings and a financial strength rating of A from AM Best Company, they’re among the best insurance companies in Canada. While their traditional plan offerings are lacking compared to other providers, they have one of the most comprehensive lists of product offerings for no medical life insurance in Canada. Considering this, our rating of CPP is 3/5 stars.

In this article:

• Company Overview
• Pros and Cons
• Term Life Insurance Products
• Permanent Life Insurance Products
• Other CPP Insurance Products
• Canada Protection Plan Customer Reviews
• Frequently Asked Questions (FAQs) about Canada Protection Plan

Company Overview

Canada Protection Plan (CPP) was founded in 1992, and is headquartered in Toronto. The company has quickly grown to be one of the most popular insurance companies in Canada, due to its wide variety of no medical and simplified issue life insurance offerings. This company is financially secure and offers competitive pricing for the policies they offer. However it’s important to note that no medical life insurance policies, though beneficial to those with a pre-existing medical condition, are more expensive than traditional life insurance policies.

To better understand cost, here is a quick look at the monthly premium rates for a 10 year term plan with $500,000 in coverage from Canada Protection Plan for Canadians aged 20-70:

Canada Protection Plan Pros

Canada Protection Plan Cons

Term Life Insurance Products

Canada Protection Plan (CPP) offers five simplified and no medical term life insurance policies that vary in the extent of medical underwriting required. Term life insurance plans offered through CPP vary between terms of 10 – 30 years with a maximum coverage amount of $1,000,000. The following is a complete overview of the plans CPP offers.

Deferred Elite Term Insurance

This policy is ideal for hard-to-insure Canadians who suffer from health conditions or previously faced a life insurance policy denial.

Coverage amount: $25,000 – $350,000

Length of coverage: 10, 20, or 25 year terms.

Issue ages: 18 – 70 years old.

Medical Underwriting: No medical underwriting.

Additional features and options:

• Premiums are level for the lifetime of the policy.
• All terms can be renewed up to age 80.
• Term coverage is convertible to any permanent insurance plan up to age 70.
• Optional riders include accidental death benefit and child term benefit.
• Option for a 25 year decreasing term wherein the coverage amount decreases over 25 years to 50% of the initial face amount to cover a 25 year mortgage.

Simplified Elite Term Insurance

This policy is ideal for those who are relatively healthy or those who engage in extreme sports interested in a policy with fast approval times. Even if you have a previous denied life insurance policy application you may still qualify.

Coverage amount: $25,000 – $500,000

Length of coverage: 10, 20, or 25 year terms.

Issue ages: 18 – 70 years old.

Medical Underwriting: No medical underwriting required.

Additional features and options:

• Immediate coverage with no wait times for policy approval.
• Premiums are level for the lifetime of the policy.
• All terms can be renewed up to age 80.
• Term coverage is convertible to any permanent insurance plan up to age 70.
• Optional riders include accidental death benefit, child term benefit, and hospital cash benefit.
• Option for a 25 year decreasing term wherein the coverage amount decreases over 25 years to 50% of the initial face amount to cover a 25 year mortgage.

Preferred Term Life Insurance

Designed for applicants in good health interested in an accessible and fast application process.

Coverage amount: $50,000 – $1,000,000

Length of coverage: 10, 20, or 25 year terms.

Issue ages: 18 – 70 years old.

Medical Underwriting: No medical underwriting for those less than 70 years old with less than a $500,000 coverage amount.

Additional features and options:

• Immediate coverage with no wait times for policy approval.
• Premiums are level for the lifetime of the policy.
• All terms can be renewed up to age 80.
• Term coverage is convertible to any permanent insurance plan up to age 70.
• Optional riders include accidental death benefit, child term benefit, and hospital cash benefit.
• Option for a 25 year decreasing term wherein the coverage amount decreases over 25 years to 50% of the initial face amount to cover a 25 year mortgage.

Express Elite Term Insurance

For those in excellent health who are interested in a fast and affordable term life insurance policy.

Coverage amount: $100,000 – $750,000

Length of coverage: 20 or 30 year terms.

Issue ages: 18 – 60 years old.

Medical Underwriting: No medical underwriting required.

Additional features and options:

• Immediate coverage with no wait times for policy approval.
• Premiums are level for the lifetime of the policy.
• All terms can be renewed up to age 80 without the need to provide evidence of insurability.
• Term coverage is convertible to any permanent insurance plan up to age 70.
• Optional riders include accidental death benefit, child term benefit, hospital cash benefit, and critical illness rider.

Preferred Elite Term Insurance

Intended for applicants with very good health who want faster approval than is offered through a traditionally underwritten plan.

Coverage amount: $500,000 – $1,000,000

Length of coverage: 10, 20 or 35 year terms.

Issue ages: 18 – 70 years old.

Medical Underwriting: This is a traditionally underwritten plan so medical underwriting will be required.

Additional features and options:

• Premiums are level for the lifetime of the policy.
• All terms can be renewed up to age 80.
• Term coverage is convertible to any permanent insurance plan up to age 70.
• Optional riders include accidental death benefit, child term benefit, and hospital cash benefit.
• Option for a 25 year decreasing term wherein the coverage amount decreases over 25 years to 50% of the initial face amount to cover a 25 year mortgage.

Permanent Life Insurance Products

Canada Protection Plan (CPP) offers six permanent life insurance policies that vary in the extent of medical underwriting required to qualify. These policies are mostly simplified issue and no medical policies that offer lifelong coverage that never needs to be reviewed. Here is an overview of all the permanent life insurance policies offered through CPP:

Guaranteed Acceptance Life

This policy is a guaranteed issue life insurance policy designed to provide lifetime protection to those with serious insurability conditions. Applicants will not be turned down for coverage regardless of any health conditions or previous policy denials.

Coverage:  $5,000 – $50,000

Length of coverage: Permanent

Issue ages: 18 – 75 years old

Premium payment options:

• Level premium payments paid monthly or annually.

Additional features and options:

• All applicants are guaranteed to be accepted, there is no risk of policy denial for those with health conditions, addiction issues, a criminal record, previous policy denials, high-risk occupations, or other common issues that can decrease insurability.
• The coverage amount will never decrease and premiums are guaranteed not to change for the life of the policy.
• Policies accumulate guaranteed cash values beginning in the fifth policy year which can be used to pay policy premiums. If the policy is cancelled, the remaining cash value will be paid to the policy owner.
• Comes with a terminal illness benefit and transportation benefit at no additional cost as well as an optional accidental death benefit.

Deferred Life

This policy offers permanent life insurance coverage to hard-to-insure individuals who may have pre-existing conditions such as a heart condition, cancer or diabetes.

Coverage:  $5,000 – $75,000

Length of coverage: Permanent

Issue ages: 18 – 80 years old

Premium payment options:

• Level premium payments paid monthly or annually.

Additional features and options:

• The coverage amount will never decrease and premiums are guaranteed not to change for the life of the policy.
• Policies accumulate guaranteed cash values beginning in the fifth policy year which can be used to pay policy premiums. If the policy is cancelled, the remaining cash value will be paid to the policy owner.
• Comes with a terminal illness benefit and transportation benefit at no additional cost as well as an optional accidental death benefit.

Deferred Elite Life

This policy is intended for hard-to-insure individuals with less serious health conditions who are interested in a permanent life insurance solution.

Coverage:  $5,000 – $350,000

Length of coverage: Permanent

Issue ages: 18 – 80 years old

Premium payment options:

• Level premium payments paid monthly or annually for as long as the policy is active.
• Higher premiums that only need to be paid for a 20-year period after which no more payments need to be made to maintain coverage.

Additional features and options:

• The coverage amount will never decrease and premiums are guaranteed not to change for the life of the policy.
• Policies accumulate guaranteed cash values beginning in the fifth policy year which can be used to pay policy premiums. If the policy is cancelled, the remaining cash value will be paid to the policy owner.
• Comes with a terminal illness benefit and transportation benefit at no additional cost as well as an optional accidental death benefit and child term benefit.

Simplified Elite Life

This policy is for Canadians in relatively good health or those who engage in extreme sports interested in a permanent policy with fast approval times.

Coverage:  $5,000 – $500,000

Length of coverage: Permanent

Issue ages: 18 – 80 years old

Premium payment options:

• Level premium payments paid monthly or annually for as long as the policy is active.
• Higher premiums that only need to be paid for a 20-year period after which no more payments need to be made to maintain coverage.

Additional features and options:

• Immediate coverage with no wait times for policy approval.
• The coverage amount will never decrease and premiums are guaranteed not to change for the life of the policy.
• Policies accumulate guaranteed cash values beginning in the fifth policy year which can be used to pay policy premiums. If the policy is cancelled, the remaining cash value will be paid to the policy owner.
• Comes with a terminal illness benefit and transportation benefit at no additional cost as well as an optional accidental death benefit, child term benefit, and hospital cash benefit.

Preferred Life

This policy is designed for applicants in good health who want simple coverage with faster approval times than is available through traditional underwriting.

Coverage:  $50,000 – $1,000,000

Length of coverage: Permanent

Issue ages: 18 – 80 years old

Premium payment options:

• Level premium payments paid monthly or annually for as long as the policy is active.
• Higher premiums that only need to be paid for a 20-year period after which no more payments need to be made to maintain coverage.

Additional features and options:

• Immediate coverage with no wait times for policy approval.
• The coverage amount will never decrease and premiums are guaranteed not to change for the life of the policy.
• Policies accumulate guaranteed cash values beginning in the fifth policy year which can be used to pay policy premiums. If the policy is cancelled, the remaining cash value will be paid to the policy owner.
• Comes with a terminal illness benefit and transportation benefit at no additional cost as well as an optional accidental death benefit, child term benefit, and hospital cash benefit.

Preferred Elite Life

Designed for applicants in very good health interested in fast and affordable life insurance coverage.

Coverage:  $500,000 – $1,000,000

Length of coverage: Permanent

Issue ages: 18 – 80 years old

Premium payment options:

• Level premium payments paid monthly or annually for as long as the policy is active.
• Higher premiums that only need to be paid for a 20-year period after which no more payments need to be made to maintain coverage.

Additional features and options:

• Immediate coverage with no wait times for policy approval.
• The coverage amount will never decrease and premiums are guaranteed not to change for the life of the policy.
• Policies accumulate guaranteed cash values beginning in the fifth policy year which can be used to pay policy premiums. If the policy is cancelled, the remaining cash value will be paid to the policy owner.
• Comes with a terminal illness benefit and transportation benefit at no additional cost as well as an optional accidental death benefit, child term benefit, and hospital cash benefit.

Other CPP Insurance Products

In addition to the term and permanent life insurance products offered through Canada Protection Plan (CPP), they also offer four critical illness insurance policies. These plans are designed to pay out a lump sum payment upon the onset of a critical illness which can help pay for lost income, transportation costs, medical costs such as prescriptions, and more. Here is a quick look at each of these plans:

• Cardiac Protect CI: This policy pays the insured amount of $10,000 – $50,000 if the policy holder is diagnosed with a heart attack, stroke, aortic surgery, coronary artery bypass surgery, or heart valve replacement / repair with coverage up to age 75.
• Cancer Protect CI: This policy pays the insured amount of $10,000 – $50,000 if the policy holder is diagnosed with cancer, aplastic anemia, or benign brain tumour with coverage up to age 75.
• Cardiac and Cancer Protect CI: This policy pays the insured amount if the policy holder is diagnosed with any of the critical illnesses covered by the Cardiac Protect and Cancer Protect plan. Once you claim on one plan, the other plan will still remain in effect at a reduced premium.
• Cardiac or Cancer Protect CI: This policy pays the insured amount if the policy holder is diagnosed with any of the critical illnesses covered by the Cardiac Protect and Cancer Protect plan. Once you claim on one plan, the other plan will no longer be in effect.

Canada Protection Plan (CPP) Customer Reviews

Most CPP clients are very satisfied with the policies offered through CPP, here are some of the positive things customers have said in reviews about this company:

• Having so many no medical life insurance options is very beneficial to those who otherwise have faced policy denials due to health conditions, and other issues.
• There are very quick approval times with a very simple and non-invasive application process.
• Compared to no medical life insurance plans (which are typically more expensive) offered through other insurers, these plans are more affordable and fairly priced.

Frequently Asked Questions (FAQs)

Find a Solution That’s Right for You

While Canada Protection Plan (CPP) is a great option for some, it may not be right for you and your family. If you would like customized advice and a better understanding of what options are available to you, please feel free to contact us. Here at Protect Your Wealth we work with you to find the best life insurance policy tailored to your specific needs. We have been providing expert life insurance solutions since 2007, and have helped many clients achieve financial security for their families.

Contact us today or call us at 1-877-654-6119 to talk to one of our expert financial advisors. We’re proudly based out of Hamilton, and service clients anywhere in Alberta, British Columbia, Manitoba, and Ontario, including areas such as Dundas, Burnaby,  Lethbridge, Vaughan.