Canada Protection Plan is a leading insurance company for No Medical and Simplified Issue Life Insurance products. With their extensive line of products and financial strength rating of A from AM Best Company, they’re one of the best insurance companies in Canada. They offer excellent solutions for clients who may otherwise have a difficult time qualifying through a traditional life insurance underwriting process. That being said, unfortunately the overall product shelf is limited to mostly term solutions with a lack of dividend paying whole life or universal life insurance products and there is no comprehensive critical illness insurance product currently available, thus leading us to the rating of 3/5 stars from Protect Your Wealth.
Canada Protection Plan (CPP) was founded in 1992, in Toronto. Despite only being in the industry for less than 30 years, the company has quickly grown to be one of the best insurance companies to go to, especially for those looking for No Medical and Simplified Issue insurance products. Its first product when it was founded was a No Medical permanent life insurance, and the company has been specializing in similar No Medical and Simplified products ever since, making them an ideal candidate and leader for life insurance for those who have health issues and want to avoid any medical tests.
CPP is owned by Foresters Financial, a fraternal benefit society dating back to 1874, recently amalgamating with the company in October 2020. Foresters had been underwriting for CPP since 2008. CPP policyholders will also have access to the membership program offered to Foresters Insurance policyholders.
CPP Foresters Member Benefits
All CPP policyholders are automatically enrolled into Foresters’ member benefits and have access to them. Members enjoy benefits unique to Foresters, including competitive academic scholarships, community grants, discounted legal services, as well as opportunities to give back through volunteering opportunities and charity donations.
As a member, you have access to the following well-being benefits as well:
Lifelong Learning – Virtual Learning Library
Members have access to Lifelong Learning, which provides a wide range of courses for members to learn new skills. Members who are 16 years old or above can access the learning platform. Course topics range from writing, health and personal fitness, professional development, cybersecurity, and more.
LawAssure is an online document preparation service designed to help you create customizable wills, powers of attorney and healthcare directives.
This benefit provides the children of deceased members with a renewable higher learning scholarship of up to $6,000 per year for up to four years.
The orphan benefit is a monthly payment of up to $900 per month per child to help you provide for your children in the event of the death of both you and your spouse.
Terminal Loss Loan
If you are diagnosed with a terminal illness, you might be eligible to receive an interest-free loan up to 75% of the face value of your life insurance.
Life Insurance Products
Canada Protection Plan mostly offers simplified and no medical term life insurance and permanent life insurance products, among their traditionally medically underwritten products. Both term life and permanent life products offer deferred policies as well. They also offer several critical insurance products.
CPP has a streamlined application process, where clients will automatically qualify for the next tier plan for cheaper rates if they are able to answer ‘No’ to all questions in each section. If they can’t answer ‘No’, they qualify for the current section they’re in.
For example, clients who can answer “No” to the questions in Section B qualify for Deferred Elite can then move on to answer the Simplified Elite questions in Section C. If they can answer these questions “No”, they qualify for Simplified Elite and proceed to answer the Preferred questions. If they can answer these questions “No”, they qualify for Preferred; if not, they still qualify for Simplified Elite plans.
CPP’s Express Elite Term product has a separate application process, where if the applicant answers any ‘yes’ to questions they are not qualified for the product.
Canada Protection Plan Term Life Insurance
Canada Protection Plan offers 5 term life insurance products. Preferred term products are subject to underwriting and medical exams.
Canada Protection Plan Permanent Life Insurance
Canada Protection Plan offers 6 permanent life insurance products: