Canada Protection Plan (CPP) Life Insurance Review

Learn more about Canada Protection Plan life insurance. Talk to an advisor today.

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Canada Protection Plan Life Insurance Review.

Learn more about Canada Protection Plan life insurance. Talk to an advisor today.

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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.

Company Overview

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.

Canada Protection Plan Pros

  • Easy and quick application process over the phone or electronically
  • Fast approvals
  • No medical exams for several products
  • Automatic enrollment into Foresters member benefits which include complimentary access to discounted services, access to academic scholarship and a number of member events and volunteer opportunities

Canada Protection Plan Cons

  • Plans can be more expensive than other insurance companies if you’re in good health
  • Options are limited to mostly non-medical and simplified products
  • No dividend option for whole life insurance policies

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

LawAssure is an online document preparation service designed to help you create customizable wills, powers of attorney and healthcare directives.

Orphan Scholarships

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.

Orphan Benefit

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.

Canada Protection Plan’s streamlined application process. A client automatically qualifies for the next set of products if they are able to answer ‘no’ to all the questions in a section.

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 Products

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.

Deferred Elite Term insurance is designed for applicants with less serious health conditions, or those who were previously declined for insurance. Being a deferred policy, full coverage payout will only occur if a death occurs after the first two years, or is accidental.

Key Features:

  • Coverage from $25,000 to $350,000 for periods of 10, 20, or 25 years or decreasing 25 years
  • Renewable to age 80, convertible to age 70
  • Death limitations: If a non-accidental death occurs in the first year, premiums are returned with a 3% interest. If a non-accidental death occurs in the second year, the death benefit is equal to 50% of the coverage.

Optional add-ons:

  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit

Simplified Elite Term is one of CPP’s no medical plans with immediate coverage, designed for people who are in relatively good health or engage in extreme sports, or do not want to take a medical exam or provide a doctor’s report.

Key Features:

  • Coverage from $25,000 up to $500,000 for periods of 10, 20, or 25 years or decreasing 25 years
  • Renewable to age 80, convertible to age 70
  • No medical required
  • Immediate coverage

Optional Add-ons:

  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

Preferred Term is designed for healthy individuals who are open to having some medical underwriting depending on age and coverage amount. If choosing the no-medical option of this product, coverage is up to $500,000. Coverage is also immediate.

Key Features:

  • Coverage from $50,000 up to $1,000,000 for periods of 10, 20, or 25 years or decreasing 25 years
  • Renewable to age 80, convertible to age 70
  • Immediate coverage
  • No medical version available

Optional Add-ons:

  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

Express Elite Term is designed for those in great health looking for No Medical life insurance. If you qualify for Express Elite Term, you’re also pre-approved for Canada Protection Plan’s Critical Illness Insurance. Coverage for Express Elite Term is immediate.

Key Features:

  • Coverage from $100,000 up to $750,000 for periods of 20 or 30 years
  • Renewable to age 80, convertible to age 70
  • No medical required

Optional add-ons:

  • 1 Term rider
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit
  • Critical Illness Rider

Preferred Elite Term is designed for the healthiest individuals, and is underwritten with immediate coverage.

Key Features:

  • Coverage from $500,000 to $1,000,000 for periods of 10, 20, 25 years, or 25 years decreasing
  • Renewable to age 80, convertible to age 70

Optional add-ons:

  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit
CPP Permanent Insurance Products

Canada Protection Plan Permanent Life Insurance

Canada Protection Plan offers 6 permanent life insurance products:

Following their streamlined application process, CPP’s Guaranteed Acceptance Life product will be the first and only product you qualify for if you answer ‘yes’ in their first section of their application.

Key Features:

  • Coverage up to $50,000, issuable from ages 18-75
  • Premium payment is Life Pay
  • Death limitations: If a non-accidental death occurs in the first two years, only premiums are returned. Full coverage amount is provided after the first 2 years of the policy

Included Guaranteed Benefits:

  • Guaranteed cash values after the 5th policy year
  • Automatic Premium Loan provision
  • Terminal Illness Benefit
  • Transportation Benefit

Optional Add-on:

  • Accidental death benefit

Deferred Life Insurance is designed for those with serious health conditions, who may have been declined life insurance in the past.

Key Features:

  • Coverage up to $75,000, issuable from ages 18-80
  • Premium payment is Life Pay
  • Death limitations: If a non-accidental death occurs in the first year, premiums are returned with a 3% interest. Full coverage payout is available if the death is accidental or after the first 2 years in the case of death.

Included Guaranteed Benefits:

  • Guaranteed cash values after the 5th policy year
  • Automatic Premium Loan provision
  • Terminal Illness Benefit
  • Transportation Benefit

Optional Add-on:

  • Accidental death benefit

Deferred Elite Life Insurance is designed for those with less serious health conditions than the regular Deferred Life insurance product.

Key Features:

  • Coverage up to $350,000, issuable from ages 18-80
  • Premium payment options of Life Pay or 20 Pay
  • T100 available, with Life Pay only
  • Death limitations: If a non-accidental death occurs in the first year, premiums are returned with a 3% interest. Full coverage payout is available if the death is accidental or after the first 2 years in the case of death. If a non-accidental death occurs in the second year, the death benefit is equal to 50% of the coverage.

Included Guaranteed Benefits include:

  • Guaranteed cash values after the 5th policy year
  • Automatic Premium Loan provision
  • Terminal Illness Benefit
  • Transportation Benefit

Optional add-ons:

  • Accidental death benefit

Simplified Elite Life is one of the few no medical permanent life plans available with immediate coverage. This plan is designed for those who are in relatively good health, or engage in extreme sports, or for those who do not want to take a medical exam or provide a doctor’s report.

Key Features:

  • Coverage up to $500,000, issuable from ages 18-80
  • Premium payment options of Life Pay or 20 Pay
  • T100 available, with Life Pay only and minimum coverage amount of $25,000

Included Guaranteed Benefits include:

  • Guaranteed cash values after the 5th policy year (not available on T100)
  • Automatic Premium Loan provision
  • Terminal Illness Benefit
  • Transportation Benefit

Optional add-ons:

  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

Preferred Life Insurance is designed for healthy individuals who are willing to accept a little bit of medical underwriting. A No medical version is available for coverage up to $500,000. Coverage starts immediately.

Key Features:

  • Coverage from $50,000 to $1,000,000, issuable from ages 18-80
  • Premium payment options of Life Pay or 20 Pay
  • T100 available, with Life Pay only

Included Guaranteed Benefits include:

  • Guaranteed cash values after the 5th policy year (not available on T100)
  • Automatic Premium Loan provision
  • Terminal Illness Benefit
  • Transportation Benefit

Optional add-ons:

  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

Preferred Elite Life Insurance offers the best rates to the healthiest individuals, with coverage starting immediately. This plan is medically underwritten.

Key Features:

  • Coverage from $500,000 to $1,000,000, issuable from ages 18-80
  • Premium payment options of Life Pay or 20 Pay
  • T100 available, with Life Pay only

Included Guaranteed Benefits include:

  • Guaranteed cash values after the 5th policy year (not available on T100)
  • Automatic Premium Loan provision
  • Terminal Illness Benefit
  • Transportation Benefit

Optional add-ons:

  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

Talk to an advisor today.

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Other Life Insurance Products

Canada Protection Plan offers 4 Critical Illness insurance products, with less strict conditions to qualify. If you qualify for their Express Elite Term plan, you’re pre-approved for these products as well.

  • Clients diagnosed with Heart Disease or Diabetes can get Cancer coverage
  • Clients can now choose to get both Cardiac and Cancer coverage
  • All four plans are No Medical

Cardiac Protect CI plan is available to eligible clients who have a prior diagnosis of cancer. This plan provides a lump sum benefit up to $50,000 upon diagnosis of Heart Attack, Stroke, Aortic Surgery, Coronary Artery Bypass Surgery and Heart Valve Replacement or Repair.

Key features:

  • Issuable from ages 18–65; Term to age 75
  • Face amounts from $10,000 to $50,000
  • Premiums based on face amount bands
  • 30 day survival period

Optional add-ons:

  • Accidental Death Benefit
  • Return of Premium on Death

In addition to cancer, Cancer Protect CI also covers the conditions of Benign Brain Tumours and Aplastic Anemia. This plan is available to eligible clients who are diabetic, or who have had high blood pressure, stroke, TIA or heart attack.

Key Features:

  • Issuable from ages 18–65; Term to age 75
  • Face amounts from $10,000 to $50,000
  • Premiums based on face amount bands
  • 90 day Moratorium Period for cancer
  • 30 day survival period

Optional add-ons:

  • Accidental Death Benefit
  • Return of Premium on Death

This plan can cover cardiac conditions after a cancer event or cancer conditions after a cardiac event. Two lump sum benefits are provided upon diagnosis of each diagnosis.

Key Features:

  • Issuable from ages 18–65; Term to age 75
  • Face amounts from $10,000 to $50,000 per event
  • Premiums based on face amount bands
  • 90 day Moratorium Period for cancer
  • 30 day survival period

Optional add-ons:

  • Accidental Death Benefit
  • Return of Premium on Death

Cardiac Or Cancer Protect CI plan provides a lump sum benefit upon diagnosis of one of the following eight critical illness conditions: Heart Attack, Stroke, Aortic Surgery, Coronary Artery Bypass Surgery, Heart Valve Replacement or Repair, Cancer, Aplastic Anemia and Benign Brain Tumour.

Key Features:

  • Issuable from ages 18–65; Term 20 or Term to age 75
  • Face amounts from $20,000 to $100,000 for Term 20
  • Face amounts from $10,000 to $100,000 for Term to age 75
  • Term 20 is renewable to age 75
  • Premiums based on face amount bands
  • 90 day Moratorium Period for cancer
  • 30 day survival period

Optional add-ons:

  • Accidental Death Benefit
  • Return of Premium on Death

Customer Reviews

Canada Protection plan customer experiences have been generally positive:

  • Quick approvals, with a simple application process with no fluids required
  • Application questions are straightforward

However, some clients find that:

  • Benefit payouts sometimes take long

Get In Touch With Us Today

If you’re not sure of what’s the best insurance plan or company for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance since 2007. As your trusted Life Insurance broker and financial planner, we work with you to create a plan for your family or business that covers and meets your needs.

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, including areas such as Aurora, Kitchener, Kingston, Guelph, Stoney Creek, and Waterdown.

Talk to an advisor today.

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