Canada Protection Plan (CPP) Life Insurance Review
Learn more about Canada Protection Plan life insurance. Talk to an advisor today.
10 Minute read
Originally Published: June 8, 2021
Updated: August 30, 2022

Canada Protection Plan Life Insurance Review.
Learn more about Canada Protection Plan life insurance. Talk to an advisor today.
10 Minute read
Originally Published: June 8, 2021
Updated: August 30, 2022

Canada Protection Plan (CPP) is a leading life 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. Our review finds that 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 and permanent life insurance products, but they also offer traditionally medically underwritten products. Both term life and permanent life products offer deferred policies as well. They also offer several critical insurance products. Moreover, unlike some other simplified and no medical products from other providers, Canada Protection Plan allows for customization such as riders for their simplified 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. This means that to apply for fully underwritten policies, you’re required to be able to answer “no” to all the questions in their streamlined application process.
Similarly, 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.
For a closer look at the most popular products from Canada Protection Plan, check out our product guide.

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
- Note that for a decreasing 25 year term, the coverage amount decreases over 25 years to 50% of the initial face amount, and it is not renewable or convertible
- 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
- Note that for a decreasing 25 year term, the coverage amount decreases over 25 years to 50% of the initial face amount, and it is not renewable or convertible
- 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
- Note that for a decreasing 25 year term, the coverage amount decreases over 25 years to 50% of the initial face amount, and it is not renewable or convertible
- 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
- Note that for a decreasing 25 year term, the coverage amount decreases over 25 years to 50% of the initial face amount, and it is not renewable or convertible
- 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

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
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
Frequently Asked Questions (FAQs)
The CPP currently boasts over $2.6 billion in assets and seems very financially stable. Despite being a newer life insurance company they have created a solid foundation and are currently not at risk of financial failure.
No medical life insurance is a certain type of life insurance that you can buy without having to undergo a medical examination. This type of life insurance is easier to apply for and usually has a shorter application period.
There is currently no limit on how many life insurance policies you can have, and in some cases, having multiple life insurance policies may help you meet your goals for your financial future.
Canada Protection Plan is a legitimate life insurance company! Many people have probably not heard of the company because it’s relatively new compared to many of the bigger name companies such as Manulife, it’s only been around for around 30 years. Despite its young age in the industry, Canada Protection Plan is a leading provider for no medical insurance products. These products can be purchased through over 25,000 independent insurance advisors across Canada such as with us at Protect Your Wealth.
Although the company is commonly confused with CPP (Canada Pension Plan) due to the same abbreviation, Canada Protection Plan (CPP) is owned by Foresters Financial, a fraternal benefit society dating back to 1874, recently amalgamating with the company in October 2020. This also means that Canada Protection Plan’s products are underwritten by Foresters Life Insurance Company, which is a subsidiary of Foresters Financial. Foresters Financial was founded in 1874, which makes it one of North America’s oldest insurance companies, with more than three million clients and members across Canada, the US, and the UK.
Canada Protection Plan is a privately-owned Canadian insurance intermediary, and is not affiliated with the CPP Investment Board, who is in charge of overseeing CPP (Pension Plan) and Canadian government related matters.
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, British Columbia, and Alberta, including areas such as Aurora, Richmond, and Edmonton.
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