Guide to Canada Protection Plan Insurance Products
Learn more about what Canada Protection Plan offers and what makes it different from other insurers.
7 Minute read
Originally published: August 24, 2022
Updated: August 29, 2023
Guide to Canada Protection Plan Insurance Products
Learn more about what Canada Protection Plan offers and what makes it different from other insurers.
7 Minute read
Originally published: August 24, 2022
Updated: August 29, 2023
While browsing for life insurance options and life insurance companies, you may have come across a lesser-known company called Canada Protection Plan (CPP). Many people have not heard of this company, and so they may have their doubts as they aren’t sure of what this insurer offers. In this blogpost, we go over what CPP offers and their popular products, and what makes them unique compared to other insurers.
In this article:
Who is Canada Protection Plan?
Canada Protection Plan (commonly abbreviated as CPP, not to be confused with Canada Pension Plan) was founded in 1992, in Toronto. 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.
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.
What does Canada Protection Plan Offer?
Canada Protection Plan specializes in 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.
What is no medical life insurance?
No medical life insurance, like the name suggests, is life insurance that doesn’t require a medical. Regular, traditional life insurance is medically underwritten, and uses a medical exam and/or attending physician’s statement to help provide information about your medical history for the underwriting process. This is done to help access the risk you may possess when insuring you.
No medical life insurance does not require the medical exam or attending physician’s statement to insure you, but in return, this type of insurance is typically a bit more expensive due to the risk involved.
What makes Canada Protection Plan Different?
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.
This is different to other insurance application processes, where you only have to apply and hope that you will qualify for lower rates or a certain product.
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 plans; 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.
Popular Products
Canada Protection Plan is best known for its simplified issue and no medical insurance products, with most of its product offerings being no medical products.
Canada Protection Plan does offer a few medically underwritten products, of which are under their “Preferred” category. Note that to be eligible for these plans, you’re required to be able to answer “no” to all the questions in their streamlined application process.
Here are some of Canada Protection Plan’s most popular life insurance products:
Simplified Elite Life Insurance
CPP’s Simplified Elite Life insurance product is a No Medical plan that is designed for Canadians who are physically healthy, who are active in extreme sports, or for someone who wants to get lifetime coverage fast. This plan offers up to $500,000 insurance coverage for periods of 10, 20, or 25 years or decreasing 25 years or as permanent life insurance.
Deferred Elite Life Insurance
Deferred Elite Life insurance is a No Medical plan that is designed for Canadians with less serious health issues or those who were previously declined by other insurance providers but still want to have permanent life insurance. This plan offers up to $350,000 for periods of 10, 20, or 25 years or decreasing 25 years, or as permanent life insurance.
Preferred Elite Life Insurance
Preferred Elite Life insurance is an Underwritten plan that is designed for healthy Canadians who want fast processing coverage with the best rates. This plan offers up to $1,000,000 of coverage for periods of 10, 20, 25 years, or 25 years decreasing, or as permanent life insurance.
Critical Illness Insurance
Canada Protection Plan offers 4 Critical Illness insurance products. If you qualify for their Express Elite Term plan, you’re pre-approved for these products as well.
With these products:
- Clients diagnosed with Heart Disease or Diabetes can get their Cancer coverage product
- Clients can now choose to get both Cardiac and Cancer coverage products
- All four plans are No Medical – you can apply without taking a medical exam
To learn more about all the products that Canada Protection Plan offers, check out our full review on Canada Protection Plan!
Canada Protection Plan Term Life Insurance Rates
Term life insurance is the best option for 90% of people because it is the most affordable, simple to understand, and easy to manage.
Below are quotes are for a 20-year term policy with $400,000 in coverage for non-smoking, healthy men and women of different ages, for their Express Elite term product which is meant for someone in great health looking for a no-medical product.
Frequently Asked Questions (FAQs) about Canada Protection Plan
Canada Protection Plan is a leading insurance company for No Medical and Simplified Issue Life Insurance products. 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.
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.
Canada Protection Plan is known for offering simplified issue life insurance, which typically involves a simplified underwriting process compared to traditional fully underwritten life insurance policies. Simplified issue insurance often requires applicants to answer a few medical questions on the application form, and the coverage may be based on those answers without the need for a medical exam or extensive medical records.
Canada Protection Plan typically offers insurance products that are designed to cater to individuals of various age groups, including older adults. However, the specific age limits for applying for Canada Protection Plan insurance may vary depending on the type of insurance product and the coverage amount you are interested in. Different products and policies might have different age eligibility criteria.
Exclusions and limitations in insurance policies, including those offered by Canada Protection Plan, can vary based on the type of policy and the specific terms and conditions outlined in the policy contract. These exclusions and limitations are important to understand, as they define the circumstances under which the insurance coverage may not apply.
Do you have any other Life Insurance Questions?
If you have pre-existing conditions, suffer from serious illness or have other high-risk factors that make it challenging to obtain life insurance, Canada Protection Plan is a great option. But note that you can avoid being overinsured by finding cost-efficient options elsewhere, especially if you’re in good health and without major risk factors.
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, including no medical, critical illness, and permanent 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 London, Prince George, and Lethbridge.
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