A Full Canada Protection Plan Life Insurance Review 2022

Not all life insurance products are created equal. So, if you are looking for life insurance, it is better to compare all options available.

One of Canada’s most popular life insurance companies is the Canada Protection Plan (CPP). CPP offers moderately priced term life insurance plans that provide coverage to those other insurance companies would otherwise decline.

Their insurance plans are perfect for all ages and have several features that make them attractive to Canadians. This article will offer a comprehensive Canada protection plan life insurance review and discuss what it has to offer, its pros and cons, and why it might be a good choice for you.

Read on to learn more about this company and its life insurance plans so you can decide which plan is best for you.

What is Canada Protection Plan Life Insurance?

Canada Protection Plan (CPP) is a leading provider of no-medical and simplified issue life insurance in Canada. The insurance company was founded in 1992, with its headquarters in Downtown, Toronto. It has grown to be one of the best insurance companies in Canada.

Foresters Financial underwrites Canada Protection Plan life insurance products. Foresters Life Insurance Company has been handling the underwriting for CPP since 2008. The two companies were recently amalgamated in October 2020.

So, CPP life insurance policyholders are part of the Foresters benefit program and can access unique member benefits like grants, scholarships for children, and money management consultations.

CPP offers excellent solutions to Canadians who have difficulty qualifying for traditional life insurance through an underwriting process. If you are looking for life insurance without stress and hassle and want to get quick approval, Canada Protection Life Insurance is one of your best options.

CPP specializes in providing life insurance to hard-to-insure applicants. Applicants who are healthy but wish to obtain coverage quickly or have aversions to medical exams may find traditional life insurance unsuitable due to timing or pricing. If you have applied for life insurance and have been declined, you should buy one of the CPP life insurance plans.

However, Canada Protection Plan life insurance products are limited to only term life insurance. They do not offer dividend-paying whole life insurance or flexible universal life insurance products.

Their specialty in no medical and simplified issue life insurance makes them the best choice for Canadians who have health issues and don’t want to undergo medical exams.

Quick Facts About Canada Protection Plan (CPP)

• Founded in 1992
• Headquartered in Toronto, Ontario
• Assets: Foresters Financial- $2.6 Billion
• Annual Premiums: Foresters Financial- $1.2 Billion

Benefits and Downsides of Canada Protection Plan Life Insurance

Canada Protection Plan Life Insurance doesn’t require medical examinations to qualify for their life insurance products. This makes them ideal for those with severe health conditions.

However, CPP life insurance plans have some other benefits and downsides. Let’s look at them.

Pros

• You can expect your life insurance application approval within 72 hours, sometimes earlier.
• It offers multiple plans for applicants across all health categories.
• Most life insurance products are available through a quick and simple online application without medical exams.
• It offers several terms for coverage, like 10, 20, 25, or 30 years.
• Applicants must not be Canadian citizens or permanent residents; they can be bought by temporary residents like international students and temporary work permit holders.
• You can pay your premiums annually by credit card.
• The premiums are affordable compared to those offered by other insurance companies for Canadians with health issues.
• You can convert your plans to permanent coverage before you reach 70 years.
• It offers a wide range of permanent and critical illness plans.
• You can apply for decreasing term option.

Cons

• Coverage can be more expensive than plans from other insurance companies for Canadians in good health
• Coverage amounts are capped at $1 million; you need to look for another insurer if you need more coverage.
• Coverage typically ends at age 80.
• No universal or participation whole life insurance plans are available.

Products and Features

Canada Protection Plan Life Insurance offers a variety of life insurance products that vary in the amount of coverage based on the health ratings of the applicants.

Applicants with fewer risks and health conditions can qualify for more insurance coverage at lesser costs.

Canada Protection Plan Term Life Insurance Products

Canada Protection Plan (CPP) offers five term life insurance products that cover you for a specific period of time. Some of these products have optional riders that you can include to the products.

Deferred Elite Term Insurance

Canada Protection Plan Life Insurance offers this product to Canadians who have applied for life insurance elsewhere and were declined.

Hard-to-insure applicants who have been refused life insurance because of a severe health condition can apply for this product.

Features

• No medical exams during application
• It offers coverage for 10, 20, or 25 years.
• It offers coverage from $25,000 up to $350,000
• You can convert it to permanent life insurance before you reach age 70
• It allows renewal of your policy up to age 80
• It offers the option of decreasing term life.
• It has a two-year waiting period. The insurer only pays a death benefit if the policyholder does after the first two years of the policy or from an accident.
• It allows optional riders like accidental death benefit and child term life insurance.

Simplified Elite Term Insurance

Canada Protection Plan Life Insurance offers this product to Canadians who want life insurance coverage quickly without medical exams.

People who are in good health and engage in dangerous jobs or hobbies but have been declined life insurance previously may apply for this product.

Features

• It offers coverage for 10, 20, and 30 years
• It doesn’t require medical exams
• It provides immediate coverage without any waiting periods
• It provides coverage up to $500,000it offers guaranteed premiums renewable up to age 80 and convertible up to age 70
• It has a decreasing term life option suitable for those who want to cover a mortgage
• It allows optional riders like critical illness insurance riders and others

Preferred Term Insurance

Canada Protection Plan Life Insurance offers this product to Canadians who have good health but only want life insurance for a short time.

In contrast to Simplified Elite Term Insurance, it has lower rates and offers higher coverage amounts. It suits healthy people who want immediate insurance coverage without a medical examination.

Features

• It offers coverage for 10, 20, or 25 years
• It provides immediate coverage with no waiting periods
• It has some additional underwriting questions in contrast to simplified elite term insurance
• It provides coverage up to $1 million
• It provides decreasing term life option suitable for covering a mortgage
• You can convert it to permanent life insurance up to age 70
• It allows optional riders like accidental death benefit, hospital cash benefit, and child term life insurance

Express Elite Term Insurance

Canada Protection Plan Life Insurance offers this product to healthy Canadians who want a fast and convenient insurance application process.

People in good health condition and want life insurance without medical exams to get approved under a day can apply for this product. Also, it offers the lowest rates to healthy individuals looking for coverage.

Features

• Suitable for healthy Canadians who want to skip medical exams
• It offers coverage for 20 or 30 years
• it offers immediate coverage without a waiting period
• it offers coverage amounts of $750,000 for ages 18 to 50 and up to $500,000 for ages 51 to 60
• It offers guaranteed premiums that can be renewed up to age 80 and converted up to age 70
• It provides optional riders like critical illness insurance riders and others

Preferred Elite Term Insurance

Canada Protection Plan Life Insurance offers this product to healthy Canadians who want life insurance coverage faster than going through the traditional underwriting process.

This product may require physical examination but its premiums are lower than other CPP life insurance products.

Features

• It offers coverage for 10, 20, and 25 years
• It provides coverage up to $1 million
• It provides immediate coverage with no waiting periods
• It is a fully underwritten product and may require medical underwriting
• It gives guaranteed premiums that can be renewed up to age 80 or converted up to age 70
• It allows optional riders like accidental death benefit, hospital cash benefit, and child term benefit

Canada Protection Plan Permanent Life Insurance Products

Canada Protection Plan (CPP) offers six permanent life insurance products that cover you throughout your lifetime. Some of these products accumulate a cash value you can access during your lifetime.

Guaranteed Acceptance Life

Canada Protection Plan Life Insurance offers this guaranteed issue product to Canadians who do not qualify for traditional life insurance. There are no medical exams or medical questions for this coverage. Anyone who applies is approved.

People who don’t qualify for traditional life insurance because of severe health conditions, a dangerous hobby, high-risk occupations, or a history of history addiction can apply for this product.

Features

• The product is available for Canadians between the ages of 18 and 75
• It offers coverage up to $50,000
• Your premiums are guaranteed and do not change
• It has a two-year waiting period
• It allows optional riders like the accidental death benefit

Deferred Life Permanent Insurance

Canada Protection Plan Life Insurance offers this product to Canadians with severe health conditions and previously refused life insurance.

The policy accumulates cash value from the fifth year. When you cancel the policy, the cash value will be paid to you.

Features

• The product is available to Canadians between the ages of 18 to 80
• The premiums are guaranteed and do not change
• It has a two-year waiting period
• It has a guaranteed cash value from the fifth year
• It allows optional riders like the accidental death benefit

Deferred Elite Permanent Insurance

Canada Protection Plan Life Insurance offers this product to healthy Canadians who have been refused life insurance. The policy includes the option to pay off in 20 years.

Features

• It offers coverage up to $350,000
• It provides an option to pay off your policy in 20 years
• The premiums are guaranteed and don’t change
• It has a two-year waiting period
• It provides a guaranteed cash value from the fifth year
• It allows optional riders like the accidental death benefit

Simplified Elite Permanent Insurance

Canada Protection Plan Life Insurance offers this product to healthy people who engage in extreme sports and don’t want any medical exam to qualify for life insurance. The policy is affordable and comes with no waiting period.

Features

• It offers coverage of up to $350,000
• It pays off the policy in 20 years
• it provides immediate coverage with no waiting periods
• The premiums are guaranteed and don’t change
• It offers guaranteed cash value from the fifth year
• It allows optional riders like the accidental death benefit

Preferred Life Permanent Insurance

Canada Protection Plan Life Insurance offers this coverage to healthy Canadians who want lifetime coverage in a short time. The policy is affordable and available to applicants between 18 to 80.

Features

• It offers coverage of up to $1 million
• It pays off the policy in 20 years
• The premiums are guaranteed and don’t change
• It offers guaranteed cash value from the fifth year
• It allows optional riders like the accidental death benefit

Preferred Elite Life Permanent Insurance

Canada Protection Plan Life Insurance offers this product to healthy Canadians looking for lifelong coverage. The premiums are lower than other permanent life insurance policies. However, it may require a physical examination.

Features

• It offers coverage of up to $1 million
• It pays off the policy in 20 years
• The premiums are guaranteed and don’t change
• It offers guaranteed cash value from the fifth year
• It allows optional riders like the accidental death benefit

Canada Protection Plan Critical Illness Insurance

Canada Protection Plan offers several critical illness insurance plans that pay out a lump-sum benefit if you are diagnosed with any severe illness.

CPP offers four different critical illness plans to suit your varied needs.

Cardiac Protect CI

• It offers coverage for heart-related illnesses
• It offers coverage from $10,000 up to $50,000
• The policy cannot be renewed or converted
• It offers coverage to applicants between the ages of 18 to 65
• It allows optional riders life return of premiums upon death and accidental death benefit

Cancer Protect CI

• It offers coverage for many forms of cancer and brain tumors
• It offers coverage from $10,000 up to $50,000
• The policy cannot be renewed or converted
• It offers coverage to applicants between the ages of 18 to 65
• It allows optional riders life return of premiums upon death and accidental death benefit

Cardiac and Cancer Protect CI

• It offers coverage for both cardiac and cancer-related illnesses
• It offers coverage from $10,000 up to $50,000
• The policy cannot be renewed or converted
• It offers coverage to applicants between the ages of 18 to 65
• It allows optional riders life return of premiums upon death and accidental death benefit

Cardiac or Cancer Protect CI

• It offers coverage for either cancer or cardiac-related illnesses
• It offers coverage from $10,000 up to $100,000
• You cannot convert the policy
• You can renew the policy up to the age of 75
• It offers coverage to applicants between the ages of 18 to 65
• It allows optional riders life return of premiums upon death and accidental death benefit

How Much Does Canada Protection Life Insurance Cost?

Canada Protection Plan Life Insurance does not require a medical exam before approving your insurance application, regardless of your health condition.

While this is a convenient option, it comes at a very expensive cost. Canada Protection Plan rates are almost twice the price of similar policies available at other insurance companies for people applying for traditional life insurance policies.

So, if you are in good health, don’t have a dangerous job, and do not live a high-risk lifestyle, you can get other term life insurance solutions.

Final Thoughts On Canada Protection Plan Life Insurance Review

If you are looking for life insurance that is affordable, straightforward, and requires quick online processing, then Canada Protection Plan life insurance is right for you.

Canada Protection Plan offers a variety of policies and plans so that you can find the right coverage for your needs. The Canada Protection Plan has several different life insurance products that may be a good fit for you. Their plans are affordable, and their customer service is top-notch.

Canada Protection Plan Life Insurance has been providing Canadians with quality life insurance since 1992, and they are one of the most trusted names in the industry. Contact them today to learn more about their products and see if they are the right fit for you.

FAQs on Canada Protection Plan Life Insurance Review

Is Canada Care Life Plan legitimate?

Yes. Canada Protection Plan is legit. As of 2022, Canada Protection Plan has offered simplified issue and non-medical life insurance plans and related products for 30 years.

Is Canada Protection Plan government-run?

No. Canada Protection Plan is a privately-owned Canadian insurance intermediary.

​Who underwrites the Canada Protection Plan?

Foresters Life Insurance Company underwrites Canada Protection Plan Life Insurance products. The company is a subsidiary of Foresters Financial, an international financial services provider.