If you’re searching for affordable and dependable life insurance coverage, particularly if you’re interested in policies without medical exams, the Canada Protection Plan could be your ideal choice.
Canada Protection Plan (CPP) Life Insurance is a reputable Canadian insurance company offering Canadians a range of life insurance options. With over 30 years of experience, they are well-regarded for their commitment to delivering high-quality yet affordable life insurance policies.
CPP provides reasonably priced term life insurance plans that are designed to cover individuals who may be turned down by other insurance providers. These plans are suitable for people of all ages and come with various attractive features.
In this Canada Protection Plan Life Insurance review, we will discuss the pros, cons, product offerings, ratings and reviews of the CPP Life Insurance Company to help you determine if it aligns with your insurance needs.
Who is Canada Protection Plan (CPP)?
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, headquartered in Downtown Toronto. It has grown to be one of the best insurance companies in Canada.
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 insurance solutions to Canadians with difficulty qualifying for traditional life insurance through an underwriting process. If you are looking for life insurance without stress and hassle and want quick approval, CPP Life Insurance is one of your best options.
CPP specialises 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 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 speciality 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
Pros of Canada Protection Plan Life Insurance
- 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; temporary residents like international students and temporary work permit holders can buy them.
- 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 a decreasing term option.
Cons of Canada Protection Plan Life Insurance
- Coverage can be more expensive than plans from other insurance companies for Canadians in good health
- Coverage amounts are capped at $1 million; you must look for another insurer for more coverage.
- Coverage typically ends at age 80.
- No universal or participation whole life insurance plans are available.
CPP 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
CPP 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 the 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 the age of 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 benefits and child-term life insurance.
Simplified Elite Term Insurance
CPP 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
CPP Life Insurance offers this product to Canadians with 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 a 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 benefits, hospital cash benefits, and child-term life insurance
Express Elite Term Insurance
CPP 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
CPP Life Insurance offers this product to healthy Canadians who want life insurance coverage faster than the traditional underwriting process.
This product may require a 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 benefits, hospital cash benefits, and child term benefit
CPP Permanent Life Insurance Products
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
CPP 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
CPP 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
CPP 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
CPP 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
CPP Life Insurance offers this coverage to healthy Canadians who want lifetime coverage quickly. 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
CPP Life Insurance offers this product to healthy Canadians seeking 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
CPP Critical Illness Insurance
CPP Insurance 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 like the return of premiums upon death and accidental death benefit
Cancer Protect CI
- It offers coverage for many forms of cancer and brain tumours
- 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 like the 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 like the 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 like the return of premiums upon death and accidental death benefit
Canada Protection Plan Rates
CPP 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.
Canada Protection Plan Reviews
The following snippets have been extracted from customer reviews of Canada Protection Plan sourced from various publicly accessible online platforms to give you an insight into what others think about the CPP Insurance Company.
Positive Canada Protection Plan Reviews
- “I had a very easy time finding an acceptable policy for an acceptable premium even with me being someone who has **** *** ********. So far I have had no issues with this company. Hopefully my loved ones will have the same luck when it comes time to collect.” – Better Business Bureau Review
- “Working with Canada Protection Plan to obtain a policy was very easy and I was definitely educated throughout the process to better understand life insurance.” – Better Business Bureau Review
Negative Canada Protection Plan Reviews
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“Said if my husband lived a certain amount of time they would pay. If he didn’t I would at least get my money back. When he passed they refused to honour the agreement. Then when I tried to fight them they told me only the person who applied for the insurance could do so. My husband had died so their “client” couldn’t file a complaint. When I cried because my husband was gone they said that they wouldn’t talk to me since I was to emotional.” – Better Business Bureau Review
Final Thoughts On Canada Protection Plan Life Insurance Review
Looking for a reliable and affordable life insurance provider in Canada? Look no further than CPP Life Insurance!
Canada Protection Plan offers a variety of policies and plans so that you can find the right coverage for your needs. 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 Protection 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.
