Canada Protection Plan Life Insurance Review: 2024
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Discover the methodologyLooking for life insurance that’s easy to get and doesn’t require a medical exam? Canada Protection Plan might be just what you need. Canada Protection Plan offers a variety of term life insurance options with terms of 10, 20, 25, and 30 years, as well as permanent life insurance, all designed to provide coverage without the hassle of medical exams. These products are ideal for individuals with pre-existing health conditions or those seeking quick, hassle-free insurance, offering up to $1 million in coverage. With immediate protection from day one and additional perks like Terminal Illness and Transportation Benefits, Canada Protection Plan ensures you get the coverage you need when you need it. Their reasonable pricing and straightforward application process also make them a standout choice for those who don't qualify for traditional life insurance.
Canada Protection Plan Insurance: Key Takeaways
- Canada Protection Plan offers life insurance without medical exams.
- Buy policy online without medical approval or underwriting.
- Affordable Premiums and offers more benefits than most other insurers.
- Immediate coverage without a waiting period.
- Flexible terms of 10, 20, 25, and 30 years, and permanent life insurance options.
Our Canada Protection Plan Review
If you’re looking for life insurance that’s accessible and easy to obtain, Canada Protection Plan might be the perfect fit for you. Canada Protection Plan offers a diverse range of life insurance products, including term life insurance policies with flexible terms of 10, 20, 25, and 30 years, as well as permanent life insurance options. Their plans are specifically designed for those who prefer simplified, no-medical-exam coverage, making them an excellent choice if you have pre-existing conditions or want quick, hassle-free insurance.
Canada Protection Plan rates are affordable and most plans offer immediate coverage from day one, with complimentary benefits like Terminal Illness and Transportation Benefits adding extra value. Plus, policies are underwritten by Foresters Financial, which means you get access to unique member benefits such as scholarships and grants.
Keep in mind, however, that coverage amounts are capped at $1 million, and premiums might be higher if you’re in good health compared to traditional insurers as you essentially pay for the convenience of not having to take medical exams for approval. With the option to convert term policies to permanent coverage until age 70 and availability to temporary residents, Canada Protection Plan provides a flexible and inclusive approach to life insurance.
You can explore how Canada Protection Plan fares against other providers using our free tool below. You can compare free life insurance quotes online based on your needs and get the plan that suits you best.
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What are the pros and cons of Canada Protection Plan life insurance?
Pros of Canada Protection Plan
- Most plans offer immediate coverage without waiting periods and no medical exams
- Plans include more complimentary benefits than many other life insurance providers.
- Fully owned and operated by Canadians, ensuring a local touch and understanding.
- Easy and free quotes, quick application, and buying of policy online without medical exams, a big plus mentioned in many Canada Life Protection reviews online.
- Multiple products provide simplified issue and no-medical coverage options for all health categories.
- Coverage terms available for 10, 20, 25, and 30 years, with decreasing term options ideal for covering mortgage debt.
- Competitive pricing, especially favorable compared to traditional insurance companies’ rates for applicants with prior health issues.
- Available to temporary residents, including those on student or work visas; Canadian citizenship or a work permit is not required.
- All term plans are convertible to permanent coverage until age 70, providing long-term flexibility.
- Customers can conveniently pay annual premiums by credit card.
Cons of Canada Protection Plan
- Canada Protection Plan products may be expensive for those in good health as compared to other insurers as you pay higher prices for no-medical underwriting
- Some policies necessitate submission of medical information for eligibility, although no medical exam is required
- Coverage amounts are capped at $1 million
- Coverage duration extends up to age 80, whereas some other companies offer coverage until age 85
Who is Canada Protection Plan?
If you're new to insurance, you're probably asking, "Is Canada Protection Plan legitimate?" Yes, it is. Canada Protection Plan, founded in 1992 in Toronto, is a privately owned Canadian insurance intermediary that offers quick, simplified, non-medical life insurance solutions. Their term and whole life products are underwritten by Foresters Life Insurance Company, a subsidiary of Foresters Financial, providing unique benefits like grants and scholarships to policyholders.
For over 30 years, Canada Protection Plan has offered easy and affordable life insurance to Canadians, including no medical and guaranteed acceptance plans. They maintain an A rating from AM Best. Canada Protection Plan also provides health, dental, critical illness, and travel insurance, with over 25,000 advisors and a dedicated call center for personalized support.
They expanded to Quebec in 2019 and are known for helping those who are hard to insure or prefer quick, hassle-free coverage. In 2018, Canada Protection Plan paid out 98% of their non-contestable claims.
Who is Canada Protection Plan best for?
Canada Protection Plan is best suited for individuals who need accessible life insurance without the need for medical exams, including those with health issues, those who have been declined by other insurers, and people seeking quick and straightforward coverage solutions.
It's also a great option for temporary residents, such as those on student or work visas, who need life insurance in Canada without the usual residency requirements. Additionally, applicants engaging in high-risk activities or those wanting flexible term lengths and affordable permanent life insurance will find Canada Protection Plan’s offerings particularly advantageous.
What does Canada Protection Plan life insurance cost?
Canada Protection Plan rates can be as low as $19.44/month for a 10-year Term Insurance plan for coverage of $200,000 for a 30-year-old (prices are lower for 20-year-olds). Permanent Life Insurance rates for the same profile can be around $119.70.
The cost of Canada Protection Plan’s life insurance plans will depend on the following factors
- Your age
- Coverage amount
- Heath status, such as smoking habits
Here is the cost for Canada Protection Plan for a 30-year-old male in BC.
| Plan Description | Coverage Amount ($) | Premium As Low As ($) |
|---|---|---|
| Term Life Insurance | ||
| Term 10 | 200,000 | $19.44 |
| Term 20 | 200,000 | $19.17 |
| Term 25 | 200,000 | $35.46 |
| Term 30 | 200,000 | $26.55 |
| Term DECR 25 | 200,000 | $24.48 |
| Permanent Life Insurance | ||
| Life Pay | 200,000 | $119.70 |
| Critical Illness Insurance | ||
| Cardiac Protect CI | 50,000 | $18.95 |
| Cancer Protect CI | 50,000 | $24.62 |
| Cardiac OR Cancer Protect CI | 60,000 | $21.55 |
| Cardiac AND Cancer Protect CI | 50,000 | $38.16 |
You can get a free personalized quote based on your needs from the Canada Protection Plan.
What types of permanent life insurance does Canada Protection Plan offer?
Canada Protection Plan offers 6 different permanent life insurance products that cater to various health ratings and insurance needs of individual applicants. Each product is designed to provide specific benefits and coverage options, ensuring flexibility and accessibility for all applicants:
1. Guaranteed Acceptance Life
- Designed For: Applicants with serious medical conditions or those previously declined for insurance.
- Medical Exam: No medical exam required; guaranteed issue.
- Coverage Amount: Minimum $5,000; maximum $50,000.
- Waiting Period: Limited to a return of premiums if death occurs by non-accidental means within the first two years.
- Premiums: Guaranteed not to increase; minimum annual premium $150 or monthly $15.
- Additional Benefits: Terminal Illness Benefit and Transportation Benefit included at no extra cost.
- Eligibility: Available to individuals aged 18-75.
Read more: Guide on How Guaranteed Life Insurance Works.
2. Deferred Life
- Designed For: Applicants with serious health conditions or those previously refused insurance.
- Medical Exam: No medical exam required.
- Coverage Amount: Minimum $5,000; maximum $75,000.
- Waiting Period: Return of premiums plus 3% simple interest if death occurs by non-accidental means within the first two years.
- Premiums: Guaranteed level premiums for life; minimum annual premium $150 or monthly $15.
- Additional Benefits: Includes Terminal Illness Benefit and Transportation Benefit.
- Eligibility: Available to individuals aged 18-80.
3. Deferred Elite Life
- Designed For: Applicants with less serious health conditions or those previously declined insurance.
- Medical Exam: No medical exam required.
- Coverage Amount: Minimum $5,000; maximum $350,000.
- Waiting Period: Full coverage after two years; 50% payout if non-accidental death occurs in the second year; return of premiums plus 3% simple interest if non-accidental death occurs in the first year.
- Premiums: Guaranteed not to increase; option to pay higher premiums for 20 years or level premiums for life.
- Additional Benefits: Includes Terminal Illness Benefit and Transportation Benefit.
- Eligibility: Available to individuals aged 18-80.
4. Simplified Elite Life
- Designed For: Applicants in relatively good health or those engaging in high-risk activities.
- Medical Exam: No medical exam required.
- Coverage Amount: Minimum $5,000; maximum $500,000.
- Waiting Period: No waiting period; immediate coverage.
- Premiums: Guaranteed level premiums; option to pay higher premiums for 20 years or level premiums for life.
- Additional Benefits: Includes Terminal Illness Benefit and Transportation Benefit.
- Eligibility: Available to individuals aged 18-80.
5. Preferred Life
- Designed For: Healthy applicants seeking fast coverage.
- Medical Exam: No medical exam required for coverage up to $500,000 for ages 70 and under.
- Coverage Amount: Minimum $50,000; maximum $1,000,000.
- Waiting Period: No waiting period; immediate coverage.
- Premiums: Guaranteed not to change; option to pay higher premiums for 20 years or level premiums for life.
- Additional Benefits: Includes Terminal Illness Benefit and Transportation Benefit.
- Eligibility: Available to individuals aged 18-80.
6. Preferred Elite Life
- Designed For: Applicants in excellent health wanting quick coverage at the best rates.
- Medical Exam: Required for underwriting; streamlined process.
- Coverage Amount: Minimum $500,000; maximum $1,000,000.
- Waiting Period: No waiting period; immediate coverage upon approval.
- Premiums: Guaranteed level premiums for the life of the policy.
- Additional Benefits: Includes Terminal Illness Benefit and Transportation Benefit.
- Eligibility: Available to individuals aged 18-80.
You can compare plans from other top insurers and get free personalized life insurance quotes online right here. Use our free tool below and get quick and free quotes now.
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What types of term life insurance policies does Canada Protection Plan offer?
Canada Protection Plan offers 5 different term life insurance products tailored to meet the needs of different applicants, ensuring that there are suitable options regardless of health status or insurance requirements.
1. Deferred Elite Term Insurance
- Designed For: Individuals with less serious health conditions or those previously declined for insurance.
- Medical Exam: No medical exam required.
- Terms Available: 10, 20, and 25 years; also available in a 25-year decreasing term version.
- Coverage Amount: Minimum $25,000; maximum $350,000.
- Waiting Period: Full coverage after two years, or immediately if death is accidental.
- Premiums: Guaranteed level premiums for the term period; renewable to age 80 for level terms, not renewable for decreasing term.
- Additional Benefits: Includes Transportation Benefit; optional Accidental Death Benefit and Child Term Benefit.
2. Simplified Elite Term Insurance
- Designed For: Applicants in relatively good health or engaging in high-risk activities; also suitable for those who need quick coverage.
- Medical Exam: No medical exam required.
- Terms Available: 10, 20, and 25 years; also available in a 25-year decreasing term version.
- Coverage Amount: Minimum $25,000; maximum $500,000.
- Waiting Period: Immediate coverage with no waiting period.
- Premiums: Guaranteed not to change for the term; renewable to age 80 for level terms, not renewable for decreasing term.
- Additional Benefits: Includes Transportation Benefit; optional Accidental Death Benefit, Child Term Benefit, and Hospital Cash Benefit.
3. Preferred Term Life Insurance
- Designed For: Healthy individuals seeking quick and reliable term life insurance coverage.
- Medical Exam: No medical exam required for coverage up to $500,000 for ages 70 and under.
- Terms Available: 10, 20, and 25 years; also available in a 25-year decreasing term version.
- Coverage Amount: Minimum $50,000; maximum $1,000,000.
- Waiting Period: Immediate coverage with no waiting period.
- Premiums: Guaranteed level premiums for the term period; renewable to age 80 for level terms, not renewable for decreasing term.
- Additional Benefits: Includes Terminal Illness Benefit and Transportation Benefit; optional Accidental Death Benefit, Child Term Benefit, and Hospital Cash Benefit.
4. Express Elite Term Insurance
- Designed For: Applicants in excellent health seeking fast, affordable no medical term life insurance.
- Medical Exam: No medical exam required.
- Terms Available: 20 and 30 years.
- Coverage Amount: Minimum $100,000; maximum $750,000 for ages 18-50; maximum $500,000 for ages 51-60.
- Waiting Period: Immediate coverage with no waiting period.
- Premiums: Guaranteed level premiums for the term period; renewable to age 80 for Term 30.
- Additional Benefits: Optional Accidental Death Benefit, Child Term Benefit, Hospital Cash Benefit, and Critical Illness Rider.
5. Preferred Elite Term Insurance
- Designed For: Applicants in very good health looking for coverage with the best rates and faster than traditional underwriting.
- Medical Exam: Required for underwriting; streamlined process.
- Terms Available: 10, 20, and 25 years; also available in a 25-year decreasing term version.
- Coverage Amount: Minimum $500,000; maximum $1,000,000.
- Waiting Period: Immediate coverage upon approval.
- Premiums: Guaranteed not to change for the term period; renewable to age 80 for level terms, not renewable for decreasing term.
- Additional Benefits: Includes Terminal Illness Benefit and Transportation Benefit; optional Accidental Death Benefit, Child Term Benefit, and Hospital Cash Benefit.
You can compare the best term life insurance plans from multiple providers right here. Compare life insurance quotes online based on your unique needs using our free tool below.
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What other types of insurance does Canada Protection Plan offer?
Canada Protection Plan offers four distinct Critical Illness Insurance products, each designed to meet different needs and offering various coverage options:
1. Cardiac Protect CI
- Designed For: Individuals seeking coverage specifically for heart-related conditions.
- Minimum Benefit: $10,000
- Maximum Benefit: $50,000
- Renewability: Non-renewable
- Convertibility: Non-convertible
- Coverage: Provides a tax-free payment for Heart Attack, Stroke, Aortic Surgery, Coronary Artery Bypass Surgery, and Heart Valve Replacement or Repair.
- Optional Benefits: Accidental Death Benefit, Return of Premiums upon Death.
2. Cancer Protect CI
- Designed For: Individuals looking for coverage against cancer and related conditions.
- Minimum Benefit: $10,000
- Maximum Benefit: $50,000
- Renewability: Non-renewable
- Convertibility: Non-convertible
- Coverage: Offers a tax-free payment for Cancer, Aplastic Anemia, and Benign Brain Tumour.
- Optional Benefits: Accidental Death Benefit, Return of Premiums upon Death.
3. Cardiac AND Cancer Protect CI
- Designed For: Those needing comprehensive coverage for both cardiac and cancer conditions.
- Minimum Benefit: $10,000 per event
- Maximum Benefit: $50,000 per event
- Renewability: Non-renewable
- Convertibility: Non-convertible
- Coverage: Provides two tax-free payments, one for cardiac events and one for cancer, with the other plan remaining effective after a claim on one.
- Optional Benefits: Accidental Death Benefit, Return of Premiums upon Death.
4. Cardiac OR Cancer Protect CI (T75)
- Designed For: Individuals seeking coverage for either cardiac or cancer conditions.
- Minimum Benefit: $10,000
- Maximum Benefit: $100,000
- Renewability: Non-renewable
- Convertibility: Non-convertible
- Coverage: Provides a tax-free payment for the first occurrence of either a cardiac or cancer condition.
- Optional Benefits: Accidental Death Benefit, Return of Premiums upon Death.
5. Cardiac OR Cancer Protect CI (T20)
- Designed For: Younger individuals wanting flexible, renewable coverage for either cardiac or cancer conditions.
- Minimum Benefit: $25,000
- Maximum Benefit: $100,000
- Renewability: Renewable to age 75
- Convertibility: Non-convertible
- Coverage: Offers a tax-free payment for the first occurrence of either a cardiac or cancer condition.
- Optional Benefits: Accidental Death Benefit, Return of Premiums upon Death.
How do I contact Canada Protection Plan Insurance?
For inquiries regarding Canada Protection Plan’s products, services or your current policy, you can contact its team via phone at its toll-free number: 1-877-851-9090.
If you're unable to connect with one of Canada Protection Plan’s licensed insurance advisors over the phone, you can also contact the team by sending an email using the form provided on its website.
- For inquiries concerning an existing policy, you can email Canada Protection Plan at [email protected].
- If you need to report a claim or inquire about the status of a claim, you can email Canada Protection Plan at [email protected].
Another way is to visit the Canada Protection Plan’s office. Here are your options:
- Corporate Head Office
250 Ferrand Dr., Suite 1100
Toronto, Ontario M3C 3G8
- Montreal Office
3500 Boulevard de Maisonneuve
West, Tower 2, Suite 1802,
Montreal, Quebec H3Z 3B8
Remember, the key to finding the best life insurance is to compare multiple options — their coverage, cost, exclusions and more. Use our comparator to get started!
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