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 Life Insurance offers a variety of term life insurance options in 10, 20, 25, and 30-year lengths, as well as diverse permanent life insurance plans, all designed to provide coverage without medical exams. You can get immediate coverage with no waiting period too.
But is it the right choice for you? In this Canada Protection Plan Life Insurance review, we answer all your questions: What does it cover? What does it cost? What are its pros and cons? Are you eligible? How do you apply?
You can also use our free tool to get personalized quotes from Canada Protection Plan (CPP) and compare them with quotes from Canada's top companies like Sun Life, Manulife. Canada Life, and more.
Canada Protection Plan Life Insurance: Key Points
- Canada Protection Plan offers life insurance without medical exams.
- Coverage up to $1,000,000, eligible for ages 18 to 80 years old.
- Immediate coverage up to $750,000 without a waiting period and instant approval.
- Option to buy the policy online or over the phone.
- Affordable Premiums and more benefits than most other insurers.
- Flexible terms of 10, 20, 25, and 30 years, and six permanent life insurance options.
Our Canada Protection Plan Life Insurance Review
If you’re looking for life insurance that’s accessible and easy to obtain without medical exams, Canada Protection Plan Life Insurance might be the perfect fit for you. Canada Protection Plan (CPP) offers a diverse range of life insurance plans, including 5 term life insurance policies with flexible terms of 10, 20, 25, and 30 years, and 6 permanent life insurance options. You can get coverage of up to $1,000,000 without the need for a medical exam or health questionnaire.
CPP policies 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. You can get up to $750,000 in coverage with instant approval online or over the phone and immediate coverage starting day one.
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.
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.
Keep in mind, however, that Canada Protection Plan life insurance coverage amounts are capped at $1 million which is lower than insurers like Manulife Insurance and Sun Life which offer much higher coverage limits extending to even $30 million. 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.
Further, Canada Protection Plan does not offer participating life insurance or universal life insurance options. So if you're looking to build cash value or do estate planning, looking at providers like Canada Life or RBC Insurance would be more appropriate.
Compared to traditional providers, CPP’s strength lies in its inclusivity and simplicity. Its focus on eliminating medical exams and lengthy waiting periods makes it a great choice for individuals who have been declined coverage elsewhere or those seeking fast, straightforward life insurance. However, those in excellent health may find lower premiums with traditional insurers, and CPP’s online tools for claims management and account updates are somewhat limited.
Who is Canada Protection Plan Life Insurance best for?
Canada Protection Plan is a great choice if you’re looking for easy-to-get life insurance without medical exams, especially if you have health issues, are a temporary resident, or engage in high-risk activities. Its flexible term lengths and affordable permanent options make it convenient for straightforward coverage. However, the maximum coverage is limited to $1,000,000 so if you need higher coverage limits, you may have to consider other providers.
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 Insurance
- Most plans offer immediate coverage without waiting periods and no medical exams
- Multiple term life insurance and permanent life options
- Immediate coverage up to $750,000 with online approval
- 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
- Available to temporary residents, including those on student or work visas
- All term plans are convertible to permanent coverage until age 70
- Customers can conveniently pay annual premiums by credit card
- Canada protection plan rates are competitive
Cons of Canada Protection Plan Insurance
- 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 is capped at $1 million
- Coverage duration extends up to age 80, whereas some other companies offer coverage until age 85
- No participating whole life or universal life insurance options
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.
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 are the Canada Protection Plan rates for a 30-year-old male in British Columbia.
| Term Life Insurance | Coverage Amount | Premium/month |
|---|---|---|
| Term 10 | $200,000 | $19.44 |
| Term 20 | $200,000 | $19.17 |
| Term 25 | $200,000 | $35.46 |
| Term 30 | $200,000 | $26.55 |
The above Canada Protection Plan rates are indicative and you must get quotes based on your needs and budget. You can get a free personalized quote based on your needs from the Canada Protection Plan.
What does Canada Protection Plan Life Insurance offer?
Canada Protection Plan Life Insurance offers as many as 11 life insurance products. It offers both term life and permanent life insurance plans, all without the need for medical exams in varying coverage levels. Here is an overview of all the CPP plans offered followed by detailed plan descriptions.
| Policy Type | Plan Name | Features | Coverage Amount | Eligibility Age |
|---|---|---|---|---|
| Term Life | Deferred Elite Term Life |
| Up to $350,000 | 18-60 |
| Simplified Elite Term Life |
| Up to $500,000 | 18-60 | |
| Preferred Term Life |
| Up to $1,000,000 | 18-70 | |
| Express Elite Term Insurance |
| Up to $750,000 | 18-60 | |
| Preferred Elite Term Life |
| Up to $1,000,000 | 18-70 | |
| Permanent Life | Guaranteed Acceptance Life |
| Up to $50,000 | 18-75 |
| Deferred Life |
| Up to $350,000 | 18-75 | |
| Deferred Elite Life |
| Up to $500,000 | 18-75 | |
| Simplified Elite Life |
| Up to $500,000 | 18-75 | |
| Preferred Life |
| Up to $1,000,000 | 18-75 | |
| Preferred Elite Life |
| Up to $1,000,000 | 18-75 |
Good to know
Coverage amounts and eligibility ages may vary based on individual circumstances and specific plan details. It's advisable to get a personalized quote using our partner link below to determine the most suitable option for your needs.
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 is 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 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.
Expert advice
If you're looking for affordable coverage to meet temporary needs like paying off a mortgage, term life insurance is a smart choice. If you want lifelong protection and a savings feature you can access during your lifetime, whole life insurance could be a better fit.. Check out our full guide on term vs whole life insurance to understand what type of insurance is best for you.
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.
Compare the top term life insurance options today
How do I contact Canada Protection Plan Life 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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How to file a Canada Protection Plan Life Insurance claim?
You must fill out a Canada Protection Plan Life Insurance claim form to initiate a claim. There are different forms based on the nature of the claim. Here are all the steps you need to follow to file a claim.
- Obtain the Correct Form
Visit the Canada Protection Plan website and download the appropriate "Claim for Death Benefits" form. There are separate forms for:- Contestable claims (if the death occurred within the first two policy years).
- Non-contestable claims (if the death occurred after two years).
- Complete the Form
Fill out all required sections accurately. You'll need:- Policyholder and claimant details.
- A certified copy of the death certificate.
- Additional documents, such as proof of identity and supporting medical records, if required.
- Submit the Claim
Send the completed form and required documents via:- Mail:
Canada Protection Plan
789 Don Mills Road, Toronto, ON, Canada M3C 1T9 - Fax: 416-443-6662
- Email: [email protected]
- Mail:
- Follow Up
After submitting, CPP will review your claim and may contact you for additional information. Processing times may vary depending on the complexity of the claim. - Receive Payment
If approved, the death benefit will be paid as a tax-free lump sum to the designated beneficiary.
For assistance, you can contact CPP customer service at 1-877-629-9090.
You can also download the CPP Life Insurance claim forms here for free.
Complete this form if the death occurred in the first two years of the policy or if the policy was reinstated in the last two years.
Complete this form if the death occurred in policy year three or after, and the policy was not reinstated in the last two years.
How much life insurance do I need?
If you're not sure how much life insurance you need, you can use the free Canada Protection Plan Life Insurance calculator. It lets you assess your coverage amount based on your investments, debts, savings, and more. It takes less than a minute but gives you appropriate figures so you can plan your life insurance coverage accordingly.
You can also use our free HelloSafe life insurance calculator. It's very easy to use and gives you instant results. While a calculator helps to guide you, consulting an advisor offers personalized advice. You can also use our free tool below to compare quotes and get the best financial advice from Canada's best companies.
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