Canada Protection Plan CPP Life Insurance Review: What You Need To Know

If you’ve been exploring life insurance companies in Canada, chances are you’ve come across Canada Protection Plan (CPP). As a leading provider of no medical exam policies, CPP can be an ideal solution for certain applicants.

But is Canada Protection Plan the right life insurance company for you? In this complete guide, we’ll answer all your questions about CPP and help you determine if their products are a fit.

What is Canada Protection Plan?

Founded in 1992 and headquartered in Toronto, Canada Protection Plan as know as CPP life insurance specializes in simplified issue life insurance products that don’t require medical exams or lengthy underwriting.

CPP offers both term and permanent life insurance designed to be accessible for higher-risk applicants who may struggle to qualify for coverage elsewhere. Their tagline sums it up: “Insurance made easy.”

Some key facts about Canada Protection Plan:

Specialize in no medical exam life insurance
Term, permanent, and critical illness insurance are offered
Rated A+ accredited with the Better Business Bureau
Part of Foresters Financial since 2020
Life insurance underwritten by Foresters Life Insurance Company

With its focus on simplified issue products, CPP life insurance aims to make quality insurance achievable for all Canadians. Let’s explore their offerings further.

What Types of Life Insurance Does Canada Protection Plan Offer?

Canada Protection Plan provides a wide range of term life insurance and permanent life insurance designed to cater to Canadians across all health profiles.

Canada Protection Plan Term Life Insurance

Canada Protection Plan offers one of the widest ranges of no medical exam term life insurance products in Canada. They provide multiple term lengths and customized plans based on applicant health.

Key Term Product Features:

Term lengths: 10, 20, 25, 30 years
Renewable to age 80
Convertible to permanent plans until age 70
Available riders: Accidental Death, Child Life Insurance, Critical Illness

Let’s take a closer look at each of the five CPP’s term life insurance offerings.

Express Elite Term Life Insurance

The Express Elite plan is one of Canada Protection Plan’s newest offerings, launched in 2019. It provides a streamlined digital application process for healthy individuals seeking higher coverage amounts without medical underwriting.

Express Elite Term Highlights:

Up to $750K coverage for ages 18-50
Up to $500K coverage for ages 51-60
20 or 30-year terms
Fully digital application
Approval in as little as 24 hours

With maximum coverage amounts between $500K and $750K, the Express Elite plan offers CPP’s highest no-medical term life insurance limits. Applicants can complete a simple online application and get near-instant approval.

Simplified Elite Term Life Insurance

CPP’s Simplified Elite term product is designed for applicants in relatively good health who want to avoid medical exams. It offers strong coverage amounts despite no underwriting.

Simplified Elite Term Features:

Up to $500K coverage
Available ages 18-60
10, 20, and 30-year terms
Immediate coverage with no waiting period
Renewable and convertible

The Simplified Elite plan provides up to $500,000 in term life insurance without the hassle of medical tests. With 10-30-year terms available, it’s an accessible option for short or long-term protection.

Deferred Elite Term Life Insurance

For applicants with more serious health conditions who’ve been declined coverage in the past, CPP offers their Deferred Elite term life product.

Deferred Elite Term Highlights:

Up to $350K coverage
Available ages 18-70
10, 20, and 25 year terms
2-year waiting period for full benefits
Renewable and convertible

The Deferred Elite plan provides up to $350,000 in guaranteed issue term life insurance for higher risk individuals. The trade-off is a two-year waiting period before the full death benefit pays out.

Preferred Term Life Insurance

CPP’s Preferred Term life insurance involves a bit more underwriting but offers robust coverage amounts for healthy applicants seeking quick protection.

Preferred Term Features:

Up to $1M coverage
Ages 18-65
10, 20, and 25 year terms
No waiting period
Lower rates than simplified issue plans

With coverage amounts up to $1 million, the Preferred Term plan offers CPP’s highest term insurance limits. Applicants need to answer some medical questions, but no paramedical exam is required.

Preferred Elite Term Life Insurance

For the healthiest applicants wanting maximum coverage with the lowest rates, CPP offers their Preferred Elite term life plan. This fully underwritten option requires a medical exam but provides very competitive pricing.

Preferred Elite Term Highlights:

Up to $1M coverage
Ages 18-65
10, 20, and 25 year terms
Fully underwritten with paramedical exam
CPP’s lowest-term life rates

The Preferred Elite term plan should offer CPP’s most affordable term insurance rates for applicants who qualify based on the medical underwriting process.

Sample Canada Protection Plan Term Rates

Here are sample monthly rates for a 20-year, $500,000 term policy:

Age	Male	Female
25	$77.40	$49.05
35	$85.95	$56.70
45	$132.75	$101.25
55	$380.70	$261.45

Canada Protection Plan Permanent Life Insurance

In addition to its broad range of term products, Canada Protection Plan also offers six permanent life insurance plans that provide lifelong coverage and tax-deferred cash value growth.

Permanent Life Insurance Product Features:

Lifelong coverage that never expires
Level premiums that are guaranteed not to increase
Guaranteed cash value that grows on a tax-deferred basis
Available for applicants up to age 90
Optional riders for critical illness, disability, and more

Let’s explore Canada Protection Plan’s permanent life insurance options in more depth:

Guaranteed Acceptance Life Insurance

The Guaranteed Acceptance Life plan from CPP provides permanent coverage without any health questions or medical exams. It’s designed for higher risk applicants who have been declined elsewhere.

Guaranteed Acceptance Policy Highlights:

Guaranteed issue – no medical underwriting required
Up to $50,000 in total coverage
Available for ages 18-80
2-year waiting period for full benefits
Guaranteed cash value accumulation starts in year 5

With no underwriting required, the Guaranteed Acceptance plan gives higher risk Canadians a simple way to obtain permanent life insurance protection.

Deferred Life Insurance

CPP’s Deferred Life Insurance offers permanent coverage up to $75,000 for individuals with major health conditions who don’t qualify for the company’s other plans.

Deferred Life Policy Features:

Up to $75,000 in total coverage
Issue ages 18-80
2-year waiting period for full benefits
Premiums guaranteed to age 100
Guaranteed cash value accumulation

For those with significant medical issues, CPP’s Deferred Life product provides crucial financial protection when other insurers decline coverage.

Simplified Elite Life Insurance

Designed for applicants with average health, CPP’s Simplified Elite permanent life insurance plan provides robust coverage without paramedical exams or waiting periods.

Simplified Elite Permanent Policy Highlights:

Up to $350,000 in total coverage
Issue ages 18-80
No medical underwriting is required
Immediate full coverage – no waiting period
Guaranteed cash value accumulation

With strong coverage amounts up to $350,000 without medical exams, Simplified Elite offers an accessible path to permanent protection.

Preferred Life Insurance

The Preferred Life plan from CPP provides simplified issue permanent coverage up to $1 million for individuals in good health.

Preferred Life Policy Features:

Up to $1 million in total coverage
Issue ages 18-80
Simplified underwriting up to $500K
Immediate full coverage
Guaranteed cash value accumulation

With streamlined underwriting up to $500,000, Preferred Life makes it easy for healthy applicants to obtain permanent coverage.

Preferred Elite Life Insurance

CPP’s Preferred Elite plan provides the company’s maximum $1 million permanent coverage for healthy individuals who qualify based on full medical underwriting.

Preferred Elite Permanent Features:

Up to $1 million in total coverage
Issue ages 18-75
Requires full medical underwriting
CPP’s lowest permanent insurance rates
Guaranteed cash value accumulation

For applicants able to secure approval through underwriting, Preferred Elite offers Canada Protection Plan’s highest limits for permanent coverage.

Guaranteed Universal Life Insurance

CPP’s Guaranteed Universal Life Insurance plan provides permanent coverage with guaranteed premiums, cash values, and death benefits up to $1 million.

Guaranteed Universal Life Highlights:

Up to $1 million in coverage
Issue ages 0-85
Guaranteed premiums never increase
Guaranteed cash value accumulation
Guaranteed death benefits cannot decrease

With full guarantees on premiums, cash values, and death benefits, CPP’s Guaranteed Universal Life plan provides lifelong protection clients can count on.

What Optional Riders and Benefits Does Canada Protection Plan Offer?

The primary coverage offered through Canada Protection Plan is term or permanent life insurance. However, they do offer a few supplementary riders and benefits:

Critical Illness Insurance

Beyond regular life insurance, CPP also offers 4 critical illness insurance plans that pay out a lump sum upon diagnosis of a serious covered condition:

Cardiac Protect CI
Cancer Protect CI
Cardiac And Cancer Protect CI
Cardiac Or Cancer Protect CI

Accidental Death Benefit

Provides an additional payout if death occurs due to an accident before age 70.

Child Life Insurance

Add low-cost term life insurance coverage for your children under age 25. Offered on most plans.

Rider options allow buyers to customize their CPP policy and enhance coverage. However, compared to some insurers, rider selection is limited.

How Do the Canada Protection Plan’s Rates Compare?

How Do Canada Protection Plan's Rates Compare? — How Do Canada Protection Plan’s Rates Compare?

As a no medical exam life insurer, Canada Protection Plan’s rates are generally higher compared to fully underwritten policies from other life insurance companies in Canada.

Here are some sample monthly premiums:

$500,000, 20 Year Term Life

Age	CPP Rate	Traditional Insurer
30	$51.30	$27.00
40	$74.70	$35.00
50	$164.70	$73.00
60	$418.50	$152.00

$250,000 Whole Life Policy

Age	CPP Rate	Traditional Insurer
50	$160	$125
60	$200	$150
70	$300	$225
80	$525	$400

The higher premiums from CPP facilitate offering simplified issue products with minimal underwriting. Healthy applicants generally find lower rates elsewhere.

Who Is Canada Protection Plan Life Insurance Good For?

Canada Protection Plan specializes in covering higher-risk life insurance applicants:

60% of CPP’s clients are ages 50+
55% have pre-existing health conditions
15% are temporary residents or foreign nationals

Their no-medical exam policies cater well to the following:

Older Canadians who need life insurance
Individuals with health issues who’ve been declined
Those wanting coverage quickly with minimal underwriting
Applicants needing higher policy face amounts
Temporary foreign workers and visa holders

Younger, healthy applicants can typically find lower-priced options. However, CPP fills an important niche for Canadians with extenuating circumstances requiring specialized underwriting.

What Are The Pros and Cons of the Canada Protection Plan?

The Pros and Cons of Canada Protection Plan

Pros of Choosing Canada Protection Plan

Specialize in no medical exam life insurance
Multiple products for all health profiles
Extremely high approval rates
Quick and easy application process
Available to non-residents and foreign nationals
Digital policy fulfillment and servicing

Potential Drawbacks to Consider

Premium rates are higher than traditional life insurers
Maximum $1 million coverage amount
Permanent plans have lower cash values
Coverage ends at age 80 vs. 85 elsewhere
Only critical illness riders beyond regular life insurance

The main trade-off with CPP is higher rates for the convenience and accessibility of no medical underwriting. Their streamlined application process also appeals to busy Canadians.

How Does the Canada Protection Plan Application Process Work?

Applying for coverage through Canada Protection Plan is designed to be simple, fast, and convenient through multiple channels:

Online Application

You can complete CPP’s digital application form directly on their website in as little as 15 minutes. The online process offers near-instant application decisions and approval notifications.

Applying online is completely paperless – you can electronically sign documents and submit any required supplementary forms. The streamlined digital experience makes it easy to apply for CPP insurance whenever and wherever is convenient for you.

Phone Application

If you prefer human assistance, you can speak with a licensed CPP agent over the phone and apply for coverage that way. The agent will guide you through the application questions, explain the products, and help you select the optimal policy for your needs.

Applying by phone allows you to get real-time answers to any questions you have during the application process. An agent can also assist with forms and follow-up items to ensure smooth processing.

Independent Broker

You can also work with an independent insurance broker who represents CPP. The broker will get to know you, explore your coverage requirements, review all the CPP policy options with you, and help you apply through their office.

Working with a broker provides the benefit of personalized advice from an insurance professional, along with easy support throughout the application process.

Underwriting Requirements

While no paramedical exam is required for most CPP policies, applicants still must answer questions regarding medical history, prescription medications, family health background, and lifestyle to assess eligibility. Honesty is crucial throughout the underwriting process.

Once approved, coverage starts immediately with no waiting periods. Policy fulfillment documents are delivered within 7 business days. You can also select ePolicy paperless delivery for fast digital access.

The simple, convenient application process makes it easy to get the life insurance coverage you need from Canada Protection Plan. Reach out today to start your application.

How Do I File a Claim or Complaint With Canada Protection Plan?

To file a claim, contact CPP as soon as possible after the death or diagnosis of critical illness. They will walk you through the required documentation and steps to receive a payout.

For complaints, you can contact CPP by:

Email: customerservice@cpp.ca
Mail: Foresters Financial, 789 Don Mills Road, Toronto ON M3C 1T9

CPP commits to resolving complaints within 30 days. If needed, you can also contact the independent ombuds service for insurers in Canada.

What Are People Saying in Canada Protection Plan Reviews?

Canada Protection Plan maintains positive reputability ratings and customer feedback:

A+ Rating with the Better Business Bureau
4 out of 5 stars on Google Reviews
4 out of 5 stars on Facebook Reviews

Here are a few examples of direct customer feedback:

“I had a very easy time finding an acceptable policy for an affordable premium.” – Crystal D.

“Working with Canada Protection Plan to obtain a policy was easy, and I was educated throughout the process,” said David L.

“Such a relief to be able to help a client who had no other options.” – Calvin W.

While any insurer will have some negative feedback, the majority of CPP reviews praise their strong customer service and ability to provide accessible coverage.

Key Takeaways:

CPP specializes in simplified issue and no medical exam life insurance products. This makes their policies more accessible for higher risk applicants.
They offer both term and permanent life insurance. Term lengths range from 10-30 years. Permanent plans have lifelong coverage.
The maximum coverage amount is $1 million across CPP’s portfolio. This is lower than some other insurers.
Due to simplified underwriting, CPP’s rates are higher compared to traditionally underwritten policies. However, they fill an important niche.
CPP’s target market is older Canadians, those with health conditions, individuals wanting fast coverage, and foreign nationals.
Pros of CPP are focused application, high approval odds, and specializing in higher risk clients. Cons are higher pricing and fewer products.
CPP has a positive reputation with an A+ BBB rating and 4/5 star customer reviews praising service.
Policyholders can apply online, via phone, or through a broker. Underwriting is simplified with no medical exam required.
CPP provides an important source of coverage for higher risk Canadians not able to qualify elsewhere. But healthy applicants may find better rates.

Frequently Asked Questions (FAQs) about the Canada Protection Plan

How long has Canada Protection Plan been in business?

Canada Protection Plan has been providing life insurance solutions for over 30 years. They were founded in 1992 and are based in Toronto, Ontario.

What is the AM Best rating for Canada Protection Plan?

Canada Protection Plan's life insurance products are underwritten by Foresters Life Insurance Company, which holds an AM Best rating of A (Excellent).

Where are Canada Protection Plan policies underwritten?

All Canada Protection Plan insurance policies are underwritten by Foresters Life Insurance Company, a subsidiary of Foresters Financial. Foresters is headquartered in Toronto.

Why choose Canada Protection Plan life insurance?

CPP specializes in no medical exam life insurance, making coverage accessible for higher risk applicants. They also have quick approval times and a streamlined online application process.

When should I avoid Canada Protection Plan?

If you're young and healthy, traditional fully underwritten policies will likely offer lower premium rates than Canada Protection Plan.

Do I need to be a Canadian citizen for Canada Protection Plan insurance?

No, CPP offers coverage options for temporary residents and foreign nationals. You don't need to be a Canadian citizen or permanent resident.

Can Canada Protection Plan deny my life insurance application?

While approval rates are very high, there is a small chance of denial if disclosures are inaccurate or intentionally omitted. Honesty is crucial in the application process.

Is a medical exam required for Canada Protection Plan life insurance?

The majority of CPP's life insurance plans do not require a medical exam. However, their Preferred Elite plans may necessitate an exam for approval.

What is the maximum coverage amount from Canada Protection Plan?

Currently, the maximum amount of life insurance coverage available from CPP is $1 million. For higher amounts, other insurers will be needed.

How quickly can I get Canada Protection Plan life insurance?

Approval can be as fast as 24 hours with CPP's digital application process. Coverage starts immediately once approved.

Can I renew Canada Protection Plan term life at the end of the term?

Yes, CPP term life insurance is guaranteed renewable until age 80 in most cases as long as premiums are paid.

Is Canada Protection Plan life insurance portable?

Yes, CPP policies are portable if you change jobs or retire. Your coverage will remain intact with no impact.

Does Canada Protection Plan offer whole life insurance?

CPP's permanent life insurance plans like Preferred Elite Permanent function similarly to whole life insurance, offering lifelong coverage.

What optional riders does Canada Protection Plan offer?

The main riders offered are Critical Illness insurance, Accidental Death Benefit, and Child Life insurance. Rider selection is limited compared to some insurers.

How do I contact Canada Protection Plan customer service?

You can contact CPP customer service by phone at 1-877-799-9090 or email customersupport@cpp.ca. Live chat is also available on their website.

Can I cancel my Canada Protection Plan policy?

Yes, you can cancel a CPP policy at any time as long as premiums are paid up. Contact CPP or your insurance advisor to initiate cancellation.

How do I make a claim with Canada Protection Plan life insurance?

To make a claim, contact CPP as soon as possible after death or a diagnosis. They will walk you through the required claim documentation.

Are Canada Protection Plan rates higher than other life insurers?

CPP's rates are generally higher than fully underwritten policies from other insurers. But they may be lower than some no medical insurers.

Does Canada Protection Plan sell life insurance over the phone?

Yes, CPP has licensed agents who can take applications and provide quotes over the phone. This provides a convenient application process.

What premium payment options does Canada Protection Plan offer?

CPP allows annual, semi-annual, quarterly, monthly, and pre-authorized cheque premium payments. Credit card payments are also accepted.

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