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The first rule of saving money is to shop around for the best price. Make sure you’re not overpaying for life insurance by comparing insurance providers before you settle on one. LowestRates.ca makes comparing multiple life insurance companies a snap. We don’t sell insurance — we’re completely independent — but we can show you which insurer is offering the lowest price. Just select your province and in 3 minutes we’ll show you rates from Canada’s big banks and independent lenders. Best of all? It’s free.
Canada Protection Plan was founded in 1992 in Toronto and has grown into one of the country’s best-known providers of no-medical, simplified issue life insurance.
In its early years, Canada Protection Plan only offered permanent life insurance, which also could only be purchased through an independent insurance agent. It wasn’t until 2006 when direct-to-consumer sales began.
Today, the company offers a multitude of plans in both the permanent and term insurance categories. You’ve probably seen one of Canada Protection Plan’s animated television commercials, which advertise plans for anyone “between 18 and 80, regardless of their health.”
Canada Protection Plan specializes in offering life insurance to people who would normally be denied coverage, whether that be due to age or a pre-existing health condition.
In fact, Canada Protection Plan makes a point of advertising that anyone between the ages of 18 and 80 can apply and have a good shot at getting coverage.
Typically, life insurance companies require you to undergo a medical exam (which involves a urine and blood sample) in order to qualify for a policy.
With simplified issue insurance — the type of insurance CPP offers, which is also known as no-medical insurance — all you need to do is fill out a form with an agent or broker to get coverage. No visit to the doctor required.
The premiums for simplified life insurance can be costly. But if you have a pre-existing medical condition, a regular life insurance company is going to charge a lot for coverage — if they accept your application at all.
In cases like that, simplified life insurance might be the better option.
Canada Protection Plan touts that its application process (which you can preview on its website) eliminates “long health declarations” and uses only “clearly worded medical terminology.” When you’re finished your application, according to Canada Protection Plan, you should have no doubt about what’s included and what’s excluded from the policy.
In 2016, Canada Protection Plan removed a question about whether applicants have been denied insurance within the last two years. The change means that even more prospective policyholders can access its simplified preferred products.
In 2019, it introduced the Express Elite Term Insurance and Preferred Elite Term Life Insurance policies. These policies, which are designed for people in good to excellent health, and are available for either 20 or 30-year terms, have an even shorter application process.
Canada Protection Plan says that coverage for some plans begins immediately after approval. The company says it paid out 98% of non-contestable claims in 2017. A claim is deemed non-contestable after the two-year window period has passed (if you die before the policy turns two, the insurance company will investigate your claim and may decide not to pay it out).
All policies from Canada Protection Plan have a 10 Day Free Look Guarantee. That means if you change your mind about your policy, you can return it within 10 days. Canada Protection Plan will refund your premium.
Canada Protection Plan offers a wide array of permanent and term life insurance plans.
Permanent insurance
| Policy name | Who’s it for? | Max. policy value |
|---|---|---|
| Guaranteed Acceptance Life | People with serious medical conditions, people who’ve been denied coverage in the past. | $25,000 |
| Deferred Life | People who have been turned down for life insurance due to age or because they have a chronic health issue. | $75,00 |
| Deferred Elite Life | People with pre-existing health conditions that are not considered serious. | $350,000 |
| Simplified Elite Life | People who are in good health, but who engage in extreme sports. | $500,000 |
| Preferred Life | People who are in good health and need coverage soon. | $500,000 for people 70 and under |
| Preferred Elite Life | People who are in very good health and who want coverage fast. | $1-million |
Term insurance
| Policy name | Who’s it for? | Terms | Max. policy value |
|---|---|---|---|
| Deferred Elite Term | People with less serious conditions or those who have been declined coverage in the past. | 10, 20, or 25 years | $350,000 |
| Simplified Elite Term | Healthy people who engage in extreme sports, or who have been refused coverage in the past. | 10, 20, or 25 years | $500,000 |
| Preferred Term | People who are in good health and need coverage fast. | 10, 20, or 25 years | Up to $1-million |
| Express Elite Term Plan | People aged 18 to 60 that are in excellent health. | 20 or 30 years | $500,000 |
| Preferred Elite Term | People in very good health. | 10, 20, or 25 years | Up to $1-million |
As a policyholder, you may be able to receive funding from some of Canada Protection Plan’s special programs (in partnership with Foresters Financial), including:
Let’s get to the main question you need answered: should you buy life insurance from Canada Protection Plan?
An agent or broker can offer expert guidance, but ultimately, it’s a decision only you can make. However, no-medical life insurance may be right for you if:
But before you get ahead of yourself, take a moment to compare the insurance market.
LowestRates.ca compares insurance quotes from more than 20 different insurers, including Canada Protection Plan. After providing basic information about yourself, you’ll be able to see which insurance company is offering the lowest rate for the amount of coverage you need.
That should give you a good starting point.
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