Laura McKay is the co-founder and COO of PolicyMe, Canada's fastest-growing digital life insurance company. In 2021, she was named one of the Women of the Year by Bay Street Bull. Laura has a Bachelor of Mathematics from the University of Waterloo. Her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation. After her degree, she was employed by Manulife and Munich Re in Actuarial Science. Laura then worked at famed management consulting company Oliver Wyman in New York from 2013-2018. In this position, she worked with many Fortune 500 life insurance companies and helped them develop growth strategies and solve operational problems and regulatory issues.
Canada Protection Plan is an insurance company specializing in no medical, simplified issue and guaranteed acceptance life insurance.
These types of life insurance policies are pricier than “traditional” policies, with a cap on how much coverage you can get.
CPP is a viable plan B for those that aren't approved by their first choice, like people with pre-existing conditions and seniors.
Canada Protection Plan is sometimes incorrectly called “Canada Pension Plan” or “Canada Care Life Plan."
Canada Protection Plan Life Insurance review
For most Canadians, there's no need to start with CPP because their policies are so pricey. Generally, you'll find much more affordable options with traditional life insurance providers over CPP if you are:
Relatively young (read: roughly aged 18-45)
Of average health
A Canadian resident
But even if you're older or have health conditions, you can often get cheaper coverage with an underwritten policy. Underwriting helps the insurance company predict the risk of covering you.
Need some pointers? Our non-commissioned advisors are ready to chat about all things life insurance, with advice they'd give even their closest friends!
What is Canada Protection Plan?
Canada Protection Plan is a life insurance company that has been Canadian-owned and operated for three decades. CPP life insurance is a leading provider in no medical, simplified issue and guaranteed acceptance life insurance. This type of coverage generally lets applicants to skip medical exams.
Here's a little bit more detail about CPP life insurance:
In 2020, Foresters Financial bought CPP out. Foresters has an A rating from AM Best, an independent rating system for the insurance industry.
Policies can be bought from more than 25,000 independent advisors or through CPP call centre advisors.
CPP offers other types of policies, like health and dental insurance, critical illness insurance, travel medical insurance and funeral expense insurance.
CPP shouldn't be mistaken for "Canada Care Life Plan" or the Canada Pension Plan, a government-run benefit program for retirees.
Is Canada Protection Plan legitimate?
Canada Protection Plan is a legitimate insurance company that's been in operation since 1992. As of 2023, Canada Protection Plan has been offering simplified issue and no medical life insurance for 31 years.
CPP's policies are protected by Assuris, a federally-regulated nonprofit that safeguards policyholders. If CPP were ever to fail, Assuris would honour the customers' policies.
Canada Protection Plan rates for 2023
Canada Protection Plan rates are generally more costly than traditional insurance. This is because their products don't require a medical examination, resulting in more costly policies, almost twice the price of a term policy. Whether you're in good health or not, start with a quote from other life insurance options first.
Canada Protection Plan rates vs. PolicyMe rates
Let's look at a comparison between Canada Protection Plan rates with PolicyMe. A no medical life insurance policy can be up to 20% more expensive:
No medical policies are more expensive because it's riskier to insure individuals without a medical exam. We recommend getting a quote for a risk-assessed policy first — you could be surprised by the cost of your life insurance!
Canada Protection Plan: pros and cons
Pros of Canada Protection Plan
Cons of Canada Protection Plan
Not sure if you should go with CPP life insurance? Here are some general rules to keep in mind:
Not everyone who has existing medical conditions or is an older applicant has to go with a no medical policy with high rates.
It's still possible to get a good rate and be approved for underwritten life insurance.
If you're unsure about which policy to go with, we recommend applying now and seeing what the results are.
Rates increase with age, meaning that if you apply now and are approved, your costs will be lower than if you apply later.
Canada Protection Plan's term life insurance policies
Canada Protection Plan has a range of term life insurance products. These policies are offered based on the "risk level" of the applicant. Those with fewer risks might qualify for more coverage at a lower cost.
1. Deferred Elite Term Life (no medical)
Who it's for: Canada Protection Plan's Deferred Elite Term Life policy is for people with serious health conditions who were previously refused life insurance.
Additional policy info about Deferred Elite Term Life (no medical)
Coverage amounts for CPP's Deferred Elite Term Life policy are:
Up to $350,000 for applicants age 18 to 55, renewable up to age 80, convertible to age 70
25-decreasing year term (coverage amount decreases over 25 years to 50 per cent the initial coverage amount): Up to $350,000 for applicants aged 18-60
Optional benefits of Deferred Elite Term Life:
Accidental death benefit
Child term benefit
2. Simplified Elite Term Life (no medical)
Who it's for: Canada Protection Plan's Simplified Elite Term Life policy is for people with relatively good health but who have high-risk hobbies or do extreme sports.
Additional policy info about Simplified Elite Term Life (no medical)
Coverage amounts for CPP's Simplified Elite Term Life policy are:
Up to $500,000 for applicants aged 18 to 55, renewable up to age 80, convertible to age 70
25-decreasing year term: Up to $500,000 for applicants aged 18 to 60
Optional benefits of Simplified Elite Term Life:
Accidental death benefit
Child term benefit
Hospital cash benefit
3. Preferred Term Life
Who it's for: Canada Protection Plan's Preferred Term Life policy is for people with relatively good health who want to get coverage in a short time period.
Additional policy info about Preferred Term Life
Coverage amounts for CPP's Preferred Term Life policy are:
Up to $1,000,000 for applicants aged 18 to 55, renewable up to age 80, convertible to age 70
25-decreasing year term: Up to $1,000,000 for applicants aged 18 to 60
Optional benefits of Preferred Term Life:
Accidental death benefit
Child term benefit
4. Express Elite Term Life (no medical)
Who it's for: Canada Protection Plan's Express Elite Term insurance policy is for people with good health who want to get coverage with no medical exams in under a day.
Those who qualify for CPP's Express Elite term life are pre-approved for critical illness insurance as well.
Additional policy info about Express Elite Term Life (no medical)
Coverage amounts for CPP's Express Elite Term Life policy are:
Maximum coverage of $750,000 for applicants aged 18 to 50, up to $500,000 for applicants age 51 to 60, renewable up to age 80, convertible to age 70
Optional benefits of Express Elite Term Life:
Accidental death benefit
Child term benefit
Hospital cash benefit
Critical illness insurance rider (offers a maximum lifetime benefit payout of $100,000)
5. Preferred Elite Term Life
Who it's for: Canada Protection Plan's Preferred Elite Term Life is a fully underwritten policy for people with good health who want to get coverage in a short period of time.
Additional policy info about Preferred Elite Term Life
Coverage amounts for CPP's Preferred Term Life policy are:
Up to $1,000,000 for applicants age 18 to 70, renewable up to age 80, convertible to age 70
25-decreasing year term: Up to $1,000,000 for applicants aged 18 to 60
Optional benefits of Preferred Elite Term Life:
Accidental death benefit
Child term benefit
Hospital cash benefit
PolicyMe offers some of the most affordable term life insurance in Canada. We offer up to $5M in coverage and only 22 per cent of applicants were asked for a medical follow up in 2023.
Canada Protection Plan's permanent life insurance policies
CPP offers various permanent life insurance products. Like their term life insurance products, their permanent life insurance is offered on a tiered system based on applicant risk.
1. Guaranteed Acceptance Life (no medical)
Who it's for: CPP's Guaranteed Acceptance Life policy is for people who won't qualify for any other life insurance. This may include people with health issues, with risky hobbies/jobs or who have a history of addiction.
Additional policy info about Guaranteed Acceptance Life (no medical)
Coverage amount: Maximum coverage of $50,000. Accumulates a cash value starting in the fifth year. If you cancel, any cash value will be paid to you, the policy owner.
Benefits of Guaranteed Acceptance Life:
Final expense coverage, including funeral costs, unexpected medical costs and outstanding debt
Terminal illness benefit (note: not the same as critical illness insurance)
Transportation benefit (helps with transportation costs if the insured passes away more than 200km from their residence)
Optional accidental death benefit for an extra premium
2. Deferred Life (no medical)
Who it's for: Canada Protection Plan's Deferred Life policy is for people with serious health conditions that have been denied before.
Additional policy info about Deferred Life (no medical)
Coverage amount: Up to $75,000 for applicants aged 18 to 60 or up to $50,000 for ages 61 to 80. Accumulates a cash value starting in the fifth year. If you cancel, any cash value will be paid to the policy owner (you).
Benefits of Deferred Life:
Terminal illness benefit
Transportation benefit
Optional accidental death benefit
If you know you'll be okay for a couple more years given your health, deferred policies are a viable coverage option, but for a smaller death benefit.
3. Deferred Elite Life (no medical)
Who it's for: Canada Protection Plan's Deferred Elite Life policy is for those with less serious health issues that were previously denied life insurance.
Additional policy info about Deferred Elite Life (no medical)
Coverage amount: Up to $350,000 for applicants aged 18 to 60. Accumulates a cash value starting in the fifth year. If you cancel, any cash value will be paid to the policy owner (you).
Benefits of Deferred Elite Life:
Terminal illness benefit
Transportation benefit
Optional accidental death benefit
Optional child term benefit (issues each eligible child for $5,000, $10,000 or $15,000 each)
Optional term insurance rider (low-cost option to increase coverage for a temporary period of time, like 10, 20, or 25 years)
4. Simplified Elite Life (no medical)
Who it's for: Simplified Elite Life is for people with average health who engage in extreme sports and who want to get lifetime coverage quickly.
Additional policy info about Simplified Elite Life (no medical)
Coverage amount: Up to $500,000 for applicants aged 18 to 60 or up to $350,000 for applicants aged 61 to 80. Accumulates a cash value starting in the fifth year. If you cancel, any cash value will be paid to the policy owner.
Benefits of Simplified Elite Life:
Terminal illness benefit
Transportation benefit
Optional accidental death benefit
Optional term insurance rider
Optional child term benefit
Optional hospital cash benefit (pays a chosen daily benefit upon hospitalization)
5. Preferred Life
Who it's for: Canada Protection Plan's Preferred Life policy is for people with good health who want to get lifetime coverage quickly.
Additional policy info about Preferred Life
Coverage amount: Up to $1,000,000 for applicants aged 18 to 80. Accumulates a cash value starting in the fifth year. If you cancel, any cash value will be paid to the policy owner.
Benefits of Preferred Life:
Terminal illness benefit
Transportation benefit
Optional accidental death benefit
Optional term insurance rider
Optional child term benefit
Optional hospital cash benefit
6. Preferred Elite Life
Who it's for: People with good health who want to get lifetime coverage in a short amount of time. Canada Protection Plans dubs the Preferred Elite Lite policy as their “best rate” product for permanent plans.
Additional policy info about Preferred Elite Life
Coverage amount: Up to $1,000,000 for applicants aged 18 to 80. Accumulates a cash value starting in the fifth year. If you cancel, any cash value will be paid to the policy owner.
Benefits of Preferred Elite Life:
Terminal illness benefit
Transportation benefit
Optional accidental death benefit
Optional term insurance rider
Optional child term benefit
Optional hospital cash benefit
Canada Protection Plan reviews
These excerpts have been taken from Canada Protection Plan customer reviews from various publicly available sources online.
Canada Protection Plan testimonials
"I had a very easy time finding an acceptable policy for an acceptable premium." — Crystal D, Better Business Bureau
"Working with Canada Protection Plan to obtain a policy was easy and I was educated throughout the process to better understand life insurance." — David L, Better Business Bureau
"Such a relief to be able to help a client who had no other options." — Calvin W, cpp.ca/advisors/advisor-testimonials
Canada Protection Plan complaints
"Spent several hours being interrogated by multiple people to find a suitable policy. [...] Their customer service is as abysmal as their efficiency." — Darren P, Better Business Bureau
"I called them to ask about my policy and customer service could not answer my question and I never received a callback." — Adrian G, TrustAnalytica
"They started deducting money from my account before I even got to take a look at the policy that I was promised. Cancelling my policy and getting a refund is impossible unless you sign a paper which [states] that they have done no wrong." — Randall A, TrustAnalytica
Other Canada Protection Plan insurance products
There are a few other Canada Protection Plan insurance products available, including critical illness coverage, travel, and health and dental insurance. They also have optional riders that you can add to your insurance policy for an extra charge.
Cancer Protect CI: Coverage for cancer-related critical illnesses.
Option to combine cancer and cardiac coverage, as well as get a "Cardiac or Cancer Protect CI" plan for protection against either illnesss
Canada Protection Plan travel insurance
Travel Medical Insurance: Covers unexpected medical bills while Canadians travel abroad.
Visitors to Canada Insurance: Covers unexpected medical expenses when visiting on vacation or temporary residents in Canada.
Canada Protection Plan health and dental insurance
Health and Dental Insurance: Covers medical and dental expenses not covered by your provincial health plan.
Hospital Cash Benefit: Get a cash benefit if you're hospitalized for 24 hours or longer.
Canada Protection Plan insurance riders
Accidental Death Benefit: Coverage up until the policy expires or the policy anniversary nearest to the policyholder's 70th birthday. But there are a few exceptions to watch out for.
Child Term Life Insurance: Add a Child Term Benefit to any policy (except for Guaranteed Acceptance Life and Deferred Life). Get coverage amounts of $5,000, $10,000 or $15,000 on each natural or adopted child of the policyholder.
What Canada Protection Plan life insurance product do you qualify for?
The application process for CPP products is streamlined, allowing applicants to get better coverage options (higher death benefit for a lower premium) by answering "No" to all questions in a specific section.
Here's how CPP's life insurance policies break down from best value to lowest value:
Coverage options
Policy value
Preferred Elite
★★★★★★
Preferred
★★★★★☆
Simplified Elite
★★★★☆☆
Deferred Elite
★★★☆☆☆
Deferred
★★☆☆☆☆
Guaranteed Acceptance
★☆☆☆☆☆
Canada Protection Plan alternatives
A no medical life insurance policy could be just what some applicants need, but it's not for everyone.
Applying for an underwritten term policy first makes the most sense for the average Canadian family's budget. And you can see how affordable term can be with PolicyMe below; just answer 4 easy questions and get an instant quote using the life insurance premium calculation.
Who is Canada Protection Plan for?
Canada Protection Plan life insurance is for individuals with one or more of the following characteristics:
Purchasing life insurance later in life
A family history of health issues
Past or present experience with addiction
Involved in high-risk sports or hobbies (read: skydiving!)
The application process involves no doctor visits or medical exams, but you'll still need to answer some medical questions in the application.
Applicants go through a series of about 20 "yes" or "no" questions to qualify for Canada Protection Plan.
Follow-up questions or more information may be required before approval.
Like with all insurers, you must give honest answers. Inaccurate responses or the omission of information could jeopardize your coverage (or your family's payout).
Canada Protection Plan life insurance offers several ways to get in touch and learn more about your options.
You can also get a Canada Protection Plan quote by calling them directly. For reference, their phone numbers are 1-877-851-9090 or 416-447-6060.
On their “Contact Us” page, there's a form you can fill out to send them a message.
The site has a quick “Canada Protection Plan Quotes” option where you can answer a few questions to get an estimate of cost.
But you'll need to provide your phone number to get a personalized quote and complete the application.
Next steps: is CPP insurance right for you?
FAQ: Canada Protection Plan review
Are Canada Protection Plan, Canada Care Life Plan and Canada Pension Plan insurance the same thing?
Canada Protection Plan and Canada Care Life Plan aren't the same thing, even though the names are similar. Canada Care Life Plan is often erroneously used when searching for life insurance options.
It's possible that when people search for Canada Care Life Plan they're actually looking for either Canada Protection Plan or Canada Pension Plan insurance.
Who runs Canada Protection Plan?
Canada Protection Plan is a privately-run Canadian insurance intermediary that provides simplified issue and guaranteed acceptance no medical life insurance and other related products.
They are owned by Foresters Financial, an international financial services company.
Is Canada Protection Plan government-run?
No, Canada Protection Plan is not government-run. It’s a privately-owned Canadian insurance intermediary that offers life and health insurance products, primarily focused on no medical options.
Canada Protection Plan operates by selling insurance products from multiple insurance carriers to its clients. As a private company, they are not subject to the same regulations and policies as a government-run organization.
Who underwrites the Canada Protection Plan?
Canada Protection Plan's products are underwritten by Foresters Life Insurance Company, a subsidiary of Foresters Financial, an international financial services provider. This means that Canada Protection Plan doesn't underwrite insurance policies themselves. Instead, they act as an intermediary between insurance carriers and clients.
Foresters Financial was founded in 1874. It's one of North America's oldest insurance companies, with more than three million clients and members across Canada, the US, and the UK. Foresters has a track record of financial stability, which means that customers who purchase insurance through Canada Protection Plan can feel secure in the legitimacy of their insurance coverage.
What is the Canada Protection Plan phone number?
There are two options for calling Canada Protection Plan; local or toll-free. Canada Protection Plan's phone numbers are as follows:
416-447-6060 (local)
1-877-851-9090 (toll-free)
Callers can generally expect to be put on hold before getting through to an insurance agent or the customer service team.
How do I cancel my Canada Protection Plan?
To cancel your Canada Protection Plan, you can contact your insurance advisor, call them toll-free at 1-877-629-9090 or email customerservice@cpp.ca.
Cancelling a life insurance policy is a personal decision that should be made after careful consideration. If you've decided to cancel your policy, there are a few steps you can follow to ensure the process goes smoothly.
Understand the terms of your policy, including any cancellation fees that may apply.
Make sure you're okay with the implications of cancelling, like losing out on coverage and the premiums paid to date.
Before making a decision, it may be helpful to review your policy with a financial advisor or a CPP representative to ensure you have a clear grasp on the impact of the cancellation.
Once you're ready, you can contact Canada Protection Plan to initiate the cancellation process.
Learn more about other life insurance options: here are more reviews of Canadian life insurance companies:
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