Canada Protection Plan Review: Read This Before Applying (Updated for 2023)

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In This Article

Key takeaways: 

  • Canada Protection Plan is a life insurance company that specializes in no medical, simplified and guaranteed issue life insurance policies.
  • This makes CPP a good choice for those with pre-existing conditions and seniors.
  • These types of life insurance policies tend to be much pricier than “traditional” life insurance policies, with a cap on how much coverage you can get. 
  • CPP is a viable backup option for those that don’t get approved by their first choice. Customer reviews are overall pretty favourable for the company. 
  • Canada Protection Plan is sometimes incorrectly referred to as “Canada Pension Plan” or “Canada Care Life Plan”. 

Canada Protection Plan life insurance review: our take

Have questions about Canada Protection Plan life insurance? We got you covered.

Our rating for Canada Protection Plan: ★★★☆☆ (3/5)

Canada Protection Plan could work for you if you need life insurance without a medical exam, have conditions that make it difficult to get coverage or are a temporary resident in Canada.

Ideally used as a “Plan B”, Canada Protection Plan is a good backup option if you don't get approved by your ideal insurer because of health issues, which could include cancer, diabetes, HIV, etc. 

But no medical coverage comes at a cost; these types of policies are known to be much more expensive than traditional life insurance policies.

For most Canadians, there's no need to start with Canada Protection Plan. 

If you're relatively young, healthy and a Canadian citizen, you have more affordable life insurance options available to you with traditional providers like PolicyMe.

Even older Canadians with health conditions can get cheaper life insurance if they apply for a fully underwritten term policy. Underwriting helps the life insurance company predict the “risk” of covering you.

See for yourself below by getting a quote in minutes with PolicyMe, one of Canada’s most affordable life insurance options.


Canada Protection Plan life insurance: pros and cons

Let’s break down some pros and cons of Canada Protection Plan life insurance.

Pros of Canada Protection Plan:
  • All individuals, with or without health conditions, can qualify
  • No medical exams required
  • No-obligation quotes are available online or through the phone
  • Fast processing times; some receive approval within a day
  • Available to temporary residents (international students, temporary job permit holders)
  • Prices are affordable compared to those offered by other insurance providers for people with health issues
  • All plans can be converted to permanent coverage until age 70

Cons of Canada Protection Plan:
  • Without medical underwriting, their life insurance products can be more expensive, especially for applicants with generally good health
  • Coverage amounts are limited to $1 million
  • Coverage is offered up until age 80, compared to age 85 for other companies

Who is Canada Protection Plan?

Short on time? Here are four quick facts about CPP:

Canada Protection Plan (CPP) is a life insurance company offering both permanent and term life insurance policies. They specialize in no medical, simplified and guaranteed issue life insurance plans. 

Headquartered in Toronto, Ontario, Canada Protection Plan has been owned and operated as a Canadian business for over three decades as a legitimate life insurance company.

Foresters Financial bought out Canada Protection Plan in October 2020. Foresters continues to operate CPP separately and hasn’t made any changes to merge their offerings. 

Foresters Financial got an A ranking by AM Best, an independent rating for the insurance industry. The A rank indicates excellence in their financial status and stability.

Their insurance offerings can be purchased from more than 25,000 independent insurance advisors across the country or through licensed insurance advisors at their call centre.

Canada Protection Plan shouldn’t be mistaken for the Canada Pension Plan, a government-run benefit program for Canadian retirees. 

Now for three common questions that customers can have when looking into CPP reviews.

1. Who owns Canada Protection Plan?

Canada Protection Plan is a privately-owned Canadian insurance intermediary that provides simplified no medical life insurance and other related products. 

They’ve been in operation for over 30 years, offering coverage to those who are hard to insure.

2. Is Canada Protection Plan legitimate?

Canada Protection Plan is a legitimate life insurance company that’s been in operation since 1992. As of 2023, Canada Protection Plan has been offering simplified issue and non-medical life insurance plans and related products for 31 years.

CPP adheres to high standards of professionalism and ethics in the industry. Canada Protection Plan has established a strong reputation in the industry and is committed to providing its clients with quality insurance policies. 

The company is also financially stable and undergoes regulatory compliance checks to ensure it is operating within the boundaries of the law.

3. Who is Canada Protection Plan (CPP) life insurance for?

Canada Protection Plan life insurance is generally for individuals with one or more of the following characteristics:

  • Purchasing life insurance later in life
  • Have a family history of health issues
  • Have past or present experience with addiction
  • Involved in high-risk sports or hobbies (read: skydiving!)
  • Doesn’t want to undergo medical underwriting

Because applicants aren’t required to undergo a medical exam, regardless of their health or circumstances, life insurance policies at CPP cost more – at almost twice the price in some cases.

Canada Protection Plan insurance rates for 2023

Canada Protection Plan insurance policies don’t require a medical exam to apply. Even though this might be convenient, it also results in more expensive policies. 

They can be almost twice the price of similar term policies available at other insurance companies.

Here are the Canada Protection Plan insurance rates for 2023:

Whether you’re in good health or not, start with getting a quote from other term life insurance options first. 

Cost comparison: Canada Protection Plan vs. PolicyMe life insurance rates

Here’s a comparison of Canada Protection Plan rates with PolicyMe term life insurance rates:

No medical policies are more expensive because it's riskier to insure individuals without a medical exam. 

If you're in good health, there's no need to pay extra for your life insurance needs.

We recommend getting a quote for a fully underwritten life insurance policy first — you could be pleasantly surprised with the cost of your life insurance.

Canada Protection Plan's term life insurance policies

Canada Protection Plan offers a range of term life insurance products. 

These options are offered based on the risk level of the applicant applying for insurance. Those with fewer risks and health issues 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 (no medical) policy is for people with serious health conditions who were previously refused life insurance.

Coverage amounts for CPP’s Deferred Elite Term Life (no medical) policy are:

  • 10-year term: Up to $350,000 for applicants age 18-70, renewable up to age 80, convertible to age 70, transportation benefit included
  • 20-year term: Up to $350,000 for applicants age 18-60, renewable up to age 80, convertible to age 70, transportation benefit included
  • 25-year term: Up to $350,000 for applicants age 18-55, renewable up to age 80, convertible to age 70, transportation benefit included
  • 25-decreasing year term (coverage amount decreases over 25 years to 50% of the initial face amount, not renewable or convertible): Up to $350,000 for applicants age 18-60

Optional benefits for CPP’s Deferred Elite Term Life (no medical) include:

  • Optional accidental death benefit
  • Optional child term benefit

What else should I know about the Deferred Elite Term Life (no medical) policy?

  • There’s a two-year waiting period with the following death benefits if death occurs by non-accidental means
  • During the first year of policy: refund on premiums paid plus 3% simple interest
  • During the second year of policy: 50% of the coverage
  • If the death occurs after two years or is accidental: full coverage amount will be paid
  • The Deferred Elite 25-year term plan is available in level term and decreasing term options.
  • Decreasing term coverage reduces over a 25-year term period to cover a 25-year mortgage. This isn’t renewable.
  • Deferred Elite 10, 20, and level 25-year term policies are renewable up to age 80 without requiring evidence of insurability.
  • All level term plans are convertible to Deferred Elite permanent plans (coverage of up to $350,000) without requiring medical exams up to age 70.

2. Simplified Elite Term Life (no medical)

Who it's for: Canada Protection Plan’s Simplified Elite Term Life (no medical) policy is for people with relatively good health but who engage in high risk hobbies or extreme sports. 

Some individuals with previously declined life insurance may also qualify, as will some individuals who want to get life insurance coverage in a short time.

Coverage amount: Coverage amounts for CPP’s Simplified Elite Term Life (no medical) policy are:

  • 10-year term: Up to $500,000 for applicants age 18-60, up to $350,000 for applicants age 61-70, renewable up to age 80, convertible to age 70
  • 20-year term: Up to $500,000 for applicants age 18-60, renewable up to age 80, convertible to age 70
  • 25-year term: Up to $500,000 for applicants age 18-55, renewable up to age 80, convertible to age 70
  • 25-decreasing year term (coverage amount decreases over 25 years to 50% of the initial face amount; not renewable or convertible): Up to $500,000 for applicants age 18-60

Optional benefits for the Simplified Elite Term Life (no medial) policy include:

  • Accidental death benefit
  • Child term benefit
  • Hospital cash benefit

What else should I know about Simplified Elite Term Life (no medial) policy?

  • Immediate coverage is provided with no waiting period.
  • The CPP Simplified Elite 25-year term plan is available in level term and decreasing term options.
  • Decreasing term coverage reduces over a 25-year term period to cover a 25-year mortgage. This isn’t renewable.
  • Simplified Elite 10, 20, and level 25-year term policies are renewable up to age 80 without requiring evidence of insurability.
  • All level term plans are convertible to the Simplified Elite permanent life insurance plan up to age 70.

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 life insurance coverage within a short time period.

Coverage amounts for CPP’s Preferred Term Life policy are:

  •  10-year term: Up to $1,000,000 for applicants age 18-70, renewable up to age 80, convertible to age 70
  • 20-year term: Up to $1,000,000 for applicants age 18-60, renewable up to age 80, convertible to age 70
  • 25-year term: Up to $1,000,000 for applicants age 18-55, renewable up to age 80, convertible to age 70
  • 25-decreasing year term (coverage amount decreases over 25 years to 50% of the initial face amount; not renewable or convertible): Up to $1,000,000 for applicants age 18-60

 Optional benefits for CPP’s Preferred Term Life policy include:

  • Accidental death benefit
  • Child term benefit
  • Hospital cash benefit

What else should I know about the Preferred Term Life policy?

  • No medical exams are required if you're age 70 or under for coverage up to $500,000.
  • Immediate coverage is provided with no waiting period.
  • The Preferred Term plan is available both in level term and decreasing term options.
  • Preferred 10, 20, and level 25-year term policies are renewable up to age 80 without requiring evidence of insurability.
  • All level term plans are convertible to the Simplified Elite permanent life insurance plan up to age 70.

4. Express Elite Term Life (no medical)

Who it's for: Canada Protection Plan’s Express Elite Term Life (no medical) policy is for people with good health who want to get life insurance coverage with no medical exams in under a day.

Those who qualify for Canada Protection Plan's Express Elite term life are pre-approved for their Critical Illness Insurance as well.

Coverage amounts for CPP’s Express Elite Term Life (no medical) policy are:

  • 20-year term: Up to $750,000 for applicants age 18-50, up to $500,000 for applicants age 51-60, renewable up to age 80, convertible to age 70
  • 30-year term: Up to $750,000 for applicants age 18-50, renewable up to age 80, convertible to age 70

Optional benefits for CPP’s Express Elite Term Life (no medical) policy include:

  • Accidental death benefit
  • Child term benefit
  • Hospital cash benefit
  • Critical illness rider (offers a maximum lifetime benefit payout of $100,000 per life)

What else should I know about the Express Elite Term Life (no medical) policy?

  • Renewable for an additional 20-year period up to age 80 without requiring evidence of insurability.
  • Both 20 and 30-year Express Elite term plans are convertible up to age 70.

5. Preferred Elite Term Life

Who it's for: Canada Protection Plan’s Preferred Elite Term Life policy is for people with good health who want to get life insurance coverage in under a short period of time.

Coverage amounts for CPP’s Preferred Elite Term Life policy are:

  • 10-year term: Up to $1,000,000 for applicants age 18-70, renewable up to age 80, convertible to age 70
  • 20-year term: Up to $1,000,000 for applicants age 18-60, renewable up to age 80, convertible to age 70
  • 25-year term: Up to $1,000,000 for applicants age 18-55, renewable up to age 80, convertible to age 70
  • 25-decreasing year term (coverage amount decreases over 25 years to 50% of the initial face amount; not renewable or convertible): Up to $1,000,000 for applicants age 18-60

Optional benefits for CPP’s Preferred Elite Term Life policy include:

  • Accidental death benefit
  • Child term benefit
  • Hospital cash benefit

What else should I know about the Preferred Elite Term Life policy?

  • This policy is fully underwritten.
  • The Preferred Elite 25-year term plan is available both in level term and decreasing term options.
  • Preferred Elite 10, 20, and level 25-year term policies are renewable up to age 80, without requiring evidence of insurability.
  • All level term plans are convertible to the Preferred Elite permanent life insurance plans up to age 70.

Didn’t see a Canada Protection Plan insurance policy that fit your needs?

PolicyMe offers the most affordable term life insurance rates in Canada. 

Canada Protection Plan's permanent life insurance policies

Canada Protection Plan offers a large range of no medical permanent life insurance products. Similar to their term life insurance policies, they're offered on a tiered system based on applicant risk.

Applicants for a Guaranteed Acceptance Life plan will be approved, regardless of their health or medical conditions. 

On the other side of the spectrum, Canada Protection Plan’s Preferred Elite Life plan offers affordable permanent life insurance to those without health issues.

1. Guaranteed Acceptance Life (no medical)

This is Canada Protection Plan's only guaranteed-issue life insurance product. Anyone who applies will be approved. 

There are no health exams or medical questions required to begin coverage.

Who it's for: Canada Protection Plan’s Guaranteed Acceptance Life (no medical) policy is for people who won't qualify for any other life insurance. 

This may include people with health conditions, who engage in dangerous hobbies, who have high-risk occupations or who have a history of addiction.

Coverage amount: Up to $50,000. This policy accumulates a cash value starting in the fifth policy year. If you choose to cancel your policy, any cash value will be paid to the policy owner.

Benefits included with the Guaranteed Acceptance Life (no medical) policy are: 

  • Final expense coverage, including funeral costs, medical bills and outstanding debt
  • Terminal illness benefit, which pays up to 75% of the death benefit, to a maximum of $250,000 to the policy owner, upon diagnosis of a terminal illness
  • Transportation benefit to assist with the cost of transportation if the insured passes away more than 200km from their principal residence
  • Optional accidental death benefit for an additional premium (up to 5x the basic life insurance death benefit; eligibility depending on age)

What else should I know about the Guaranteed Acceptance Life (no medical) policy?

There’s a two-year waiting period. The death benefit is limited to a refund on all premiums paid if death occurs by non-accidental means within the first two years of the policy. If the death occurs after two years, the full coverage amount will be paid.

2. Deferred Life (no medical)

Who it's for: Canada Protection Plan’s Deferred Life (no medical) policy is for people with serious health conditions who were previously refused life insurance.

Coverage amount: Up to $75,000 for applicants aged 18-60 or up to $50,000 for ages 61-80. This policy accumulates a cash value starting in the fifth policy year. If you choose to cancel your policy, any cash value will be paid to the policy owner.

Benefits included in the Deferred Life (no medical) policy are:

  • Terminal illness benefit
  • Transportation benefit
  • Optional accidental death benefit

What else should I know about the Deferred Life (no medical) policy?

There’s a two-year waiting period. The death benefit is limited to a refund on all premiums paid plus 3% simple interest if death occurs by non-accidental means. If the death occurs after two years, the full coverage amount will be paid.

Why would someone want a deferred policy? ‍The deferral essentially brings down the cost of insurance.

If you know you'll be okay for a couple more years given your health, deferred life insurance policies are a cheaper option for a smaller death benefit. 

3. Deferred Elite Life (no medical)

Who it's for: Canada Protection Plan’s Deferred Elite Life (no medical) policy is for people with less serious health conditions who were previously refused life insurance.

Coverage amount: Up to $350,000 for applicants aged 18-60. This policy accumulates a cash value starting in the fifth policy year. If you choose to cancel your policy, any cash value will be paid to the policy owner.

Benefits included in the Deferred Elite Life (no medical) policy are:

  • Terminal illness benefit
  • Transportation benefit
  • Optional accidental death benefit
  • Optional child term benefit (which issues each eligible child for $5,000, $10,000 or $15,000 each)
  • Optional term insurance rider (provides a low-cost option to increase coverage for a temporary period of time, such as 10, 20, or 25 years. The 25-year term rider can decrease over time to cover a declining mortgage balance)

What else should I know about the Deferred Elite Life (no medical) policy?

There’s a two-year waiting period. The death benefit is limited to a refund on all premiums paid plus 3% simple interest if death occurs by non-accidental means in the first year of the policy.

If death occurs by non-accidental means in the second year of the policy, the death benefit is limited to 50% of the coverage.

4. Simplified Elite Life (no medical)

Canada Protection Plan's Simplified Elite Life permanent insurance provides immediate coverage with no waiting period.

Who it's for: Simplified Elite Life (no medical) is for people with relatively good health who engage in extreme sports and who want to get lifetime coverage in a short amount of time.

Coverage amount: Up to $500,000 for applicants aged 18-60 or up to $350,000 for applicants aged 61-80. This policy accumulates a cash value starting in the fifth policy year; if you choose to cancel your policy, any cash value will be paid to the policy owner.

Benefits included in the Simplified Elite Life (no medical) policy are:

  • Terminal illness benefit
  • Transportation benefit
  • Optional accidental death benefit
  • Option term insurance rider of 10, 20, or 25 years; the 25-year term rider can decrease over time to cover a declining mortgage balance
  • Optional child term benefit
  • Optional hospital cash benefit (pays a chosen daily benefit upon hospitalization of the insured)

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 in a short amount of time.

Coverage amount: Up to $1,000,000 for applicants aged 18-80. This policy accumulates a cash value starting in the fifth policy year; if you choose to cancel your policy, any cash value will be paid to the policy owner.

Benefits included in the Preferred Life policy are:

  • Terminal illness benefit
  • Transportation benefit
  • Optional accidental death benefit
  • Option term insurance rider of 10, 20, or 25 years; the 25-year term rider can decrease over time to cover a declining mortgage balance
  • Optional child term benefit
  • Optional hospital cash benefit

What else should I know about this policy?

Canada Protection Plan's Preferred Life Policy doesn’t require medical exams only if you're age 70 or under, for coverage of up to $500,000.

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.

Coverage amount: Up to $1,000,000 for applicants aged 18-80. This policy accumulates a cash value starting in the fifth policy year. If you choose to cancel your policy, any cash value will be paid to the policy owner.

Benefits included in the Preferred Elite Life policy are:

  • Terminal illness benefit
  • Transportation benefit
  • Optional accidental death benefit
  • Option term insurance rider 10, 20, or 25 years; the 25-year term rider can decrease over time to cover a declining mortgage balance
  • Optional child term benefit
  • Optional hospital cash benefit

What else should I know about the Preferred Elite Life policy?

Unlike other Canada Protection Plan permanent life insurance policies above, the Preferred Elite Life policy is fully underwritten. 

But Canada Protection Plan describes this as a “relatively simple” underwriting and interview process. In spite of this, this plan also provides immediate coverage with no waiting period.

Alternatives to Canada Protection Plan life insurance

For some applicants, a no-medical life insurance policy could be just what they need, especially if their health conditions make them difficult to insure.

Depending on your specific scenario, many term life insurance companies may not even require a medical exam to insure you. And if they do, the premiums still tend to be lower than no medical plans, which saves you money on a monthly basis.

Here are some general rules of thumb to keep in mind: 

  1. Not everyone who has existing medical conditions or is an older applicant has to go with a no medical policy with high rates. 
  2. It’s still possible to get a good rate and be approved for underwritten life insurance. 
  3. If you’re unsure about which policy to go with, we recommend applying now and seeing what the results are. 
  4. 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 application process

Canada Protection Plan application involves no doctor visits or other medical exams, but you'll still need to answer some medical questions to get approved.

  • 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.
  • You must give accurate, honest answers to your questionnaire. Incorrect responses or the omission of information could invalidate your protection.
  • Canada Protection Plan offers several ways to get in touch and learn more about their life insurance options.
  • On their “Contact Us” page, there's a form you can fill out with your contact information to send them a message.
  • You can also get a Canada Protection Plan quote directly by calling and speaking with a representative. For reference, here are their phone numbers: 1-877-851-9090 (toll-free) or 416-447-6060.
  • The Canada Protection Plan site also has a “Quick Quote” option where you can answer a series of questions to receive a customized estimate of payments and coverage. 
  • But you'll still need to provide your phone number to get a personalized quote and complete the application process.

Next steps: deciding whether Canada Protection Plan is right for you

  1. Perform a self-assessment to determine if you have any factors that may necessitate a non-underwritten life insurance policy. Are you a student or a temporary resident in Canada? Do you have existing medical conditions? Do your hobbies fall into the “risky” category? Are you purchasing life insurance later in life?
  2. Determine the type of policy, coverage and optional benefits that you might need. Do you need term or permanent life insurance? What coverage amount and cash value is ideal for you and your family? What optional benefits do you need? 
  3. Review Canada Protection Plan’s policies to find the terms, costs, and payouts that match your needs. 
  4. If your situation and goals don’t align with Canada Protection Plan’s policies, shop around for policies from other term life insurance companies like PolicyMe. 
  5. Apply for the policies that best meet your needs. If you’re denied, you can try another insurer. 
  6. Read and sign your policy! Set up payments on annual or monthly payment terms via credit card or direct withdrawal.

PolicyMe makes getting term life insurance simple and affordable. Get a no-obligation quote in just a few clicks.

Still shopping around? Read our one-stop life insurance review for all major companies in Canada. Or read up on other Canadian life insurance providers:

FAQ: Canada Protection Plan

Are Canada Protection Plan and Canada Care Life Plan the same?

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. 

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 does not underwrite insurance policies themselves. Instead, they act as an intermediary between insurance carriers and clients. 

Foresters 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.

How do I cancel my Canada Protection Plan?

To cancel your Canada Protection Plan, you can contact your 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 and conditions of your policy, including any cancellation fees that may apply. 
  • Get a hold of the implications of cancelling a policy, such as losing the death benefit coverage and the premiums paid to date. 
  • Before making a final decision, it may be helpful to review your policy with a financial advisor or a representative from Canada Protection Plan to ensure you have a clear grasp on the impact of the cancellation.

Once you have a clear understanding of the implications of cancelling your policy, you can contact Canada Protection Plan to initiate the cancellation process. 

You need facts, not fluff. Our goal is to provide you with honest, trustworthy information to help you make informed decisions. While our content is created with insurance experts, it is for educational purposes only and should not be considered definitive professional financial advice. 

We recommend seeking the counsel of a licensed financial advisor before making any decisions regarding insurance or personal finance. 

Laura McKay

COO & Co-Founder

About the Author

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