Canada Protection Plan Life Insurance Review (Updated for 2022)

Is Canada Protection Plan life insurance a good choice for your life insurance needs? Not all life insurance companies are created equal – and whether a Canada Protection Plan policy works for you is dependent on a few factors.

Today, we’ll get into who Canada Protection Plan life insurance works best for, along with an in-depth review of the features, rates and customer reviews by real Canadians. 

For reviews of other Canadian insurance companies, read our post on the best life insurance in Canada.

 Our rating: 3/5

Our Canada Protection Plan life insurance review

Canada Protection Plan is a legitimate life insurance company offering both permanent and term life insurance companies. 

It should not be mistaken with the Canada Pension Plan, which is a government-run benefit program for Canadian retirees. It is also sometimes incorrectly referred to as the Canada Care Life Plan by those researching their life insurance options. 

Ultimately, Canada Protection Plan is a good backup option if you don’t get approved by your ideal insurer because of health issues, this could include cancer, diabetes, HIV, etc. But most of Canada Protection Plan’s life insurance policies don’t offer a ton of coverage and are pricier. 

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

Even if you’re older and have some health conditions, fully underwritten policies often provide better coverage for a lower price, because the life insurance company can better predict the “risk” of covering you. 

See for yourself below by getting a quote in minutes with PolicyMe. No commitment necessary, all on your own terms.

Canada Protection Plan customer reviews

Wondering what Canadians think? Here’s a selection of Canada Protection Plan life insurance reviews found online.

Positive Canada Protection Plan Insurance reviews:

  • “Canada Protection Plan's application is the easiest, most pain-free life insurance application I've ever completed. Policies are approved and issued within days. Canada Protection Plan is my first choice for any clients that have difficulty obtaining life insurance coverage with a traditional insurer.” 
  • “During COVID-19, Canada Protection Plan was the only place I could turn to offer life insurance for my client who had been postponed because labs were not collecting blood/meds during this time. The client wanted to have coverage today, not wait until the pandemic was over. Because of Canada Protection Plan, the client was offered coverage on the spot.” 
  • “Thank you, CPP for giving coverage to those who are difficult to insure. This was the easiest and most seamless e-application I have ever done.”

Negative Canada Protection Plan Insurance reviews:

  • “Our family is hurt that they have no sense of urgency in providing what should be the small claim that allows us to finish our grieving process and move forward.”
  • “It has been four months [since we made a life insurance claim] and they still haven’t paid out yet. Every time they review a medical chart, they decide they need to check more and other charts. Process is long, tedious, their forms look like legal documents and customer service is not compassionate.”

Canada Protection Plan life insurance: pros and cons

Because Canada Protection Plan doesn’t require medical exams to apply for a policy, their life insurance products might seem ideal for your situation, especially if you have a serious health condition.

But is it the right life insurance company for you? 

Pros: 

  • All individuals, with or without health conditions, can qualify 
  • No medical exams required
  • Receive a no-obligation quote online or through the phone
  • Fast processing times; some receive approval within a day
  • Available to temporary residents (international students, temporary work 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: 

  • Without medical underwriting, its 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

As long as you’re under 80 years old and have a valid work or study permit (in the case of temporary residents) you can apply. Another consideration: life insurance for smokers is more expensive, so being a non-smoker will help, too. Lower rates are available for those who have kicked the habit for at least 24 months. 

But if you’re relatively young, healthy and a Canadian citizen, more affordable life insurance plans are available to you if you go with a traditional provider, like PolicyMe.

In many cases, even older Canadians with some health conditions can access cheaper life insurance if they apply for a fully underwritten term policy. 

If you’re set on finding life insurance that doesn’t require a medical exam, Canada Protection Plan is only one of your options. Get the full picture with our guide to the best no medical life insurance companies in Canada.

Canada Protection Plan rates for 2022

Canada Protection Plan policies do not require a medical exam, regardless of your overall health. While this might be a convenient option, it also results in more expensive policies. They can be almost twice the price of similar term policies available at other insurance companies. 

Canada Protection Plan life insurance review: Chart detailing Canada Protection Plan rates

If you’re in relatively good health and don’t live a high-risk lifestyle, start with getting a quote from other term life insurance solutions first. PolicyMe offers some of the best rates for term policies in Canada.

And you can see for yourself in minutes, apply right away and do it all on your own terms without upselling pressure or obligations.

Who is Canada Protection Plan?

Canada Protection Plan is Canadian owned and operated and has been in business for over three decades. They are a life insurance provider headquartered in Toronto, Ontario.

In October 2020, Canada Protection Plan was bought out by Foresters Financial. However, Foresters continues to operate CPP separately and has made no changes to merge their offerings. This means those holding CPP policies have not been affected—their coverage and plans remain the same. 

According to AM Best, an independent rating for the insurance industry, Foresters Financial was provided an A ranking, indicating excellence in their financial status and stability. 

Canada Protection Plan is best known for providing life insurance relatively easily and quickly, without requiring medical exams. 

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 quick facts:

  • Canada Protection Plan was founded in 1992 in Toronto
  • Term life insurance is available in 10, 20, 25, or 30 year terms
  • You can get up to $1M in coverage
  • Medical exams are not required for approval
  • Offers both permanent and term life insurance policies

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

Who is Canada Protection Plan life insurance for?

Canada Protection Plan’s life insurance products may appeal to those:

  • Getting life insurance later in life
  • With pre-existing medical conditions (like diabetes or HIV)
  • With a family history with health issues
  • With past or present experience with addiction
  • Who are involved in high-risk sports or hobbies (read: skydiving!)
  • Who does not want to undergo medical underwriting

But because applicants are not required to undergo a medical exam, regardless of their health or circumstances, life insurance policies at Canada Protection Plan cost more, at almost twice the price for 10, 20, or 30-year terms. 

Alternatives to Canada Protection Plan no medical 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. 

However, a standard term life insurance policy might be better if you:

  • Are relatively young
  • Are in good health with an average weight and height (BMI)
  • Are without pre-existing medical conditions
  • Aren’t employed in a high-risk occupation 
  • Don’t engage in high risk activities

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 is a comparison of Canada Protection Plan rates with PolicyMe term life insurance rates: 

Canada Protection Plan life insurance review: Chart detailing Canada Protection Plan vs. PolicyMe term life insurance premium comparison

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.

PolicyMe offers affordable term life insurance coverage that you can apply for online. And if you have questions? There are certified advisors available to respond seven days a week. 

Canada Protection Plan's term life insurance policies

Canada Protection Plan offers a large range of no medical 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 can qualify for more coverage at a lower cost. 

The Deferred Elite Term Life policy is for the “highest risk” applicants, while the Preferred Elite Term Life plan is for those in relative good health. 

1. Deferred Elite Term Life (no medical)

Who it’s for: People with serious health conditions who were previously refused life insurance.

Coverage amounts: 

  • 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

Benefits: 

  • Optional accidental death benefit 
  • Optional child term benefit

What else should I know about this policy? 

  • There is a two-year waiting period with the following death benefits if death occurs by non-accidental means:
  • During first year of policy: refund on premiums paid plus 3% simple interest
  • During 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 is not 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.

Recommended reading: learn more about term life insurance coverage in Canada.

2. Simplified Elite Term Life (no medical)

Who it’s for: People with relatively good health; who engage in dangerous hobbies such as extreme sports; some of those previously declined life insurance may also qualify; who want to get life insurance coverage in a short time.

Coverage amount: 

  • 10-year term: Up to $500,000 for applicants age 18-60, up to $350,000 fo 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: 

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

What else should I know about this 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 25-year term period to cover a 25-year mortgage. This is not 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: People with relatively good health who want to get life insurance coverage under a short time.

Coverage amount: 

  • 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: 

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

What else should I know about this policy? 

  • No medical exams 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. 
  • Decreasing term coverage reduces over the 25-year term period, to cover a 25-year mortgage. This is not renewable.
  • 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)

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

Who it’s for: People with good health; who want to get life insurance coverage with no medical exams in under a day.

Coverage amount: 

  • 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: 

  • 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 this 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.

Preferred Elite Term Life

Who it’s for: People with good health; who want to get life insurance coverage in under a short period of time. 

Coverage amount: 

  • 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: 

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

What else should I know about this policy? 

  • This policy is fully underwritten. 
  • The Preferred Elite 25-year term plan is available both in level term and decreasing term options.
  • Decreasing term coverage reduces over the 25-year term period, to cover a 25-year mortgage. This is not renewable.
  • 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.

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. 

True to its name, any individual that applies to their Guaranteed Acceptance Life plan will be approved for coverage, regardless of their health or medical conditions. On the other side of the spectrum, their 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 absolutely no health exams or medical questions required to begin coverage.

Who it’s for: People who won’t qualify for any other life insurance, such as those with serious health conditions, who engage in dangerous hobbies and who have high-risk occupations, or who have a history of drug addiction.

Coverage amount: Up to $50,000

Cash value: 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: 

  • 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 this policy? 

There is 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.

Recommended reading: learn more about permanent life insurance.

2. Deferred Life (no medical)

Who it’s for: People with serious health conditions who were previously refused life insurance.

Coverage amount: Up to $75,000 for applicants age 18-60 or up to $50,000 for age 61-80

Cash value: 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: 

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

What else should I know about this policy? 

There is 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 small death benefit should anything happen after the two-year waiting period. Otherwise, your family gets a refund on all premiums paid.

3. Deferred Elite Life (no medical)

Who it’s for: People with less serious health conditions who were previously refused life insurance.

Coverage amount: Up to $350,000 for applicants age 18-60

Cash value: 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.

Coverage amount for T100 version (no cash value): Up to $350,000 for applicants age 18-80

Benefits: 

  • 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)
  • Option term insurance rider (provides 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 this policy? 

There is 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: 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 age 18-60 or up to $350,000 for applicants age 61-80

Cash value: 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.

Coverage amount for T100 version (no cash value): Up to $500,000 for applicants age 18-60 or up to $350,000 for applicants age 61-80

Benefits: 

  • 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: People with good health who want to get lifetime coverage under a short amount of time.

Coverage amount: Up to $1,000,000 for applicants age 18-80

Cash value: 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.

Coverage amount for T100 version (no cash value): Up to $1,000,000 for applicants age 18-80

Benefits: 

  • 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 does not require medical exams only if you’re age 70 or under, for coverage of up to $500,000.

6. Preferred Elite Life

Canada Protection Plans dubs this their “best rate” product for permanent plans. 

Who it’s 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 age 18-80

Cash value: 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.

Coverage amount for T100 version (no cash value): Up to $1,000,000 for applicants age 18-80

Benefits: 

  • 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 this policy? 

Unlike other Canada Protection Plan permanent life insurance policies above, the Preferred Elite Life policy is fully underwritten—albeit through what Canada Protection Plan describes as a “relatively simple” underwriting process. In spite of this, this plan also provides immediate coverage with no waiting period. 

Canada Protection Plan's application process

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

To qualify for a Canada Protection Plan life insurance, applicants go through a series of about 20 ‘yes’ or ‘no’ questions. Follow-up questions or more information may be required before approval. 

You must give accurate, honest answers in your questionnaire. Incorrect responses or the omission of information could invalidate your protection. 

Canada Protection Plan offers several ways you can get in touch and learn more about their life insurance options. On their “Contact Us” page, there’s an electronic form you can fill out with your contact information to send them a message. You can also speak with a representative directly by calling them for a quote directly. 

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.  

In summary: Canada Protection Plan is a viable backup plan

If you have pre-existing conditions, suffer from serious illness or have other high-risk factors that make it challenging to obtain life insurance, Canada Protection Plan is a great option. 

However, you can avoid being overinsured by finding cost-efficient options elsewhere, especially if you’re in good health and without major risk factors. 

Read up on other Canadian life insurance providers: 

FAQ: Canada Protection Plan

Is Canada Protection Plan legitimate?

Yes. As of 2021, Canada Protection Plan has been offering simplified issue and non-medical life insurance plans and related products for 29 years. 

Is Canada Protection Plan government-run?

No, Canada Protection Plan is a privately-owned Canadian insurance intermediary. 

Who underwrites the Canada Protection Plan?

The Canada Protection Plan’s products are underwritten by Foresters Life Insurance Company, a subsidiary of Foresters Financial, an international financial services provider. 

Founded in 1874, it is one of North America’s oldest insurance companies, with more than three million clients and members across Canada, the US, and the UK.

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. 

Recommended reading: Best life insurance for HIV

Laura McKay

COO & Co-Founder

About the Author

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