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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:
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!
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:
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 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.
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!
Not sure if you should go with CPP life insurance? Here are some general rules to keep in mind:
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.
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.
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.
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.
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.
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.
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.
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.
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.
Who it's for: Canada Protection Plan's Deferred Life policy is for people with serious health conditions that have been denied before.
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.
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.
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.
Who it's for: Canada Protection Plan's Preferred Life policy is for people with good health who want to get lifetime coverage quickly.
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.
These excerpts have been taken from Canada Protection Plan customer reviews from various publicly available sources online.
"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
"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
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.
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:
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.
Canada Protection Plan life insurance is for individuals with one or more of the following characteristics:
The application process involves no doctor visits or medical exams, but you'll still need to answer some medical questions in the application.
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.
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.
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.
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.
There are two options for calling Canada Protection Plan; local or toll-free. Canada Protection Plan's phone numbers are as follows:
Callers can generally expect to be put on hold before getting through to an insurance agent or the customer service team.
To cancel your Canada Protection Plan, you can contact your insurance advisor, call them toll-free at 1-877-629-9090 or email email@example.com.
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.
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: