Editorial Review

Canada Protection Plan Life Insurance Review

See below for ratings, quotes, and an in-depth review of Canada Protection Plan's life insurance products.

Life Insurance Company Reviews > Canada Protection Plan Life Insurance Review

Our Rating


The Bottom Line

Canada Protection Plan (CPP) is the leading provider of simplified & no-medical life insurance policies in Canada. It offers many options for elderly customers and those that haven’t been able to get insurance in the past. However, if you are young and healthy, this is probably not the right insurance provider for you.

Company Facts

Customer Complaints

1.7 / 5
Based on InsurEye reviews

BBB Rating


Who does Canada Protection Plan make sense for

Canada Protection Plan products may appeal to anyone that has preexisting conditions, a family history of serious health issues, alcohol or drug abuse problems, as well as those involved in high-risk sports or hobbies.

I can also be a good option for anyone that simply doesn’t want to undergo a lengthy medical process in order to get insured. However, beware, the prices will certainly be higher than with other carriers.

How do you apply with Canada Protection Plan

A Canada Protection Plan application requires no fluids, no doctor’s notes and no medical exams. However, you are still required to answer a series of medical questions to be approved. These questions are organized in sections & the farther you make it through these sections without answering “yes" to any of the questions, the more coverage you’re eligible for at a lower cost.

The best part? Given there are no fluids or medical tests, Canada Protection Plan has some of the fastest approval times in the industry. Often, customers will be approved within as little as 48 hours!

It’s essential you give accurate, honest answers during the questionnaire. Giving incorrect responses or omitting information could invalidate your protection.

What products do they offer

Let’s see what Canada Protection Plan products might make the most sense for you!

CPP Guaranteed Acceptance Life

This is CPP’s only guaranteed-issue life insurance product. It’s intended for people who won’t qualify for any other life insurance product. There are absolutely no health exams or medical questions required to begin coverage – which means anyone who applies will be approved.

Who does it make sense for? Only customers who have serious insurability issues (like if you have been diagnosed with a life-threatening illness or recently had a heart attack). For anyone else, this is probably not the product for them.

What’s the catch? The maximum amount of protection is limited to $25,000. There is also a 2-year waiting period. If a death happens within the first 2 policy years, your beneficiaries will only receive a refund of all premiums paid.

CPP Guaranteed Acceptance Life

CPP Deferred Life is a step up from their guaranteed life product. However, it is still designed for individuals with moderate to serious health issues. The maximum amount of protection is limited to $75,000 and a 2-year waiting period still applies.

CPP Deferred Elite Life

CPP Deferred Life is another step up from their deferred life product. However, it is still designed for individuals with moderate health issues. The maximum amount of protection is limited to $350,000 and a 2-year waiting period still applies. However, if death occurs in the second year, 50% of the death benefit will be paid.

CPP Simplified Elite

CPP Simplified Elite is the most common product we see being bought by CPP. It is designed for healthy individuals with few insurability issues. In some cases, the prices will be lower than a ‘rated’ policy with another insurance carrier. The maximum amount of protection is $500,000 and there is no waiting period.

Who is Canada Protection Plan

Canada Protection Plan life insurance is a privately owned corporation based in Toronto. It’s been in business for approximately 25 years, which means it is relatively young compared to other Canadian Life Insurers.

However, Canada Protection Plan is underwritten by Foresters Financial, a giant in the North American Insurance Industry. Foresters Financial has assets totalling over 14 Billion dollars and has been in business for over 140 years. This connection should make you rest easy if Canda Protection Plan insures you.

What customers are saying about PolicyMe