Canada Protection Plan Insurance Review: Read Before Applying
Canada Protection Plan Life Insurance review
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Our rating for Canada Protection Plan: ★★★☆☆ (3/5)
Bottom line: Canada Protection Plan (CPP) could work for you if you need life insurance without a medical exam, have health issues or are a temporary resident.
For most Canadians, there's no need to start with CPP because their policies are so pricey. Generally, you'll find much more affordable life insurance options with traditional life insurance providers over CPP if you are:
- Relatively young (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.
Underwriting is essentially risk-assessment.
An underwriter takes a look at your application — age, health, lifestyle — to figure out the risk of insuring you. This helps them decide whether to provide you insurance and at what cost.
TL;DR? Canada Protection Plan (CPP) simplifies life insurance in Canada by offering plans that don’t require a medical exam, making it easier for people with pre-existing conditions to get covered. While these plans have limitations in overall coverage compared to traditional options, they serve as a valuable “Plan B” for many seniors and individuals who might otherwise struggle to secure coverage.
What is Canada Protection Plan?
For over 30 years, Canada Protection Plan (CPP) has been helping Canadians secure their financial future with accessible and affordable life insurance solutions. As a leading provider of no medical, simplified issue, and guaranteed acceptance plans, they understand the importance of making coverage attainable for everyone, regardless of health conditions. In 2020, their commitment to this mission was further strengthened by joining forces with Foresters Financial, a highly respected insurance company boasting an A rating from AM Best.
Driven by a dedication to excellent customer service, CPP offers a diverse range of products beyond life insurance, including health and dental plans, critical illness protection, travel medical coverage, and funeral expense solutions. With over 25,000 independent advisors across Canada, and their own call center team, CPP ensures you receive personalized guidance and the right plan to match your unique needs. Whether you prioritize affordability, convenience, or a combination of both, Canada Protection Plan provides a path to peace of mind for you and your loved ones.
- Canada Protection Plan was founded in 1992 in Toronto, Ontario.
- Term coverage is available in 10, 20, 25, or 30-year terms.
- Medical exams aren’t required for approval.
Who is Canada Protection Plan for?
Canada Protection Plan life insurance is for individuals with one or more of the following characteristics:
- Buying 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!)
- Doesn't want to undergo medical underwriting
- For elderly if you're looking at life insurance for seniors
Canada Protection Plan rates
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
Pros of Canada Protection Plan
Not sure if you should go with a CPP life insurance quote? 4 pointers 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 not every applicant needs to do a medical exam!
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
- Submit your complaint in writing through the mail. Make sure to sign the letter and include your policy number
- You can call toll-free 1-800-828-1540 or fax 1-877-329-4631
- You also have the option to send mail to Foresters Financial 789 Don Mills Rd., Toronto, Ontario, Canada M3C 1T9
- They will acknowledge the receipt of the customer complaint within 5 days and aim to resolve the complaint within 30 days
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.
Canada Protection Plan critical illness insurance
- Cardiac Protect CI: Coverage for cardiac-related critical illnesses.
- 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 |
★☆☆☆☆☆ |
The product Express Elite Term Life has an entirely separate process, and any "yes" answer may disqualify you as an applicant.
Canada Protection Plan alternatives
A no medical life insurance policy could be just what some applicants need, but it's not for everyone.
- Are relatively young
- Are without pre-existing medical conditions
- Aren't employed in a high-risk occupation
- Don't engage in high risk activities
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.
CPP's application process
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 CPPinsurance right for you?
FAQ: Canada Protection Plan review
The prices listed in this article have been researched and fact-checked with both internal and external sources. Prices are based on public rates.
Learn more about other life insurance options: here are more reviews of Canadian life insurance companies:
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Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.