Canada Protection Plan Review | What You Should Know

Canada Protection Plan is one of Canada’s top Guaranteed Life Insurance providers. If you have had trouble getting coverage or are worried about your health CPP might be a great fit. Let’s look at what you need to know before considering CPP.

WARNING: For people in good health, there are more affordable options. However, the rest of this article will be focused on CPP and its offering.

Canada Protection Plan is one of Canada’s youngest insurance companies, being founded in 1992. However, CPP offerings are unique with both simplified and non-medical options that could be a great fit for people who have health concerns.

A little know fact, CPP products are underwritten by Foresters Life Insurance Company. Which is one of North America’s oldest insurance companies.

CPP has several different options for hard to insurance clients, depending on your needs, they have plenty of options even if you have been turned downed or declined by other insurance providers.

Deferred Elite Term Coverage

• Perfect for the hardest to insurance, if you have a series of health condition or those who have recently been declined.
• Coverage up to $350,000
• Term options that range from 10, and 20 years plans
• No medicals required to be approved
• WARNING – Deferred Elite Term has a 2-year deferral. Meaning if you were to pass away in the first 2 years of owning the coverage, your beneficiary would only receive dollar for dollar of what you put into the policy. NOT the full death benefit on this policy. Keep in mind, this is for people who are severely ill or are not able to get other coverage.

Preferred Term 

• Desjardins for applicants who are in good health already, maybe have some health concerns.
• Non-medical process (to be clear, there are medical question but no blood work or urine testing)
• Coverage up to $1,000,000
• Coverage periods range from 10, 20, and 25-year terms
• No waiting period coverage starts immediately
• Renewable to age 70

Preferred Elite Term 

• For anyone in very good health
• Plans are fully underwritten but more affordable
• Coverage up to $1,000,000
• Term 10, 20, 25 options
• No waiting period like the deferred elite term coverage

Canada Protection Plan Whole Life Review 

• Starts with a minimum of $10,000 of coverage
• Premiums are guaranteed for life, you’ll never have to worry about paying more
• Straight forward process for applying
• CPP term polices are covetable to whole life options up until age 70

Final Thoughts 

CPP has its place in the market, they are great for people with health concerns. However, if you are in good or okay health you have more options. Some alternative options out there will be more affordable than CPP. However, when it comes to the people who have been declined or have severe medical concerns, CPP will be one of the best options for you.