Canada Protection Plan

by Mark Cluett
9 min read

Canada Protection Plan – founded in 1992 – is a privately-owned Canadian insurance intermediary that develops, designs, and distributes life insurance and related products for the Canadian consumer. Canada Protection Plan’s offerings are unique in the Canadian life insurance marketplace as these products offer quick, simplified, non-medical coverage options to applicants with varying health or lifestyle considerations.

Canada Protection Plan’s term and whole life insurance products are underwritten by Foresters Life Insurance Company, a subsidiary of Foresters Financial, one of North America’s oldest insurance companies, with a history that dates back to over 140 years.

Thus, Canada Protection Plan customers are part of the Foresters benefit program. (This also grants Canada Protection Plan policyholders access to unique member benefits offered by Foresters Financial, such as grants and scholarships for children, emergency assistance program, money management consultations, etc.)

Canada Protection Plan expanded its operations into Quebec in 2019, with the brand name “Plan de Protection du Canada.”

Canada Protection Plan operates in a particular niche: Providing life insurance to hard-to-insure applicants. Canada Protection Plan’s insurance offerings can be a great option for those that were previously refused insurance or have pre-existing health conditions.

Contact Information

Address

Canada Protection Plan
250 Ferrand Drive
Toronto, ON M3C 3G8

Phone Numbers

Canada-Wide Toll-Free:  1-877-851-9090

Website

Canada Protection Plan / Canada Protection Plan Wikipedia Page

Financial Ratings

See Foresters Financial

Schedule a Call

Need insurance answers now?

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

Term Life Insurance

Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.

Canada Protection Plan offers 5 different term life insurance products that vary in the amount of term coverage offered based upon health ratings of individual applicants

Deferred Elite Term

  • Designed for hard-to-insure applicants with somewhat serious health conditions or those who have been denied life insurance coverage in the past
  • No medical application process
  • Coverage up to $350,000
  • Coverage periods of 10, 20, or 25 years
  • Issue ages: 18-70 (Term 10), 18-60 (Term 20 and Term 25 Descresing), 18-55 (Term 25)
  • Guaranteed premiums that are renewable to age 80 and convertible to age 70
  • The deferred product has a limitation such that the life insurance coverage amount is only payable if death occurs after 2 years or death is due to an accidental cause.

Simplified Elite Term

  • Designed for those in relatively good health or engaged in extreme sports, or those who do not want to take a medical exam
  • No medical application process and immediate coverage
  • Coverage up to $500,000
  • Coverage periods of 10, 20, or 25 years
  • Issue ages: 18-70 (Term 10), 18-60 (Term 20 and Term 25 Descresing), 18-55 (Term 25)
  • No waiting period
  • Guaranteed premiums that are renewable to age 80 and convertible to age 70

Preferred Term

  • Designed for applicants in good health who want coverage faster than through traditional underwriting
  • No medical application process and immediate coverage
  • Some additional underwriting questions vs simplified elite term product
  • Coverage up to $1,000,000
  • Coverage periods of 10, 20, or 25 years
  • Issue ages: 18-70 (Term 10), 18-60 (Term 20 and Term 25 Descresing), 18-55 (Term 25)
  • No waiting period, coverage starts immediately
  • Guaranteed premiums that are renewable to age 80 and convertible to age 70

Express Elite Term

  • Designed for those in excellent health
  • No medical application process and immediate coverage
  • Coverage up to $750,000 (for ages 18-50) and $500,000 (for ages 51-60)
  • Coverage periods of 20 or 30 years
  • Issue ages: 18-60 (Term 20), 18-50 (Term 30)
  • No waiting period, coverage starts immediately
  • Guaranteed premiums that are renewable to age 80 and convertible to age 70

Preferred Elite Term

  • Designed for applicants in very good health who want coverage faster than through traditional underwriting
  • This plan is fully underwritten – thus it requires medical underwriting
  • Coverage up to $1,000,000
  • Coverage periods of 10 years, 20 years or 25 years
  • Issue ages: 18-70 (Term 10), 18-60 (Term 20 and Term 25 Decreasing), 18-55 (Term 25)
  • No waiting period, coverage starts immediately
  • Guaranteed premiums that are renewable to age 80 and convertible to age 70

For more information and an in-depth look at their coverage, read our Canada Protection Plan Term Life Insurance Review.

Permanent Insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires.

Canada Protection Plan offers 6 different permanent life insurance policy options:

Guaranteed Acceptance Life

  • Coverage meant for those with health conditions who find it hard to find coverage or were previously refused coverage
  • Includes Terminal Illness Benefit and Transportation Benefit; option to add Accidental Death Benefit
  • Issue ages: 18-75
  • Minimum coverage $10,000 (ages 18-60) or $5,000 (ages 61-75)
  • Maximum coverage: $50,000

Deferred Life

  • Meant to provide coverage for those with significant health issues like a heart condition, cancer, or diabetes
  • Includes Terminal Illness Benefit and Transportation Benefit; option to add Accidental Death Benefit
  • Issue ages: 18-80
  • Minimum coverage $10,000 (ages 18-60) or $5,000 (ages 61-80)
  • Maximum coverage: $75,000 (ages 18-60) or $50,000 (ages 61-80)

Deferred Elite Life

  • Meant to provide coverage for those with less serious health issues which may still affect their ability to get coverage
  • Available as a whole life policy with cash value, or a term-to-100 policy (no cash value)
  • Includes Terminal Illness Benefit and Transportation Benefit; option to add Accidental Death Benefit and Child Term Benefit
  • Issue ages: 18-80
  • Minimum coverage $10,000 (ages 18-60), $5,000 (ages 61-80), or $25,000 (Term-to-100 coverage)
  • Maximum coverage: $350,000

Simplified Elite Life

  • Meant to provide coverage for those in relatively good health who want coverage quickly or engage in extreme sports.
  • Available as a whole life policy with cash value, or a term-to-100 policy (no cash value)
  • No medical exam required and simplified medical questionnaire
  • Includes Terminal Illness Benefit and Transportation Benefit; option to add Accidental Death Benefit, Child Term Benefit, and Hospital Cash Benefit
  • Issue ages: 18-80
  • Minimum coverage $10,000 (ages 18-60), $5,000 (ages 61-80), or $25,000 (Term-to-100 coverage)
  • Maximum coverage: $500,000 (ages 18-60) or $350,000 (ages 61-80)

Preferred Life

  • Meant to provide coverage for those in good health who want quick coverage with a medical exam
  • No medical exam required and simplified medical questionnaire
  • Available as a whole life policy with cash value, or a term-to-100 policy (no cash value)
  • Includes Terminal Illness Benefit and Transportation Benefit; option to add Accidental Death Benefit, Child Term Benefit, and Hospital Cash Benefit
  • Issue ages: 18-80
  • Minimum coverage $50,000
  • Maximum coverage: $1,000,000

Preferred Elite Life

  • Meant to provide coverage for those in good health
  • Lower-priced monthly premium
  • Fully medically underwritten
  • Available as a whole life policy with cash value, or a term-to-100 policy (no cash value)
  • Includes Terminal Illness Benefit and Transportation Benefit; option to add Accidental Death Benefit, Child Term Benefit, and Hospital Cash Benefit
  • Issue ages: 18-80
  • Minimum coverage $500,000
  • Maximum coverage: $1,000,000

Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a specified period of time, known as the term, which is determined at the time of application.

Canada Protection Plan offers critical illness insurance for adults and children through four different policy options.

Cardiac Protect CI

  • Critical illness insurance coverage for heart-related illnesses such as heart attack, stroke, aortic surgery, coronary artery bypass surgery, and heart valve replacement or repair
  • Term-to-75
  • Issue ages: 18-65 years
  • Minimum benefit: $10,000
  • Maximum benefit: $50,000
  • Not renewable or convertible
  • Optional benefits include: Accident Death Benefit, Return of Premiums upon Death

Cancer Protect CI

  • Critical illness insurance coverage for many forms of cancer, aplastic anemia, and benign brain tumours
  • Term-to-75
  • Issue ages: 18-65 years
  • Minimum benefit: $10,000
  • Maximum benefit: $50,000
  • Not renewable or convertible
  • Optional benefits include: Accident Death Benefit, Return of Premiums upon Death

Cardiac AND Cancer Protect CI

  • Protection for both cardiac and cancer-related illnesses
  • Term-to-75
  • Issue ages: 18-65 years
  • Minimum benefit: $10,000 per event
  • Maximum benefit: $50,000 per event
  • Not renewable or convertible
  • Optional benefits include: Accident Death Benefit, Return of Premiums upon Death

Cardiac OR Cancer Protect CI

  • Protection for one of either a cardiac or cancer-related illness
  • The insured receives a tax-free lump sum in the event of their first illness
  • Term-to-75 or Term 20
  • Issue ages: 18-65 years (T75) amd 18-55 (Term 20)
  • Minimum benefit: $10,000 (T75), $25,000 (T20)
  • Maximum benefit: $100,000
  • Not convertible
  • T75: Non-renewable; T20: Renewable to age 75
  • Optional benefits include: Accident Death Benefit, Return of Premiums upon Death

Travel Insurance

Canada Protection Plan offers two options for travel insurance. Travel Medical Insurance covers Canadian travels for unforeseen emergency medical costs while they are abroad. Visitors to Canada Insurance covers those who need to protect against unexpected medical expenses when visiting on vacation or those moving to Canada and waiting for coverage through other means (like through provincial health plans, or workplace or student coverage).

Health and Dental Insurance

Canada Protection Plan has two insurance policy options for Canadians looking to protect themselves against unexpected medical costs. Hospital Cash Benefit provides a benefit if you are hospitalized for more than 24 hours. Health and Dental Insurance provides coverage for medical and dental expenses not covered by provincial health plans.

Need help?

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The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.

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