Canada Protection Plan Life Insurance Review

What is Canada Protection Plan Life Insurance?

Canada Protection Plan Life Insurance is a private life insurance provider that was established in 1992. It offers permanent and term life insurance policies, and it is well-known for its simplified underwriting process that doesn’t require you to submit to a medical exam in most cases to get approved.

You can purchase Canada Protection Plan Life Insurance from over 25,000 independent insurance advisers across Canada. You can also call the Canada Protection Plan call centre to speak to a licensed agent about your life insurance needs.

What types of life insurance does Canada Protection Plan offer?

Canada Protection Plan offers permanent and term life insurance plans.

Permanent life insurance plans

Permanent insurance plans are more expensive than term plans, but they stay in place for the duration of your life as long as you pay your premiums. With most of Canada Protection Plan’s permanent plans, you can choose a whole life or no cash value option. Whole life puts a portion of the premiums you pay aside for you to withdraw or borrow against in the future. No cash value doesn’t offer you this option.

• Compare Canada Protection Plan permanent life insurance plans

  Compare Canada Protection Plan permanent life insurance plans
  Insurance type	Best suited for	Minimum benefit	Maximum benefit	Included benefits	Optional benefits	Premiums
  Guaranteed Acceptance Life	Those with a critical illness	$5,000 or $10,000	$50,000	Terminal illness and transportation	Accidental death	Annual or monthly payments
  Deferred Life	Those with serious health conditions	$5,000 or $10,000	$50,000 or $75,000	Terminal illness and transportation	Accidental death	Annual or monthly payments
  Deferred Elite Life (whole life or no cash value options)	Those with less serious conditions who are willing to pay higher premiums for more coverage	$5,000 or $10,000	$350,000	Terminal illness and transportation	Accidental death and child term benefit	Annual or monthly payments – pay the same premium for the life of the policy or pay a higher premium for 20 years
  Simplified Elite Life (whole life or no cash value options)	Those who are in relatively good health or who engage in extreme sports but don’t want to get a medical exam	$5,000, $10,000 or $25,000	$350,000 or $500,000	Terminal illness and transportation	Accidental death, hospital cash and child term benefit	Annual or monthly payments – pay the same premium for the life of the policy or pay a higher premium for 20 years
  Preferred Life (whole life or no cash value options)	Those who are in good health and are willing to submit to a medical exam	$50,000	$1 million (or $500,000 for no medical)	Terminal illness and transportation	Accidental death, hospital cash and child term benefit	Annual or monthly payments – pay the same premium for the life of the policy or pay a higher premium for 20 years
  Preferred Elite Life (whole life or no cash value options)	Those who are in very good health and are willing to submit to a medical exam	$500,000	$1 million	Terminal illness and transportation	Accidental death, hospital cash and child term benefit	Annual or monthly payments – pay the same premium for the life of the policy or pay a higher premium for 20 years

Temporary life insurance plans

Canada Protection Plan offers a number of term plans based on how long you want your policy to last. Coverage can be in effect for up to 10, 20, 25 or 30 years, depending on which plan you sign up for. This type of insurance is ideal for situations where you want coverage to pay off your mortgage or meet specific financial goals. With most policies, you can also sign up for a decreasing term, which will lower your coverage as years go by. These policies don’t have a cash value and you won’t be covered once your term ends unless you renew for a higher price.

• Compare Canada Protection Plan term life insurance plans

  Canada Protection Plan term life insurance plans
  Insurance type	Designed for	Minimum benefit	Maximum benefit	Included benefits	Optional benefits	Premiums
  Deferred Elite Term (stable or decreasing term options)	Those with less serious health conditions	$25,000	$350,000	Transport benefit	Accidental death and child term benefit	Annual or monthly payments – convertible to age 70 and renewable to age 80
  Simplified Elite Life (stable or decreasing term options)	Those who are in good health or who engage in extreme sports but don’t want to get a medical exam	$25,000	$350,000 or $500,000	N/A	Accidental death, hospital cash and child term benefit	Annual or monthly payments – convertible to age 70 and renewable to age 80
  Preferred Term Life (stable or decreasing term options)	Those who are in good health and are willing to submit to a medical exam	$50,000	$1 million (or $500,000 for no medical)	N/A	Accidental death, hospital cash and child term benefit	Annual or monthly payments – convertible to age 70 and renewable to age 80
  Express Elite Term Life (no decreasing term options)	Those who are in very good health but don’t want to get a medical exam	$100,000	$500,000 or $750,000	N/A	Accidental death, hospital cash, child term benefit and critical illness rider	Annual or monthly payments – convertible to age 70 and renewable to age 80
  Preferred Elite Term (stable or decreasing term options)	Those who are in very good health and are willing to submit to a medical exam	$500,000	$1 million	N/A	Accidental death, hospital cash and child term benefit	Annual or monthly payments – convertible to age 70 and renewable to age 80

What extra insurance benefits can I take advantage of?

There are a number of insurance benefits that Canada Protection Plan offers with many of its plans. These include the following:

• Terminal illness benefit. Pays up to 75% of the death benefit to a maximum of $250,000 if you are diagnosed with a terminal illness.
• Transportation benefit. Assists with the cost of transporting your body if you die more than 200 kilometres from your home.
• Accidental death benefit. Pays up to five times the basic life insurance death benefit if you die in an accident (as defined in your policy).
• Hospital cash benefit. Pays out a chosen daily benefit if you are hospitalized for any reason.
• Child term benefit. Insures each eligible child on your policy for $5,000, $10,000 or $15,000 – depending on how much you pay.
• Critical illness rider. Offers a maximum lifetime benefit payout of $100,000 to cover expenses if you’re diagnosed with a critical illness.

Does Canada Protection Plan offer member benefits?

Canada Protection Plan policies may include a number of member benefits that are offered by its insurance underwriter, Foresters Life Insurance Company. These include the following:

• Online will and power of attorney service
• Competitive scholarships for tuition
• Renewable scholarships for the children of deceased members
• Emergency grants to provide short-term temporary relief for members affected by personal hardship, disaster or large-scale emergency
• Monthly payments for children up to the age of 18 if both of their parents die
• Confidential financial help by accredited counsellors

How much does Canada Protection Plan Life Insurance cost?

The amount you’ll pay for your Canada Protection Plan Life Insurance will vary based on several factors. These include the following:

• Type of insurance. You’ll usually have to pay higher premiums for permanent or whole life policies than you will for term or no cash options.
• Your age. You’ll pay higher premiums as you age since you’re more likely to run into health issues.
• Health history. You may pay higher premiums if you have a notable health issue.
• Weight. You could end up paying more if you’re overweight since this can make you more prone to developing serious health conditions.
• Substance use. You’ll often have to specify how much you drink or smoke, and you’ll typically pay more if you’re over a certain threshold.
• Occupation and hobbies. Your premiums may increase if you work a dangerous job or indulge in thrill-seeking activities like skydiving or rock climbing.

Sample quote for various forms of insurance

The following Canada Protection Plan Life Insurance quote was generated for a 30-year-old non-smoking woman wanting a coverage level of $500,000. It’s a sample of what you might pay each month for the various forms of insurance that Canada Protection Plan offers.

What exclusions do I need to know about?

Like most life insurance plans, Canada Protection Plan Life Insurance comes with certain exclusions that can void your coverage. For example, you won’t get any death benefits if you commit suicide or die as a result of a self-inflicted injury. You also won’t be covered if you die while committing a crime (such as driving under the influence of drugs or alcohol). You could also void your coverage if you supply false information when you apply.

The best way to know what the exclusions for your policy are is to contact Canada Protection Plan directly. You should also read your policy from cover to cover to make sure you understand how your coverage works and what you need to do to remain eligible for payouts.

How to apply for Canada Protection Plan Life Insurance

You can apply for Canada Protection Plan Life Insurance by following the steps below:

1. Click the green ‘Go to site’ button above to be securely redirected to get a quote.
2. Compare this quote with other providers to make sure you’re getting the best deal.
3. Call Canada Protection Plan’s call centre or send an email to its customer service desk to request an application.
4. Provide personal information such as your name, email address, proof of ID and relevant documents. You may also be asked about personal risk factors that could affect your premiums at this time.
5. Get verified and negotiate the terms of your Canada Protection Plan Life Insurance.

Benefits and drawbacks of Canada Protection Plan Life Insurance

Bottom line

Canada Protection Plan Life Insurance offers an affordable price for permanent and term policies in Canada. It also offers a number of benefits and insurance add-ons that make its plans worth exploring. Find out more about how Canada Protection Plan Life Insurance works, and apply for a quote today to find out how much you’ll have to pay to get insured.

Frequently asked questions

• Should I get term or permanent life insurance?

  Many Canadians get term life insurance when they’re younger since it’s much less expensive. Permanent life insurance could be a better fit for you if you’re older and have already paid off much of your debt. In this case, you would pay more for your premiums, with the reassurance that your family members would likely get a decent payout at the end of your life.

• When should I buy life insurance?

  There’s no “right” time to buy life insurance. That said, you may want to make sure you have coverage if you have a spouse, children or elderly parents that rely on you for financial support. You may also want to get life insurance as you age since you’ll be more likely to get sick at this point in your life.

• How can I report a claim on my life insurance?

  To report a claim, you can call Canada Protection Plan’s toll-free number at any time of day or night to speak to an agent. You can also check up on the status of your claim by emailing a customer service agent.