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Canada Protection Plan Life Insurance review

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Canada Protection Plan Life Insurance
On PolicyAdvisor's site
Types of Insurance
Term Life
Minimum Coverage
$50,000
Maximum Coverage
$1,000,000
Age Range
18 - 80
Medical Exam Required
No

Summary

Choose from a number of affordable Canada Protection Plan Life Insurance options designed to get you covered without the need for a medical exam. 

Canada Protection Plan offers a large suite of permanent and term life insurance policies for just about every situation. It doesn’t require you to submit to a medical to determine your eligibility, and you can even get approved if you have a chronic or critical illness in some cases. Apply for a quote today to find out what type of coverage you might be eligible for and how much you’ll have to pay.

Pros

  • Reasonable prices. The prices for Canada Protection Plan Life Insurance seem reasonable based on sample quotes.
  • No medicals required. You won't have to submit to a medical exam to get coverage for many types of insurance (and you may be eligible even if you have a chronic condition).
  • Different forms of coverage. You can sign up for multiple forms of term and permanent life insurance, depending on how much you want to pay and what benefits you want.
  • Insurance add-ons. Some permanent plans come with extra insurance included (such as terminal illness), and you can also pay more to add optional benefits to all plans. Member benefits. You may be eligible to take advantage of membership benefits such as exclusive scholarships or free will-making services.
  • 24/7 customer support. You can reach a customer service agent at any time of day or night to file a claim.

Cons

  • No online application. You'll likely have to fill out your paperwork manually and email it in as it appears that there's no online application portal.
  • Quotes can change. You're not guaranteed the payment amounts that are specified when you get a quick quote online.
  • Some exclusions. You may not be protected against certain risks or injuries, depending on your policy specifications and how much Canada Protection Plan Life Insurance coverage you request.
  • Higher rates for seniors. You'll typically pay more for life insurance once you're over the age of 60.

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Details

Product Details

Insurance Products Life Insurance
Medical Exam Required No
Province Availability AB, MB, ON

Coverage Details

Age Range 18 - 80
Minimum Coverage $50,000
Maximum Coverage $1,000,000

What is Canada Protection Plan Life Insurance?

Canada Protection Plan Life Insurance is a private life insurance provider that was established in 1992. Canada Protection Plan Life Insurance options include permanent and term life insurance policies, and the provider 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.