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Canada Protection Plan Reviews

Canada Protection Plan Reviews! Find Out if They've Got the Goods!

Ok, So what is the Canada Protection Plan?  It sounds like a Government program BUT it’s not! 

If you haven’t heard of Canada Protection Plan (CPP) before, you’re not alone so don’t beat yourself up.

CPP insurance is a relatively small company, operating in the Canadian life insurance market. But just because they’re small doesn’t mean they don’t punch above their weight.

Canada Protection Plan is probably one of the best known simplified, non-medical life insurance carriers in the country. If you’re unfamiliar with non-medical or no exam life insurance, read my post here.

So without further adieu, I’m going to explore this interesting life insurance company with you right now to see if they work for you. 

Psst! As an aside, they are NOT to be confused with the Canada Pension Plan! 

If You're Considering CPP Insurance, Speak to an Independent Life Insurance Agent 

…BUT before we go any farther, I want to tell you what I tell everyone who’s thinking about protecting their families or loved ones. Always get the advice of an experienced independent life insurance agent.

Policy Architects Agents know the ins and outs of the market and have in-depth knowledge of the products on offer.

In a nutshell, we’re in the best position to help you find the right policy for the right price.

At Policy Architects we work for you, NOT the insurance company. Our job is to shop the market and connect you with the life insurance carrier that treats you most favourably.

A Word or Two About Canada Protection Plan

When CPP insurance entered the market in 1992, it provided just one Non Medical niche product. Now it has a whole range of Simplified and Guaranteed Issue offerings. 

These insurance policies are best suited for harder-to-insure individuals, such as the elderly or people who are considered high-risk. They’re also ideal for consumers who are in a hurry and want to secure coverage fast!

If you’ve seen a Canada Protection Plan commercial, you know one of their target markets is term life insurance for senior citizens.

Based in Ontario, Canada Protection Plan just opened it’s first outside office in Montreal, Quebec in December of 2019. 

Canada Protection Plan Financial Ratings

Canada Protection Plan life insurance is a privately owned corporation based in Toronto.

This business is about 25 years old, which gives it a “newbie” status in life insurance circles. In the last 10 years, CPP has grown substantially and now employes approximately 200 people.

If you’re concerned about this company’s longevity and small size, don’t be! 

Canada Protection Plan is underwritten by Foresters Financial, a giant in the North American Insurance Industry.

Rest assured, foresters has assets over $14 Billion, and has been in business for over 140 years. This connection greatly stengthens Canda Protection Plan offerings. 

The good news doesn’t stop there! CPP is accredited by the Better Business Bureau (BBB) and has an A+ rating.

More importantly, its underwriter, Foresters, maintains an A.M. Best financial strength rating of A (Excellent). 

Now we’re talking!

cpp Insurance Policy Architects

Canada Prot​ection Plan Reviews - What Do Customers Think?

Canada Protection plan is rated 4 Stars out of 5 based on 30 Google reviews. That’s a great rating compared with other insurers! 

It’s difficult to know how much weight to give bad reviews. To be perfectly honest, all insurance companies receive them.

It’s human nature. When you’re angry and motivated, you’re more likely to leave a negative review. 

When your experience is positive, you’re less likely to write anything at all.

cpp Insurance Customers

Better Business Bureau registers only one minor complaint connected to CPP insurance within the last 3 years.

Even better? They have no complaints at all so far this year.

Reviews from employees are mixed as well. This insurer maintains 2.9 stars out of 5 on Glassdoor. So maybe they aren’t the best employer…

Hey, you can read what you want into this. The one area that might raise a red flag is customer service. If the employees aren’t satisifed they may not give exemplary service. But this is only a guess.

So how much stock should you put into Canada Protection Plan reviews?

That’s a great question! It suffices to say reviews shouldn’t be the only factor you use when deciding on a potential insurer. In fact, I would say it’s low on the totem pole because of people’s penchant for grumbling. 

Canada Protection Plan Reviews -  Products

Ok guys, this is where things gets fun! I really enjoy perusing the products, so here goes! 

CPP Canada Protection Plan is known primarily for their simplified no medical exam life insurance and their market niche is high risk underwriting. 

…but they also sell:

  • Critical Illness
  • Health & Dental
  • and Travel Insurance

This company uses a lot of different names for their plans including: 

  • CPP Guaranteed Acceptance
  • CPP Deferred
  • CPP Deferred Elite
  • CPP Simplified Elite
  • CPP Preferred
  • CPP Preferred Elite
  • CPP Express Elite Term 

Yep, it’s a little confusing but don’t let that scare you off! Their coverage options are pretty straightforward! Basically, they offer Permanent (whole life) or Term insurance.

So let’s check our their Permanent & Term options now!

Canada Protection Plan Term Life Insurance

CPP Express Elite Term Insurance

Term life insurance is hands down the best option for most people 90% of the time.

It’s the most affordable coverage for those looking to protect their income and their mortgage and is usually bought in 10, 20 or 30 year periods.

For example, if you have a family with young children, you may want to secure a 20 or 30-year term. This protects your loved ones during their most vulnerable periods.

Over the term of coverage, your monthly cost is guaranteed to never-go-up. When the term ends, your coverage expires. That means if you purchase a 20 year term policy for $80 per month, that cost is locked in for 20 years, guaranteed.

So basically you’re buying life insurance for the window of time that you need it most.

Canada Protection Plan’s Express Elite Term is a new policy designed for consumers in excellent health who want term coverage issued fast!

Undoubtedly the application process is quick. It’s typically completed in as little as 15 minutes and a policy issued within 72 hours

But that’s not all, CPP insurance also claims that it has the best rates for no medical term coverage up to $750,000!

Benefits of CPC Express Elite Term Insurance:

  • Available as Express Elite Term 20 or Express Elite Term 30
  • Designed for healthy individuals with no insurability issues
  • Eligible ages 18-60 for Term 20
  • Eligible ages 18-50 for Term 30
  • Renewable to age 80
  • Convertible to age 70
  • Child rider option
  • Coverage amounts $100,000 – $750,000
canada protection plan express elite
CPP Insurance Deferred Life

CPP Deferred Elite Term

  • Designed for individuals with moderate to serious health issues
  • Eligible ages 18 – 70
  • Available as term 10,  20, 25 & 25 year decreasing
  • Coverage amounts $25,000 – $350,000
  • 2 year waiting period
  • Conversion option – exchangable for an eligible permanent plan of the same underwriting class without providing medical evidence up to the insured’s 70th birthday
cpp Insurance Products

CPP Simplified Elite Term

  • Designed for individuals with moderate to serious health issues
  • Eligible ages 18 – 70
  • Available as term 10,  20, 25 & 25 year decreasing
  • Coverage amounts $25,000 – $350,000
  • 2 year waiting period
  • Conversion option – exchangable for an eligible permanent plan of the same underwriting class without providing medical evidence up to the insured’s 70th birthday
CPP Insurance Products

CPP Preferred Term & Preferred Elite Term

  • Designed for healthy individuals with no insurability issues
  • Subject to underwriting & may require a medical exam
  • Eligible ages 18 – 70
  • Available as term 10,  20, 25 & 25 year decreasing
  • Coverage amounts $50,000 – $1,000,000
  • NO waiting period
  • Conversion option – exchangable for an eligible permanent plan of the same underwriting class without providing medical evidence up to the insured’s 70th birthday

Canada Protection Plan Permanent Life Insurance

Canada Protection Plan Guaranteed Issue

CPP Guaranteed Acceptance Life

This is CPP’s guaranteed-issue life insurance product. It’s intended for people with serious insurability issues. So how does it work?

CPP Guaranteed Acceptance Life is only available as a permanent product. There are absolutely no health exams or medical questions required to begin coverage.

I love it because anyone ages 18 – 75 can get this insurance! You can’t be denied!

If you’re newly diagnosed with a life-threatening illness or recently had a heart attack, you’re still eligible. 

This is a good safety net for a small amount of debt or final expenses. So what’s the catch? Because you know there is always one or two! 

  • The maximum amount of protection is limited to $25,000
  • There’s a 2-year waiting period. If death happens within the first 2 policy years due to non-accidental means (other than suicide), your beneficiaries will receive a refund of all premiums paid.
  • It’s the most expensive coverage, for example, a 65 year old male will pay $216.86 per month for $25,000 of insurance
  • Builds up a small amount of Guaranteed cash value over time.

CPP Insurance Deferred Life

CPP Deferred Life

  • Designed for individuals with moderate to serious health issues
  • Eligible ages 18 – 80
  • Coverage amounts $5,000 – $75,000
  • 2 year waiting period
CPP Insurance Products

CPP Deferred Elite Life & Deferred Elite T100

  • Designed for individuals with moderate health issues
  • Eligible ages 18 – 80
  • Coverage amounts $5,000 – $350,000
  • 2 year waiting period: if death occurs from a non-accidental cause the premiums are paid back in 1st year. 50% of the death benefits paid if death is in 2nd policy year
cpp Insurance Products

CPP Simplified Elite Life & Simplified Elite T100

  • Designed for healthy individuals with few insurability issues
  • Eligible ages 18 – 80
  • Coverage amounts $5,000 – $500,000
  • NO waiting period
CPP Insurance Products

CPP Preferred Life, Preferred Elite Life & T100

  • Designed for healthy individuals with no insurability issues
  • Subject to underwriting & may require a medical exam
  • Eligible ages 18 – 80
  • Coverage amounts $50,000 – $1,000,000

Canada Protection Plan Critical Illness Insurance

CPP or Plan De Protection Du Canada as it’s known in Quebec, has three critical illness plans available through Foresters life insurance company.

One is a simplified-issue policy and the other two are traditional plans which require medical underwriting.

cpp Insurance Critical Illness
cpp Insurance Critical Illness

Health Security Plus

  • No exam, nurses or needles
  • Covers 6 critical illnesses
  • Premiums are graded (To be avoided if possible as monthly costs go up over time)
  • Available to ages 20 – 55
  • Coverage amounts $10,000 – $100,000
  • Renewable every 10 years up to age 75

Lifecare 10 & Lifecare T75

  • Traditional medical underwriting
  • Covers 21 critical illnesses
  • Level premiums (costs stay the same over the length of the term)
  • Available to ages 18 – 65
  • Coverage amounts $25,000 – $2,000,000
  • LifeCare10 renewable every 10 years up to age 75

Canada Protection Plan Health and Dental Insurance

Canada Protection Plan Dental Insurance

CPP Health and Dental Insurance

Canada Protection Plan doesn’t really offer their own health or dental insurance.

What am talking about? It’s not uncommon for insurance companies to set up deals with other carriers to offer a wider range of products. This is one of those situations.

CPP insurance offers Manulife’s FlexCare and FollowMe Plans

…I’ll save that review for another day.

Canada Protection Plan Travel Insurance

CPP insurance travel

Canada Protection Plan Travel Insurance

CPP insurance offers travel coverage through Allianz Global Assistance. 

It’s underwritten by CUMIS General Insurance Company, a member of The Co-operators group of companies.

The general rule is that you’ll need to buy emergency medical or evacuation insurance when going out of the U.S., Rick Garlick, a hospitality and travel expert with Magid Associates, tells CNBC Make It. “Insurance is much more necessary on international versus domestic trips, particularly ones you have to plan far in advance,” he says.

4 Times You Can Skip Travel Insurance and 3 Times You Should Buy It, CNBC 

Canada Protection Plan Reviews - Underwriting

canada  protection plan underwriting

The majority of Canada Protection Plan products are simplified-issue requiring no health test.

This means they have lightening-fast underwriting so your insurance is typically approved in as little as 48 hours!

Cpp insurance also encourages independent advisors to speak directly with their underwriters if there are any eligibility questions or concerns.  

Canada Protection Plan Reviews - Application Process

A Canada Protection Plan application requires NO fluids, NO tests, and NO forms. 

However, you’re still required to answer a series of medical questions organized in modules. 

The farther you make it through these sections without answering “yes” to any of the questions, the more coverage you’re eligible for at a lower cost.

Check out my No Exam Life Insurance post here – for detailed examples of application questions.

canada protection plan no medical exam
cpp Insurance Application

Oh yes! Canada Protection Plan has a fast, reliable, easy-to-use electronic application process.

Your independent life insurance agent fills it in with you face-to-face or over the phone. The program also saves information as you go. 

This feature is really handy because it allows your advisor to stop in the middle of the application and save your answers at any point.

The CPP application process is very straightforward for advisors and consumers alike. Not to mention the speedy fast processing time! 

Consumers are notified of approval within 48 hours of submitting an application.

One more thing CPP gets right.

Question Life Insurance 101

Hey James - all this is fine but is Canada Protection Plan the right company for Me?

Answer Life Insurance 101

There's only one way to find out! Let's see how they stack up against the competition.

Canada Protection Plan Reviews: Example 1

Sharon is a 65 year old, non-smoking, female with a serious health condition. Unfortunately, she only qualifies for $25,000 of CPP Guaranteed Acceptance Life coverage.

Her monthly premiums are $153.38! 

So what about the competing life insurance companies? Could Sharon do better? 

If she applies to Access Life L100 Guaranteed Access with Industrial Alliance Insurance (IA) her premiums will be: 

  •  $177.84 per month
cpp insurance Rates

The CPP premiums save her $24.46 per month or 15%! 

What happens if her beneficiaries get a payout? Let’s assume for argument’s sake Sharon dies when she’s 75 years old. 

Her husband Bernard is paid out $25,000 tax-free! 

What is the total cost of insurance for each company?

So let’s compare how this works out for her beneficiary! This is how much Sharon contributed over her life to the policy:

  • Canada Protection Plan: Sharon’s total cost of insurance over ten years with CPP is $18,456 or $153.38 per month for this period. 
  • Industrial AllianceSharon’s total cost of insurance over ten years is $21,340 or $177.84 per month for this period.

Her overall savings if she selects CPP Life Insurance is:


Now, this is pretty great! Who wants to spend more money than they have to?

What will you do with $2,884 of savings? 

NOTE: These policies are very similar but not identical! The Industrial life policy has higher cash surrender and paid-up values than the Canada Protection Plan example. Another reason to call Policy Architects. We have all the deets! 

Canada Protection Plan Reviews: Example 2

Here’s another example.

Raj is a healthy 43 year old non-smoking male with Type 2 Diabetes. He qualifies for CPP’s most affordable no medical term life insurance, Simplified Elite Life Term…

….but he is also interested in checking out Industrial Alliance rates because he heard they rock. 

Raj has a lot of debt, so he is looking for $500,000 of coverage for a 20 year term. 

Let’s check out his premiums now!

Oooops! Access Life T20 Immediate Plus maxes out at $300,000 in coverage!

Hmm, that’s just not enough, but because the rates are so good Raj asks us to compare Industrial Alliance rates with CPP to get an idea of how they compare:

Industrial Alliance: Access Life T20 Immediate Plus for $300,000 of coverage over 20 years is $74.79/month

CPP: Simplified Elite Life Term 20 policy with $300,000 of coverage over 20 years is $71.28/month

Canada Protection Plan Premiums

As you can see CPP is slightly cheaper than Industrial Alliance, but not by much.  So here’s the rub. CPP Insurance gives him $500,000 in coverage!

So how much does this cost?

  • CPP Simplified Elite Life Term 20 policy with $500,000 of coverage costs $115.20/month

Not too shabby!

CPP insurance comes out on top because their coverage maximum is $200,000 higher than iA’s. This is a win for CPP Insurance. 

Canada Protection Plan Pros

Canada Protection Plan is a Niche Provider

What's the saying? Do one thing and do it well! Canada Protection Plan's narrow focus means they do a really great job with No Medical/ Simplified Issue Life Insurance.

CPP Insurance Makes the Application Process EASY and FAST!

Hey, your time is valuable! Who wants to wait around, especially when there's no health exam or any forms to fill out.

Your independent advisor completes an electronic application with you in as little as 20 minutes!

No Fluids, No Paperwork & No Headaches When You Apply for a Canada Protection Plan Policy 

I don't know about you, but if I don't have to get a needle or pee in a cup, it's a good day.  

CPP Offers High Maximum Coverage Amounts

Within the Simplified Issue niche, CPP insurance has great maximum coverage amounts : $5000 - $750,000

CPP is More Lenient When it Comes to Life Insurance for Diabetics

Can diabetics get life insurance? You Betcha...

....with Canada Protection Plan they can! If you have diabetes and are rated by a traditional carrier you stand an excellent chance of being approved with CPP. 

When applying to traditional carriers, it’s not uncommon to get a rating of 150% or higher if you have type 2 diabetes.

This means you pay more money for your life insurance.

For example, if you’re a 55 year old male applying for $250,000 of Term 20 with Ivari insurance, a 150% rating translates into $223.54 per month.

If you qualify for CPP Simplified Elite Term,  you pay $193.05 per month.

That’s roughly a 130% rating and 20% less than what you pay with Ivari or other traditional carriers.

can diabetics get life insurance

NOTE* If your independent life insurance agent thinks you have a chance at a standard rate, it's always worthwhile applying to traditional carriers. If you are already rated or don't want the hassle of a drawn out application process, CPP is a great alternative.

CPP Offers the Longest No Medical Term Coverage: 25 Years

Canada Protection Plan offers 25 Year Term Coverage - the longest term offered by Simplified-Issue Carriers!

At Canada Protection Plan Quick Approvals Are the Norm 

If you want speedy coverage, you've come to the right place! It's not unusual to have your life insurance approved and in force within 48 hours of completing a Canada Protection Plan application.

Canada Protection Plan Insurance is Affordable 

Canada Protection Plan is very economical compared with other Simplified Issue life insurance carriers.

Access to Foresters Financial Member Benefits

Because Canada Protection Plan is underwritten by Foresters, their member benefits are available to all policyholders (minimum face amount of $10,000):

  • NEW – LawAssure – create custom wills, power of attorneys, and healthcare directives (replaces Legal Link on April 1, 2020)
  • Competitive Scholarships – up to $8,000 for children AND grandchildren
  • Terminal Illness benefits – up to $250,000 for insured
  • Orphan scholarships – up to $24,000 for children
  • Orphan benefits – up to $900 monthly for children until age 18
  • Everyday money – financial counselling
  • Well-being benefits
  • Community Grants – up to $2,000 to run your own events

Canada Protection Plan Cons

Canada Protection Plan is Small Company Without a Long History

Even though Canada Protection Plan is underwritten by Foresters Financial, they're still a small, private corporation that's been in business  less than 25 years. As such, it's hard to find solid information from which to gage their financial health...

I am giving this an orange x because Foresters is VERY solid. 

Canada Protection Plan has Mixed Customer & Employee Reviews

Every company has negative and positive reviews, but comments by CPP ex-employees hint high staff-turnover as well as customer service deficits.

CPP Insurance's Traditional Term Insurance Is More Expensive

CPP insurance's Preferred Life Term insurance (fully underwritten) is more costly than many other traditional carriers term products.

Canada Protection Plan Offers a Limited Selection Of Products

James, you can't have your cake and eat it too!

I know this is a double-edged sword but that's why this icon's coloured orange NOT red!

Yes having a company that does one thing really well is good thing. There's definitely something to be said for specialization. 

...and Canada Protection Plan is a GREAT company for that.

Even though I place a strong emphasis on niching down, I also think the range of life insurance products they have is limited. So this is worth mentioning! 

Is Canada Protection Plan Right For You?

Well, that’s the question of the day.  Does CPP insurance have the right plan for you?

Remember, Canada Protection Plan is a no medical exam life insurance carrier.

This coverage is ideal if you have serious health or insurability issues. Many people overestimate the gravity of their medical condition with respect to life insurance.

BUT In most cases, you’re healthier than you think.

That being said, you should consider Canada Protection Plan if you:

  • Have moderate or serious health issues
  • Are an Xtreme sportsperson
  • Are in a dangerous occupation
  • Are REALLY afraid of needles and fluids
  • Are a visitor or non-resident in Canada
  • Are looking for a small policy to take care of your final expenses
  • Are someone that Received a Travel Exclusion with your traditional coverage
  • Are someone that needs life insurance FAST!

Call Policy Architects today! We work with you to find the BEST life insurance company for your personal needs – and will save you some serious time and money to boot!

canada protection plan reviews

Guaranteed or Simplified-Issue life insurance should always be your Plan B. Whenever possible, apply for traditional underwritten life insurance first before moving to no medical plan because it’s usually always more affordable. 

This is why it’s so important to talk to an independent life insurance agent like Policy Architects. Canada Protection Plan is a great non-medical life insurance provider which may or may not be the right choice for you. 

Give us a call, we can help!

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