Canada Protection Plan Reviews 2021! Most Comprehensive Info Available!

If you are googling Canada Protection Plan Rates – chances are you looking for some cold hard numbers. While these figures give clients an idea of how much they may pay for their premiums they have to qualify first. 

This means you’ll be asked a series of very specific health questions. But don’t worry there are NO blood or urine tests. 

****Remember, this is no medical term life insurance for folks with mild to moderate health issues. As such, the rates are higher than term from traditional carriers.

Age	$250,000	$500,000
35 Year Old Male	$45.68	$85.95
35 Year Old Female	$31.05	$56.70
40 Year Old Male	$47.48	$89.55
40 Year Old Female	$40.05	$74.70
45 Year Old Male	$69.08	$132.75
45 Year Old Female	$53.33	$101.25
50 Year Old Male	$119.25	$233.10
50 Year Old Female	$85.05	$164.70
55 Year Old Male	$193.05	$380.70
55 Year Old Female	$133.43	$261.45
60 Year Old Male	$319.95	$634.50
60 Year Old Female	$211.95	$418.50
65 Year Old Male	over age limit	over age limit
65 Year Old Female	over age limit	over age limit

*Quotes above are for CPP Simplified Elite Term 20, monthly, non-smoker. Your rates may differ depending on your unique circumstances. February 2021.

If you’re looking through Canada Protection Plan Reviews then I bet you want some history! 

When Canada Protection Plan entered the market in 1992, it provided only one No-Medical Life Insurance product. Now it offers a whole range of Simplified and Guaranteed Issue policies. 

Based in Ontario, Plan de Canada Protection du Canada just opened its first office in Montreal, Quebec in December of 2019.

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

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

Rumour has it, businessman and founder of Canada Protection Plan, David Slabodkin,  has a heart of gold! Sources say he has quietly and consistently supported a variety of causes in his community and beyond for decades.

“Once again, David Slabodkin has demonstrated his unparalleled and unprecedented support for the health and wellbeing of our community,” Ted Smith, chair of the Brock Community Health Centre

Canada Protection Plan 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 employs approximately 200 people.

The Better Business Bureau has no consumer complaints connected to CPP insurance currently.

Reviews from employees are good. Canada Protection Plan life insurance maintains 3.3 stars out of 5 based on 31 reviews on Glassdoor. That’s up from 2.9 a couple of years ago. Looks like they are definitely improving. 

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. 

I really enjoy perusing the products, so here goes! 

Canada Protection Plan is known primarily for their simplified-issue, no medical life insurance plans. 

…but they also sell:

• Critical Illness
• Health & Dental
• and Travel Insurance

This company uses a lot of different names for their plans which is a little confusing but don’t let that scare you off! Canada Protection Plan coverage options are pretty straightforward! Basically, they offer Term, Permanent and Critical Illness coverage.

Let’s check our their selection now!

Canada Protection Plan’s Express Elite Term is a relatively new product which was introduced in 2019. It’s designed for consumers in excellent health who want term coverage issued fast! This is an accelerated issue product rather than traditional no medical life insurance. 

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

It’s the most affordable coverage for those looking to protect their income and their mortgage. This protection 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.

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

But that’s not all, CPP also claims that it has the best rates for simplified issue term life insurance up to $750,000!

NOTE* Eligibility for CPP Express Elite requires you have no health conditions whatsoever

This is Canada Protection Plan’s original simplified issue term life insurance. It’s for consumers with moderate to serious health issues. This coverage comes in 10, 20 and 25-year terms with face values up to $500,000.

• The maximum amount of protection is limited to $50,000
• 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

NOTE* There are carriers such as, Specialty Life, who sell this type of coverage as a graded plan. That means your monthly costs go up every 5 years over the life of the plan. I don’t recommend graded plans because they are unsustainable and there more affordable options on the market.

CPP or Plan De Protection Du Canada as it’s known in Quebec, announced the introduction of four new no-medical critical illness insurance plans, effective April 20th, 2020!

All four of these plans are underwritten by Foresters life insurance company. They require no needles, no fluids and no physical tests to apply. 

Did you know heart conditions and cancer represent the vast majority of all critical illness (CI) claims made in Canada?  The 8 specific conditions that makeup 90% of all CI claims are:

• Heart attack
• Heart valve replacement or repair
• Aortic surgery
• Stroke
• Coronary artery bypass surgery
• Cancer
• Aplastic Anemia
• Benign brain tumour

Based on these statistics, Canada Protection Plan has decided to  “unbundle” these conditions and make critical illness insurance more accessible and easy to apply for. 

This means if you’ve previously been treated for cancer, you may still qualify for CPP’s cardiac coverage. Likewise, someone diagnosed with heart disease or diabetes can now apply for cancer coverage.

Or, you can purchase a plan that could potentially pay out twice: once for cardiac and once for cancer. 

The majority of critical illness providers in Canada lump from 4 to 25 conditions in one policy. That means if you’ve suffered from one of these conditions in the past, you may be ineligible to receive protection for any of the remaining conditions.

Canada Protection Plan’s a la carte approach is their way of providing more Canadians with more access to a product that’s becoming increasingly popular. You can choose and pay only for the coverage you need. 

It’s true, we are living longer than ever before and approximately 50% of Canadians develop some form of serious illness in their lifetime.

Fortunately, as a result of advances in health care, many of us survive a critical illness. The question is, will our finances survive?

A critical illness benefit pays out a one-time, tax-free, lump-sum when you develop a serious illness as laid out in the definitions of your policy. You’re free to spend the money in any manner you wish. Whether it be replacing your income, extra medical equipment, or convalescence overseas. 

CI has become quite popular as of late –  but it’s a complicated product. If you’re trying to decide whether critical illness insurance is a good buy for you, you must read my post here. 

Now, let’s check out Canada Protection Plan’s latest offering:

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 

Simplified issue products are miles ahead of the rate books used 20 years ago. This evolution has pushed the limits of acceptance…Simplified issue term life insurance has ushered in a new technique: nonmedical pricing. It is based entirely on questions

 

Canada Protection Plan Regional Vice-President, Sales, Québec Centre, Alain Plante

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.

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 insurance is a great alternative.

In no particular order, here are samples of the types of questions you can expect to answer on a Canada Protection Plan life insurance application:

• Are you currently a resident of a nursing home and are you bedridden or wheelchair-bound?
• Have you been admitted to a hospital for more than 48 hours within the past 30 days?
• Is your weight greater than that indicated for your height in the following build chart?
• Are you 55 or over and with the past two years, have you had treatment or surgery for or been diagnosed with angina, heart attack, coronary disease, heart bypass surgery, angioplasty, stent insertion, stroke or chronic lung disease?
• Do you have diabetes that is treated with insulin and the prescribed dosage has increased within the last six months?
• Within the past three years have you had, been told you have, or been treated for Lung cancer, colon cancer, breast cancer, cervical cancer, uterine cancer, malignant melanoma, leukemia, lymphoma or multiple myeloma?
• Have you lost 10% of your body weight or more within the past 12 months other than due to intentional dieting?
• Within the past year, have you been diagnosed or treated for, or are you currently under investigation for multiple sclerosis?  

NOTE* Are you looking for life insurance for MS patients? Well, there’s good news.  Canada Protection Plan will NOT disqualify you from their most affordable, Tier 1 coverage, based on an MS  diagnosis. 

As you can see Canada Protection Plan is slightly cheaper than iA Financial. The CPP premiums save Raj $5.85 per month or 5%.

His overall savings with CPP insurance is:

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

What will you do with $1,404 of savings?

NOTE* If Raj wants more than $500k of protection, it’s totally legal for him to purchase a policy from both carriers. That would provide him with a total of $1,000,000 of simplified issue term life insurance.

Recently, Canada Protection Plan has merged with Foresters Financial bringing consumers an even wider range of new products including participating whole life. This makes an already great company even better.

Want to find out if CPP is right for you? Schedule a phone call with Policy Architects here!