CPP Life Insurance: Discover Their Niche
All life insurance companies have a niche where they excel. CPP Life Insurance, also known as Canada Protection Plan, is no different.
The thing is life insurance is a very competitive business. The idea that all insurers are created equal is absurd. This is because companies need an edge to differentiate themselves in a very tough market.
In order to do this, insurers analyze innovations to target areas where they can offer better rates.
These pockets are constantly changing due to technology and the impermanent nature of healthcare.
That’s where the advice of an independent life insurance agent becomes invaluable. We spend time figuring out all of the details so you don’t have to!
So let’s see where CPP Life Insurance excels right now!
Hi I'm James! The Founder of Policy Architects
My name is James Heidebrecht, the founder of Policy Architects! I am a Dad, husband, and breadwinner. I understand the need for life insurance products more than most because I had my family later in life…
…so mortality is definitely an issue.
Sure I sell policies, but more importantly, I am a Policyholder. Yep! I purchase the product I sell.
Note: CPP Life Insurance should not be confused with the Canada Pension Plan!
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CPP Life Insurance - Where They EXCEL!
CPP Canada Protection Plan is a fairly new company. Unlike some of the other insurers, who’ve been around for more than a century, CPP Insurance has only been in the market for approximately 30 years.
This means they have to hit the ground running and don’t have the leeway to sit on a solid foundation they built decades ago.
CPP life insurance has a very specific niche. They started off with one type of permanent no medical exam policy. This was a really smart move as they were able to expand on this and develop a whole suite of products otherwise unavailable at that time.
Not satisfied with this niche alone, they branched into simplified issue term coverage as well.
Canada Protection Plan (CPP) simplified issue products are ideal for consumers who:
- have moderate to serious medical issues
- don’t like blood tests
- are seniors
- are healthy and need coverage immediately
In 2020, CPP insurance amalgamated with Foresters Financial, who underwrite all their plans. This means more choices and stability for existing policyholders and new clients.
Simplified issue life insurance policies do not require you to undergo a medical exam. The insurer will simply ask you a few questions to determine your health status and level of risk.
Although this sounds like an easier way to get approved, the insurer may turn away your application based on your answers.
Canada Protection Plan Products to Note
CPP Simplified Elite Life (Whole Life)
- Consumers age 18-80
- Available as whole life or T100 (minimum face amount $25,000)
- Coverage amounts from $5000 to $500,000 in any increment
- Pay to age 100 or 20 Pay
- Ideal for small Final Expense Policies
CPP Simplified Elite Term Insurance (10-25 Year)
- Consumers age 18-80
- 10, 20, 25 & 25 Year decreasing periods
- Available as policy rider with CPP simplified Elite Whole Life or Term Policies
- Coverage amounts from $25,000 to $500,000 in any increment
****CPP Simplified Elite Plans are ideal for consumers who have health issues which may prevent them from getting the best rates with traditional medically underwritten coverage. You may be eligible for one of these programs even if you've had a history of heart problems, stroke, cancer, diabetes or MS.
CPP Express Elite Term Insurance (20- 30 Year)
- Consumers 18-60 (depending on Term length)
- Available as Express Elite Term 20 or Express Elite Term 30
- Term 20 available as a rider on Term 30 plans
- Child rider option
- Renewable to age 80
- Convertible to age 70
- Coverage amounts $100,000 – $750,000
***CPP Express Elite Term Plans are ideal for consumers who are healthy with no insurability issues whatsoever. If you're healthy , in a hurry and don't want to deal with the hassle of medically underwritten coverage, one of these plans may be just the thing you're looking for.
Why You Should Call Policy Architects Today!
At Policy Architects we work with the best life insurance companies in Canada. Independent agents that care are worth their weight in gold.
Not everyone’s case is straightforward. Complications arise and not all life insurance companies are created equal. So if you are looking for honest advice when it comes to buying life insurance, you’re in the right place.
If you think CPP life insurance (or Plan de Protection du Canada in Quebec) is the company you want to use, give us a call! We will see if it’s the best possible choice.
Reach out to Policy Architects Today! Click the button below to get a free quote or schedule a phone call here.