What You Need to Know About the Canada Protection Plan

cpp logo

Canada Protection Plan’s policies are underwritten by Unity Life and they offer a full range of Whole Life, Term Life, Non-Medical and Simplified Issue life insurance solutions.

The one key component to keep in mind is the difference between Simplified Issue and Guaranteed Issue coverage.

Simplified Issue plans are available without a medical, but do have a series of health questions. Canada Protection Plan’s Simplified Issue policies have anywhere from six to 34 health questions depending on the type of plan.

Guaranteed Issue policies, which offer much lower face amounts and higher premiums, have no medical tests and no health questions.

Canada Protection Plan does not offer Guaranteed Issue policies. In most instances, the insured is far better off with a Simplified Issue policy and should look for that type of plan when he or she can answer, “No” to the most questions possible. This will generally result in the highest possible face amount at the lowest possible premium.

Some Canada Protection Plan policies are available on a deferred basis, where the death benefit is limited to a return-of-premium plus interest in the first two policy years, or on an immediate-pay basis, as with Simplified Issue plans.

As of March 26th 2015, Canada Protection Plan has added new features to their coverage plans, making them more flexible. The most notable change in their plan is the introduction of a 25 year decreasing term which suits the needs for anyone with a mortgage.

The application process has also received an overhaul making it much easier than ever. Now, you can submit your application to all plans using a single form. In addition, you can submit your form through their e-application process. Canada Protection Plan now offers direct access to underwriters to brokers which will help speed up the application process.

For more details you can contact us at 1-866-899-4849 or visit our Non-Medical Life Insurance Quote Page.

Most recent articles

Your email address will not be published. Required fields are marked *

  • Georges
    May 30, 2013 at 8:19 am

    Does CPP have a Term policy. I really don’t need a Term 20 policy.

    I am 47 and 15 years left on my mortgage. I had a heart 6 years ago. Regs

    • LSM Insurance
      May 30, 2013 at 8:45 am

      Hi Georges, Canada Protection Plan (CPP) does not a Term 15 plan they do offer Term 10, Term 20, and Term 100 plan.

      CPP plans are underwritten by Foresters Life Insurance Company – Foresters does offer a Term 15 plan but the plan is fully underwritten.

      If your heart attack was 6 years ago, depending on other health issues you may qualify for the Foresters plan we would be happy to do a preliminary inquiry for you. We’ll send you a separate email now.