Canada Protection Plan: Deferred Life and Simplified Life Pricing

Posted on January 15, 2011 and updated January 15, 2011 in Canada Protection Plan, Canadian Life Insurance Companies, Insurance Types, Life Insurance Canada News, Non-medical 2 min read

Canada Protection Plan offers a Whole Life policy that’s classified as Deferred Life or Simplified Life and comes in in both LifePay and 20-Pay formats.

The premiums are the same for both policies, but the difference is that the Deferred Life plan has a more limited set of health questions and the death benefit is limited to a return-of-premium plus the interest in the first two years for non-accidental death.

The Simplified Life plan has more stringent health questions, but provides coverage from day one. Sample pricing can be found below:

 Deferred Life – LifePay

30-year-old, male non-smoker: $24.21/month Smoker: $32.99/month.

40-year-old, male non-smoker: $33.93/month Smoker: $50.33/month.

50-year-old, male non-smoker: $57.98/month Smoker: $89.42/month.

60-year-old, male non-smoker: $103.75/month Smoker: $160.02/month.

Simplified Life – LifePay

30-year-old, female non-smoker: $21.87/month, Smoker: $27.25/month.

40-year-old, female non-smoker: $29.00/month, Smoker: $41.31/month.

50-year-old, female non-smoker: $47.39/month, Smoker: $66.49/month.

60-year-old, female non-smoker: $85.46/month, Smoker: $113.04/month.

For more details on Simplified Issue Whole Life policies in Canada, please contact us at 1-866-899-4849 or visit our Non-medical Life Insurance Quote Page.