Canada Protection Plan Increases Coverage Levels

Good news for people facing difficult roadblocks when trying to buy life insurance.

Canada Protection Plan, the leading No Medical and Simplified Issue insurance provider in the country, now guarantees that no applicants will be turned away when they attempt to obtain protection for their loved ones.

“Whether you have health issues, are in good health, new to the country on a work permit, participate in extreme sports or simply want reliable, affordable coverage quickly and are between
18 and 80 years old, we can offer you the life insurance coverage you deserve,” says Michael Aziz, a Chief Distribution Officer at Canada Protection Plan, a Foresters Financial Company.

New coverage plans and levels include:

  • Up to $500,000 in coverage with No Medical Exam
  • Up to $1 million in coverage for Preferred Simplified plans
  • Deferred Elite plan pays 50% of the death benefit in Year 2 (if death occurs during months 13 – 24) in the 2-year deferred plans.
  • Guaranteed Acceptance, regardless of health condition, up to $25,000 issue ages 18 – 75
  • Direct access to their Underwriters
  • Canada Protection Plan Deferred Life – for Serious health conditions. Coverage up to $75,000. The full coverage amount is payable after you have been enrolled for two years. If the cause of death is accidental, the full coverage amount is payable at the time of death, even if you have been enrolled for less than two years.
  • Canada Protection Plan Deferred Elite – for Less serious health conditions. Coverage up to $350,000. If death occurs during the second year and is due to non-accidental means, 50% of the coverage amount is payable. The full coverage amount is payable after 2 years. If the cause of death is accidental, the full coverage amount is payable at any time.
  • Canada Protection Plan Preferred – Good health for those who want a fast and simple application process. Coverage is available up to $1 million. No Medical required for up to $500,000 and issue age up to 70. Coverage starts immediately
  • Canada Protection Plan Preferred Elite – Good health for those who want a fast and simple application process at the lowest rates. Coverage is available up to $1 million and starts immediately.

Under the new regulations, cigar smokers and many marijuana users are now classified as non-smokers. Canada Protection Plan insurance also provides better coverage and more peace of mind for Canadians with serious medical conditions such as cancer, diabetes, coronary diseases, epilepsy and high blood pressure, as well as:

  • Angina
  • Bipolar Disorder
  • Psychosis
  • Schizophrenia
  • Alcoholism
  • Liver disease
  • Blood Disorders
  • Crohn’s Disease
  • Hepatitis A & B
  • Hepatitis C (limited coverage)
  • Cirrhosis
  • Lupus
  • Parkinson Disease
  • Transient Ischemic Attack (TIA)
  • Multiple Sclerosis
  • Chronic Kidney Disease (limited coverage)
  • Chronic Obstructive Pulmonary Disease (COPD)

Life insurance policies are now also available to people with a criminal history, that have been declined for life insurance in the past, have driving violations, frequently travel to foreign lands, participate in hazardous sports and are in the country with a valid work permit (maximum $250k).

“Our new products now protect more people with a wider range of health conditions and more lenient approvals. For example, if you enjoy skydiving or flying your own plane, you will be covered at a competitive price. Our products are as unique as each of our customers,” Aziz added.

Coverage under a Canada Protection Plan could also qualify you for additional benefits such as short-term emergency financial assistance, eligibility for one of 250 post-secondary education scholarships for as much as $8,000 a year for students that meet the requirements and terminal illness loans for up to 75% of your coverage amount, with a limit of $250,000.

These improvements and additional benefits to Canada Protection Plan insurance products were designed to help more people obtain the coverage they need to protect themselves and their families from potential financial ruin in the event of an unexpected death. Simplified Issue and No Medical life insurance typically requires only a few medical questions, no tests and no medical exam.

The Canada Protection Plan application doesn’t ask many questions about your past or lifestyle, like if you have ever been declined a life insurance policy or have a history of reckless driving. Simplified Issue and No Medical life insurance is the perfect solution for anyone that has had problems getting life insurance in the past. Find out today if a this may be the right plan for you. Canada Protection Plan products can be purchased through over 25,000 independent insurance advisors across Canada.

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  • Brokers World
    September 14, 2013 at 9:50 am

    How does CPP Simplified Life stack with Equitable Life’s new plan>

    • LSM Insurance
      September 14, 2013 at 10:09 am

      Canada Protection Plans fair very favourably especially for the younger ages. Equitable Life’s plan is more similar to Assumption Golden Protection Plan in terms of design and pricing. One big benefit Assumption has over the Equitable plan is they insure applicants 85 and under.