What Makes Canada Protection Plan Different – Q&A with Mike Liem

Mike Liem
Regional Sales Director at Canada Protection Plan

Can you tell me a bit about your background? How did you get started in the insurance industry?

I started in the financial industry over 20 years ago in banking at Scotiabank and CIBC. 8 years ago, I joined Desjardins Financial Securities as an Independent Advisor and Field Manager training new advisors coming into the industry.

What are some of the things you find most enjoyable about working with Canada Protection Plan?

Working at Canada Protection Plan is very different than working at the larger corporations. Our culture is more like a family rather than a large corporation. Management is very approachable and focused on supporting employees and our clients.

It is a culture that is built on innovation and simplifying the way we sell life insurance to Canadians.

Tell me a little about the History of Canada Protection Plan. When was the company founded and how is it positioned in the Canadian Market Place?

The company was founded in February of 1992 with the goal of offering insurance coverage to all Canadians, even those that were hard to insure.  Over the last 25 years, both our company and our products have evolved.  Originally our maximum coverage was only $50,000 whereas today, we can offer coverage of up to $500,000.  This was unheard of just a few years ago. Canada Protection Plan continues to be Canada’s  leading supplier of Simplified Issue insurance and No Medical Life Insurance. 

What are three things a lot of consumers and brokers may not know about Canada Protection Plan?

1. Most people are surprised to learn that they can get up to $500,000 in coverage even if they have had cancer, diabetes, suffered a heart attack or stroke, or have had any major medical complication with no medicals or nurse visits within as little as 3 days.
2. Many people do not realize that we offer fully underwritten policies up to $1 million for clients that are healthy.
3. Any policy with a face amount of over $10,000 qualifies for the complementary member benefits, which include competitive scholarships and the Orphan benefits, just to name a few.

Why should someone who has had cancer look at Canada Protection Plan for their Life Insurance needs? 

In traditional markets, clients who have previously had cancer may find it difficult to get life insurance coverage. Depending on the situation, they may be highly rated, postponed, or declined.

Offering coverage to people who have or have had cancer is a unique strength of Canada Protection Plan. If the client has been cancer free for 3 years or even as little as 1 year, they can qualify for up to $500,000 in coverage. For those that are newly diagnosed, they may qualify for up to $75,000 of coverage.

Can you give a quick rundown of the Term and Permanent Life insurance plans available at Canada Protection Plan?

Canada Protection Plan Current Products (up to $1 million in face amount).

We also offer a 20 pay option.