Life Insurance in Canada - A Guide to Canada Protection Plan Products and Eligibility

Posted on November 26, 2018

Looking for life insurance in Canada? You'll want to check out Canada Protection Plan or simply CPP Insurance. Whether you have a pre-existing condition, want insurance without a medical exam, or have been historically hard to insure, you can probably find a plan that suits your needs.

Founded in Toronto in 1992, this company has been providing great plans and customer service for over twenty-five years. Read on to learn more about their life insurance plans and the other types of insurance that they offer.

No Medical and Simplified Issue Life Insurance

Canada Protection Plan is most famous for their life insurance plans. Their no medical and simplified issue life insurance is available to even people who are traditionally really hard to insure.

Plus, as you can probably guess from the name, there's no medical exam required to qualify. They will ask you to fill out a questionnaire, but there's no need for things like bloodwork or a visit to the doctor's office.

There are two different types of life insurance that you can choose between: permanent or term life insurance.

Permanent life insurance gives you protection for a lifetime. (That's why you also might hear it called "whole life" insurance -- you'll be covered for your whole life.) If you have fixed needs like end-of-life expenses, this is a good option.

Term life insurance, on the other hand, gives you coverage for a certain amount of time. If you're looking for coverage to pay for things like a mortgage or a university education, term life insurance is a great choice. It gives you the coverage you need while you need it.

Types of Plans

There are different types of plans under both Canada Protection Plan's permanent and term life insurance options.

If you opt for a permanent life insurance plan, you'll have six different plans to choose from: guaranteed acceptance, deferred, deferred elite, simplified elite, preferred, and preferred elite. Guaranteed acceptance is for people who have the hardest time finding insurance, while preferred elite is for people who could easily get insurance but want their coverage immediately.

If you have a serious medical condition, for example, you might want to apply for the guaranteed acceptance plan. For those who aren't quite sure where they fall, either the deferred or simplified elite might be helpful.

The deferred elite plan is for people with a condition like cancer or diabetes who have been denied for insurance before. Simplified elite is for someone who might be mostly in good health but sometimes engages in risky behavior.

Preferred elite has the best rates, but each plan is affordable.

On the term life insurance side, there are four different plans to choose from. These plans start at deferred elite and follow the same pattern as permanent life insurance: the other three plans are simplified elite, preferred, and preferred elite.

All of the level plans are available in ten, twenty, and twenty-five-year terms.

Critical Illness Insurance

If life insurance isn't quite on your radar yet, CPP also offers other types of coverage to make sure that your needs are met. One of these insurance plans is critical illness insurance.

Your provincial health insurance might not cover all emergencies, so critical illness insurance can help to make sure that you'll never face a financial emergency along with a medical one. If you're diagnosed with a life-threatening illness, it will provide you with a cash payment depending on your plan.

Health Security Plus

If you're diagnosed with one of six critical illnesses, this plan will pay out a lump sum to help you cover costs like traveling for medical care or lost wages from a family member leaving their job to be a caregiver.

This is a no medical plan, so you don't need to see a doctor before purchasing coverage. People ages 20 to 55 can buy anywhere from $10,000 to $50,000 in insurance coverage.

LifeCare T10

If you're in good health for your age and would like coverage for a wider variety of illnesses or conditions, you might want to select LifeCare T10 instead. Under this plan, the company will pay out a lump sum of money if you're diagnosed with one of 21 critical illnesses or have a heart attack or stroke.

This is available for people ages 18 to 65 and you can receive coverage in the range of $25,000 to $2,000,000 in benefits.

LifeCare T75

LifeCare offers much of the same benefits of Lifecare T10, but the biggest difference is that your premium is guaranteed to remain level until you turn 75.

You can also access additional benefits like a money management service, emergency grants, and discounted legal services.

Health & Dental Insurance

If you're just looking to make sure you fill in the gaps left by your provincial health insurance, the health and dental insurance plans will probably be helpful to you.

These are meant to be supplementary insurance plans to make sure that no matter what happens, you're never left high and dry by your medical bills. Unlike the critical illness insurance, this will cover things like minor hospital stays or dentist visits.

The no medical hospital cash benefit helps you out by providing you with extra money if you're hospitalized for more than twenty-four hours. They'll pay a daily benefit of $25, $50, or $100 depending on the plan you choose.

Their health and dental insurance are underwritten by Manulife, so you can choose from a variety of plans to fit you and your family's needs.

Travel Insurance

Finally, provincial health insurance, unfortunately, doesn't do much good if you become sick or injured while traveling abroad. Depending on where you are in the world, a hospital stay could end up costing you thousands of dollars.

Travel medical insurance covers emergency medical costs for plan members when they're traveling outside of Canada, with policies covering up to $10 million for Canada residents.

Don't Go Without Life Insurance in Canada

Medical and life insurance in Canada are important for everyone to have. Make sure that you can get the coverage you need at a price you can afford.

Want to find out what price you can expect? Get a free, no obligation quote today.

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