The number of Canadians with life insurance has increased over the past several years. Research has found that in the last six years alone, it has increased by 3.4 million.
Since the pandemic, more and more Canadians have been considering buying life insurance to protect their families. An Ipsos survey found that 63% believe that life insurance is key, and 26% said they thought their families would suffer financial ruin if they were to pass away. Yet, many who responded to the survey also demonstrated a lack of understanding of life insurance policies. They were unclear of the differences between term life insurance, permanent life insurance policies, universal life insurance or whole life insurance.
As life insurance brokers, we understand how confusing the industry can sometimes be. There are so many different insurance companies vying for your business. Canada Protection Plan is one of those life insurance companies that offer a range of coverage. They have become well known for quickly issuing guaranteed acceptance life insurance and don’t require medical exams.
The immediate coverage can sound too good to be true, especially if you have serious health conditions. But are Canada Protection Plan’s policies worth it?
Why Have Life Insurance Coverage?
In Canada, regardless of the type of life insurance policy you buy, the insurance company commits to pay your beneficiaries a death benefit when you pass away. Usually, this sum of money is enough to help your loved ones meet their financial obligations after you’re gone. In turn for this protection of your family, you will be paying monthly premiums for your life insurance.
Having life insurance coverage provides you and your family with peace of mind. Whether you buy term life insurance or a permanent life insurance policy, you can rest easy knowing your loved ones will be taken care of when you pass away. If you have children or others dependent upon you, getting life insurance is a vital part of the caregiver’s role.
What Is Critical Illness Insurance?
Cardiac Protect CI
Cancer Protect CI
Cardiac and Cancer Protect CI
Cardiac or Cancer Protect CI
Additional Insurance Options
Canadian Protection Plan also offers other forms of insurance, including
Travel insurance – covers Canadian travellers for emergency medical costs if they get sick while they are travelling.
Visitors to Canada insurance– Non-Canadian citizens can also buy protection for medical costs while they are travelling in Canada or waiting on an application to move here.
Hospital cash benefit – offers protection if you are in the hospital longer than 24 hours.
Health and dental insurance – for those wanting extra coverage for health and dental expenses, the Canadian Protection Plan partners with Manulife to offer additional coverage for things that don’t fall under the provincial health plans.
What Is The Canada Protection Plan?
While the name makes them sound like they are affiliated with the Government of Canada, they are not. Canada Protection Plan is an insurance company that has built its reputation on providing simplified-issue, no-medical life insurance.
Canada Protection Plan first entered the life insurance scene in Canada back in 1992. They are based in Ontario but also have an office in Montreal. For the last 20 years, they have focused on providing life insurance products to individuals who find it difficult to get approved for other permanent life insurance. The organization’s reputation has been built on its quick, simple, easy, non-medical exam coverage options for those looking to buy life insurance. For example, older Canadians or those with health issues or even lifestyles that may exclude them from other life insurance policies. For example, older Canadians or those with health issues.
However, Canada Protection Plan’s coverage is also a great option for those in relatively good health who want to get life insurance quickly with little fuss. Life insurance plans are underwritten by one of the oldest insurance companies in North America, Foresters Financial. The organization has a 140-year history in the industry. This connection has an added benefit for life insurance policy applicants. There are a number of membership benefits that are offered to its customers, such as:
Pros and Cons of Canada Protection Plan's Life Insurance
Pros of Canada Protection Plan Life Insurance
Multiple Life Insurance Products
Canada Protection Plan has multiple life insurance products for consumers in all health categories. They really aim to offer life insurance to Canadians in any state of health. Most of these are simple, no-medical coverage policies, which makes it an attractive option for older Canadians. Their term life insurance policies are available in 10, 20, 25, and even 30-year coverages. The insurance company also offers whole life insurance policies with coverage amounts as little as $10,000. These life insurance policies can be ideal for those who want coverage for funeral expenses.
Life insurance policies are even available for non-Canadians, such as students, temporary residents, or those on a work visa. Applicants don’t need to be Canadian citizens or permanent residents to qualify for life insurance coverage.
No Medical Exams
Longest Term Life Insurance Policy
Coverage For Those With Health Issues
Cons of Canada Protection Plan Life Insurance
Death Benefit Cap
Lack of Experience
In the scheme of things, Canada Protection Plan is a relatively new company in the life insurance industry in Canada. Canada Protection Plan began in 1992, and they’re underwritten by Foresters Life Insurance company.
The two companies have merged, which gives Canada Protection Plan a stronger position. It can be difficult to find information on their financial strength.
Types of Canadian Protection Plan Term Life Insurance Policies
Canada Protection Plan Deferred Elite Term
Canada Protection Plan Simplified Elite Term
Canada Protection Plan Preferred Term
Canada Protection Plan Express Elite Term
Canada Protection Plan Preferred Elite Term
Why Work With Maple Bay Financial?
Maple Bay life insurance brokers understand the life insurance scene in Canada. We have over 200 years of collective experience, and we are happy to use that experience to better life for our customers.
We have families too, and we know how important it is to find the right life insurance coverage. Your Maple Bay insurance advisor will help you determine if Canada Protection Plan life insurance fits your needs.
Contact us to book your appointment today.