Canada Protection Plan first got its start in Toronto in 1992. Even though this seems young compared to other insurance companies, they do have your interest in mind. CPP has the backing of Forrester’s Financial. They are found throughout North America and are one of the largest companies in the insurance industry.
As time passed, they began to expand their business. This included adding new products. In 2006, they introduced a suite of No Medical products. They also offered some options for No Medical term life.
2006 was also the year they started using a call centre and working directly with the consumer for sales. Sales could now be completed over the phone rather than face-to-face.
CPP continues to grow. Based on numerous CPP life insurance reviews online, the customers now have options they didn’t have before. This includes easy access to Simplified Issue Life and no medical. You can even access critical illness insurance easily.
The company’s mission has always been to protect those who may not be able to get life insurance through other means. This could be due to health problems, or it could even be for those who struggle and are in good health.
What is the value of CPP?
Compassionate:
They are known for their compassionate attitude. It isn’t just the policyholders that have that benefit. CPP also shows compassion to employees, distributors, and even the communities where they work.
CPP wants to ensure that everyone involved gets treated fairly.
Security:
Canadian life insurance companies underwrite and financially back the policies offered by Canadian Protection Plan. This includes having the protection of an organization that protects the policyholders in Canada if a life insurance company should fail. That company is Assuris.
They Focus on Community:
Canada Protection Plan helps in the communities where they work. They want to give back whenever possible and contribute generously to the community. They also support charity.
They Offer Competitive Products:
If you need a competitive product, then CPP has your back. They offer rates, features, and various options that align with what anybody else would offer.
Affordability:
When you compare the plans offered by CPP, you find that they align with what the others provide or are even lower.
Is a life insurance plan with Canadian Protection Plan the right choice for everyone?
One of the primary benefits of using the Canada Protection Plan is that you don’t need to undergo a medical exam before you choose a product. Anyone who suffers from health problems, genetic issues, drug or alcohol abuse, or is at risk because of their hobbies will not have to undergo a medical exam to get insurance.
Some people need to get insurance quickly, and a medical exam will likely slow down the process.
At the same time, you can expect to pay a premium for insurance if you rush through the process in this way.
How do you apply for the Canada Protection Plan?
You will have to undergo a screening and answer some medical questions before approval. It’s a relatively simple concept. You get a lower price if you answer more questions with an honest yes.
One thing you want to avoid is giving any wrong answers or not admitting to any health issues you may be facing. If you are caught giving false answers, you may not receive insurance, or if you have a claim, you may not be able to take advantage of it.
Canada Protection Plan must review the questionnaire, and then they can choose whether to approve you for insurance. In most cases, you will get approval within 48 hours. Even if it is longer, they still offer some of the lowest times in the industry.
Life insurance products offered through Canada Protection Plan:
It’s time to look at some of the different products offered through CPP and find out what may be right for you.
CPP Guaranteed Acceptance Life:
If you’re looking for a guaranteed acceptance life insurance policy, this is the one to choose. It is used by many who need help getting insurance through other means. You don’t have any requirements. They just insure you.
You may use this insurance because of a health condition that would keep you from being insured through other means.
Only some people are going to consider this a suitable policy. After all, you can only get insured for a maximum of $25,000. Most people looking for life insurance want to be insured for a much larger amount.
In addition, there is a two-year length of time in which the only thing the beneficiaries will receive is the amount you have paid into the product. They will only get the $25,000 if you die after two years of obtaining the insurance.
CPP Deterred Life:
The maximum amount covered under this plan is $75,000. It’s similar to the Guaranteed Acceptance Life insurance, but it is a little better. It often covers people with health problems that could not get insurance through other companies.
Similar to Guaranteed Acceptance Life insurance, there is a two-year waiting period before they would pay the entire premium. If you die within two years, your beneficiaries would only get a refund of what you have paid in the premium.
CPP Deferred Elite Life:
You can use the Deferred Elite Life insurance to get as much as $350,000 of coverage. Some people with minimal health issues use this product.
They still offer the refund of premiums paid in the first two years after you sign on the dotted line. The big difference is if you die in the second year, they will pay half of the coverage to your beneficiaries.
CPP Simplified Elite:
The Simplified Elite insurance plan is very similar to other types of life insurance. It is for healthy customers that want to be covered.
It is typically going to cost less for this policy, even though you don’t have to undergo any medical exams to get approved. You can get coverage for up to $500,000.
If you die in the first two years, your beneficiaries receive the complete benefit.