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Life can throw curveballs, and when it does, having an insurance policy in place can prove to be a life-saver. 

Some policies might be required, such as auto and home insurance. Others may be optional, like life insurance. Regardless of the type of insurance you’re looking for, it’s important that you choose a policy that not only fits within your budget, but provides you with adequate coverage.

There are plenty of resources in Canada when it comes to insurance products, and Canada Protection Plan is one of them. Canada Protection Plan is a privately-owned insurance firm founded in 1992 and offers a variety of simplified and easily-accessible medical life insurance plans to Canadians. 

The company’s products are also designed for those who may otherwise have a hard time securing a policy — due to advanced age, pre-existing medical conditions, or participation in extreme sporting activities — thanks to its non-medical coverage options.

That said, Canada Protection Plan’s insurance plans are also ideal for healthy individuals who are looking for a way to get quick coverage, don’t want to participate in a medical exam, or are seeking an alternative that’s better suited to their needs.

Want to switch life insurance providers? Learn how to cancel your current life insurance policy.

What Does Canada Protection Plan Offer? 

Canada Protection Plan offers 4 types of insurance products. 

No Medical And Simplified Issue Life Insurance

These plans provide coverage to your named beneficiaries in the event of your passing. Most plans are available without the need for medical exams, doctor’s notes, or blood and urine samples.

Critical Illness Insurance

If you’re ever diagnosed with a critical illness that prevents you from working, a critical illness insurance policy will pay out a lump sum of money to help cover life’s biggest expenses.

Health And Dental Insurance

Expenses that provincial health plans don’t cover — such as prescription medication, eyeglasses, and dental appointments — can be pricey. With a health and dental insurance plan, these extra expenses can be covered.

Travel Insurance

Provincial health plans won’t cover you when you travel internationally and may have limitations when you travel outside of your province. Travel insurance can fill the gap and provide you with medical coverage when abroad.

Lookout How To Tell If Your Insurance Agent Is Misleading You

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Lookout How To Tell If Your Insurance Agent Is Misleading You
How To Tell If Your Insurance Agent Is Misleading You

No Medical And Simplified Issue Life Insurance

Canada Protection Plan’s life insurance policies are offered as either term or permanent plans:

Term Life Insurance

Term life insurance is ideal for those who know how long they need coverage for, such as over the life of a mortgage or while their children are still in school. Canada Protection Plan offers term life insurance for 10-, 20-, 25-, and 30-year terms, and premiums remain fixed throughout the term.

All plans can be renewed and provide coverage to the age of 80 years. Once the term expires or you feel that you will need coverage past 80 years of age, you can convert your term plan to a permanent plan up until the age of 70, no matter what your health status is at the time that you make the changes.

Canada Protection Plan offers 5 types of term life insurance plans:

Deferred Elite Term Life Insurance

  • Designed for those who are hard to insure because of health conditions, or who were once denied life insurance.

Simplified Elite Term Life Insurance

  • Designed for those who are healthy but participate in extreme sports, or for those who do not want to have a medical exam.
  • Full protection as soon as the policy is issued.

Preferred Term Life Insurance

  • Designed for healthy people who are looking for quick coverage. 
  • Coverage up to $1 million.

Express Elite Term Life Insurance

  • Designed for healthy people who are looking for a quick policy at lower rates.
  • Coverage up to $750,000.

Preferred Elite Term Life Insurance

  • Designed for healthy people who want quick coverage with traditional underwriting.
  • Coverage up to $1 million.

Check out if you should use an insurance agent or a insurance broker.

Permanent Life Insurance

A permanent life insurance policy is ideal for those who are looking for lifelong coverage. Like a term policy, this life insurance plan will pay out a death benefit to your named beneficiaries when you pass away.

Again, there is no medical exam required, and even those who may be difficult to insure can obtain coverage. Most of Canada Protection Plan’s policies offer full protection from the day the policy is issued.

Canada Protection Plan offers 6 types of permanent life insurance plans:

Guaranteed Acceptance Life

  • Designed for those who are the hardest to insure due to a very serious pre-existing medical condition or other issue, or who have been previously denied coverage.

Deferred Life

  • Designed for those who are hard to insure due to a serious medical condition.

Deferred Elite Life

  • Designed for those who are hard to insure due to a less serious medical condition.

Simplified Elite Life

  • Designed for healthy people who may have a hard time getting coverage due to participation in extreme sports, or for those who do not want to undergo a medical exam. 

Preferred Life

  • Designed for healthy people who are looking for quick coverage.
  • Coverage for up to $1 million.

Preferred Elite Life

  • Designed for healthy people who want quick coverage through traditional underwriting at affordable rates.
  • Coverage up to $1 million.

Check out these 5 insurance mistakes to avoid.

Critical Illness Insurance

A critical illness insurance plan from Canada Protection Plan pays out a living benefit in the event that you are diagnosed with a critical illness that is covered under your plan and prevents you from continuing to work. You can use the payout to cover a variety of expenses as you see fit, including medical care.

Canada Protection Plan’s critical illness policies require no medical exams or tests, and up to $100,000 in coverage can be provided up to the age of 75. You may even be eligible with a pre-existing medical condition.  

Canada Protection Plan offers 4 types of critical illness insurance plans:

  • Cardiac Protect CI – Pays up to $50,000 for cardiac disease diagnoses, including heart attack and stroke.
  • Cancer Protect CI – Pays up to $50,000 for cancer diagnoses, including benign brain tumours and aplastic anemia.
  • Cardiac and Cancer Protect CI – Offers coverage for both cancer and cardiac disease diagnoses and pays up to $50,000 each per disease.
  • Cancer Or Cancer Protect CI – Pays up to $100,000 in the event of either cancer or cardiac disease.

Find out how Sun Life financial advisors can help you meet your financial goals.

Health And Dental Insurance

Canadians are fortunate to have their medical bills covered by provincial health plans. But not all expenses are necessarily covered. A health and dental insurance plan can bridge the gap between what you are currently covered for and what you’d normally have to pay out-of-pocket for, such as dental appointments, prescription drugs, and eyeglasses. 

Canada Protection Plan also offers Hospital Cash Benefit insurance, which pays you out if you are ever hospitalized. The money can be used to pay for a semi-private bed, or to cover the cost to care for your kids or pets while you are in the hospital.

Canada Protection Plan offers 2 types of health and dental insurance plans:

  • Hospital Cash Benefit – Tax-free payments are paid out if you are in the hospital for at least 24 hours.
  • Health and Dental Insurance – Covers the cost of medical expenses that are not covered under provincial health plans, such as dental care and prescriptions.

Check out these 14 insurance terms you should know.

Travel Insurance

Travelling outside Canada will leave you vulnerable without some form of travel insurance policy in hand. A medical issue suffered abroad can leave you with hefty medical bills to pay, which can skyrocket if more invasive measures are required, such as hospitalization or surgery.

Canada Protection Plan offers travel insurance to cover these unforeseen costs if they ever happen while you’re abroad and offer up to $10 million in coverage.

Looking for travel insurance? Check out these travel credit cards.

Canada Protection Plan offers 2 types of travel insurance:

Travel Medical Insurance

  • Coverage includes doctor visits, hospital stays, prescriptions, emergency dental care, emergency transportation, therapy, meals and accommodation, return of vehicle, transportation of family, and return of deceased.

Visitors to Canada

  • Visitors from outside Canada who require medical insurance can get coverage through Canada Protection Plan in case of a medical episode.
  • Suitable for international students, landed immigrants, of those who are visiting Canada for an extended period of time.

Benefits Of Canada Protection Plan

There are plenty of reasons to consider an insurance policy through Canada Protection Plan: 

  • Quick Online Quote – You can find out roughly how much an insurance plan will cost you by filling out a quick questionnaire online.
  • No Medical Test -There’s no need to go through an invasive medical exam in order to secure an insurance policy through the Canada Protection Plan.
  • Pre-Existing Conditions Accepted – Even if you have a medical condition that may have prevented you from obtaining life insurance through another insurer, pre-existing conditions are accepted with Canada Protection Plan.
  • Broad Selection Of Plans – You’ll have plenty of insurance coverage options to choose from, including travel medical, health and dental, and traditional life insurance.
  • Multiple Terms Available – Choose from 10-, 20-, 25-, and 30-year term life insurance plans to suit your needs.
  • Affordable – Pricing for insurance plans through Canada Protection Plan is affordable when compared to other insurance providers in Canada.
  • Immediate Coverage – Most plans provide protection as soon as the policy is issued.

Learn how to buy life insurance.

How To Apply For An Insurance Policy

To apply for an insurance policy through Canada Protection Plan, you must answer a number of questions related to your health. The answers you provide will help the company gauge your eligibility for a policy and how much your policy will cost based on the coverage amount you require. 

It’s important that you answer the questions as completely and honestly as possible in order to ensure that you are not denied coverage at any point due to dishonest answers.

Check out how life insurance affects your debt.

Final Thoughts

Canada Protection Plan offers a variety of life and health insurance plans without the need for a medical exam. Plans are affordable, and coverage goes into effect as soon as the policy is issued. Those who may be harder to insure because of a pre-existing medical issue or who have been previously denied coverage may find Canada Protection Plan easier to secure an insurance policy with. And with the online quote calculator, determining your rate for a policy is as convenient as it gets.

Caitlin Wood avatar on Loans Canada
Caitlin Wood

Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.

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