Canada Protection Plan Term Life Insurance review

A lineup built around no-medical plans

Canada Protection Plan (CPP) is a Foresters Financial brand, and its policies are underwritten by The Independent Order of Foresters or Foresters Life Insurance Company. Its term plans are Deferred Elite, Simplified Elite, Preferred, Preferred Elite and Express Elite Term, each aimed at a different health profile.

Terms come in 10, 20 and 25 years, plus a 25-year decreasing term where coverage falls to 50% of the initial face amount over the term. CPP’s overview page mentions 30-year level plans, but we found a 30-year term only on Express Elite Term.

Coverage amounts and issue ages by plan

Coverage depends on the plan you qualify for. Issue ages also vary by term: based on CPP’s plan labels, the 10-year term runs from 18 to 70, the 20-year term from 18 to 60, the 25-year level term from 18 to 55 and the 25-year decreasing term from 18 to 60. The age fields in CPP’s plan tables didn’t display properly, so confirm your eligibility with a quote. Coverage by plan:

• Deferred Elite Term: $25,000 to $350,000
• Simplified Elite Term: $25,000 to $500,000, with a $350,000 maximum on the 61 to 70 plan
• Preferred Term: $50,000 to $1,000,000
• Preferred Elite Term: $500,000 to $1,000,000
• Express Elite Term: $100,000 to $750,000 for ages 18 to 50 on the 20 or 30-year term, or $100,000 to $500,000 for ages 51 to 60 on the 20-year term

Medical exam and the Deferred Elite waiting period

Deferred Elite and Simplified Elite Term use a no-medical application. Preferred Term is no medical for amounts up to $500,000 if you’re 70 or under; CPP doesn’t state the requirements above that. Express Elite Term is no medical for people in excellent health. Preferred Elite Term sits under CPP’s no-medical menu, but its own page says it is fully underwritten.

Deferred Elite is designed for hard-to-insure applicants and has a graded death benefit. The full benefit is paid if death is accidental or occurs after two years. A non-accidental death in the second year pays 50%, and in the first year the payout is limited to premiums paid plus 3% simple interest.

Renewal, conversion and riders

CPP says all level term plans are renewable and provide coverage to age 80, without evidence of insurability. Express Elite’s 30-year term can renew for an additional 20-year term up to age 80. Level plans are convertible up to age 70 to the matching permanent plan, including Express Elite Term 20 and 30. The 25-year decreasing term can’t be renewed or converted. Riders include:

• Accidental death benefit and child term benefit
• Hospital cash benefit (not listed for Deferred Elite Term)
• A term insurance rider for a temporary increase in coverage
• Critical illness rider on Express Elite Term
• Transportation benefit, included with Deferred Elite Term

How to apply

CPP’s site offers an online Quick Quote tool, a no-obligation quote form and a toll-free phone line. It doesn’t describe a full online application, so ask how the application is completed when you request a quote. CPP’s pages also describe Foresters member benefits, and the Preferred Elite page mentions a 10-day policy return period with a refund.