It’s likely that if you’ve been searching for life insurance coverage, you’ve heard about the Canada Protection Plan. Although it might sound like a government program, it’s actually a mid-sized life insurance company. They’ve built a reputation for offering easy to get, no-medical life insurance.
But just what are people saying about their life insurance policies? Let’s take a closer look at some Canadian Protection Plan reviews.
It’s likely that if you’ve been searching for life insurance coverage, you’ve heard about the Canada Protection Plan. Although it might sound like a government program, it’s actually a mid-sized life insurance company. They’ve built a reputation for offering easy to get, no-medical life insurance.
But just what are people saying about their life insurance policies? Let’s take a closer look at some Canadian Protection Plan reviews.

Canadian Protection Plan Company history
Canada Protection Plan first started selling life insurance in Canada in 1992. In the beginning, it only offered one life insurance product, no-medical life insurance. However, over the years it grew and expanded its offerings. Now, the company offers a range of policies, including simplified and guaranteed issue policies.
While the company is based in Ontario, they’ve recently opened up an office in Montreal.
It’s likely you’ve seen one of the commercials advertising Canada Protection Plan coverage. One of their biggest customer bases is older Canadians looking for simplified-issue life insurance.
Many of the policies are designed for individuals who may struggle to find affordable life insurance, such as higher risk individuals or seniors. But their life insurance can also suit other individuals who want to get life insurance coverage quickly.
The man who began the company, David Slabodkin, has a reputation for supporting community causes. But more importantly, Canada Protection Plan is now owned and underwritten by Foresters Financial. This gives the company some strength. Foresters Financial is worth more than 14 billion. They’ve also been around for over 140 years. The company maintains a financial strength rating of A, for excellent. So, while Canada Protection Plan may be relatively new to the Canadian insurance industry, its connection with Foresters Financial offers peace of mind to customers.
Additionally, Canada Protection Program has BBB accreditation and an A+ rating.
Canadian Protection Plan life insurance coverage
Although it may be a difficult subject to discuss, it’s a good idea to talk with your family and loved ones about their financial needs. Consider whether they would be able to pay the bills if you passed away. If you have any doubt, life insurance can provide you with peace of mind knowing they will be taken care of.
How much does life insurance cost?
Canada Protection Plan permanent life insurance

Preferred term/preferred elite
They offer preferred term and preferred elite life for healthy individuals that have no underlying medical issues. These policies may require applicants to undergo a medical exam. However, you can get coverage amounts for up to $1,000,000 with these policies.
Simplified elite life/simplified elite
Canada Protection Plan also offers simplified elite life and simplified elite. These policies are also designed to provide life insurance coverage for healthy individuals, and there is no waiting period with these policies. You can get coverage up to $500,000.
Deferred elite life/deferred elite
For those with some moderate health issues, there is the deferred elite life and deferred elite policies. However, there is a two-year waiting period before coverage will begin. If a non-accidental death occurs during the waiting period the premiums will be paid back in the first year and if it occurs in the second year of the waiting period, beneficiaries will receive half of the death benefits. Coverage under these policies can range from $5,000 to $350,000. Life insurance applicants who have more serious health issues can apply for deferred life insurance with Canada Protection Plan. This life insurance policy also has a two-year waiting period. Coverage can be up to $75,000.
Guaranteed acceptance life
The most well-known life insurance policy that Canada Protection Plan offers is its guaranteed acceptance of life insurance. It has been designed for those with serious health complications. And there are no medical exams or health questions you’ll need to answer before your coverage starts. Even those who have had a heart attack or have been diagnosed with a terminal illness will be able to apply. With this policy, the coverage amount is limited to $50,000 and there is a two-year waiting period. If you pass away before the waiting period is up, your beneficiaries will get a refund of the premiums you paid. The other drawback of this coverage is that it is one of the most expensive policies.
Canadian Protection Plan term life insurance
Express elite term
One of their newer term life insurance policies is called CPP Express Elite Term Insurance. It was designed for individuals who are in great health and want to get term life insurance quickly. If you’re looking for life insurance protection for your loved ones, consider this term policy. It can help protect your mortgage and income. It’s available in 10, 20, or 30-year terms.
During the term of your coverage, the price of premiums will never increase. The policy can be renewed until you’re 80 years old. However, once your policy expires, you’re no longer covered. If you want to convert it to permanent life insurance, you’ll need to do it before you reach 70 years of age.
The application process for Express Elite Term Insurance is quick. You can complete the application in about 15 minutes and have a policy issued in 72 hours. And coverage can go up to $750,000.
Preferred term/preferred elite
Simplified-issue life insurance
Deferred elite
Canadian Protection Plan critical illness insurance
Along with life insurance, many individuals look for critical illness insurance. It can offer peace of mind knowing that if something happens to you and you are no longer able to work, you can still receive an income. Canada Protection Plan offers four critical illness insurance policies. Their approach differs from other life insurance companies. Rather than lump types of conditions together, Canada Protection Plan allows customers to pick and choose the coverage they want.
Critical illness insurance offers you a lump-sum payment that is tax-free if you suffer a critical illness defined by your policy. These can include:
- Heart attacks
- Cancer
- Stroke
- Benign brain tumor
- Coronary artery bypass surgery
Canada Protection Plan Critical Illness Coverage
Cardiac protect CI
Cancer protect CI
Cardiac and cancer protect CI
Cardiac or cancer protect CI
What customers say about Canadian Protection Plan
On Google reviews, Canada Protection Plan has a rating of 3.9 stars, which means they have more positive reviews than negative ones. Moreover, the organization responds to customer reviews, a sign that they genuinely care about their customers and their reputation. It’s also important to keep in mind that insurance companies often get negative reviews. When customers are not happy, they are more inclined to make their thoughts heard. Customers who’ve had a good experience are less likely to take the time to write a review.
The BBB has given Canada Protection Plan an A+ rating. Unfortunately, there are only three customer reviews listed on their website for the insurance company. That gives them a rating of 2.33/5.
Employees offer the company 3.6 out of five stars on the Glassdoor website. According to those reviews, 96 percent approve of the insurance company’s CEO and 68 percent would recommend the organization to a friend.
The Canadian Protection Plan website also lists customer testimonials for review. These stories are worth reading, but keep in mind that they are probably vetted by the company.
Other benefits of Canada Protection Plan

Quick approval process
Availability
Flexible
Benefits
Cons of Canada Protection Plan
Limited coverage
Reduced options
Why Shelter Bay?
If you’re wondering if a Canada Protection Plan life insurance policy is right for you, speak to a Shelter Bay Insurance broker. We’re independent from insurance companies and can help you find the right coverage for your situation. Our team understands life insurance, and we know how to find the best level of coverage for your needs. We have access to a variety of life insurance products from different insurance companies, including the Canada Protection Plan. So, we’ll be able to help you compare rates and coverage and make the best decision.