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Facing a critical illness diagnosis can lead to significant financial strain due to medical bills, treatment costs, and potential loss of income. The burden can be daunting, but there’s a way to secure your future and protect yourself against these risks.
Canada Protection Plan (CPP) offers an array of critical illness insurance plans tailored to provide you with financial security and peace of mind in such challenging times. CPP distinguishes itself by catering to diverse needs, including those with pre-existing conditions and people involved in high-risk activities.
CPP’s critical illness insurance provides specialized plans like Cardiac Protect CI, Cancer Protect CI, and combined plans covering both cardiac and cancer-related illnesses. These plans feature lump sum benefits, no medical exam requirements, and guaranteed premiums for the first five years, allowing you to concentrate on your recovery without financial worries.
Secure your financial future today by exploring CPP critical illness insurance and choosing the plan that best fits your needs. Don’t wait for the unexpected—gain peace of mind with accessible and reliable insurance options from Canada Protection Plan. Read on to learn more and get started.
- Key takeaways:
- Canada Protection Plan offers four types of critical illness plans: Cardiac Protect CI, Cancer Protect CI, Cardiac AND Cancer Protect CI, and Cardiac OR Cancer Protect CI
- Because none of the plans require a medical exam, they are an attractive option for a wide range of people, from those with health issues to those simply seeking quick and hassle-free coverage.
- You can buy critical illness insurance directly from Canada Protection Plan or through a licensed insurance advisor, offering flexibility and personalized guidance.
About Canada Protection Plan
Canada Protection Plan is a Canadian-owned and operated company, established in 1992 in Toronto. The company specializes in designing, marketing, and providing life insurance and related products.
What sets CPP apart is its simplified issue life insurance—also known as no medical life insurance coverage—that typically do not require medical exams, making it accessible to a wider range of individuals. This includes people with pre-existing health conditions, have been declined life insurance, or are seeking a more streamlined approach to obtaining insurance.
CPP’s mission is to offer protection for individuals who may struggle to obtain life insurance coverage due to health issues, as well as for those in good health who desire a simpler and faster process. This commitment is reflected in their range of products, which can be purchased through over 25,000 independent insurance advisors across Canada. Additionally, consumers can buy policies directly through CPP.
All of CPP’s policies are underwritten by financially stable Canadian life insurance companies and are protected by Assuris, the organization that safeguards Canadian policyholders if their life insurance company fails. In particular, its no medical life and critical illness insurance products are underwritten by Foresters Life Insurance Company. This ensures that clients have peace of mind knowing their investments are secure.
With over three decades of experience, Canada Protection Plan continues to fulfill its mission of providing accessible and straightforward insurance solutions to Canadians.
Besides critical illness insurance, CPP also offers the following insurance products:
- Term life insurance
- Permanent life insurance
Key facts about Canada Protection Plan
AM Best Rating: A
Head office: 789 Don Mills Road, Toronto, ON M3C 1T9
Website: https://www.cpp.ca/
Contact phone number: 1-877-629-9090
What Critical Illness Insurance Plans Does Canada Protection Plan Offer?
Critical illness insurance is a type of coverage that provides a tax-free lump sum benefit if you are diagnosed with a serious condition listed in your policy, like cancer, heart attack, or stroke. This financial support can be used for any purpose, such as medical treatments not covered by health insurance, living expenses, or modifying your home to accommodate new health needs.
The statistics on major illness prevalence in Canada show why critical illness coverage is vital.
Cancer: Cancer is one of the leading causes of death in Canada. According to the Canadian Cancer Society, nearly 1 in 2 Canadians will be diagnosed with cancer in their lifetime, and 1 in 4 will die from the disease.
Heart attack: Heart disease is another significant health concern. Every year, over 60,000 Canadians suffer from their first heart attack, which translates to one heart attack every seven minutes.
Determining the right insurance coverage amount depends on various factors, including:
- Current income: To replace lost income during recovery.
- Medical costs: For treatments and unexpected medical expenses not covered by health insurance.
- Debts and obligations: To cover mortgages, loans, and other debts.
- Lifestyle changes: For potential home modifications and lifestyle adjustments.
A common recommendation is to consider coverage that equals at least one to two years of your gross annual income, which should be able to fund most of the above in many cases. Consulting with an insurance advisor can help pinpoint the suitable lump sum benefit amount.
In the next section, we’ll explore the four critical illness insurance products offered by CPP.
Cardiac Protect CI, Cancer Protect CI, Cardiac and Cancer Protect CI, Cardiac or Cancer Protect CI
Cardiac Protect CI
Cardiac Protect CI is designed to provide financial support in the event of a heart-related diagnosis. This plan covers a range of cardiac conditions, including heart attack and stroke. You can choose a coverage amount from $10,000 to $50,000, making it accessible for a wide range of financial needs.
This plan is available to individuals aged 18 to 65 and is suitable for people who cannot qualify for traditional critical illness insurance due to a history of cancer treatment. With the simplified underwriting process, you can secure coverage simply by answering ‘no’ to two questions related to heart disease about your medical history, without needing any medical tests.
Cancer Protect CI
Cancer Protect CI offers critical illness coverage specifically for cancer diagnoses. This plan provides a lump sum benefit from $10,000 to $50,000 upon diagnosis, which can be used for any purpose, from medical treatment to everyday living expenses.
Available to individuals aged 18 to 65, Cancer Protect CI provides peace of mind for applicants who cannot obtain a comprehensive critical illness insurance policy due to a history of heart disease. Similar to Cardiac Protect CI, obtaining coverage is straightforward—you only need to answer ‘no’ to two specific questions about your medical history related to cancer.
Cardiac AND Cancer Protect CI
The Cardiac AND Cancer Protect CI plan is a comprehensive option that combines the benefits of the two plans mentioned above. This dual-coverage plan provides separate payouts for cardiac and cancer conditions, offering up to a $50,000 lump sum benefit for each illness category. This ensures that you are covered for multiple critical health risks.
Individuals aged 18 to 65 can apply for this plan, making it a versatile and robust option for those seeking extensive protection against some of the most common critical illnesses. To get coverage, you’ll need to answer four questions about your medical history related to cancer and heart disease, along with two additional questions regarding your family history and your weight and height.
Cardiac OR Cancer Protect CI
Cardiac OR Cancer Protect CI is a versatile plan that covers either cardiac or cancer conditions, providing a single lump-sum payment upon diagnosis. Coverage amount ranges from $10,000 to $100,000, catering to those who desire higher financial protection. Unlike the Cardiac and Cancer Protect CI plan, this insurance policy provides a single payout and then terminates.
Like the other plans, this one is available for individuals aged 18 to 65 for term-75, although it also has a term-20 option for people between the ages of 18 and 55. The application process is identical to the Cardiac AND Cancer Protect CI plan, requiring just six qualifying questions.
- Pros:
- All plans feature 'no medical life insurance' underwriting, eliminating the need for additional testing like blood and urine samples. This also removes the requirement for medical reports from your doctor, significantly speeding up the approval process.
- Ideal for individuals with a history of cancer or heart disease, the Cardiac Protect CI or Cancer Protect CI plans are perfect for those who need critical illness insurance but are unable to qualify for traditional policies due to their medical history.
- If you file a claim for a critical illness covered by the Cardiac and Cancer Protect CI plan (e.g., heart attack), the coverage for the remaining condition (e.g., cancer) stays active at a reduced premium.
- CPP's plans, underwritten by Foresters Life Insurance Company, offer exclusive member benefits. This includes free access to scholarship programs, legal document preparation, community grants, and more.
- Payments don't begin until the second month, providing financial flexibility.
- Cons:
- The maximum coverage of $50,000 offered by three of the four plans might not be sufficient for those needing a larger financial safety net.
- These plans fall short compared to comprehensive critical illness plans by not offering guaranteed premiums, convertibility options, or flexible term lengths.
- There are no partial benefits for less serious health conditions like early cancers or coronary angioplasty like other insurance companies' products.
These four plans by Canada Protection Plan offer tailored coverage options to meet diverse health and financial needs, ensuring that you can find the protection that best suits your circumstances.
Here is a table showing the key features of Canada Protection Plan’s products:
Cardiac Protect CI | Cancer Protect CI | Cardiac AND Cancer Protect CI | Cardiac OR Cancer Protect CI | |
|---|---|---|---|---|
Age eligibility | 18-65 | |||
Number of illnesses covered | 3 | 5 | 8 | |
Plan types | Term-75 | Term-20, Term-75 | ||
Guaranteed premiums | For the first five years | |||
Expiry | Age 75 | |||
Coverage limits | $10,000 to $50,000 | $10,000 to $100,000 | ||
Survival period | 30 days for all illnesses | |||
Partial benefits | None | |||
Conversion privileges | No | |||
Type of underwriting | Simplified underwriting. A medical exam is not necessary | |||
Riders | Accidental death benefit, return of premium on death | |||
Value-added service | None | |||
How to purchase | Directly through CPP or through a licensed insurance advisor | |||
What Illnesses Does Canada Protection Plan Critical Illness Insurance Cover?
Canada Protection Plan offers four critical illness insurance plans, each covering specific health conditions. Here’s a breakdown of the illnesses covered by each plan:
Cardiac Protect CI
This plan focuses on heart-related conditions and covers the following five illnesses:
- Aortic surgery
- Coronary artery bypass surgery
- Heart attack
- Heart valve replacement or repair
- Stroke
Cancer Protect CI
Cancer Protect CI provides coverage for three cancer and related conditions, including:
- Aplastic anaemia
- Benign brain tumour
- Life-threatening cancer
Cardiac AND Cancer Protect CI, Cardiac OR Cancer Protect CI
These two comprehensive plans combines the coverage of both Cardiac Protect CI and Cancer Protect CI, covering the following eight illnesses:
- Aortic surgery
- Aplastic anaemia
- Benign brain tumour
- Coronary artery bypass surgery
- Heart attack
- Heart valve replacement or repair
- Life-threatening cancer
- Stroke
Unlike Cardiac OR Cancer Protect CI, which ends after a covered illness diagnosis, Cardiac AND Cancer Protect CI provides ongoing coverage for cardiovascular diseases if you experience a cancer-related illness, and vice versa.
How Much Does Canada Protection Plan Critical Illness Insurance Cost?
The cost of Canada Protection Plan critical illness insurance varies based on several key factors. While medical history, lifestyle, and family history influence eligibility, they do not directly impact the rates. Here’s a breakdown of the factors that affect the cost:
Age: Your age at the time of application plays a significant role in determining the premium. Generally, the younger you are, the lower the cost, as younger individuals have a lower risk of developing critical illnesses.
Gender: Gender also impacts the cost of critical illness insurance. Statistically, men and women have different risks for certain illnesses, which is reflected in the premiums. For example, men may pay higher premiums for coverage related to heart conditions, while women might see higher costs for coverage related to certain cancers. The difference is more pronounced at older ages.
Smoking status: Smokers typically face higher premiums compared to non-smokers due to the increased risk of developing serious health conditions like cancer, heart disease, and stroke. Quitting smoking can result in significant savings on insurance premiums over time.
Coverage amount: The amount of coverage you choose directly affects the premium. Higher coverage amounts provide more financial protection but also result in higher premiums.
Plan type: CPP offers various plan types, each with different critical illness conditions covered. More comprehensive plans, like the Cardiac AND Cancer Protect CI, cost more than plans with more limited coverage, such as the Cardiac Protect CI or Cancer Protect CI.
To give you an idea of the cost of a critical illness policy, below is a table displaying the monthly premiums for $100,000 of Cardiac OR Cancer Protect CI for a term-20 policy in the first 20 years for non-smokers:
Age | Male | Female |
|---|---|---|
25 | $31 | $30 |
30 | $32 | $32 |
35 | $39 | $38 |
40 | $60 | $58 |
45 | $96 | $84 |
50 | $141 | $112 |
55 | $221 | $159 |
How Do You Buy A Canada Protection Plan Critical Illness Insurance Plan?
Canada Protection Plan offers a unique approach to purchasing critical illness insurance. Unlike most insurance companies that sell their products exclusively through a network of brokers, CPP allows you to buy their plans directly from the company. This direct purchase option makes it convenient and straightforward for those who prefer to handle the process themselves.
However, going through a licensed insurance advisor still has its advantages. A qualified advisor can help you determine whether CPP’s plans are the best fit for your needs or if another company might offer a more suitable product. An advisor’s expertise can ensure you’re getting the most appropriate coverage for your specific situation.
Regardless of how you choose to purchase, CPP offers the convenience of an electronic application process. You can complete the application online and, in many cases, receive coverage within days. Once your insurance policy is issued, your coverage begins immediately, giving you peace of mind. Moreover, the monthly payment doesn’t begin until the second month, providing a bit of financial relief as you get started.
This flexible and accessible approach makes obtaining critical illness insurance from CPP both easy and efficient, whether you choose to go through an advisor or purchase directly.
Need A Canada Protection Plan Critical Illness Insurance Quote?
Canada Protection Plan is a leading provider of simplified issue critical illness insurance products on the market, designed to provide basic coverage without the hassle of medical exams. But is it the right choice for you? Choosing the best insurance plan can be complex, and we’re here to help you navigate the options.
For a free, no-obligation consultation, feel free to email us at info@briansoinsurance.com or call us at 604-928-1628. We offer personalized comparisons with other insurance providers to ensure you get the coverage that best fits your needs. Those with relatively good health may want to pursue this route to get the best critical illness insurance policy.
You can also use the form below to request a quick quote. Once we crunch the numbers and determine the best critical illness plan behind the scenes, we will deliver the quote directly to your inbox.
Our support doesn’t end once you purchase an insurance policy—we provide ongoing assistance to make sure your insurance coverage continues to align with your evolving financial and personal circumstances. Additionally, we can help design a complete insurance solution that includes life, disability, health & dental, and critical illness insurance.
Your protection is our priority, and we’re committed to finding the best possible coverage for you.
Get Your Critical Illness Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
