Canada Protection Plan () is a Canadian

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...

distribution company headquartered in

Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

, Ontario. Founded in 1992, its primary product is "no medical and simplified issue" life insurance sold directly and through a network of insurance advisors. In November 2019, the company opened an office in

Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...

, Quebec. On October 1, 2020, Canada Protection Plan was acquired by Toronto-based fraternal life insurer Foresters Financial. Foresters has been the exclusive

underwriter Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability ...

of Canada Protection Plan's life insurance products since 2008. With the acquisition, Canada Protection Plan is now a Foresters Financial company. Foresters continues to operate as it did in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

and the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

. Matt Berman, the President of Foresters Financial in the U.S. and Canada, also oversees Canada Protection Plan.

History

Canada Protection Plan was founded in 1992 in

, Ontario, Canada. From its inception, the company offered non-medical permanent

, sold through independent insurance advisors. In 2006, the company introduced its first range of non-medical term life insurance products as well as an inbound call centre which, by 2008, was staffed with licensed Life Insurance Advisors who could sell products over the phone. On March 25, 2015, Canada Protection Plan introduced additional life insurance coverage, including a 25-year decreasing term product for mortgage protection and a hybrid product, allowing applicants to choose either no medical or full medical underwriting. Eighteen months later, the company increased its no medical face amounts to $500,000 and expanded eligibility to include non-aggressive

cancer Cancer is a group of diseases involving Cell growth#Disorders, abnormal cell growth with the potential to Invasion (cancer), invade or Metastasis, spread to other parts of the body. These contrast with benign tumors, which do not spread. Po ...

coronary artery disease Coronary artery disease (CAD), also called coronary heart disease (CHD), or ischemic heart disease (IHD), is a type of cardiovascular disease, heart disease involving Ischemia, the reduction of blood flow to the cardiac muscle due to a build-up ...

s, and

multiple sclerosis Multiple sclerosis (MS) is an autoimmune disease resulting in damage to myelinthe insulating covers of nerve cellsin the brain and spinal cord. As a demyelinating disease, MS disrupts the nervous system's ability to Action potential, transmit ...

. In October 2019, Canada Protection Plan announced increases in coverage amounts for two of their no medical life insurance plans: Express Elite Term Insurance, increased from $500,000 to $750,000; and Guaranteed Acceptance Life, increased from $25,000 to $50,000. In the following month, Canada Protection Plan opened a new office in

, Quebec, the company's first outside Ontario. In October 2020, Canada Protection Plan was acquired by Foresters Financial, leveraging the collective strengths of a longstanding relationship between the two organizations.

Products

Canada Protection Plan offers a range of life and critical illness

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

products, many of which are available without the need for

medical test A medical test is a medical procedure performed to detect, diagnose, or monitor diseases, disease processes, susceptibility, or to determine a course of treatment. Medical tests such as, physical and visual exams, diagnostic imaging, genetic ...

s or

examinations An examination (exam or evaluation) or test is an educational assessment intended to measure a test-taker's knowledge, skill, aptitude, physical fitness, or classification in many other topics (e.g., beliefs). A test may be administered verba ...

. All products are available via paper or through a contactless process, from one of over 25,000 independent advisors, or through Canada Protection Plan's in-house licensed insurance advisors. For monthly payment plans, payments begin in the second month. The A-Z Life Coverage is available as a term or permanent product, which includes guaranteed acceptance, no medical, or fully underwritten, for face amounts of $50,000 to $1 million. The Express Elite Term 20 or 30 Insurance is a no medical product available up to $750,000 and targeted to healthy adults between 18 and 60 years of age. In April 2020, Canada Protection Plan launched the Cardiac/Cancer Protect CI series of plans, which provides insurance coverage in the event of a critical illness. The product offers

cardiac The heart is a muscular organ found in humans and other animals. This organ pumps blood through the blood vessels. The heart and blood vessels together make the circulatory system. The pumped blood carries oxygen and nutrients to the tissu ...

coverage to those who have had cancer and cancer coverage to those who have had a cardiac-related diagnosis.

Recognition

In 2019 and 2020, Canada Protection Plan was one of the finalists at the annual Insurance Business Canada Awards for The Advocis Award for Life and Health Insurer of the Year. In 2020, Canada Protection Plan was presented with The Advocis Award for Life and Health Insurer of the Year.

References

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External links

Canada Protection Plan
Insurance companies of Canada Life insurance companies of Canada Financial services companies established in 1992 Financial services companies based in Toronto 1992 establishments in Ontario