Canada Protection Plan (french: Plan de protection du Canada) is a Canadian

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

distribution company headquartered in

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...

Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...

. 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 ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...

Quebec Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirtee ...

. On October 1, 2020, Canada Protection Plan was acquired by Toronto-based fraternal life insurer

Foresters Financial The Independent Order of Foresters, operating as Foresters Financial, is a fraternal benefit society headquartered in Toronto, Ontario, Canada that provides life insurance and other financial solutions in Canada, the United Kingdom, and the United ...

. 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 liabilit ...

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 Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

and the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. 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

Toronto, Ontario Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

. 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 Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guarant ...

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 abnormal cell growth with the potential to invade or spread to other parts of the body. These contrast with benign tumors, which do not spread. Possible signs and symptoms include a lump, abnormal b ...

coronary artery disease Coronary artery disease (CAD), also called coronary heart disease (CHD), ischemic heart disease (IHD), myocardial ischemia, or simply heart disease, involves the reduction of blood flow to the heart muscle due to build-up of atherosclerotic pla ...

s, and

multiple sclerosis Multiple (cerebral) sclerosis (MS), also known as encephalomyelitis disseminata or disseminated sclerosis, is the most common demyelinating disease, in which the insulating covers of nerve cells in the brain and spinal cord are damaged. This d ...

. In October 2019, Canada Protection Plan announced increases in coverage amounts for two of their leading 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

Montreal, Quebec Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple-pea ...

, the company's first outside the province of Ontario. In October 2020, Canada Protection Plan was acquired by

, 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 hedge ...

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 te ...

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 Intensive care medicine, also called critical care medicine, is a medical specialty that deals with seriously or critically ill patients who have, are at risk of, or are recovering from conditions that may be life-threatening. It includes pro ...

. The product offers

cardiac The heart is a muscular organ in most animals. This organ pumps blood through the blood vessels of the circulatory system. The pumped blood carries oxygen and nutrients to the body, while carrying metabolic waste such as carbon dioxide to t ...

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

{{reflist

External links

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