Canada Protection Plan
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| Company type | Subsidiary |
|---|---|
| Industry | Insurance |
| Founded | 1992 |
| Headquarters | Toronto, Ontario, Canada |
Key people | Matt Berman (President, Foresters Financial in the U.S. and Canada) |
| Products | Life insurance |
| Parent | Foresters Financial |
| Website | cpp |
Canada Protection Plan (French: Plan de protection du Canada) is a Canadian life insurance distribution company headquartered in Toronto, Ontario. Founded in 1992, its primary product is "no medical and simplified issue" life insurance sold directly and through a network of insurance advisors.[1] In November 2019, the company opened an office in Montreal, Quebec.[2][3]
On October 1, 2020, Canada Protection Plan was acquired by Toronto-based fraternal life insurer Foresters Financial.[4][5] Foresters has been the exclusive underwriter of Canada Protection Plan's life insurance products since 2008.[6] With the acquisition, Canada Protection Plan is now a Foresters Financial company.[7][8] Foresters continues to operate as it did in the United Kingdom and the United States.[9]
Matt Berman, the President of Foresters Financial in the U.S. and Canada, also oversees Canada Protection Plan.[10]
History
[edit | edit source]Canada Protection Plan was founded in 1992 in Toronto, Ontario, Canada.[11] From its inception, the company offered non-medical permanent life insurance, sold through independent insurance advisors.[12] 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.[13][14]
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.[15] Eighteen months later, the company increased its no medical face amounts to $500,000 and expanded eligibility to include non-aggressive cancers, coronary artery diseases, and multiple sclerosis.[16]
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.[17] In the following month, Canada Protection Plan opened a new office in Montreal, Quebec, the company's first outside Ontario.[18]
In October 2020, Canada Protection Plan was acquired by Foresters Financial, leveraging the collective strengths of a longstanding relationship between the two organizations.[19][20]
Products
[edit | edit source]Canada Protection Plan offers a range of life and critical illness insurance products, many of which are available without the need for medical tests or examinations.[21][22] 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.[23] For monthly payment plans, payments begin in the second month.[24]
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.[25] 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.[26]
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 coverage to those who have had cancer and cancer coverage to those who have had a cardiac-related diagnosis.[27]
Recognition
[edit | edit source]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.[28] In 2020, Canada Protection Plan was presented with The Advocis Award for Life and Health Insurer of the Year.[29][30]
References
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