CPPS Whole Life Insurance - Guaranteed Protection Without Hassle.

Most life insurance providers in Canada offer some measure of protection with No Medical insurance, plans that offer coverage without the need of a doctor s exam. These plans tend not to be emphasized as strongly and other insurance plans due to the higher cost the consumer.

As a result, No Medical insurance has a somewhat limited selection. Canada Protection Plan is an insurance provider that focuses entirely within the realm of No Medical insurance, and has become a leading provider targeting the No Medical market. Rare among these policies are tradition whole policies with a No Medical twist. Canada Protection Plan offers not only a No Medical non-participating whole life policy, but a range of whole life insurance policies that allow more or less medical scrutiny.



Canada Protection Plan s Whole Life product line is divided into four major products: Deferred Life, Acceptance Life, Simplified Life, and Simplified Life Plus. The major difference between these whole life policies is the amount of questions needed in order to qualify. In accordance with this plan, whole life policies with Canada Protection Plan offer more flexible coverage and lower premiums than policies which ask less questions.

 Conversely, the policies that ask less questions will be easier to qualify for due to the less stringent criteria needed to qualify. Unlike most no medical plans, you re capable and encouraged to seek out the best coverage relative to your health status.

Simplified Life and Simplified Life Plus are the most comparable to traditional whole life policies, Simplified Life is available to a wide age range of individuals, ages 25 to 80. It also requires 20 questions to qualify, more discerning than many No Medical policies from other providers. It offers comparable coverage, between $1,000 and $75,000. This is a fairly low amount for a whole life policy; Canada Protection Plan still allows you to accumulate a cash value on your policy which can allow it to appreciate while enjoying fixed rates on your policy.

Simplified Life Plus is an enhanced No Medical whole policy, offering a higher range of coverage than Simplified Life, but requires a few more questions than Simplified Life at 22 questions. As a result, those who qualify for Simplified Life Plus enjoy greater benefits than those under Simplified Life. The Plus policy is marginally cheaper and a policy holder can obtain up to $100,000 in coverage. Simplified Plus is slightly more strict than Simplified in what prerequisites are need to qualify, however it does allow greater flexibility with slightly more favorable premiums.

Deferred Life requires a similar number of questions as other No Medical policies on the Canadian life insurance market, with only 6 questions needed to qualify. Offering the same coverage amounts as Simplified, it s largely distinguished from it by having higher premiums. For this reason, it s better to consider seeing if you qualify for the Simplified policies before you consider settling for Deferred Life.

Acceptance Life is the most simplified of Canada Protection Plan s whole life insurance. It offers $2,500 to $50,000 in coverage, significantly more restrictive than the other whole policies. It also requires the least amount of qualifying questions; only 2 questions need to be answered in order to qualify for this insurance.

So how do we qualify the different plans? Despite the No Medical moniker, Canada Protection Plan s policies still depend heavily on your health status. Those with worse health status may need to consider Deferred or even Acceptance due to due the easier acceptance requirements. Those in better health but still concerned about rejection on the basis of a medical exam should consider Simplified or even Simplified Plus for lower premiums. Even if you don t qualify for better plans, Acceptance Life is still far more flexible than most guaranteed issue insurance plans, and offers more coverage.

The primary reason whole policies appeal to those seeking no medical life insurance is locking your rates in permanently. While you are obligated to either continue paying into your plan for life, the locking in of rates is especially advantageous due to the sensitive nature of health problems. Those seeking no medical insurance are generally more concerned about their health or have a history of health problems.

 Over time, health problems may degenerate or complicate, which may result in a loss of coverage on renewal or a hefty increase in insurance rates. With Canada Protection Plan s whole life plans, you start at fixed rates whenever you apply, so you can enjoy lower prices as you age; and in the case anything happens to you.

Keep in mind that Canada Protection Plan s whole policies are non-participating. They do accumulate a cash value, though they re only a percentage of your premiums paid and only available after your fifth year with the policy. This means the whole policies are lacking as investment plans, and do not translate to the same รขโ‚ฌล“forcedรขโ‚ฌย savings that characterize most whole insurance plans. This means you may see some accumulation of your coverage, but it will not appreciate significantly, and you may be paying more into your policy than you will see paid out. Canada Protection Plan offers the ability to pay up your whole life policies in 20 years, but it is not available on the Acceptance plan. Those considering or requiring Acceptance Life should keep in mind that you re in it for the long haul.

Canada Protection Plan s whole life insurance policies are definitely not as robust and financially secure as competitive whole life policies. They re also somewhat more restrictive, on a whole, than other no medical policies. There is a niche in this middle ground however, for customers who wish to enjoy secure rates when their health is in question. The coverage levels offered are moderate, if at times limited by the plan you reselecting; however there s no doubt Canada Protection Plan has carved itself out a niche in the Canadian life insurance market by not only providing, but catering, to high-risk insurance buyers.