Canada Protection Plan
 | |
| 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]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]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]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
[edit]- ^ Moorcraft, Bethan (2018-02-19). "'We are our own disruptor!'". Insurance Business Canada. Retrieved 2020-12-16.
- ^ Thériault, Alain (2019-11-26). "Plan de protection du Canada ouvre son premier bureau au Québec". Portail de l'assurance (in French). Retrieved 2020-12-16.
- ^ Almazora, Leo (2019-11-27). "Canada Protection Plan opens Montreal office". Life Health Pro Canada. Archived from the original on 2020-08-11. Retrieved 2020-12-16.
- ^ Mezzetta, Rudy (2020-10-02). "Foresters and Canada Protection Plan announce merger". Advisor's Edge. Archived from the original on 2020-10-05. Retrieved 2020-12-16.
- ^ "Foresters Financial agrees to combine with Canada Protection Plan". Life Insurance International. 2020-10-05. Retrieved 2020-12-16.
- ^ Cluett, Mark (2020-08-18). "Canada's biggest life insurance companies". PolicyAdvisor. Retrieved 2020-12-16.
- ^ "Foresters Financial, Canada Protection Plan to merge operations". NS Insurance. 2020-10-05. Retrieved 2020-12-16.
- ^ Almazora, Leo. "Foresters Financial and Canada Protection Plan declare union". Life Health Pro Canada. Archived from the original on 2020-10-27. Retrieved 2020-12-16.
- ^ "Foresters Financial and Canada Protection Plan join forces". Foresters Financial. Archived from the original on 2020-10-27. Retrieved 2020-12-16.
- ^ "Matt Berman Named President, Foresters Financial US and Canada". 2023-03-01.
- ^ "Life Insurance Canada - A Guide to CPP Insurance Products and Eligibility". Insurdinary. 2018-11-26. Archived from the original on 2020-09-29. Retrieved 2020-12-16.
- ^ Moorcraft, Bethan (2018-09-24). "'Millennials are looking for new ways of getting insurance'". Insurance Business Canada. Retrieved 2020-12-16.
- ^ "Canada Protection Plan | Life Insurance Companies [Reviews]". Emma. Retrieved 2020-12-16.
- ^ Adamson, Gavin (2010-10-18). "Foresters aims to grow on back of balance sheet strength". Investment Executive. Retrieved 2020-12-16.
- ^ Thériault, Alain (2015-03-30). "Canada Protection Plan launches hybrid life insurance". Insurance Portal. Retrieved 2020-12-16.
- ^ Harman, Megan (2016-11-03). "Canada Protection Plan makes it easier for clients with serious conditions to be insured". Investment Executive. Retrieved 2020-12-16.
- ^ Javier, Rozelle Alyssa (2019-11-04). "Sompo Japan to launch flood insurance; Willis Towers Watson's cyber products". S&P Global Market Intelligence. Archived from the original on 2021-12-28. Retrieved 2020-12-16.
- ^ Thériault, Alain (2019-12-02). "Canada Protection Plan opens first Quebec office". Insurance Portal. Retrieved 2020-12-16.
- ^ Bell, Allison (2020-10-09). "Integrity Marketing Acquires Assurance: Deals". ThinkAdvisor. Archived from the original on 2021-01-24. Retrieved 2020-12-16.
- ^ Moorcraft, Bethan (2020-10-02). "Foresters Financial and Canada Protection Plan announce merger". Insurance Business Canada. Retrieved 2020-12-16.
- ^ Marowits, Ross (2019-12-29). "Canadians with health issues face difficulty finding affordable life insurance". CTVNews. Retrieved 2020-12-16.
- ^ Gooderham, Mary (2019-11-19). "How to protect your business from upheaval if the owner suddenly dies". The Globe and Mail. Retrieved 2020-12-16.
- ^ Almazora, Leo (2020-04-08). "A nimble switch to full remote service". Life Health Pro Canada. Retrieved 2020-12-16.
- ^ Burton, James (2019-06-05). "Hard-to-insure specialists move into healthy market". Life Health Pro Canada. Retrieved 2020-12-16.
- ^ "Canada Protection Plan™ Products at a Glance | A-Z Life Coverage" (PDF). Canada Protection Plan. Retrieved 2020-12-16.
- ^ "Canada Protection Plan introduces new life insurance product". Life Insurance International. 2019-05-31. Retrieved 2020-12-16.
- ^ Almazora, Leo (2020-04-29). "Simplifying critical illness insurance for Canadians". Life Health Pro Canada. Retrieved 2020-12-16.
- ^ "Insurance Business Awards | Winners & Finalists 2019". Insurance Business Awards. Archived from the original on 2020-08-11. Retrieved 2020-12-16.
- ^ "Insurance Business Awards | 2020 Finalists". Insurance Business Awards. Archived from the original on 2020-10-30. Retrieved 2020-12-16.
- ^ Grzadkowska, Alicja (2020-11-20). "Revealed – Winners of the 2020 Insurance Business Awards". Insurance Business Canada. Archived from the original on 2020-11-20. Retrieved 2020-12-16.