No medical tests necessary for CPP’s Whole Life Policies.Canada Protection Plan offers four separate no medical whole life Insurance plans.
The policies are all underwritten by Foresters Life Insurance Company. The first two policies are available on a deferred basis, meaning the death benefit is limited in the initial policy years, but the last two policies offer immediate coverage. Each plan is available without a medical, but the latter two policies have more stringent health questions.
Acceptance Life is a good fit for hardest-to-insure individuals who have been declined insurance for any reason. If death occurs in the first two years, premiums are returned at a simple three per cent interest. The plan is available to applicants 40 to 80 years of age and there are only two health questions. Starting in the fifth policy year, you can cancel your coverage and receive a percentage of your premiums back. This benefit is included at no extra cost.
Deferred Life has more questions than Acceptance Life, but the premiums also cost less and the plan is available with coverage that will either be paid-up in full in 20 years, or paid-up at age 100. It is also deferred, so If death occurs in the first two years, premiums are returned at 3% interest.
Applicants that are in better health, but still wanting No Medical Life Insurance coverage with Canada Protection Plan, should purchase either the Simplified Life or Simplifiied Life Plus policy. They can be purchased by applicants 25 to 80 and a Child Term Rider is available.
This option can be purchased for children from one month to 18 years of age and it provides $5,000 in coverage per child up to age 21 (25 if the child is a full-time student) or until the policyholder turns 65.
The Simplified Life policy is a good fit for the hard-to-insure individuals with health issues that aren’t quite as serious. It can be purchased by applicants 25 to 80 and coverage begins immediately. Benefit amounts can be as much as $50,000 or as little as $1,000.
The Children’s Term Rider is on this policy available as well, along with the Hospital Cash Benefit. This optional benefit pays $25, $50 or $100 a day, while you are in hospital up to 180 days and double the benefit amount if you are in ICU for up to 30 days.
The Simplified Life Plus policy has the most stringent qualifications of all the policies that are among Canada Protection Plan’s no medical life Insurance lineup. But the coverage, which is also available on an immediate-pay basis, can cover applicants up to $75,000.
The plan is a good fit for hard-to-insure applicants with health issues that aren’t as severe and for those people who don’t like the idea, or hassle, of a medical examination or waiting for a doctor’s report. This plan is available to applicants age 25 to 80.