Canada Protection Plan Explained

Canada Protection Plan should not be confused with Canada Pension Plan.

Canada Protection Plan
Type:Subsidiary
Industry:Insurance
Foundation:1992
Location:Toronto, Ontario, Canada
Key People:Matt Berman (President, Foresters Financial in the U.S. and Canada)
Parent:Foresters Financial
Products:Life insurance

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

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 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.[17] In the following month, Canada Protection Plan opened a new office in Montreal, Quebec, the company's first outside the province of 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]

On September 5, 2022, the company aired ads featuring theirlovable mascot named as "The Canada Protection Plan Mascot" and the company's mascot worn a snowman's scarf and others thatmust be worn.

Products

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

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]

External links

Notes and References

  1. Web site: Moorcraft. Bethan. 2018-02-19. 'We are our own disruptor!'. 2020-12-16. Insurance Business Canada. en.
  2. Web site: Thériault. Alain. 2019-11-26. Plan de protection du Canada ouvre son premier bureau au Québec. 2020-12-16. Portail de l'assurance. fr.
  3. Web site: Almazora. Leo. 2019-11-27. Canada Protection Plan opens Montreal office. live. https://web.archive.org/web/20200811005825/https://www.lifehealthpro.ca/news/canada-protection-plan-opens-montreal-office-323228.aspx . 2020-08-11 . 2020-12-16. Life Health Pro Canada.
  4. Web site: Mezzetta. Rudy. 2020-10-02. Foresters and Canada Protection Plan announce merger. live. https://web.archive.org/web/20201005125634/https://www.advisor.ca/news/industry-news/foresters-and-canada-protection-plan-announce-merger/ . 2020-10-05 . 2020-12-16. Advisor's Edge. en.
  5. Web site: 2020-10-05. Foresters Financial agrees to combine with Canada Protection Plan. 2020-12-16. Life Insurance International. en-US.
  6. Web site: Cluett. Mark. 2020-08-18. Canada's biggest life insurance companies. 2020-12-16. PolicyAdvisor. en-US.
  7. Web site: 2020-10-05. Foresters Financial, Canada Protection Plan to merge operations. 2020-12-16. NS Insurance. en-US.
  8. Web site: Almazora. Leo. Foresters Financial and Canada Protection Plan declare union. live. https://web.archive.org/web/20201027232226/https://www.lifehealthpro.ca/news/foresters-financial-and-canada-protection-plan-declare-union-333884.aspx . 2020-10-27 . 2020-12-16. Life Health Pro Canada.
  9. Web site: Foresters Financial and Canada Protection Plan join forces. live. https://web.archive.org/web/20201027095117/https://www.foresters.com/en-ca/about-foresters-financial/newsroom/news-releases/foresters-financial-and-canada-protection-plan-join-forces . 2020-10-27 . 2020-12-16. Foresters Financial.
  10. Web site: 2023-03-01. Matt Berman Named President, Foresters Financial US and Canada.
  11. Web site: 2018-11-26. Life Insurance Canada - A Guide to CPP Insurance Products and Eligibility. live. https://web.archive.org/web/20200929094119/https://www.insurdinary.ca/life-insurance-in-canada-a-guide-to-canada-protection-plan-products-and-eligibility/ . 2020-09-29 . 2020-12-16. Insurdinary. en-CA.
  12. Web site: Moorcraft. Bethan. 2018-09-24. 'Millennials are looking for new ways of getting insurance'. 2020-12-16. Insurance Business Canada. en.
  13. Web site: Canada Protection Plan Life Insurance Companies [Reviews]]. 2020-12-16. Emma.
  14. Web site: Adamson. Gavin. 2010-10-18. Foresters aims to grow on back of balance sheet strength. 2020-12-16. Investment Executive. en.
  15. Web site: Thériault. Alain. 2015-03-30. Canada Protection Plan launches hybrid life insurance. 2020-12-16. Insurance Portal. en.
  16. Web site: Harman. Megan. 2016-11-03. Canada Protection Plan makes it easier for clients with serious conditions to be insured. 2020-12-16. Investment Executive. en.
  17. Web site: Javier. Rozelle Alyssa. 2019-11-04. Sompo Japan to launch flood insurance; Willis Towers Watson's cyber products. live. https://web.archive.org/web/20211228040935/https://www.spglobal.com/marketintelligence/en/news-insights/trending/7g50vp8b4_m7vtnlig80aa2 . 2021-12-28 . 2020-12-16. S&P Global Market Intelligence. en-us.
  18. Web site: Thériault. Alain. 2019-12-02. Canada Protection Plan opens first Quebec office. 2020-12-16. Insurance Portal. en.
  19. Web site: Bell. Allison. 2020-10-09. Integrity Marketing Acquires Assurance: Deals. live. https://web.archive.org/web/20210124153626/https://www.thinkadvisor.com/2020/10/09/integrity-marketing-acquires-assurance-deals/ . 2021-01-24 . 2020-12-16. ThinkAdvisor. en.
  20. Web site: Moorcraft. Bethan. 2020-10-02. Foresters Financial and Canada Protection Plan announce merger. 2020-12-16. Insurance Business Canada. en.
  21. Web site: Marowits. Ross. 2019-12-29. Canadians with health issues face difficulty finding affordable life insurance. 2020-12-16. CTVNews. en.
  22. News: Gooderham. Mary. 2019-11-19. How to protect your business from upheaval if the owner suddenly dies. The Globe and Mail. 2020-12-16.
  23. Web site: Almazora. Leo. 2020-04-08. A nimble switch to full remote service. 2020-12-16. Life Health Pro Canada.
  24. Web site: Burton. James. 2019-06-05. Hard-to-insure specialists move into healthy market. 2020-12-16. Life Health Pro Canada.
  25. Web site: Canada Protection Plan™ Products at a Glance A-Z Life Coverage. 2020-12-16. Canada Protection Plan.
  26. Web site: 2019-05-31. Canada Protection Plan introduces new life insurance product. 2020-12-16. Life Insurance International. en-US.
  27. Web site: Almazora. Leo. 2020-04-29. Simplifying critical illness insurance for Canadians. 2020-12-16. Life Health Pro Canada.
  28. Web site: Insurance Business Awards Winners & Finalists 2019. live. https://web.archive.org/web/20200811010858/https://ibawards.ca/winners-finalists/2019-winners-finalists . 2020-08-11 . 2020-12-16. Insurance Business Awards. en-gb.
  29. Web site: Insurance Business Awards 2020 Finalists. live. https://web.archive.org/web/20201030232509/https://ibawards.ca/winners-finalists/2020-winners-finalists . 2020-10-30 . 2020-12-16. Insurance Business Awards. en-gb.
  30. Web site: Grzadkowska. Alicja. 2020-11-20. Revealed – Winners of the 2020 Insurance Business Awards. live. https://web.archive.org/web/20201120173120/https://www.insurancebusinessmag.com/ca/news/breaking-news/revealed--winners-of-the-2020-insurance-business-awards-239774.aspx . 2020-11-20 . 2020-12-16. Insurance Business Canada. en.

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