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Term Plans

Why Choose Canada Protection Plan For Term No Medical & Simplified Issue Life Insurance

  • Five different term plans – Deferred Elite Term, Simplified Elite Term, Preferred Term, Express Elite Term and Preferred Elite Term, providing a varied selection to meet the needs of your clients.
  • Term periods of 10 years, 20 years, 25 years, 25 decreasing years, or 30 years
  • Many of our plans offer your clients immediate coverage
  • Up to $1,000,000 of term life insurance protection is available depending on age and plan your client qualifies for
  • Competitive rates
  • A variety of valuable Foresters Financial member benefits are available on many of our policies. (more..)
  • Flexible process – our simple application form has clearly worded medical terminology – no long health declarations that can leave your client wondering if they are really covered.
  • In 2018, Canada Protection Plan™ paid out 98% of non-contestable claims.
  • You can speak directly to our underwriters and they will be happy to answer any questions.
  • The application process on our no medical plans will result in your client’s policy being issued quickly, usually within a few days.
  • We take great pride in providing superior customer service at issue and after issue.

Canada Protection Plan’s Term Insurance Portfolio Consists Of 5 Distinct Plans:

DEFERRED ELITE LIFE INSURANCE

Deferred Elite Term is available for up to $350,000 for periods of 10 years, 20 years or 25 years and is designed for your applicants with less serious health conditions. Those who were previously declined for insurance may qualify for this plan.

Issue ages 18–70: 10 year term
18–60: 20 year term
18–55: 25 year term
18–60: Decreasing 25 year term
Face amounts Ages 18–70: $25,000–$350,000
Level Term Periods Available 10 year
20 year
25 year
Decreasing Term Periods Available 25 year
Premium limitations Minimum annual premium: $150.00 / Minimum monthly PAC premium: $15.00.
Renewable without evidence of insurability Renewable to age 801
Convertible? Convertible to age 701
Death limitations
(in addition to typical suicide and misrepresentation clauses)
The full coverage amount is payable if death occurs after two years or death is accidental. If death occurs in the 2nd year and is due to non-accidental means, then the death benefit is equal to 50% of the coverage amount. If death occurs in the first year and is due to non-accidental means, then the death benefit is limited to a return of premiums paid plus 3% simple interest.
Guarantees Premiums quoted in the policy are guaranteed not to change for the life of the policy.
Optional additional benefits
  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit

1 10, 20 and 25 year level term plans are renewable and convertible.

SIMPLIFIED ELITE TERM INSURANCE

Simplified Elite Term is one of the few no medical plans available which provides immediate coverage. This plan is available for up to $500,000 for periods of 10 years, 20 years or 25 years and is designed for people who are in relatively good health or engage in extreme sports, or do not want to take a medical exam or provide a doctor’s report.

Issue ages 18–70: 10 year term
18–60: 20 year term
18–55: 25 year term
18–60: Decreasing 25 year term
Face amounts Ages 18–60: $25,000–$500,000
Ages 61–70: $25,000–$350,000
Level Term Periods Available 10 year
20 year
25 year
Decreasing Term Periods Available 25 year
Premium limitations Minimum annual premium: $150.00 / Minimum monthly PAC premium: $15.00.
Renewable without evidence of insurability Renewable to age 801
Convertible? Convertible to age 701
Death limitations
(in addition to typical suicide and misrepresentation clauses)
No limitations
Guarantees Premiums quoted in the policy are guaranteed not to change for the life of the policy.
Optional additional benefits
  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

1 10, 20 and 25 year level term plans are renewable and convertible.

PREFERRED TERM INSURANCE

Preferred Term has great rates for healthy individuals who are willing to accept a little more underwriting depending on age and coverage amount. This plan offers up to $1,000,000 of coverage for periods of 10 years, 20 years or 25 years. No Medical required for up to $500,000 and issue age up to 70. Coverage starts immediately.

Issue ages 18–70: 10 year term
18–60: 20 year term
18–55: 25 year term
18–60: Decreasing 25 year term
Face amounts Ages 18–70: $50,000–$1,000,000
Level Term Periods Available 10 year
20 year
25 year
Decreasing Term Periods Available 25 year
Premium limitations Minimum annual premium: $150.00 / Minimum monthly PAC premium: $15.00.
Renewable without evidence of insurability Renewable to age 801
Convertible? Convertible to age 701
Death limitations
(in addition to typical suicide and misrepresentation clauses)
No limitations
Guarantees Premiums quoted in the policy are guaranteed not to change for the life of the policy.
Optional additional benefits
  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

1 10, 20 and 25 year level term plans are renewable and convertible.

EXPRESS ELITE TERM INSURANCE

Express Elite Term has low rates for those in great health looking for No Medical life insurance. This No Medical plan offers up to $750,000 in coverage for ages 18-50 and up to $500,000 for ages 51-60. It is available as a Term 20 (ages 18-60) or Term 30 (ages 18-50). Coverage starts immediately and expires at age 80.

Issue ages 18–50: 30 year term
18–60: 20 year term
Face amounts Ages 18–50: $100,000–$750,000
Ages 51–60: $100,000–$500,000
Level Term Periods Available 20 year
30 year
Premium limitations Minimum annual premium: $150.00 / Minimum monthly PAC premium: $15.00.
Renewable without evidence of insurability on Term 30 plan for 20 years $100,000 Renewable to age 801
Convertible? Convertible to age 702
Death limitations
(in addition to typical suicide and misrepresentation clauses)
No limitations
Guarantees Premiums quoted in the policy are guaranteed not to change for the life of the policy.
Optional additional benefits
  • 1 Term rider
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

1 30 year level term plan are renewable.

2 20 year and 30 year level term plans are convertible to age 70.

PREFERRED ELITE TERM INSURANCE

Preferred Elite Term has our best premium rates for your healthiest clients. This plan is underwritten and offers up to $1,000,000 of coverage for periods of 10 years, 20 years or 25 years. Coverage starts immediately.

Issue ages 18–70: 10 year term
18–60: 20 year term
18–55: 25 year term
18–60: Decreasing 25 year term
Face amounts Ages 18–70: $500,000–$1,000,000
Level Term Periods Available 10 year
20 year
25 year
Decreasing Term Periods Available 25 year
Premium limitations Minimum annual premium: $150.00 / Minimum monthly PAC premium: $15.00.
Renewable without evidence of insurability Renewable to age 801
Convertible? Convertible to age 701
Death limitations
(in addition to typical suicide and misrepresentation clauses)
No limitations
Guarantees Premiums quoted in the policy are guaranteed not to change for the life of the policy.
Optional additional benefits
  • Up to 2 Term riders
  • Accidental Death Benefit
  • Child Term Benefit
  • Hospital Cash Benefit

1 10, 20 and 25 year level term plans are renewable and convertible.

products

Products At A Glance

One page that summarizes Canada Protections Plan’s No Medical & Simplified Issue Life Insurance portfolio including:

  • Product details including age and amount limits
  • No charge benefits
  • Benefits available for an extra premium

Determining Which Plan To Apply For

Our applications make it simple to determine the best plan for your client.

With A-Z Life Coverage plans, clients who can answer “No” to the questions in Section B qualify for Deferred Elite Term can then move on to answer the Simplified Elite Term questions in Section C. If they can answer these questions “No”, they qualify for Simplified Elite Term and proceed to answer the Preferred Term questions. If they can answer these questions “No”, they qualify for Preferred Term; if not, they still qualify for Simplified Elite Term. If “No” is answered for Preferred Term they are eligible to continue and apply for Preferred Elite Term.

With Express Elite Term (for clients in excellent health),all qualification questions must be answered “No”. Ideally this is best to know upfront, otherwise your client should apply for one of Canada Protection Plan’s A-Z Life Coverage products.

Optional Benefits

TERM INSURANCE RIDERS

A term plan (excluding any 20 pay plan) is allowed up to 2 term riders of shorter duration in the same underwriting classification. The minimum face amount for a term rider is the minimum for that term as a base plan. The maximum amount of all coverage – permanent and term — is the maximum amount shown for the permanent plan.

ACCIDENTAL DEATH BENEFIT

An Accidental Death Benefit may be added to any of our term insurance plans, and provides coverage up to the earlier of the expiry of the term policy or the policy anniversary nearest the Insured’s 70th birthday. This rider is available for the following amounts and issue ages:

  • Amount: minimum of the lesser of 1 times coverage and $10,000; maximum of the lesser of 5 times coverage and $250,000.
  • Issue ages: 18-65

The Accidental Death Benefit is payable if death occurs directly and independently of all other causes, from bodily injury caused solely through external, violent and accidental means. Death must occur within 90 days after such injury and before termination of coverage.

This benefit has a number of exclusions including, but not limited to:

  • Suicide, whether sane or insane,
  • Assault or attempting to commit a criminal offense,
  • Any drug, poison or gas, or infection, except under limited circumstances,
  • Driving a vehicle while intoxicated by alcohol or illegal or unprescribed drugs.

CHILD TERM BENEFIT

A Child Term Benefit may be added to any of our term insurance plans, and provides either $5,000, $10,000 or $15,000 of coverage on each natural or adopted child of the Insured as long as:

  • The Insured parent is between 18 and 60 years old at issue.
  • The child is unmarried and depends on the Insured for support.
  • The child is at least 30 days old but less than 18 years old and is specifically designated in the insurance application, or the child is born or adopted after the effective date of the rider and is at least 30 days old but less than 18 years old.

There is no limit to the number of children that can be covered.

A covered child has term insurance on their life until the earliest of the following:

    • The Insured Child’s 21st birthday
    • The Child Term Benefit expiry date, being the policy anniversary nearest the Life Insured’s 65th birthday, whether alive or deceased.

HOSPITAL CASH BENEFIT

A Hospital Cash Benefit may be added to our Simplified Elite Term, Preferred Term, and Preferred Elite Term plans.

This benefit pays the benefit amount to the Insured, if the Insured incurs a sickness or suffers an injury that requires them to be confined in a hospital as an inpatient for more than 24 hours. It is available in three different daily benefit amounts – $25, $50 and $100 per day. A benefit will only be paid for an injury if the hospitalization occurs within 30 days of the accident that caused the injury.

The daily benefit will be paid for the SAME sickness or injury for a maximum of 90 days. The daily benefit for the duration of the benefit, is payable for a maximum of 180 days.

The Hospital Cash Benefit is available at issue ages 18 to 65.

The daily benefit amount is doubled if the Insured incurs a sickness or suffers an injury that requires confinement in a hospital intensive care unit, as an inpatient, for more than 24 hours.

This benefit terminates on the earliest of the following:

  • The date on which the contract terminates, for whatever reason
  • The date on which the Hospital Cash rider terminates, for whatever reason
  • The anniversary date nearest to the Insured’s 70th birthday
  • The maximum benefit of 180 days has been reached.

Sample Policy Pages

The following sample policy pages are provided for reference only. They may be incomplete and/or may not reflect recent updates. To determine exact terms and conditions for a particular client, please refer to the actual policy issued to that client.