Canada Protection Plan (CPP) Life Insurance for Canadians
Canada Protection Plan, also known as CPP, is a supplier of insurance coverage. CPP, a member of the Better Business Bureau of Mid-Western and Central Ontario, only sells Canadian underwritten insurance. All of the insurance companies that underwrite CPP insurance policies are supervised by a variety of federal, provincial and territorial bodies. One of the most unique and attractive things about CPP is that consumers do not have to undergo medical tests or exams in order to get approved for some of their insurance products – this is definitely not the norm for a great many insurance companies.
Term & Whole Life Insurance From CPP Insurance
CPP sells life insurance under the two category headings of term life insurance and whole life insurance. Term life insurance, due to the fact that it only insures a person for a portion of their life instead of the entirety of their life, tends to be a cheaper form of life insurance. The names of the three kinds of term life insurance CPP offers are No Medical Deferred Term, No Medical Simplified Term and No Medical Simplified Term Plus. With CPP, insurees have the option of selecting a term of 10, 15, 20, 25 or 30 years. When the chosen period of time ends, insurees may have the option of renewing their policy or choosing to convert their term life insurance policy into a permanent life insurance one. CPP tries to make it easy for consumers to get term life insurance by offering a policy for up to $250,000, and the only thing a person has to do to qualify for it is to answer a few health questions – no visit to the doctor necessary! CPP also provides term life insurance policies that can provide coverage up to $5,000,000.
Types of Whole Life Insurance From CPP
Whole life insurance, also known as permanent life insurance, covers an insuree for their entire life. There are several different kinds of whole life insurance available through CPP, such as No Medical Acceptance Life, No Medical Deferred Life, No Medical Simplified Life, No Medical Simplified Life Plus, Traditional Term to 100, Traditional Life Option Enhanced and Divided Renaissance. In terms of payment of premiums, insurees have three options: they can choose to pay all of their premiums within 20 years, they can continue to pay their premiums until the age of 65, or they can continue to pay their premiums up to the age of 100. If, for some reason, an insuree wants to cancel their policy after a certain amount of years, they can do so and receive a tax-free lump-sum payment; this option is known as the cash surrender option.