Canada Protection Plan Expands No-Medical Insurance Offering with Flexible Critical Illness Product Suite

Business Wire

Four new innovative products will allow clients with histories of major medical conditions to secure financial protection in the event of cardiac disease or cancer

TORONTO--(BUSINESS WIRE)-- Canada Protection Plan, a leading provider of No-Medical Insurance, announced today the launch of four unique critical illness (CI) term insurance products to its offerings. These new products are designed to provide flexible coverage options in the event of cardiac-related or cancer incidents, which represent more than 90 per cent of CI insurance claims.

Canada Protection Plan’s new suite of No Medical Critical Illness Insurance products includes:

Cardiac Protect CI, for coverage in the event of a covered cardiac-related incident
Cancer Protect CI, for coverage in the event of a covered cancer-related incident
Cardiac AND Cancer Protect CI, for coverage on one related cardiac- and one cancer-related incident, making clients eligible for two claims (if there is a claim on one incident, the other plan remains in effect at reduced premium)
Cardiac OR Cancer Protect CI, for coverage on one cardiac- or one cancer-related incident

The eight medical conditions covered by these products are heart attack, stroke, heart valve replacement or repair, aortic surgery, coronary artery bypass surgery, cancer, aplastic anemia and benign brain tumours.

“Facing a critical illness can be extremely trying, even without considering the potential financial burden it can bring to individuals and their families. We believe those who are affected by a major illness or disease should not be put at a financial disadvantage because of their medical histories,” said Michael Aziz, co-president at Canada Protection Plan. “Our new products provide flexible and meaningful choices to ensure our clients and their families are financially protected in the event of a critical illness.”

The first three CI products – Cardiac Protect CI, Cancer Protect CI, and Cardiac AND Cancer Protect CI – offer one term (T75 up to age 75) for clients aged 18 to 65, with coverage up to $50,000. The fourth, Cardiac OR Cancer Protect CI, offers two different terms for clients aged 18 to 55 (T20) or as a T75 for ages 18 to 65 (T75), for coverage up to $100,000. Coverage is guaranteed on all four products up to age 75. The Term 20 (T20) is renewable every 20 years until age 75.

These products will be available beginning on April 20, 2020, through more than 25,000 licensed advisors across the country or through Canada Protection Plan. As of April 20, all Canada Protection Plan insurance products can be accessed online, from application to policy delivery. For more information, please visit www.cpp.ca or call 1-877-447-6060.

About Canada Protection Plan

Canada Protection Plan, one of Canada’s leading providers of No Medical and Simplified Issue Insurance, is a Canadian owned and operated corporation that designs, markets and sells insurance products with simplified underwriting processes that require no medical exams on many of their plans. The company is dedicated to providing insurance protection against unexpected events at a competitive price by offering numerous product choices and purchase options, making insurance coverage easily obtainable.