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Canada Protection Plan
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I had a client (Male, age 32, non-smoker) who did back country skiing on a regular basis and could not get any life insurance through the traditional insurance market. He would regularly get dropped off to these remote locations by helicopter to ski on trails which were new terrain. He was able to get coverage for up to $500,000 with Canada Protection Plan – and it was no medical.
He purchased Term 10 policy and his premiums will remain the same for the next 10 years.
The Term 10 product he purchased is a convertible product which means that he has the contractual right to convert this policy any time after 2 years of the policy being inforce to a permanent product without having to provide any additional medical evidence of insurability to do so.
A permanent product has continued coverage until death as long the premiums continue to be paid. This guarantees that once his salary increases in the future he will be able to change to a plan which will better suit his situation for the future without having to worry that if he’d developed very serious medical condition along the way that he would not qualify to do so.
In the event that in the next few years he was to proceed to settle down and marry his sweetheart and purchase his first mortgage, he was thrilled his insurability was now securely protected at a lower rate!
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