Foresters Financial and Canada Protection Plan join forces

Fraternal life insurer Foresters Financial (“Foresters”) and Canada Protection Plan, a leading distributor of No Medical and Simplified Issue life insurance, announced they are joining forces in an amalgamation that will benefit their customers, advisors and employees.

Bringing together the industry-leading sales and marketing power of Canada Protection Plan with the well-capitalized, purpose-driven Foresters Financial, this union will amplify the strengths of each organization and create the most innovative customer-, member- and advisor-centric life insurer in Canada.

Headquartered in Toronto, where they intend to remain, the organizations will benefit from the sharing of best practices, leveraging their innovative mobile and technology-enabled operations that are now more important than ever as customers and advisors move to contactless solutions.

We’re thrilled to make our longstanding partnership with Canada Protection Plan official. Foresters is strongly committed to its life insurance business in North America and this agreement fits perfectly with our long-term goals. It will accelerate the expansion of our business in Canada and we will be well positioned to grow – through innovation, new product development and independent distribution.” – Jim Boyle, President and CEO, Foresters Financial.

“This is an exciting day for both organizations. It’s a significant investment in the future of Canada Protection Plan and is the next step on our shared goals of driving growth in the Canadian market. Joining with Foresters is a logical evolution for our company. It will open doors to new opportunities for our customers, employees and advisors.” – Michael Aziz, Canada Protection Plan Chief Distribution Officer and Co-President.

The two organizations share a common purpose-driven culture and vision for growth, with committed leadership teams who will help guide the organizations through the next phase. The status of employees at Foresters and Canada Protection Plan remains unchanged.

Canada Protection Plan will continue to deliver advisors the same strong sales support and service to which they have become accustomed. From direct contact with Underwriting to fast issue times, the focus on helping advisors deliver innovative solutions to their clients simply and quickly remains a key priority.

The status of the existing certificates and policyholders will remain the same. The amalgamation will greatly benefit customers and members moving forward, allowing for a broader range of products along with improved sales, marketing and service technology.

In the Canadian market, the new entity will be branded as Canada Protection Plan, A Foresters Financial Company. The Foresters Financial brand will remain the same in all other markets.