ASSURIS

  Who Protects Canadian Policyholders in the event of Life Insurance Company failures

Assuris is the not for profit organization that protects Canadian policyholders if their life insurance company should fail.

It's role is to protect policyholders by minimizing the loss of benefits and ensuring a quick transfer of their policies to a solvent company, where their protected benefits will continue to be honoured.

Every life insurance company authorized to sell insurance policies in Canada is required, by the federal, provincial and territorial regulators, to become a member of Assuris.

Assuris was founded in 1990. Assuris is designated by the federal Minister of Finance under the Insurance Companies Act of Canada, and specified in the Quebec R├Ęglement d'application de la Loi sur les assurances.

  How Does Assuris Protect You?

If your life insurance company fails, your policies will be transferred to a solvent company. Assuris guarantees that you will retain at least 85% of the insurance benefits you were promised. Insurance benefits include Death, Health Expense, Monthly Income and Cash Value.

Your deposit type products will also be transferred to a solvent company. For these products, Assuris guarantees that you will retain 100% of your Accumulated Value up to $100,000. Deposit type products include accumulation annuities, universal life overflow accounts and dividend deposit accounts.

For a Tax Free Savings Account (TFSA) invested in an Accumulation Annuity, Assuris provides separate protection from other deposit type products. For TFSAs, Assuris guarantees that policyholders will retain 100% of the Accumulated Value up to $100,000.

The key to Assuris protection is that it is applied to all benefits of a similar type. If you have more than one policy with the failed company, you will need to add together all similar benefits before applying the Assuris protection. For a detailed table on adding benefit types together

If you are a Canadian citizen or resident, and you purchased a product from a member life insurance company in Canada, you are protected by Assuris. Review the list of member companies below

Read More

Services
  Life Insurance
Term Insurance
Whole Life Insurance
Universal Life Insurance
Participating Life Insurance
  Disability Insurance
  Critical Insurance
  Health and Dental Insurance
  Long Term Care Insurance
  Travel Insurance
  Visitors to Canada Insurance (Super Visa)
  Accidental Death & Disamament Insurance
  Mortgage Insurance
Partners
ASSURIS

Who Protects Canadian Policyholders in the event of Life Insurance Company failures
                                            Details >>

 
 
 
 
 
 
  Website Designed by CompuBrain