Assuris – Protecting Your Life Insurance Benefits
Assuris is the not-for-profit corporation that protects Canadian policyholders against loss of benefits due to the financial failure of a member company. All life insurance companies authorized to sell insurance policies in Canada are required, by the federal, provincial and territorial regulators, to become members. Think of it like CDIC insurance that exists to cover deposit products such as a bank account or GIC in the event a bank were to fail.
Assuris is wide ranging and covers life Insurance products including the following.
There are specific limits for each item but here is a couple examples.
Term Life Insurance
Guaranteed Minimum Withdrawal Benefit (GMWB)
For more details, visit their website at www.assuris.ca.
You can also download the Assuris brochure.
While we would hope that we do not have a financial failure of a life insurance company, it give’s peace of mind that you would be protected, if it were to occur. Please contact me if you have further questions.
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