Assuris Protection For Your Insurance Policies

Life insurance provides essential security for your family in case of unforeseen circumstances. But what if your insurance provider faces financial insolvency and cannot fulfill their obligations? Who will safeguard your family’s financial stability then? These concerns are valid and real.

However, there’s no need for concern when you choose Assuris. Assuris steps in to ensure you receive the benefits promised, even if your insurer becomes insolvent.

The best part? You incur no additional costs for Assuris protection—it comes automatically with your Assuris Protection For Your Insurance Policies in Canada.

Learn more about Assuris and how it safeguards you and countless other Canadian insurance policyholders. Contact our advisors at Sure Insurance today for expert consultation and secure your family’s future with confidence.

What does Assuris protection mean?

Sure Insurance understands the importance of protecting your future. In Canada, life and health insurance companies are closely monitored to ensure they fulfill their commitments to policyholders.

However, unforeseen circumstances can lead to financial instability for insurers. That’s where Assuris steps in as your safeguard.

Established in 1990 and supported by Canada’s insurance industry, Assuris guarantees that you’ll receive at least 85% of your promised benefits if your insurer declares bankruptcy.

This protection is provided at no additional cost to you, ensuring peace of mind for every Canadian citizen or resident who has purchased insurance from a Canadian insurer.

Here’s how Assuris protects you in the event of your life insurance company’s insolvency:

Assuris endeavors to transfer your policy to a financially stable insurer, ensuring you retain a minimum of 85% of your promised benefits.

For policies with a death benefit of $200,000 or less, you’ll retain the full amount.

Assuris covers five essential types of protections tailored to different insurance products:

Death Benefit: Ensures full protection for life insurance plans.

Health Expenses: Covers critical illness insurance and other health plans, including travel insurance.

Monthly Income: Supports annuities, disability insurance, and policies providing regular payments.

Cash Value: Safeguards the accumulated value of permanent life insurance plans.

Accumulated Value: Protects investment products.

For comprehensive protection and reliable support in uncertain times, contact Sure Insurance today. Our advisors are ready to assist you in securing your financial future with confidence.

How Does Assuris Protection For Your Insurance Policies Protect Canadian Policyholders?

Assuris safeguards Canadian policyholders in several ways:

Death Benefit

Assuris will transfer your term or permanent life insurance policy to a financially secure life insurance company, ensuring you keep at least 85% of the death benefit.

For policies with a payout of $200,000 or less, the entire death benefit is retained.

For instance, if your policy payout is $400,000 and your insurance company fails, Assuris guarantees you will receive $340,000 of the death benefit (85% of $400,000).

Whole life and universal life policies allow policyholders to take out loans against their cash value.

If you have a loan before your company becomes bankrupt, Assuris’ protection will cover the net death benefit (original death benefit minus the policy loan).

For example, with a whole life or universal life policy with a death benefit of $300,000 and a policy loan of $20,000, your net death benefit is $280,000, of which you will receive 85%, equaling $238,000.

Health Expenses

If your insurance company fails, Assuris ensures you receive at least 85% of your health benefit. For health policies with a benefit of $60,000 or less, the entire benefit amount is retained.

For example, with a $50,000 health policy, you will get the same coverage with a new insurer. However, for a policy with a $200,000 payout, your benefit will be adjusted to $170,000.

Monthly Income

Assuris ensures you receive at least 85% of your monthly benefit if your insurance company goes bankrupt. For policies providing a monthly benefit of $2,000 or less, the entire benefit amount is retained.

For example, if you have an annuity with a monthly payment of $1,800, you will receive the full amount. However, if your monthly payment is $3,000, you will receive $2,550.

Cash Value

If your permanent life insurance policy has a cash value, Assuris guarantees you will receive at least 85% of it. For cash values of $60,000 or less, the full amount is retained.

For instance, with a $55,000 cash value and your life insurance company fails, you will receive the entire amount. But for a cash value of $80,000, you will get $68,000.

Whole life and universal life policies allow policyholders to take loans against their cash value.

If you took out a loan before your insurance company became insolvent, Assuris’ protection will apply to the net cash value.

For example, with a whole life or universal life policy with a cash value of $70,000 and a loan of $20,000, your net cash value is $50,000.

Since your net cash value is less than $60,000, you will retain the full amount.

Accumulated Value

Assuris protects your investments up to a maximum of $100,000. If you have multiple insurance products from a life insurance company, similar benefits are combined before Assuris’ coverage is applied.

For instance, with two-term policies from an insurer, each with a death benefit of $150,000, your total benefit is $300,000.

If your life insurance company fails, you will receive coverage for $255,000 (85% of $300,000).

However, if you have multiple investment accounts with a provider, each is covered separately.

For example, if you have a TFSA and an RRSP account with an insurance company, Assuris will protect each account separately.

Contact Sure Insurance today to speak with our advisors for a consultation. Let us help you safeguard your future with reliable insurance solutions tailored to your needs.

Why is Assuris Protection important in the Insurance Sector?

The failure of life insurance companies is a rare event. Since the establishment of Assuris, only three companies have failed: Confederation Life in 1994, Sovereign Life in 1993, and Les Cooperants in 1992.

In the unlikely event of an insurer’s failure, Assuris’ protection ensures that your financial stability remains unaffected.

During these three instances of bankruptcy, Assuris safeguarded the financial security of approximately three million policyholders.

Contact one of our advisors at Sure Insurance today for a consultation. We’re here to help protect your financial future and ensure your peace of mind.

Which Insurance Companies Are Protected by Assuris?

All life insurance companies in Canada must legally be members of Assuris. Once they become members, they cannot opt-out as long as they continue selling insurance products within the country.

Here is a comprehensive list of life insurance companies under Assuris protection:

Acadia Life
Allianz Life Insurance Company of North America
Aetna Life Insurance Company
Allstate Life Insurance Company of Canada
American Health and Life Insurance Company
American Bankers Life Assurance Company of Florida
Assumption Mutual Life Insurance Company
American Income Life Insurance Company
Assurant Life of Canada
AXA Equitable Life Insurance Company
AWP Health & Life SA

Blue Cross Life Insurance Company of Canada
BMO Life Insurance Company
BMO Life Assurance Company
Brookfield Annuity Company

The Canada Life Insurance Company of Canada
The Canada Life Assurance Company
Canassurance Insurance Company
Canassurance Hospital Service Association
Canadian Premier Life Insurance Company
La Capitale Financial Security Insurance Company
La Capitale Civil Service Insurer Inc.
CIBC Life Insurance Company Limited
Chubb Life Insurance Company of Canada
Combined Insurance Company of America
CIGNA Life Insurance Company of Canada
Connecticut General Life Insurance Company
Comp Corp Life Insurance Company
Co-operators Life Insurance Company

Desjardins Financial Security Life Assurance Company

The Equitable Life Insurance Company of Canada
The Empire Life Insurance Company

Foresters Life Insurance Company
First Canadian Insurance Corporation

Green Shield Canada

Humania Assurance Inc.

ivari
Industrial Alliance Insurance and Financial Services Inc.

Jackson National Life Insurance Company

LS-Travel Insurance Company
Life Insurance Company of North America

Manulife Assurance Company of Canada
The Manufacturers Life Insurance Company
Medavie Inc.
MD Life Insurance Company
Metropolitan Life Insurance Company

New York Life Insurance Company
National Bank Life Insurance Company

Primerica Life Insurance Company of Canada
PBC Health Benefits Society (Pacific Blue Cross)
Pavonia Life Insurance Company of Michigan

Reliable Life Insurance Company
RBC Life Insurance Company

Sun Life Insurance (Canada) Limited
Sun Life Assurance Company of Canada
SSQ Life Insurance Company Inc.
Scotia Life Insurance Company

Trans Global Life Insurance Company
TD Life Insurance Company

United American Insurance Company
The Union Life, Mutual Assurance Company

Viaction Insurance Inc.

The Wawanesa Life Insurance Company

At Sure Insurance, we understand that choosing the right insurance company can be daunting. We empathize with your need for security and peace of mind.

Contact our advisors today for an Assuris Protection For Your Insurance Policies consultation, and let us help you find the best insurance solutions tailored to your needs.

Frequently Asked Questions about Assuris Protection For Your Insurance Policies

What Is Assuris?

Assuris is a not-for-profit organization that protects Canadian policyholders in the event their life insurance company fails.

It ensures that policyholders continue to receive their insurance benefits and guarantees by transferring policies to another solvent company or maintaining the policies until a new insurer is found.

Who is Assuris?

Assuris is an independent organization that operates under the oversight of the Office of the Superintendent of Financial Institutions (OSFI).

It is funded by its member insurance companies and is dedicated to protecting Canadian policyholders.

Why You Need Assuris Protection for Life Insurance?

Assuris protection is crucial for life insurance because it ensures the continuation of your benefits even if your insurance company fails.

This protection gives policyholders peace of mind, knowing their financial security is safeguarded regardless of the company’s financial health.

What Does Assuris Protection Mean?

Assuris protection means that your life insurance policies, annuities, and other related products are covered up to certain limits if your insurance company fails.

This ensures that you do not lose your insurance coverage and benefits, maintaining financial stability for you and your beneficiaries.

How Does Assuris Protect Canadian Policyholders?

Assuris protects Canadian policyholders by stepping in when an insurance company fails.

It works to transfer the policies to another stable insurance company or administer the policies themselves until a suitable solution is found. This process ensures that policyholders continue to receive their due benefits without significant disruptions.

What if the Life Insurance Company Fails?

If a life insurance company fails, Assuris will either transfer the policies to a solvent insurance company or manage the policies until a new insurer is found.

This guarantees that policyholders continue to receive their insurance benefits and that their coverage remains intact.

What Are the Protection Limits?

Assuris protection limits include up to $200,000 for death benefits, 85% of the promised monthly income for annuities, and 85% of the promised withdrawal amount for segregated funds.

These limits ensure that policyholders retain a substantial portion of their benefits even if their insurance company fails.

Can Registered and Non-Registered Money Be Combined in an Annuity?

Yes, registered and non-registered money can be combined in an annuity. This allows policyholders to integrate different sources of funds into a single annuity, providing streamlined management and potentially enhanced financial benefits.

Which Insurance Companies Are Members of Assuris?

All federally regulated life insurance companies in Canada are required to be members of Assuris. This includes major insurers such as Sun Life, Manulife, Great-West Life, and Canada Life, among others.

Membership in Assuris is mandatory, ensuring widespread protection for Canadian policyholders.