Toronto, ON (May 29, 2023) – Assuris, in partnership with its member life and health insurance companies, is pleased to announce higher levels of policyholder protection, effective today. Assuris’ mission is to protect Canadian policyholders if their life and health insurance company fails. The life and health insurance industry is committed to the financial wellbeing of all Canadians and the increased protection levels provide policyholders with greater financial security and peace of mind.
Assuris’ protection applies to all individual and group products issued by member companies. This includes, but is not limited to, life insurance policies (whole, universal and term), health insurance (supplementary medical and travel), annuities, retirement income and wealth management products. The higher levels of protection by product benefits are as follows:
- Death benefit: Up to $1,000,000 or 90% of the death benefit, whichever is higher.
- Health expense: Up to $250,000 or 90% of the health expense, whichever is higher.
- Monthly income: Up to $5,000/month or 90% of the monthly income, whichever is higher.
- Investments/ Savings including Cash value / Accumulated value / Segregated fund guarantee: Up to $100,000 or 90% of the guaranteed amount, whichever is higher.
Assuris is confident that this enhanced policyholder protection strengthens public confidence in the industry. This is particularly important as life and health insurance products are widely used and play a significant role in the financial lives of most Canadians.
“With higher levels of protection, Canadian policyholders can feel secure and confident that their life and health insurance products will always protect them and their loved ones,” said Paul Petrelli, President and CEO, Assuris.
Founded in 1990, Assuris is the independent not for profit organization that protects Canadian policyholders if their life and health insurance company fails. Assuris, with the backing of the life and health insurance industry, safeguards the financial well-being of Canadians. Canadian policyholders can feel secure in knowing that Canada has a strong well-regulated financial services sector, and that in the unlikely event that a Canadian life and health insurance company fails, policyholders are protected by Assuris.
Every life and health insurance company authorized to sell insurance in Canada is required, by the federal, provincial, and territorial regulators, to become a member of Assuris under the Insurance Companies Act of Canada. Fraternal benefit societies and prepaid medical services companies can opt to become a member of Assuris. Member companies cannot terminate their membership as long as they have active business in Canada.
Assuris is designated by the federal Minister of Finance under the Insurance Companies Act of Canada. Assuris is recognized by the Autorité des marchés financiers (AMF) as the compensation body whose members are Quebec-chartered life insurers.
If you have life and health insurance from a member company, you already have Assuris protection.
For more information about Assuris, including a complete list of member companies, please visit www.assuris.ca.
SOURCE: AssurisTags: Assuris