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Assuris New Protection Levels
At the Annual General Meeting on May 25, 2023, Assuris, in partnership with our member life and health insurance companies, announced higher levels of policyholder protection. 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 well-being of all Canadians. The increased protection levels provide policyholders with greater financial security and peace of mind.
Assuris’ protection applies to all individual and group insurance products issued by our 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:
Benefit
Death Benefit
Health Expense
Monthly Income
Investments / Savings:
- Cash Value
- Accumulated Value
- Segregated Fund Guarantee
Assuris Protection
$1,000,000
$250,000
$5,000/month
$100,000
or
90%,
whichever is higher
Benefit
Assuris Protection
Death Benefit
$1,000,000
Health Expense
$250,000
Monthly Income
$5,000/month
Investments / Savings:
- Cash Value
- Accumulated Value
- Segregated Fund Guarantee
$100,000
or
90%,
whichever is higher
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.
Partnering With Financial Advisors
Life and health insurance is an important component of any good financial plan, regardless of which products are being discussed. And, in this uncertain world, the unexpected can and does happen. Consumers today want full transparency, and they want to understand the impacts that the worst-case scenario could have on their financial well-being. Assuris is proud that our member life and health insurance companies are committed to maintaining strong policyholder protection so financial advisors can feel secure and confident recommending life and health insurance products. Assuris is committed to partnering with financial advisors by providing helpful information and shareable resources that they can use to discuss our policyholder protection with their clients.
