A life and health insurer failure is rare in Canada. But when it happens, policyholders – your clients – will come to you first with their questions and concerns, seeking reassurance. In that moment, your guidance becomes critical.
Knowing how to respond allows you to reassure clients, clarify how their benefits are protected, and explain what happens next, ultimately ensuring that they do not make decisions that could hurt their financial well-being in the long-term.
1. Stay Informed and Rely on Trusted Sources
When a member company failure is publicly announced, Assuris activates its Crisis Communications Plan immediately.
Within minutes a dedicated microsite is launched on the Assuris website.
The microsite provides detailed information on the resolution process and how clients’ life and health insurance benefits are protected.
Protection details are customized to the specific products offered by the failed company.
All information is available in English and French.
This microsite becomes the primary source of official, up to date information.
In addition to the microsite, information will also be shared through the following channels:
Social media
Key updates will be shared on LinkedIn, Facebook, Instagram, and X.
Email to financial advisors
An email communication, with links to relevant information and the microsite is sent to financial advisors in our database.
Letters to policyholders
Assuris and the Liquidator send policyholders a letter outlining how their benefits are protected.
Additional resources
Additional resources for policyholders and financial advisors could also be implemented, such as a call center.
Assuris and the Liquidator keep your clients updated as further information becomes available.
As an advisor, you should:
- Monitor official communications from Assuris.
- Share verified information with clients.
Clear, factual communication prevents misinformation, avoids panic and helps you guide and reassure your clients.
Financial advisors who would like to receive our communications can register to receive updates (opens in new tab).
2. Communicate the Key Messages
During a member company failure, there are three essential messages you should communicate to your clients.
First, their life and health insurance benefits are automatically protected by Assuris. Policyholders do not need to apply for Assuris protection or file a claim.
Second, policyholders should continue paying their premiums to ensure their coverage remains active and protected throughout the resolution process. If payments stop and policy lapses, the policy is no longer protected by Assuris.
Third, policies are typically transferred to a solvent insurer. The traditional approach for resolving a failed insurer is to transfer policies to a financially stable company, ensuring continuity of coverage and protected benefits – up to Assuris guaranteed levels of protection.
In moments of uncertainty, clients may assume the worst. Clear communication about these three points helps them understand how their benefits are protected and what to expect next.
Detailed information will be available on the dedicated microsite, allowing you to guide conversations with clarity and accuracy.
3. Protect and Strengthen Client Relationships
During a member company failure, Assuris provides financial advisors with timely information and communication materials to help guide conversations with clients.
The dedicated microsite and ongoing updates are designed to give you clear and consistent information you can rely on when speaking with clients.
By sharing Assuris resources with your clients, you can:
- Help reduce worry and uncertainty
- Prevent your clients from making decisions that could harm their financial wellbeing
- Reinforce understanding of how benefits are protected
A simple message such as, “I want to confirm that your policy is protected and walk you through what happens next,” can provide reassurance and clarity at an important time.
If a life and health insurer fails,
Reassure your clients about the protection they have
Reinforce the importance of continuing premium payments
Share Assuris resources with your clients
In moments of uncertainty, clarity and leadership builds lasting trust.
Get priority updates from Assuris so you can confidently guide clients if a life and health insurer fails.
