As a financial advisor, you are the main point of contact for your clients. If there is a failure of a life insurance company, your clients will turn to you for details on how they are protected.
What you need to know
If an Assuris member company fails, Assuris will seek to transfer your client’s policies to a solvent life insurance company.
For benefits unique to the life insurance industry, Assuris guarantees that your client will retain at least 85% of their promised benefits.
Insurance benefits are:
Assuris will also seek to transfer investment products to a solvent company. For these products, Assuris guarantees that your clients will retain 100% of their Accumulated Value Benefit up to a maximum of $100,000.
If your client has more than one policy with the failed company, you will need to add together all similar benefits under each policy before applying Assuris’ protection.