1. Does my client need to apply for Assuris protection?

It is not necessary for you or your client to apply for Assuris protection or to file a claim. If the member life and health insurance company holding your client’s policy fails, they will be informed on how their respective benefits are protected by Assuris.

2. How are joint life policies protected?

Assuris’ protection applies to the joint life policyholders as a single covered person.

3. How are joint and survivor annuities protected?

Assuris’ protection applies to the joint and survivor annuitants as a single covered person.

4. How are structured settlements protected by Assuris?

A structured settlement pays a monthly or yearly benefit in a series of payments to the insured for the lifetime of the insured or for a prearranged duration.

Periodic payments under structured settlements are protected under Assuris’ monthly income protection. Assuris guarantees that the policyholder will retain up to $5,000/month or 90% of their monthly income benefit, whichever is higher.

Lump sum payments under structured settlements are protected under Assuris’ cash value protection. In each policy year, Assuris guarantees that the policyholder will retain at least $100,000 or 90% of their lump sum payment, whichever is higher.

5. How are buy-in annuities protected?

Buy-in annuities consist of a single premium paid to the member life and health insurance company by a pension plan in exchange for a monthly payment to the pension plan in a sum equal to the amounts paid to the pensioners. The benefits to the pensioners remain the responsibility of the pension plan. The single monthly payments are covered under Assuris’ monthly income protection. Assuris guarantees that the policyholder will retain up to $5,000/month or 90% of their monthly income benefit, whichever is higher.

6. How are buy-out annuities protected?

Buy-out annuities consist of a single premium paid by a pension plan to the member life and health insurance company in exchange for monthly pensions paid directly to the pensioners. The benefits under buy-out annuities are the responsibility of the member life and health insurance company. Each pensioner is covered under Assuris’ monthly income protection.

Assuris guarantees that the policyholder will retain up to $5,000/month or 90% of their monthly income benefit, whichever s higher.

7. How are benefits payable in other currencies protected?

Benefits will be continued in the currency of the policy except where impractical because of currency exchange restrictions or other difficulties unique to the currency. The currency of the policy will be the equivalent of the Canadian dollar at the exchange rate in effect when the company fails.