1. Confirm that your client’s policy was issued in Canada by a member company.
Assuris’ protection is applied separately to each member company. Benefits issued by a member company in a foreign jurisdiction do not qualify for Assuris’ protection.
2. The policy must be in force at the time of failure.
Your client should continue to pay their premiums at the time of failure to ensure that the policy remains in force.
3. Identify your client’s benefits and the appropriate Assuris protection.
For benefits unique to the life insurance industry, Assuris guarantees that your client will retain at least 85% of their promised benefits. Below certain dollar values Assuris provides 100% protection. Select from the benefit types listed below to find out how Assuris’ protection is applied:
For Accumulated Value Benefits, Assuris guarantees that your client will retain 100% of their promised benefits up to a maximum of $100,000.
4. Adding together all similar benefits
Each member company has separate Assuris protection. If your client has more than one policy with the same member company, you will need to add together all similar benefits under each policy before applying Assuris’ protection.
Assuris’ protection is applied to the covered person under each policy. Your client’s policy benefits are added together for each covered person.
5. Identify the category of protection
If your client has more than one policy from the same member company, separate protection will apply to each category of Assuris’ protection. The categories of Assuris’ protection are:
- Individual Non-Registered
- Individual Registered
- Group Non-Registered
- Group Registered
- Individual Tax-Free Savings Account
- Group Tax-Free Savings Account
For a detailed table on adding categories and benefit types together click here.