Steps to Determine Protection
1. Confirm your client’s policy was issued in Canada by a Member Company
Assuris protection applies separately to each Member Company, regardless of its affiliation with another Member Company. Benefits issued by a Member Company in a foreign jurisdiction do not qualify for Assuris protection.
2. Confirm your client is a Canadian citizen or resident when the policy was issued or when the company failed
3. Identify your client's benefits and apply the appropriate protection
For benefits unique to the life insurance industry, Assuris guarantees that policyholders will recover 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 policyholders will recover 100% of their promised benefits up to $100,000.
4. Adding together all similar benefits
If your client has more than one policy with the failed company, all similar benefits issued are added together under the following categories and benefit types in order to allocate Assuris protection to specific policies.
- The benefits are added together under the categories of: Individual Non-registered, Individual Registered, Group Non-registered, Group Registered, Individual Tax Free Savings Account and Group Tax Free Savings Account.
- The benefit types are: Death Benefit, Health Expense, Monthly Income, Cash Value and Accumulated Value.
- Policy benefits are added together for each Covered Person.
For a detailed table on adding categories and benefit types together click here