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Canadian Life and Health Insurance Protection

Assuris is an organization funded by members of the insurance industry to provide insurance protection in case a member firm is unable to meet their obligations

Member Companies – Only insurance companies that sell life or health insurance are eligible to become members of Assuris. Thus, insurance companies that sell property and casualty insurance are not members, rather provide protection through the Property and Casualty Insurance Compensation Corporation.

Assets Covered – Assuris covers most types of life insurance, such as:

• life insurance
• disability insurance
• health insurance
• annuity income
• retirement funds, such as RRSP’s

Coverage – The following benefits are covered by Assuris:

Coverage Amount Details

Term Insurance $200,000 The greater of $200,000 or 85%
of the promised benefit

Monthly income $2,000 This includes periodic payments from payout annuities, RRIF’s, disability insurance and long term care insurance.

Health expenses $60,000 This category includes plans that reimburse health care expenses and lump sum critical illness expenses

Death Benefit $200,000 Provides coverage of life insurance benefits issued through term, whole life and universal life policies. The coverage applies to the portion of the death benefit that exceeds the cash value coverage

Cash Value $60,000 This coverage is for the cash value component of universal and whole life policies

If an individual’s benefits plan provides coverage in excess of these amounts, Assuris will cover 85% of the promised benefits. An additional benefit is that Registered Retirement Income Funds are covered to $100,000.

Assets Not Covered – Assuris does not provide protection for property and casualty insurance. Two additional restrictions include:

1) no protection is available if the insurance company provides administrative services only (ASO) for employee health plans; or
2) if the policy is backed by assets that are segregated from the insurance company’s general assets, coverage is not provided.

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