Assuris is a non-profit association of life insurance companies in Canada. It is intended to provide assurance to Canadian consumers in the event of a life insurance company failure. The association consists of most companies that retail life insurance in Canada. Together they jointly guarantee each other’s block of business, subject to some limitations. The intention is that should a company fail, your insurance policies will be transferred to a solvent company with the minimum guarantees provided by Assuris.
The minimum guarantee for life insurance policies is $200,000 or 85% of your death benefit, whichever is higher. For policies with account values or cash values, Assuris further guarantees up to $60,000 or 85%, whichever is higher.
Assuris also covers other products such as TFSA’s, group insurance, annuities, seggregated funds and other products offered by Canadian life insurance companies. You can visit their website for full details at www.assuris.ca.