Assuris
website: www.assuris.ca
previously called the Canadian Life & Health Insurance Compensation Corporation (CompCorp)
Assuris is a consumer protection plan established in 1990
- nonprofit, federally incorporated
- federally regulated life insurers must be members
- funded by member companies, like
- Canada Deposit Insurance Corporation (CDIC) for banks
- insurers are prohibited from becoming members
- Canadian Investor Protection Fund for investment dealers
- Canada Deposit Insurance Corporation (CDIC) for banks
- if a member insurer is unable to pay claims (insolvent), Assuris assumes the obligations to policyowners up to specified limits
Benefits Guaranteed
Visit the official website for to be sure, for examples and a brochure (PDF).
You receive the greater of the
- 100% guarantee for benefits up to specified limits
- the 85% guarantee for larger benefits
| Type of Benefit | 100% Guarantee on Benefits Up To | 85% Guarantee on Benefits From |
|---|---|---|
| Life insurance death benefit | $200,000 | $235,294+ |
| Life insurance cash value | $60,000 | $70,588+ |
| RRSPs | $100,000 | $117,647+ |
| RRIFs | $100,000 | $117,647+ |
| Health (critical illness, travel, extended health, major medical, long term care) | $60,000 | $70,588+ |
| Annuity monthly income | $2,000 | $2,353+ |
| Disability monthly income | $2,000 | $2,353+ |
page revision: 28, last edited: 25 Nov 2007 04:55