Assuris is a not-for-profit organization formed in 1990 and funded by life insurance companies. It provides some protection for Canadian policyholders of insurance products in the event of an insurance company’s insolvency. If a life insurance company becomes insolvent, Assuris works alongside the liquidator on behalf of the policyholders of the insolvent company to transfer the policy to a solvent life insurance company, where the terms of the original policy are maintained. All licensed life insurance companies in Canada are required to be members of Assuris. A complete list of member companies can be viewed on the Assuris website (

The types of insurance products protected by Assuris include life insurance, critical illness, group insurance, group retirement, long-term care, segregated funds, disability income, health expenses, and accumulation annuities.

If an individual has more than one policy, then all similar benefits issued within the same categories are added together (non-registered, registered, group non-registered, and group registered) as are all benefit types (death benefit, health expense, monthly income, cash values, and accumulated values). This is done for each covered person. Joint policies are treated depending on the policy type. For joint and last survivor annuities, the joint annuitants are treated as a single covered person for the calculation of monthly income protection. For joint policies and the calculation of cash value and accumulated value, the amount calculated is based on the owner’s interest in the policy and is added to any other guaranteed cash values individually.

In general, Assuris guarantees 100% protection for monthly income benefits of $2,000 and less, health expenses of $60,000 and less, death benefits of $200,000 and less, and cash values of $60,000 and less. For accumulated value plans, the guarantee is generally up to $100,000.

For exact information contact Assuris directly. There website can be viewed at

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