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When you buy life insurance, disability insurance, or critical illness coverage, you’re making a long-term financial commitment to protect yourself and your loved ones. But what happens if your insurance company goes under?
That’s where Assuris comes in.
Assuris is a not-for-profit organization that protects Canadian policyholders in the unlikely event their life or health insurance company fails. In this post, we’ll explore how Assuris works, what it covers, and why you can feel confident knowing your insurance is protected.
- Key takeaways:
- Assuris protects Canadian policyholders if their life or health insurance company becomes insolvent, ensuring they still receive most or all of their benefits.
- Coverage is automatic and free—you don’t need to register or pay extra to be protected by Assuris.
- Assuris guarantees up to 90% of your policy benefits or 100% up to a specific limit, depending on the type of benefit.
What Is Assuris?
Life insurance companies in Canada are heavily regulated. They must meet strict capital requirements, and the types of investments they can make are also controlled. This low-risk exposure ensures they have the financial strength to pay claims when needed.
But that doesn’t mean insurance companies can’t fail. If and when that happens, Assuris is there to protect policyholders.
Formed in 1990, Assuris is a not-for-profit organization that protects Canadian policyholders in the event their life or health insurance provider becomes insolvent. Its purpose is to ensure you continue receiving your promised insurance benefits, even if your insurer is no longer in business.
Similar to how the Canadian Deposit Insurance Corporation (CDIC) protects consumers’ bank deposits, Assuris provides a similar safety net—but for insurance contracts instead. It helps maintain confidence in Canada’s insurance industry by ensuring policyholders are not left without coverage during a company failure.
Assuris protection is automatic and free—you don’t need to sign up or pay anything for this coverage.
How Assuris Protects Life and Health Insurance Policyholders
Assuris ensures that Canadian policyholders are protected if their life or health insurance company fails. Their guarantees cover a wide range of insurance products, providing either a specific dollar amount or 90% of the benefit, whichever is higher. Here’s how Assuris safeguards different types of benefits:
Death benefit
Assuris guarantees up to $1,000,000 or 90% of the death benefit of life insurance policies, whichever is higher. For example, if your policy has a death benefit of $1,000,000, you would receive $1,000,000. However, if your death benefit was $1,500,000, it would be adjusted to $1,500,000 x 90% = $1,350,000.
Health expense
For health-related policies like critical illness, supplementary medical, or travel insurance, Assuris protects up to $250,000 or 90% of the benefit amount, whichever is higher.
Monthly income
Regular income payments from products such as annuities, Registered Retirement Income Funds (RRIFs), disability, or long-term care policies are protected up to $5,000 per month or 90% of the benefit amount, whichever is higher.
Cash and accumulated value
For policies with a cash value or associated savings components—such as whole life, universal life, accumulation annuities, or overflow accounts—Assuris protects up to $100,000 or 90% of the value, whichever is higher.
Segregated fund guarantee
If you have investments in segregated funds, Assuris ensures protection up to $100,000 or 90% of the guaranteed amount, whichever is higher.
What Happens If an Insurance Company Fails?
While insurer failures are rare in Canada due to strong regulations, it’s not impossible. If it happens:
Assuris steps in immediately.
They work with regulators and other insurers to arrange a transfer of your policies to a healthy insurer.
Your benefits continue—often without interruption.
You’ll be notified and won’t need to take action unless directed.
This seamless transition helps protect your peace of mind and your financial security.
Is My Insurance Company a Member of Assuris?
If your insurer is licensed to sell life or health insurance in Canada, they are required by law to be an Assuris member. That means your individual or group policy is covered.
Here’s a complete list of all the insurance companies in Canada covered by Assuris:
A
- Acadia Life
- Aetna Life Insurance Company
- Alan CA Inc.
- Allstate Life Insurance Company of Canada
- American Bankers Life Assurance Company of Florida
- American Health and Life Insurance Company
- American Income Life Insurance Company
- Assumption Mutual Life Insurance Company
- AWP Health & Life SA
B
- Beneva
- Blue Cross Life Insurance Company of Canada
- BMO Life Assurance Company
- BMO Life Insurance Company
- Blumont Annuity Company
C
- The Canada Life Assurance Company
- The Canada Life Insurance Company of Canada
- Canadian Premier Life Insurance Company
- Canassurance Insurance Company
- Chubb Life Insurance Company of Canada
- CIBC Life Insurance Company Limited
- CIGNA Life Insurance Company of Canada
- Combined Insurance Company of America
- CompCorp Life Insurance Company
- Connecticut General Life Insurance Company
- Co-operators Life Insurance Company
D
- Desjardins Financial Security Life Assurance Company
E
- The Empire Life Insurance Company
- The Equitable Life Insurance Company of Canada
F
- First Canadian Insurance Corporation
- Foresters Life Insurance Company
G
- Green Shield Canada Insurance
H
- Humania Assurance Inc.
I
- Industrial Alliance Insurance and Financial Services Inc.
- ivari
- The Independent Order of Foresters
J
- Jackson National Life Insurance Company
L
- Life Insurance Company of North America
- LS-Travel, Insurance Company
M
- The Manufacturers Life Insurance Company
- Manulife Assurance Company of Canada
- MD Life Insurance Company
- Medavie Inc.
- Metropolitan Life Insurance Company
N
- National Bank Life Insurance Company
- New York Life Insurance Company
P
- Pavonia Life Insurance Company of Michigan
- PBC Health Benefits Society o/a Pacific Blue Cross
- Primerica Life Insurance Company of Canada
R
- RBC Life Insurance Company
- Reliable Life Insurance Company
S
- Sun Life Assurance Company of Canada
- Sun Life Insurance (Canada) Limited
T
- TD Life Insurance Company
- Trans Global Life Insurance Company
- TruStage Life of Canada
U
- The Union Life, Mutual Assurance Company (UV Insurance)
V
- Viaction Insurance inc.
W
- The Wawanesa Life Insurance Company
Assuris vs. CDIC: What’s the Difference?
Both Assuris and CDIC protect Canadian consumers—but they cover different types of financial products.
Feature | Assuris | CDIC |
|---|---|---|
Covers | Life & health insurance | Eligible deposits in Canadian banks |
Example of products | Life insurance, disability insurance, annuities | Savings accounts, GICs, chequing accounts |
Funded by | Life insurance companies | Member financial institutions |
Limit structure | 90% to 100% of benefits | $100,000 per eligible account |
Government status | Not-for-profit, independent | Federal Crown corporation |
Automatic coverage | Yes | Yes |
Payout method | Policy transfer or benefit continuation | Direct reimbursement of insured deposits |
Frequently Asked Questions
“Assuris insurance” refers to the protection Assuris provides to Canadian life and health insurance policyholders in the event their insurance company fails.
It’s not a separate insurance policy, but a built-in safety net that ensures you continue receiving your policy benefits even if your insurer becomes insolvent.
Assuris guarantees to protect at least 90% of your insurance benefits. In many cases, it provides 100% protection up to a certain dollar amount depending on the type of benefit—for example, up to $1 million for a death benefit or $5,000/month for income payments.
Reinsurance is a private agreement between insurance companies to share or transfer risk. It helps insurers manage large exposures and maintain financial stability.
Assuris, on the other hand, is a policyholder protection organization that steps in when an insurer fails, ensuring consumers still receive their benefits. While reinsurance helps prevent insolvency, Assuris protects you after insolvency occurs.
No. Assuris is an independent, not-for-profit organization funded by life and health insurance companies in Canada. It works closely with regulators but is not part of the government.
No. If you hold a policy with an Assuris member company (which includes all life insurers licensed in Canada), you’re automatically covered.
No. Assuris protection is free. It’s built into your policy when you buy from a participating insurer.
No. Assuris ensures your coverage continues—either by transferring your policy to another insurer or by directly maintaining your benefits. At minimum, you’ll receive 90% of your promised benefits, and often more
Peace of Mind with Assuris Protection
Insurance is about protecting the people and things that matter most. But even the most carefully chosen policy wouldn’t mean much if the provider disappeared.
Thankfully, Assuris makes sure Canadian policyholders are not left in the dark. Whether it’s term or permanent life insurance, critical illness insurance, disability insurance, health and dental coverage, or annuities, Assuris ensures your coverage continues—giving you confidence that your financial safety net remains intact.
Want to make sure your insurance is fully protected? Speak with a licensed advisor or contact your insurance provider to confirm you’re with an Assuris member company.
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While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
