9 - Which Insurance Company is Best for Me?

Question 1

What are the 3 ways in which clients are protected in their choice of insurance company?

Answer 1

1. Federal and Provincial laws.
2. The Insurance Ombudsman
3. Assuris (formerly the Canadian Life and Health Insurance Compensation Corporation)

Question 2

What is the focus of criminal law?

Answer 2

It is on the crime and the criminal who committed the crime.

Question 3

What is focus of tort law?

Answer 3

It is on the victim and on compensation for that victim.`

Question 4

What is Assuris’ guaranteed coverage for Term Insurance?

Answer 4

Up to $200,00 coverage.

If coverage exceeds $200,000 up to 85% will be covered but in this case, the benefit will not be less than $200,000

Question 5

What is Assuris’ guaranteed coverage for Universal Life?

Answer 5

Up to $200,000 or 85% of the promised death benefit (whichever is greater), and up to $60,000 or 85% of the investment account (whichever is greater).

Question 6

What is Assuris’ guaranteed coverage for Whole Life?

Answer 6

Up to $200,000 or 85% of the promised death benefit (whichever is greater), and up to $60,000 or 85% of the cash surrender value (whichever is greater). Dividends may continue (amounts may be adjusted).

Question 7

What is Assuris’ guaranteed coverage for Annuities, disability, and long-term care?

Answer 7

Up to $2,000 per month or 85% of the promised monthly income benefit (whichever is greater).

Question 8

What is Assuris’ guaranteed coverage for Critical Illness, travel, extended health, and major medical?

Answer 8

Up to $60,000 or 85% of the promised benefit (whichever is greater).

Question 9

What is Assuris’ guaranteed coverage for non-registered accumulation policies?

Answer 9

100% of the accumulated value up to $100,000.

Question 10

What is Assuris’ guaranteed coverage for Segregated Funds?

Answer 10

Full coverage up to $60,000; 85% coveraged on the guaranteed amounts (whichever is greater).