Deposits are Guaranteed

Assuris is the not for profit corporation, that protects Canadian policyholders against loss of benefits due to the financial failure of a member company.

All life insurance companies authorized to sell insurance policies in Canada are required, by the federal, provincial and territorial regulators, to become members of Assuris.

NOTE: Other deposits are protected much the same way as bank deposits are protected. For more information identify yourself as a policyholder at Assuris website

Here we will look at the Registered Retirement Income Fund (RRIF)

A Registered Retirement Income Fund (RRIF) is a deposit type product that pays out income to an individual.

RRIFs are registered under the Income Tax Act (Canada). The interest income and growth of the account value are sheltered from income tax. The policyholder must withdraw a minimum amount each year from the fund but can also withdraw amounts in excess of this minimum.

Individual RRIF contributions invested in deposit type products are eligible for Assuris protection. If a member life insurance company fails, the RRIF policy will be transferred to a solvent company.

If the policyholder decides to take their RRIF as a lump sum, it is protected under Assuris’ Accumulated Value protection. On transfer Assuris guarantees that they will retain 100% of the promised Accumulated Value (account value) up to $100,000.

However, if the policyholder decides to continue taking payments from their RRIF, the contractual payments are protected under the Monthly Income protection. At the date of failure, if the annual minimum withdrawals from their RRIF: are less than or equal to $24,000, the payments are fully protected. exceed $24,000, the payments will be protected for $24,000 or 85%, whichever is higher.

Free Assuris Brochure

To order a free brochure outlining Assuris’ protection, send your request to [email protected] or contact the Assuris Information Centre at 1-866-878-1225. Please ensure to include your complete mailing address and the quantity of brochures you would like to order.

You can also download a PDF of the Assuris brochure from our web site here.

For more information on Assuris’ protection and how it applies to various product benefits please visit identify yourself as a policyholder when you get on the site.