There are a number of different associations, not for profits, quasi government and other entities that provide industry guarantees in Canada. These include CIPF, CDIC, FSRAO (for Ontario credit unions), various other Provincial credit union guarantee associations and Assuris.
The vast majority of products sold by Amiko Benefits Inc. are protected by Assuris. Whether you are buying life insurance, GIC’s (from a life insurance company and not a bank) or investment funds we believe that Assuris provides our clients with the most comprehensive and secure guarantees available in Canada.
When considering guarantees there are two questions we must ask:
How much is guaranteed? and
How do we know those providing the guarantee will be able to pay them?
Assuris is head and shoulders above in these.
First lets discuss how much is guaranteed. No other association in Canada provides guarantees for lifetime income. This is one reason why banks & investment firms are NOT ALLOWED to claim that any of their products provide guaranteed lifetime income. Guaranteed income in retirement for one’s lifetime may only be promised by a licensed life insurance company and all of these, by law, must be members of Assuris (more on this later).
Assuris provides protection for 4 types of investment vehicles. Life insurance (Death Benefit); Health Insurance (Health Expense); Monthly Income & Investment/Savings. Where nearly every other association providing guarantees have maximum amounts that they will guarantee there is no limit to the Assuris guarantee. They will guarantee the following amounts or 90% of the amount to which you are entitled – whichever is higher. For more details you can look at their website over here.
The second thing to consider when putting your money somewhere is how secure is the guarantee? A guarantee is only as good as an entities ability to pay it. Every life insurance company in Canada, by law, has to be a member of Assuris and Assuris may, at its discretion, call upon the assets of any of those (currently 63) companies to fund the payment of guaranteed benefits to any beneficiary of a member who has gone bankrupt.
Not only do the company’s we sell have to have more reserve dollars than those in other financial verticals but they are backed up by a more complete and absolute guarantee than those offered by other industries. If you have questions about these guarantees or our products & services please feel free to contact us.