CashWhen

Just back from the celebration of life of Rollie Charmers. Dave and Rick could not attend due to travel and distance. I did get clarification on Dad Chalmers engineering of tunneling for the Great Escape during WW11. Caught up with Steve Milton still tapping out stories about the Hamilton Tiger Cats. Although I last crossed paths with Rollie a decade ago. We where fellow travellers in conservative politics. As were some of the other attendees. Ted Paul was there, brother of my NSS contemporaries Simon and Jenny. Jenny helped deliver Katie into the world. Funerals help revive the past.

Wealth Update – Who Insures the Insurer?

When banks go bust, clients may start asking: “Do insurers have anything like CDIC?”

This got us thinking about the industry guarantees provided through Assuris. As you know, Assuris is the insurers’ insurer. In the event an insurer is insolvent and unable to pay clients’ guaranteed amounts, Assuris steps in and provides guarantees to the client. It’s important to remember that no Canadian has ever not received a life insurance benefit or segregated fund guaranteed amount.

We will also remind you that the word “segregated” in Segregated Funds has an important meaning. Client money held in Segregated Funds are segregated from the general assets of the insurer. Meaning these assets are protected from the insurer’s creditors.

Let’s dive into the details of the Assuris coverage:



The important point here is that it is 85% of the shortfall with no cap!

For example, if the 100% death benefit guarantee is $500,000 and the market value at the time of death is $300,000, and the insurer is insolvent. Then the beneficiary will receive $300,000 plus 85% of the shortfall, $200,000 totally $470,000.

Here's a link to Assuris’ website with examples of segregated funds.

Take note of the guarantees for GMWBs, there is protection in the savings and income phases.

Assuris provides up to $100,000 in protection for GIAs as well. This is the same level of protection as CDIC’s coverage.

Lastly, from Assuris’ website, remember:

Assuris protects each member company separately. If you have more than one segregated fund policy with guarantees with the same member company, all similar benefits are added together before Assuris’ protection is applied.

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https://www.tugo.com/en/travel-insurance/faq/

Yes we still sell travel insurance...but beaware of trip cancelation coverage! Frequently asked questions.

Buying Travel Medical Insurance in Canada FAQs - TuGo We put together this list of travellers' questions to help you choose the best travel insurance product for your needs, and so you can plan a great trip.