iAtoday
On May 25, Assuris announced that they were increasing the protection levels on all insurance and annuity products issued by Canadian member insurers. Members with one or more group insurance and group retirement savings products at iA Financial Group are covered by Assuris. The increase protection will ensure better peace of mind and enhanced financial security for members.
Increased protection applies both to new products and products issued before May 25, 2023.
For more details on the updated group coverage, check the following comparative table:
Separate protection
Assuris’ new protection now applies separately to each individual and group accumulation annuity (commonly known as guaranteed investment certificates) and payout annuity policy, and for registered investments (RRSP, RRIF, LIF, TFSA and registered pension plan), even for those issued by the same insurer.
The application of Assuris’ protection is no longer subject to the aggregation of all similar benefits held by an individual under the same life and health insurance company.
Accumulated value
Accumulated value is generated from a savings investment account that grows over time, including the interest earned. This can be the guaranteed investments within a group RRSP, for example.
Before the change, 100% of the accumulated value was guaranteed, up to a maximum of $100,000. Now, up to $100,000 is guaranteed, or 90% if the amount is greater than $100,000.
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EXAMPLE If $500,000 is invested in guaranteed investments under a group RRSP, the guaranteed accumulated value upon bankruptcy of the insurance company would be $450,000 ($500,000 x 90%). Before May 25, the guaranteed was limited to $100,000. |
Monthly income
In addition to benefitting from enhanced protection, monthly income protection is now applied separately to payout annuity policies, periodic RRIF or LIF payments, long-term income insurance or disability insurance.
For more information on calculating periodic RRIF or LIF payment protection, please consult the Assuris website under the Registered Retirement Income Fund (RRIF) section.
Individual contract protection
Assuris also offers surrender value protection and segregated fund guarantees, applied to individual contracts only. For group pension and registered plans, Assuris only protects funds invested in guaranteed investment accounts.
For details, please consult the Assuris website.
Also in this issue
- New additions to our Group Savings and Retirement sales team
- Changes to the Advisor Centre and My Client Space
- Mission accomplished for iA at the Grand défi Pierre Lavoie
- CAP Member Survey 2023: results reflecting the current economic situation
- Group Savings and Retirement | A step closer to a fully digital experience
- Group retirement savings plans: electronic notifications for missing information
- Correcting contribution errors in defined contribution pension plans
- Group Savings and Retirement | Assuris offers enhanced protection levels
- abrdn announces changes in its Global Emerging Markets team
- Group Insurance | A step closer to a fully digital experience
- 2023 contribution requirements to Quebec’s public prescription drug insurance plan
- Average salary up 5.1% over the past year: importance of updating plan members’ salaries