As of May 25 2023, Assuris has increased the levels of protection on all insurance and annuity products issued by Canadian member insurers. All iA Financial Group clients automatically benefit from this protection.
Here is a table of the protection levels now offered:
| Savings | Assuris Protection |
|
Segregated funds (Guarantee value at maturity and death) |
$100,000 |
|
Guaranteed Investment Funds (GIF) and High Interest Savings Account (HISA) |
|
|
Monthly income (Life annuity or annuity certain, for example) |
$5,000/month |
| Insurance | Assuris Maximum Protection | |
| Life insurance | $1 million | or 90%, whichever is greater; no maximum |
| Critical illness | $250,000 | |
Give your clients peace of mind
The protection offered by the Canada Deposit Insurance Corporation (CDIC), which is available to banks, is not as extensive. In an environment where guaranteed investments are attractive because of their high rates, this information could make all the difference to a client hesitating to invest between GIFs and Guaranteed Investment Certificates (GICs).
This is also an additional advantage that segregated funds have over mutual funds.
Case study
Let’s say your client invests $200,000 in a GIF and $50,000 in segregated funds in the 75/75 Series at iA Financial Group. Here is a comparison with a client investing the same amount in a bank:
| Amount of coverage | ||
| iA Financial Group | Bank | |
| Funds | $37,5001 | $02 |
| Guaranteed investments | $180,0003 | $100,0004 |
| Total | $217,500 | $100,000 |
For more information, please visit the Assuris website.
1 $50,000 X 75% = $37,500 (Classic Series 75/75 guarantee)
2 CDIC protection does not apply to stocks, bonds and mutual funds.
3 $200,000 X 90% = $180,000 (90% since amount is greater than $100,000)
4 CDIC protection covers a maximum of $100,000 for this type of investment.
