6.3.3 Choosing an insurance company

From: Financial Consumer Agency of Canada

Before accepting an insurance company recommended to you by your agent or broker or choosing an insurance company yourself, you may wish to contact the insurance regulator in your province or territory to confirm that the insurance company is licensed to do business there. This will ensure that you have access to an independent dispute resolution system if you need to file a complaint.

A life insurance company authorized to sell insurance policies in Canada is required to be a member of Assuris, a not-for-profit organization that protects Canadian policyholders up to a certain amount if their life insurance company should fail. (You can confirm that your company is a member at www.assuris.ca.) Before you buy, find out how much of your policy is covered.

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