What is the maximum death benefit guaranteed by Assuris under the life insurance policy?

Assuris is a not-for-profit organization that provides protection to Canadians in the event their life insurance company fails. Under its guidelines, the maximum death benefit protection guaranteed by Assuris for life insurance policies is structured to ensure that policyholders receive a safety net against the insolvency of their insurance provider.

The guaranteed death benefit is framed as the greater of $200,000 or 85% of the original amount of insurance coverage. This means if an insured person has a policy with a face value exceeding this amount, they are still afforded a level of protection that takes the higher value into account. This guarantee is essential for policyholders as it offers reassurance about the reliability of their life insurance coverage even in adverse circumstances.

In contrast, the other options presented do not accurately reflect the specific guarantees provided by Assuris regarding life insurance policies. The figures in those options, while potentially relevant in other contexts, do not align with the established limits set for coverage and thus do not serve to correctly represent the framework of Assuris guarantees. Understanding Assuris's protection limits is crucial for anyone involved in life insurance in Canada, particularly for financial planning and ensuring adequate coverage for beneficiaries.