Canadian life insurer Foresters Financial has announced that The Independent Order of Foresters (IOF) has become the first fraternal life insurer to join the ranks of Assuris – ensuring all of Foresters’ insurance products are protected by the organization.
Founded in 1990, Assuris is a non-profit organization which provides compensation to policyholders should their life insurers fail. Every life insurance company in Canada is required by all levels of government – federal, provincial, and territorial – to become a member of Assuris.
According to Foresters Financial, its subsidiary Foresters Life Insurance Company was already a member of Assuris, but fraternal organizations such as IOF are not required to join. But IOF has voluntarily joined Assuris “to provide consistency across all product lines,” a release said. All of Foresters’ life and critical illness insurance policies are now covered by Assuris.
“Foresters is financially strong and is proud to join Assuris to provide members with further peace of mind. This commitment is aligned with Foresters fraternal purpose to enrich the lives of hard-working families and their communities," said Foresters Financial Canada and Canada Protection Plan president Henry Auyeung.
Foresters Financial and Canada Protection Plan first announced their mega-merger deal in 2020. Following the closure of the transaction, the two now operate under the brand Canada Protection Plan, A Foresters Financial Company.
