Personal Finance

anyone heard of Assurant Life of Canada?

  • Last Updated:
  • Jun 28th, 2019 12:40 pm
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[OP]
Deal Fanatic
May 18, 2009
5463 posts
1127 upvotes
Richmond Hill

anyone heard of Assurant Life of Canada?

Can anyone pitch it on rather they are legit? Googled and found nothing adverse to this company.

TIA
6 replies
Sr. Member
Jul 28, 2012
964 posts
357 upvotes
Montreal
The name rings a bell as I have seen it on credit card documentation (perhaps for creditor insurance). I'm curious: what kind of product were you looking into?
[OP]
Deal Fanatic
May 18, 2009
5463 posts
1127 upvotes
Richmond Hill
airodyssey wrote:
Apr 18th, 2018 10:45 am
The name rings a bell as I have seen it on credit card documentation (perhaps for creditor insurance). I'm curious: what kind of product were you looking into?
i heard they have 'cheap' premiums for funeral insurance. So 'cheap' raises flags, that's why im here.
Member
Sep 23, 2013
446 posts
232 upvotes
Windsor, Ontario
Looking through their website (http://www.assurantsolutions.com/canada ... index.html) they appear to be multi-lined insurance but only offer final expense insurance (no other life insurance). That to me is a red flag, I'd be cautious there. If you were doing final expense insurance plan there are a number of different companies you could choose from depending on your health that have "cheap" premiums but also solid plans. Normally I recommend people go for underwritten insurance for final expenses if they're healthy; for final expenses it's usually a medical questionnaire because the smaller payout amount. Sometimes, you may need a nurses visit depending on your age, for context, I just had a 71 year old male apply for $20,000 of whole life insurance, a nurse had to come in to check his blood pressure and ask questions, no blood or urine was needed.
Life and Health Insurance Agent.
Licensed with 8 companies, access to nearly a dozen more.
[OP]
Deal Fanatic
May 18, 2009
5463 posts
1127 upvotes
Richmond Hill
SteveDfsin wrote:
Apr 18th, 2018 12:26 pm
Looking through their website (http://www.assurantsolutions.com/canada ... index.html) they appear to be multi-lined insurance but only offer final expense insurance (no other life insurance). That to me is a red flag, I'd be cautious there. If you were doing final expense insurance plan there are a number of different companies you could choose from depending on your health that have "cheap" premiums but also solid plans. Normally I recommend people go for underwritten insurance for final expenses if they're healthy; for final expenses it's usually a medical questionnaire because the smaller payout amount. Sometimes, you may need a nurses visit depending on your age, for context, I just had a 71 year old male apply for $20,000 of whole life insurance, a nurse had to come in to check his blood pressure and ask questions, no blood or urine was needed.
i think this is just for funeral expenses, not life/health insurance.

edit: we are just looking at their funeral insurance: http://www.assurantsolutions.com/canada ... re-t3.html
Member
Sep 23, 2013
446 posts
232 upvotes
Windsor, Ontario
yesstyle wrote:
Apr 18th, 2018 1:13 pm
i think this is just for funeral expenses, not life/health insurance.

edit: we are just looking at their funeral insurance: http://www.assurantsolutions.com/canada ... re-t3.html
Yup, I know. There are still certain requirements for final expense insurance in terms of underwriting or health questions. Otherwise, this company will get a bunch of stage 4 terminal cancer patients signing up for funeral expenses and they'd be on the hook for $15,000-$30,000 funeral expenses per person. Funeral insurance is basically life insurance with a different brand name.
Life and Health Insurance Agent.
Licensed with 8 companies, access to nearly a dozen more.
Newbie
Jan 14, 2015
3 posts
Toronto, ON
Just came across your question, a year later. Don't know if this will still help now.
Assurant Life of Canada ( ALOC ), is a division of a multi- line USA based insurance company traded on the NYSE as AIZ. It is an amalgamation of a number of smaller insurance companies.

The original company, Purple Shield, was founded by a funeral home owner in 1927.
Their specialty is working directly with funeral homes. Instead of the beneficiary waiting by the mailbox for a few weeks, for the cheque to come in, they forward the money directly to the funeral home on the same day.
They have also set up hundreds of funeral home across Canada to offer this product to their own customers directly, through their in-house pre-need councilors .
If you have a pre-paid funeral through Canadian funeral home, there is a strong possibility that Assurant is administering the funds on behalf of the funeral home, as funeral homes are prohibited by law from doing it themselves.
They have a good product, and a lot of people chose this company because they like the idea of the funeral home getting paid immediately, instead of waiting for the claim to be processed, like a typical insurance company.

As for their rates, they are usually higher than other final expense insurance companies in Canada. Their competitors are Canada Protection Plan ( CPP ), BMO, ( as seen on tv ), Specialty Life Insurance ( SLI ) , and Orange Benefit Fund ( OBF ).

I worked for the company in the past, for several years, and I can attest that their customer service is exemplary, although the individual owner/operated offices tend to be managed and staffed by sleazeballs, sometimes.

Independently owned offices that market this product will frequently make up their own brand for the product.
These include the original Purple Shield name, My Final Wishes, Funeral Protection Plus, and Elephas Group.
It is all exactly the same product, regardless of name.

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