CompCorp member companies have approved a significant enhancement to the CompCorp protection through the introduction of 85% proportional coverage.
CompCorp is a not for profit corporation, funded by the life and health insurance industry, that protects Canadian policyholders against loss of benefits due to the financial failure of a member company.
The enhanced coverage applies to all Canadian policyholders with an existing product and to any new policies purchased from a member company.
CompCorp continues to protect benefits up to specified levels of coverage. CompCorp’s enhanced consumer protection now also covers 85% for all “protection” benefits (monthly income, health expense and death benefits
As a result “Protection” benefits are now covered up to the greater of either 85% or the previous levels of coverage as follows:
- Monthly income: $2,000 per month or 85% of the promised benefits
- ealth expense: $60,000 or 85% of the promised benefits
- Death benefits: $200,000 or 85% of the promised benefits
CompCorp also covers cash values and accumulated values “savings” benefits up to $60,000.
“We are pleased to extend our consumer protection through this enhanced and very innovative coverage,” said Gordon Dunning, president and CEO of CompCorp, in a release,