Assumption Life Insurance Review
Are you a Canadian looking for life insurance? Find out if Assumption Life is the right insurer for you!
8 Minute read
Originally Published: February 11, 2022
Updated: February 06, 2024
Assumption Life Insurance Review
Are you a Canadian looking for life insurance? Find out if Assumption Life is the right insurer for you!
8 Minute read
Originally Published: February 11, 2022
Updated: February 06, 2024
Assumption Mutual Life Insurance Company, also known as Assumption Life, is a trusted provider of Canadian life insurance and is considered one of the best life insurers in Canada. They have a financial strength rating of A- by the AM Best Company and offer an extensive range of life insurance products to Canadians. This company is one of the leading providers of Canadian no medical life insurance meaning many of their policies offer comprehensive coverage with no medical exam required. Assumption Life has a large variety of products for interested Canadians to choose from but the premiums for the no medical life insurance they offer can be quite expensive. For these reasons we have ranked this provider 3/5.
In this article:
Company Overview
Assumption Life was founded in 1903, and presently exists as one of the only Canada-wide insurers headquartered in Atlantic Canada with their main office located in Moncton, New Brunswick. They are well-known for their no medical life insurance plans, but also offer a wide range of other insurance solutions to clients across Canada. They are a smaller company compared to some of their competitors, with around 350 employees as of 2024. Despite the small size of this insurer, they have an excellent financial standing with $2.1 billion in assets. Assumption Life aims to make a difference for their clients and communities by focusing on providing excellent personalized services, with simple and affordable solutions to help their clients achieve financial security.
Assumption Life Insurance Pros
Multiple coverage terms offered
Variety of comprehensive life insurance products
No medical life insurance solutions
Options to convert or exchange policies
Online access to accounts and services
Assumption Life Insurance Cons
High policy and rider fees on non medical policies
Wide range of options can make choosing a policy complicated
Assumption Life Insurance Products
Assumption Life offers a variety of no medical and standard term life insurance and permanent life insurance policies for applicants to choose from. Policies that fall into these categories have different benefits and options, coverage amounts, and premium payment options. Keep reading to discover which policy is best for you.
Assumption Life Term Life Insurance
Assumption Life offers four different term life insurance products to customers with the coverage amounts and term lengths varying between plans. This type of insurance is ideal for those seeking low costs and flexibility, those with temporary debts such as a mortgage, or for business owners. The available products are as follows:
FlexTerm
Coverage: $50,000 – $10,000,000
Length of coverage: 10, 15, 20, 25, 30, 35 years
Issue ages: 18-75
Coverage options:
- Individual life insurance
- Joint life insurance
No medical exam required for coverage under $999,999, can convert to permanent life insurance up to age 75.
Youth Plus
Coverage: $35,000 – $175,000
Length of coverage: Until the age of 25
Issue ages: 15 days-17 years
Coverage options:
- Individual life insurance
No medical exam required for all coverage amounts, can convert to permanent life insurance at the age of 25.
Platinum Protection Term
Coverage: $25,000 – $500,000
Length of coverage: 10 or 20 years
Issue ages: 18-70
Coverage options:
- Individual life insurance
No medical exam, blood tests, or attending physician statement (APS) required, can convert to a permanent whole life policy without requalifying.
Golden Protection Elite Term
Coverage: $25,000 – $150,000
Length of coverage: 10 or 20 years
Issue ages: 18-70
Coverage options:
- Individual life insurance
No medical exam, blood tests, or attending physician statement (APS) required, however no option for renewal or conversion.
Below is a chart that shows monthly premiums for ages 20-75 for a 10 year term with $500,000 coverage through Assumption Life.
Assumption Life Non-Participating Life Insurance
Assumption Life has a variety of permanent life insurance products, which offer lifetime coverage with a tax-free death benefit. Permanent life insurance policies may also have the option for a cash value, which means you can use your policy as an investment with the possibility to grow the cash value over time. This type of insurance is ideal for offering you loved ones the means to repay outstanding debts, pay taxes on inherited assets such as property, and cover any end of life expenses. A non-participating policy does not offer dividends to policyholders as a participating policy would, however they typically have lower premiums to reflect this. Assumption Life has six non-participating permanent life insurance options.
Essential Whole Life
Coverage: $10,000 – $4,000,000
Length of coverage: Whole life
Issue ages: 18-75
Coverage options:
- Individual
- Joint first-to-die
- Joint last-to-die
Premium payment options:
- Life Pay (payable until age 100)
No medical exam required for coverage under $999,999, with guaranteed cash values available after the tenth anniversary of the policy.
Platinum Protection
Coverage: $10,000 – $500,000
Length of coverage: Whole life
Issue ages: 18-85
Coverage options:
- Individual
Premium payment options:
- Life Pay (payable until age 100)
- 20-year pay
Applicants will need to fill out a questionnaire but there are no required medical exams, blood tests, or attending physician statements (APS). Guaranteed cash surrender values starting after the fifth anniversary of the policy.
Golden Protection Elite
Coverage: $5,000 – $150,000
Length of coverage: Whole life
Issue ages: 18-85
Coverage options:
- Individual
Premium payment options:
- Life Pay (payable until age 100)
- 20-year pay
Applicants will need to fill out a questionnaire but there are no required medical exams, blood tests, or attending physician statements (APS). Guaranteed cash surrender values starting after the fifth anniversary of the policy.
Golden Protection
Coverage: $5,000 – $100,000
Length of coverage: Whole life
Issue ages: 40-85
Coverage options:
- Individual
Premium payment options:
- Life Pay (payable until age 100)
- 20-year pay
Applicants will need to fill out a questionnaire but there are no required medical exams, blood tests, or attending physician statements (APS). Guaranteed cash surrender values starting after the fifth anniversary of the policy.
Silver Protection
Coverage: $5,000 – $50,000
Length of coverage: Whole life
Issue ages: 40-85
Coverage options:
- Individual
Premium payment options:
- Life Pay (payable until age 100)
- 20-year pay
For applicants with serious medical conditions. No medical exam, blood tests, or attending physician statement (APS) required, with guaranteed cash surrender values starting after the fifth anniversary of the policy.
Bronze Protection
Coverage: $5,000 – $50,000
Length of coverage: Whole life
Issue ages: 18-80
Coverage options:
- Individual
Premium payment options:
- Life Pay (payable until age 100)
For applicants with medical conditions that make it difficult to qualify for life insurance. No medical exam, blood tests, or attending physician statement (APS) required, with guaranteed cash surrender values starting after the fifth anniversary of the policy.
Assumption Life Participating Life Insurance
Assumption Life offers two participating life insurance options. Participating life insurance offers the potential for dividends which can help increase the cash value, reduce the cost of premiums, or accumulate for an even larger payout upon death. These dividends are not guaranteed and are affected by various factors.
ParPlus
Coverage: $5,000 – $4,000,000
Length of coverage: Whole life
Issue ages: 18-75
Coverage options:
- Individual
- Joint first-to-die
Premium payment options:
- Life Pay (payable until age 100)
- 20-year pay
No medical exam required for coverage under $999,999, with guaranteed cash values available after the sixth anniversary of the policy.
ParPlus Junior
Coverage: $5,000 – $4,000,000
Length of coverage: Whole life
Issue ages: 15 days-17 years
Coverage options:
- Individual
Premium payment options:
- 20-year pay
No medical exam required for coverage under $999,999, with guaranteed cash values available after the sixth anniversary of the policy.
Below is a summary of the life insurance products Assumption Life offers as well as the coverage amounts and issue ages:
Other Assumption Life Insurance Products
Alongside life insurance, Assumption Life also offers living benefit insurance that protects Canadians in the event of a critical illness. This type of insurance can help cover the cost of unexpected medical fees as well as any lost income should you be no longer able to work.
Critical Protection
Coverage: $10,000 – $100,000
Length of coverage: 15, 20, or 25 years, up to age 75
Issue ages: 18-60
Coverage options:
- Individual
This policy offers immediate coverage and is renewable with no medical exam required for any coverage amount.
Assumption Life Insurance Insurance Riders
Certain life insurance policies offered through Assumption Life come with policy riders, which are optional benefits that can add onto your policy. The benefits will depend on the policy you choose, but here are some of the notable riders that may be available to you.
Extreme Disability Benefit: If the insured is diagnosed with an extreme disability and remains in that state for at least 6 continuous months, they can become eligible to receive up to 50% of the sum of the policy insured in advance (25% for decreasing term products), up to $250,000. Provides quick access to funds to cover medical expenses, home modifications, or other costs arising from the disability.
Accidental Death and Dismemberment: This benefit provides for the payment if the insured dies accidentally within 90 days of an accident. It will also pay 100% of the coverage amount for the accidental loss of more than one foot, hand, or sight in one eye and up to 50% of the coverage amount for the accidental loss of one of those.
Child’s Insurance Benefit: This term life insurance rider covers up to $20,000 for each single child of the insured who is dependent upon the insured for support.
Flexible Return of Premiums: Once a policy is completely or partially surrendered or a policy’s coverage expires, a complete or partial return of premiums will be paid to the policy holder if no benefit under the insured’s coverage was paid or is payable.
Critical Illness Rider: If a policyholder were to develop a covered critical illness such as blindness, cancer, heart attack, etc. they would receive the coverage amount of up to $50,000, without exceeding 50% of the initial life insurance coverage.
Assumption Life Customer Reviews
Customers of Assumption Life typically are happy with the products and services this insurer provides. Here are the most common examples of feedback customers shared about Assumption Life:
Customers are often satisfied with the a wide range of no-medical life insurance products offered.
Customers found the application process to be simple and efficient.
Customers were often happy with the availability of critical illness insurance through this provider.
Some customers were unsatisfied with the options available when converting a term policy to a permanent policy.
Some customers were unhappy with the costly premiums associated with the no-medical life insurance policies.
Frequently Asked Questions (FAQs) About Assumption Life
When considering the amount of employees that work at Assumption Life, it is a relatively small life insurance provider. However, it offers a much larger variety of no-medical life insurance options than many of its competitors. This makes it a great option for Canadians with pre-existing medical conditions or other concerns who might have difficulties qualifying for a traditional policy.
The main benefit of applying for a policy through Assumption Life is the guaranteed and simplified issue life insurance options they offer. These types of policies offer short wait times before approval and typically don’t require applicants to undergo a medical examination to apply.
The best life insurance provider in Canada is subjective and depends on the financial goals and needs of each applicant. That being said, there are a few top providers of life insurance in Canada who are popular options for those interested in life insurance. The best provider for you will also depend on your specific needs, for example a business owner might be interested in a different type of insurance then a new parent or a senior. Some Canadian life insurance providers are better for certain specialties, so be sure to review your options carefully.
Finding the right life insurance for you
If you’re not sure which insurance policy or company is right for you, working with a life insurance specialist can help you find the best solutions for your particular situation. At Protect Your Wealth, we’ve been providing our clients with expert advice on life insurance since 2007. As your trusted life insurance broker and financial planner, we will work with you to create a plan for your family or business that covers your unique needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to speak to an expert advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Alberta, British Columbia, and Ontario, including areas such as Calgary, Prince George, and Markham.
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