Assumption Life – Life Insurance Review

Learn more about Assumption Life life insurance in Canada. Talk to one of our experienced advisors, today!

5 Minute read

2022 Assumption Life - Life Insurance Company Review. Assumption Life has a financial strength rating of A- from AM Best Company and an overall 3/5 star rating from Protect Your Wealth.

Assumption Life – Life Insurance Review

Learn more about Assumption Life life insurance in Canada. Talk to one of our experienced advisors, today!

5 Minute read

Sun Life Insurance Review Canada

Assumption Life, previously known as Assumption Mutual Life Insurance Company, is one of the smaller companies, but has solidified amongst some of the best life insurance companies. They were rated a financial strength rating of A- by the AM Best Company and offers an extensive range of term life insurance products. They have made a name for themselves as providers of a variety of non-medical insurance policies, but these products tend to come at a high price. They also offer many regular term and permanent life products, but have limited coverage critical illness insurance and no disability policy. We ranked them 3/5 here at Protect Your Wealth.

Company Overview

Formerly known as Assumption Mutual Life Insurance Company, 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. In 1913, Assumption Life Insurance began operating as a subsidiary of the Assumption Group. They originated as a fraternal society in Waltham, Mass, prior to their transition into a mutual insurance group in the 60’s.

They are well-known for their no-medical term life insurance plans, but have expanded to offer a wide range of insurance solutions to clients all over the nation of all ages and situations. With almost 340 highly qualified representatives and prominent partners, they offer a full range of products required for sound financial planning.  They have an excellent financial standing with $1.9 billion in assets and reaching $166 million in annual premiums.

Assumption Life – Life Insurance Pros

  • Multiple coverage terms offered

  • Variety of life insurance products

  • No-medical life insurance solutions

  • Exchange and conversion options

  • Online access to accounts and services

Assumption Life – Life Insurance Cons

  • Only has paper policies with no digital option

  • High policy and rider fees on non-medical policies

  • No standalone disability policy

Assumption Life – Life Insurance Products

2022 Assumption Life - life insurance products banner.

Assumption Life Term Life Insurance

Assumption Life offers a variety of term life insurance products. This type of insurance offers coverage for a certain number of years or up to a given age. This means their term life insurance premiums are lower than those of permanent life insurance products. 

Assumption Life’s term life insurance policies are most situation for people:

  • Seeking flexibility and a lower cost
  • With temporary debts (eg. mortgage)
  • Owning a small business with debts or high start-up costs
  • Owning a business with significant coverage requirements (eg. protecting a partner or funding a buy-sell agreement)

Assumption Life has 5 types of term life insurance: FlexTerm, FlexOptions, Youth Plus, Platinum Protection Term and Golden Protection Elite Term.

Assumption Life’s FlexTerm provides you with a customizable solution that simplified the process of bundling life, disability and critical illness insurance.

  • Application age: 18 – 75
  • Coverage amount: $50,000 – $10,000,000
  • Coverage type:
    • Individual
    • Joint 
  • Term availability: 10, 15, 20, 25, 30, 35 years
  • No medical exam: coverage under $999,999 
  • Renewable: yes
  • Convertible: yes
  • Right to change the term of policy: yes
  • Built-in benefits:
    • Insurability benefit
    • Extreme disability benefit
  • Option to add protection:
    • Disability income based on loan and employment income
    • Critical illness insurance
    • Child insurance benefit

Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s FlexOptions allows you to take care of the needs of your loved ones in the event of disability or death.

  • Application age: 18 – 65
  • Coverage amount: $50,000 – $10,000,000
  • Coverage type:
    • Individual
    • Joint 
  • Term availability: 15, 20, 25 years
  • No medical exam: coverage under $999,999 
  • Renewable: yes
  • Convertible: yes
  • Right to change the term of policy: yes
  • Built-in benefits:
    • Insurability benefit
    • Extreme disability benefit
  • Option to add protection:
    • Disability income based on loan and employment income

Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s Youth Plus provides coverage for younger adults wanting to focus on their studies or begin launching their careers and children with guaranteed insurability.

  • Application age: 15 days – 17 years
  • No medical exam
  • Built-in benefits:
    • Insurability benefit
    • Extreme disability benefit
  • Premiums remain the same for the life of the contract

Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s Platinum Protection Term is a very good solution for healthy people looking for non-medical life insurance.

  • Application age: 18 – 70
  • Coverage amount: $50,000 – $250,000
  • Term availability: 10, 20 years
  • No medical exam
    • no APS (attending physician statement)
  • Renewable: yes
  • Convertible: yes
  • Built-in benefits:
    • Insurability benefit
    • Extreme disability benefit
    • Living benefit: 50% of sum insured in case of terminal illness
    • Transportation benefit: 200km / up to $2,000
  • Premiums and coverage remain the same for the life of the contract

Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s Golden Protection Elite Term is the best solution for individuals with a stable medical history seeking out non-medical life insurance.

  • Application age: 18 – 70
  • Coverage amount: $50,000 – $150,000
  • Term availability: 10, 20 years
  • No medical exam
    • no blood tests
    • no APS (attending physician statement)
  • Built-in benefits:
    • Insurability benefit
    • Extreme disability benefit
    • Living benefit: 50% of sum insured in case of terminal illness
    • Transportation benefit: 200km / up to $2,000
  • Premiums and coverage remain the same for the life of the contract

Where to get a quote: speak to our expert life insurance advisors!

2022 monthly quote rates for term life insurance.

Assumption Life Permanent Life Insurance

Assumption Life has a variety of permanent life insurance products, which offer lifetime coverage. If you maintain the policies until death, the amount paid to your beneficiary is tax-free. The permanent life insurance may also have a cash value meaning you will be able to attain a sum of money even if you cancel the policy; it may be possible to borrow against this cash value without the insurance being cancelled.

Assumption Life’s permanent life insurance is ideal for giving your loved ones the means to:

  • Repay your outstanding debts
  • Pay the taxes on inherited assets, such as the property which has increased in value over the years
  • Cover your funeral expenses

Assumption Life currently offers 6 types of permanent life insurance: Essential Whole Life, Platinum Protection, Golden Protection, Golden Protection Plus, Silver Protection and Bronze Protection.

Assumption Life’s Essential Whole Life is a whole life insurance product for healthy individuals looking for an affordable option.

  • Application age: 18 – 75
  • Coverage amount: $10,000 – $4,000,000
  • Coverage type:
    • Individual
    • Joint 
  • Type of insurance: whole life insurance
  • No medical exam: coverage under $999,999
  • Built-in benefits:
    • Insurability benefit
    • Extreme disability benefit
  • Option to add additional protection:
    • Disability insurance
    • Critical illness rider
  • Life and disability insurance premiums remain the same for the life of the contract

Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s Essential Whole Life is a whole life insurance product for healthy individuals looking for an affordable option.

  • Application age: 18 – 85
  • Coverage amount: $10,000 – $250,000
    • $125,00 for ages 71-85
  • Premium payment options:
    • Life pay
    • 20-year pay
  • Type of insurance: whole life insurance
  • No medical exam
    • No blood tests
    • No APS (attending physician statement)
  • Built-in benefits:
    • Insurability benefit
    • Extreme disability benefit
    • Living benefit: 50% of sum insured in case of terminal illness
    • Transportation benefit: 200km / up to $2,000


Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s Golden Protection Elite Whole Life is the best solution for people with a stable medical history looking for no medical exam insurance policies.

  • Application age: 18 – 85
  • Minimum coverage:
    • Age 18-70: $10,000
    • Age 71-85: $5,000
  • Maximum coverage:
    • Age 18-70: $150,000
    • Age 71-80: $50,000
    • Age 81-85: $25,000
  • Premium payment options:
    • Life pay
    • 20-year pay
  • Type of insurance: whole life insurance
  • No medical exam
    • No blood tests
    • No APS (attending physician statement)
  • Built-in benefits:
    • Insurability benefit
    • Extreme disability benefit
    • Living benefit: 50% of sum insured in case of terminal illness
    • Transportation benefit: 200km / up to $2,000


Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s Golden Protection permanent life insurance makes sure that in the event of your death, your heirs are able to pay any outstanding debts and cover your funeral expenses.

  • Application age: 18 – 85
  • Minimum coverage: $5,000
  • Maximum coverage:
    • Age 40-70: $100,000
    • Age 71-80: $50,000
    • Age 81-85: $25,000
  • Premium payment options:
    • Life pay
    • 20-year pay
  • Type of insurance: permanent life insurance
  • No medical exam
    • No blood tests
    • No APS (attending physician statement)
  • Built-in benefits:
    • Terminal Illness benefit
    • Transportation benefit
    • Accidental death
  • Guaranteed cash value: starting year 5


Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s Silver Protection permanent life insurance is a solution for people with severe health problems or high-risk lifestyles who are unable to qualify for traditional insurance coverage.

  • Application age: 18 – 80
  • Minimum coverage: 
    • Age 18-70: $5,000
    • Age 71-80: $2,500
  • Maximum coverage:
    • Age 18-70: $50,000
    • Age 71-80: $25,000
  • Premium payment options:
    • Life pay
  • Type of insurance: guaranteed life insurance
  • No medical exam
    • No blood tests
    • No APS (attending physician statement)
  • Built-in benefits:
    • Terminal Illness benefit
    • Transportation benefit
    • Accidental death
  • Option to add protection:
    • Additional fracture plus rider
  • Guaranteed cash value: starting year 5


Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s Bronze Protection permanent life insurance is a solution for people with serious and/or severe medical conditions.

  • Application age: 40 – 85
  • Minimum coverage: $5,000
  • Maximum coverage:
    • Age 40-70: $100,000
    • Age 71-85: $25,000
  • Premium payment options:
    • Life pay
    • 20-year pay
  • Type of insurance: permanent life insurance
  • No medical exam
    • No blood tests
    • No APS (attending physician statement)
  • Built-in benefits:
    • Living benefit: 50% of sum insured in case of terminal illness
    • Transportation benefit: 200km / up to $2,000
    • Accidental death
  • Guaranteed cash value: starting year 5


Where to get a quote: speak to our expert life insurance advisors!

Assumption Life Participating Life Insurance

Assumption Life offers a couple of participating life insurance options. Participating life insurance pays out dividends that can help increase cash flow, reduce the cost of insurance or accumulate for an even larger payout. These dividends may also offer tax-shelter benefits. These dividends are not guaranteed and are affected by various factors.

Assumption Life offers 2 types of participating life insurance: ParPlus and ParPlus Junior.

Assumption Life’s ParPlus participating whole life insurance pays out dividends that may increase your income, reduce your insurance costs or even accumulate for a larger payout.

  • Application age: 18 – 75
  • Coverage amount: $5,000 – $4,000,000
  • Payable over 20 years or for life
  • No medical exam: coverage under $999,999

Where to get a quote: speak to our expert life insurance advisors!

Assumption Life’s ParPlus Junior participating whole life insurance is meant for children, with a safe investment component through its guaranteed cash value.

  • Application age: 15 days – 17 years
  • Coverage amount: $5,000 – $4,000,000
  • 20-year pay
  • No medical exam: coverage under $999,999

Where to get a quote: speak to our expert life insurance advisors!

Talk to an advisor today.

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2022 other Assumption Life insurance products banner.

Other Foresters Financial Insurance Products

Alongside life insurance, Foresters Financial also offers different forms of insurance to preserve your life.

Critical Illness Insurance

Assumption Life offers one critical illness insurance product, which is a living benefits insurance policy that pays out a tax-free lump sum in the event that you encounter health issues under coverage.

Assumption Life offers 1 critical illness insurance plan: Critical Protection

  • Application age: 18-60
  • Available term options: 15, 20, 25 years or to age 75
  • Amount of coverage: $10,000 – $100,000
  • No medical exam
  • Renewable: yes
  • Premiums remain the same for the life of the contract

Assumption Life Customer Reviews

Unfortunately, Assumption Life has customer reviews turned off and not much can be found online regarding their service from clients directly.

Finding the right life insurance for you

If you’re not sure of what’s the best insurance plan or company for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance since 2007. As your trusted life Insurance broker and financial planner, we work with you to create a plan for your family or business that covers and meets your needs. 

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, including areas such as Burlington, Markham and Toronto.

Talk to an advisor today.

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