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
Originally Published: February 11, 2022
Updated: October 4, 2022

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
Originally Published: February 11, 2022
Updated: October 4, 2022

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.
In this article:
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

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 offers 4 types of term life insurance: FlexTerm, 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
- Premium remains the same for the duration of policy
- No medical exam: coverage under $999,999
- Renewable: yes, up to age 90
- Convertible: yes, up to age 75
- Right to change the term of policy: yes
- Built-in benefits:
- Insurability benefit
- Extreme disability benefit
- Optional additional 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 Youth Plus provides coverage for younger adults wanting to focus on their studies or begin launching their careers and children with guaranteed insurability.
- Provides coverage up to age 25
- 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
- Minimum coverage: $50,000 (ages 18 to 44) $25,000 (ages 45 to 70)
- Maximum coverage: $500,000
- Term availability: 10, 20 years
- No medical exam
- No blood test
- No APS (attending physician statement)
- Renewable: yes
- Convertible: yes
- Built-in benefits:
- 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
- Minimum coverage: $50,000 (ages 18 to 44) $25,000 (ages 45 to 70)
- Maximum coverage: $150,000
- Term availability: 10, 20 years
- 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
- 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 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
- Option to add additional protection:
- Disability insurance
- Critical illness rider
- Child Insurance benefit
- 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 Platinum Whole Life is a whole life insurance product for healthy individuals looking for an affordable non-medical life insurance option.
- Application age: 18 – 85
- Coverage amount: $10,000 – $250,000
- $125,000 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:
- Living benefit: 50% of sum insured in case of terminal illness
- Transportation benefit: 200km / up to $2,000
- Cash values available
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:
- Living benefit: 50% of sum insured in case of terminal illness
- Transportation benefit: 200km / up to $2,000
- Cash values available
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: 40 – 85
- Minimum coverage:
- Ages 40-70: $5,000
- Ages 71-85: $2,500
- 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: 40 – 85
- Minimum coverage:
- Age 40-70: $5,000
- Age 71-85: $2,500
- Maximum coverage:
- Age 40-70: $50,000
- 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:
- Terminal Illness benefit
- Transportation benefit
- Accidental death
- Option to add protection:
- Accidental fracture plus rider
- Deferred coverage for the first two years of the policy
- Guaranteed cash value: starting year 5
Where to get a quote: speak to our expert life insurance advisors!
Assumption Life’s Bronze Protection a guaranteed issue permanent life insurance is a solution for people with serious and/or severe medical conditions, and 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 71-85: $25,000
- Premium payment options:
- Life pay
- 20-year pay
- Type of insurance: permanent life insurance
- No medical exam
- No blood tests
- No proof of insurability required
- Built-in benefits:
- Living benefit: 50% of sum insured in case of terminal illness
- Transportation benefit: 200km / up to $2,000
- Accidental death benefit
- Guaranteed cash value: starting year 5
- Reduced paid-up: starting year 5
- Death benefit is deferred for the first two years of the policy
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
- Premium payment options:
- Age 18-70: 20-year pay
- Age 18 to 75: Life pay
- No medical exam for coverage under $999,999
- Additional rider options available:
- Disability Income
- Critical Illness
- Child Insurance Benefit
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 for coverage under $999,999
- Guaranteed cash value
Where to get a quote: speak to our expert life insurance advisors!

Other Assumption Life 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 Alberta, British Columbia, and Ontario, including areas such as Airdire, Calgary, Kelowna, Maple Ridge, Markham and Toronto.
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