Assumption Life Insurance Review

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
• Pros and Cons
• Assumption Life Insurance Products
  • Assumption Life Term Life Insurance
  • Assumption Life Non-Participating Life Insurance
  • Assumption Life Participating Life Insurance
• Other Assumption Life Insurance Products
• Assumption Life Customer Reviews
• Frequently Asked Questions (FAQs) About Assumption Life

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

Assumption Life Insurance Cons

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 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:

Frequently Asked Questions (FAQs) About Assumption Life

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.