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Company Review: Assumption Life

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Assumption Life is best known for its no-medical term life insurance plans. It also offers a variety of insurance solutions to Canadians from all walks of life.

Company Overview 

Assumption Mutual Life Insurance Company, Assumption Life for short, is a leading insurer of simplified and flexible term life insurance options. The company offers a variety of insurance products and services, from permanent and term life insurance plans to critical illness insurance and extra coverage that allows you to collect dividends on your policy.

The company was founded in New Brunswick in 1903 and now provides services to consumers across Canada. They are one of the very few insurance companies headquartered in Atlantic Canada, with their main office located in Moncton (New Brunswick). Despite starting as a fraternal society in Waltham (Mass), Assumption Life transformed into a mutual insurance company in the late sixties. 

Founded1903
HeadquarterMoncton, New Brunswick
AM Best RatingA-
Better Business Bureau (BBB) Accreditation and RatingA+
Assets$1.9 billion
Annual Premiums$166 million
Websitehttps://www.assumption.ca/ 

Products and Features 

Here is a summary of all Assumption Life’s products and a comparison of their basic features: 

Term Life InsurancePermanent Life InsuranceParticipating Life InsuranceLiving Benefit
Minimum Coverage$50,000$1,000$5,000$10,000
Maximum Coverage$250,000$4 million$4 million$100,000
Term15 – 25 yearsLifetime20 years or for life15 – 25 years or up to age 75
No medical option availableYesYesYesYes
Age range 18 – 75 years. Youth option available for children between 15 days to 17 years old18 – 85 yearsSimilar to Term Life Insurance18 – 60 years

In further detail, Assumption Life has all these different options for each type of policy. 

Term Life Insurance 

  • FlexTerm 
  • FlexOptions
  • Youth Plus
  • No Medical Term Plus
  • No Medical Term

Permanent Life Insurance

  • Golden Protection
  • Total Protection
  • No Medical Whole Life Plus
  • No Medical Whole Life
  • Essential Whole Life

Living Benefit

  • Critical Protection

Participating Life Insurance

  • ParPlus
  • ParPlus Junior
Assumption Life Canada - Best Insurance Online

Costs

These are representative values, based on non-smokers in good health, with a $500,000 coverage and 20-year term life insurance. 

AGEMALEFEMALE
20$35.55$24.75
25$35.55$25.65
30$36.45$27.45
35$41.40$32.40
40$54.00$43.50
45$82.80$66.15
50$141.30$106.65
55$258.75$171.45
60$469.35$314.55
65$787.95$529.20

Several factors can affect your premiums, such as age, current health, family health history, smoking, coverage and term length. This is pretty standard for most insurance providers in the industry. 

If you wish to compare Assumption Life with other insurance companies, here is a breakdown of Assumption Life’s rates compared to its competitors based on various customer characteristics: 

Policy Holder CharacteristicsPrice Comparison
Low coverage amount (<$400,000)Below Average
Higher coverage amount (>$400,000)Average
Short Term (10 years)Below Average
Mid Term (20 years)Average
Long Term (30 years)Average
Whole LifeAverage
MaleAverage
FemaleAverage
Under 40 years oldAverage
Over 40 years oldBelow Average
Good HealthAverage
Regular SmokerBelow Average

To provide you with a clear idea about Assumption Life’s affordability, we also compare it with Sun Life – one of Canada’s more premium priced insurance providers. 

  • Example 1: 35-Year-old Male, Non-smoker, Regular Health, 20-year Term

Assumption Life Insurance Canada: $400K – $38.88

Sun Life: $400K – $39.33

Cost Savings over 20 years: $65

  • Example 2: 60-Year-old Male, Non-smoker, Regular Health, 20-year Term

Assumption Life Insurance $250K – $254.92

Sun Life $250K – $252.00

Additional Cost over 20 years: $700

Claims

Your beneficiaries will need to file a claim after your death. At the same time, they will be required to submit a copy of your death certificate to Assumption Life. Once this is done, the specified death benefit on your insurance plan will be paid out in the form of a tax-free lump sum to the beneficiaries named in your policy. 

If you have a disability benefit on your insurance coverage, you can submit a claim yourself to receive a payout. This helps you compensate for lost wages as a result of an illness or injury. You will also need to provide proof of your disability as part of your claim. 

Exclusions

Assumption Life’s insurance coverage might be accompanied by specific exclusions, depending on the policy you take out. 

For instance, if you commit suicide or die from a self-inflicted injury, most plans will not allow you to collect death benefits. 

Another exclusion is that if you commit a crime (e.g., driving under the influence of alcohol or drugs) and die from it, you will not be able to get coverage. Finally, some plans also exclude benefits if you are involved in extreme sports on a regular basis or provide false information in your application. 

Pros and Cons 

PROSCONS
Multiple term coverage options
Simplified, non-medical issue options
A quick, easy electronic process
Critical illness only insurance Decreasing option available for mortgage coverage
Online access to account
Exchange and conversion options let policyholders switch to a longer term or permanent coverage
Multiple useful insurance add-ons, such as for terminal illness
Quick turn-around time for policies 
Long track record in the insurance business
Some policies can be continued to a certain age instead of a set term
Only issues paper policies, no digital options
The wide selection of options can be confusing to new customers
High policy fees and rider fees for non-medical policies
Higher rates for seniors over the age of 60 Some exclusions which will be outlined in your policy document. 
No Standalone Disability Policy
The maximum coverage amount for critical illness is only $100k.

Application Process

Once you are registered with an online account on Assumption Life’s website, you can easily apply for a life insurance policy. 

At first, there will be a request form for you to fill in, asking for the following details: 

  • Full name
  • Date of birth
  • Telephone number
  • Email address
  • Mailing address
  • Names and titles of authorized signatories if the owner is a Body Corporate

The form can then be emailed, faxed, or mailed to Assumption Life when it is completed with your signature at the end. 

Depending on the type of policy you are applying for, you may be asked to undergo a medical examination. However, several coverages do not require this, such as No Medical Term (Plus) and No Medical Whole Life (Plus), to name but a few.  

The Bottom Line

If you are considering different life insurance options, Assumption Life Insurance is definitely a strong candidate. This insurance company has provided coverage for approximately 115 years and offers a wide selection of life insurance policy types and riders to choose from.

It is an excellent match for Canadians interested in affordable term or permanent life insurance policies. For those looking for no-medical life insurance, Assumption Life is a no-brainer to get life insurance quotes from.

If you wish to get quotes from Assumption Life and/or other renowned insurance companies in Canada, we would like to refer you to Insurance Direct Canada – one of the most trusted insurance brokers in Canada. For more reviews about companies like Sun Life, Manulife, Canada Protection Plan, Foresters Financial, etc. please use the button below.

2 COMMENTS

  1. […] Assumption Life is best known for its no-medical term life insurance plans. It also offers a variety of insurance solutions to Canadians from all walks of life. Assumption Mutual Life Insurance Company, Assumption Life for short, is a leading insurer of simplified and flexible term life insurance options. The company offers a variety of insurance products and services, from permanent and term life insurance plans to critical illness insurance and extra coverage that allows you to collect dividends on your policy.  […]

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