Assumption Life is one of Canada’s leading insurance providers, renowned for its flexible term life and no-medical-exam policies. But how do their offerings, pricing, and service stack up? This review will provide an in-depth analysis of Assumption Life insurance.
We’ll explore Assumption Life’s history, reputation, product portfolio, pricing, customer experiences, pros and cons, and how it compares to competitors. Whether you’re considering Assumption Life or want to learn more, this authoritative review has you covered. Expect transparent insights to help you make an informed decision.
Overview of Assumption Life Insurance
Assumption Life, founded in 1903, is headquartered in Moncton, New Brunswick. Despite its relatively small size compared to industry giants, Assumption Life has cultivated a strong reputation over the past century by providing flexible insurance products to everyday Canadians.
Here are some critical facts about Assumption Life:
- Specializes in no medical exam life insurance policies
- Considered one of the top Canadian life insurance companies
- Employs around 350 people as of 2024
- Reports over $2 billion in assets and $12 million in net profits for 2022
- Maintains an A- or “Excellent” rating from A.M. Best
- Holds an A+ Accredited Rating from the Better Business Bureau
- Remains one of the only coast-to-coast insurers headquartered in Atlantic Canada
Assumption Life aims to provide quality insurance solutions through a personalized approach, accommodating the diverse needs of Canadian individuals and families. ( Source: wikipedia )
What are the types of Assumption Life Insurance?
Assumption Life provides a suite of insurance options for both individuals and businesses across Canada. Their main offerings include:
For Individuals
- Term Life Insurance
- Permanent Life Insurance
- Participating Whole Life Insurance
- Critical Illness Insurance
- Disability Insurance
For Businesses
- Group Benefits Plans
- Group Savings and Retirement
- Group Critical Illness and Disability
Let’s explore Assumption Life’s essential individual insurance products in more detail.
What Types of Term Life Insurance Does Assumption Life Offer?
Assumption Life term insurance provides temporary coverage ranging from 10 to 35 years. Their term life plans are designed to be affordable and can accommodate higher coverage limits.
Some of Assumption Life’s most popular term life options include:
FlexTerm
- 10, 15, 20, 25, 30 or 35 year terms
- $50,000 to $10 million in coverage
- Simplified issue up to $999,999 (no medical exam from ages 18-69)
- Conversion to permanent life insurance up to age 75
- Living benefits and optional riders
Youth Plus
- Term coverage until age 25
- Simplified issue, no medical exam required
- Guaranteed insurability for children
- Convertible to permanent life at age 25
Platinum Protection Term
- 10 year term life insurance or 20 year term life insurance
- $25,000 to $500,000 in coverage
- No medical exam is required
- Convertible to permanent coverage
Golden Protection Elite Term
- Ten or 20-year terms
- Up to $150,000 in coverage
- No medical exam is required
- Living benefits included
| Product | Coverage | Issue Ages |
|---|---|---|
| FlexTerm | $50,000 – $10,000,000 | 18-75 |
| Youth Plus | $35,000 – $175,000 | 15 days – 17 years |
| Platinum Protection Term | $25,000 – $500,000 | 18-70 |
| Golden Protection Elite Term | $25,000 – $150,000 | 18-70 |
What Types of Permanent Life Insurance Does Assumption Life Offer?
In addition to term life insurance, Assumption Life also offers permanent life insurance. Permanent life maintains coverage throughout one’s lifetime rather than a set term.
Some features of Assumption Life’s permanent policies include:
Essential Whole Life
- Minimum coverage: $10,000
- Maximum coverage: $500,000
- No medical exam required
- Multiple premium payment options
Good for lifelong protection with predictable, stable premiums. The no-exam feature provides easy access.
Platinum Protection Whole Life
- Up to $500,000 in coverage
- No medical exam is required
- Guaranteed cash value accumulation
- Lifetime protection
Suited for permanent coverage with a simplified no-exam application. Payment flexibility allows budget customization.
Golden Protection Elite Whole Life
- Up to $150,000 in coverage
- No medical exam is required
- Cash values and dividends
- Lower-cost permanent life insurance
ParPlus and ParPlus Junior
- Participating whole life insurance
- Dividend options to reduce costs or increase value
- Guaranteed cash value and dividends
Long-term coverage is enhanced by dividends for improved financial flexibility.
Assumption Life’s permanent products offer lifelong financial security, advantages like dividends, no exam access, and flexible payment options.
| Product | Coverage | Issue Ages |
|---|---|---|
| Essential Whole Life | $10,000 – $4,000,000 | 18-75 |
| Platinum Protection Whole Life | $10,000 – $500,000 | 18-85 |
| Golden Protection Elite Whole Life | $5,000 – $150,000 | 18-85 |
| Golden Protection | $5,000 – $100,000 | 40-85 |
| Silver Protection | $5,000 – $50,000 | 40-85 |
| Bronze Protection | $5,000 – $50,000 | 18-80 |
What Types of Participating Life Insurance Does Assumption Life Offer?
Assumption Life has two main participating whole life insurance offerings:
ParPlus
- Dividend options: cash payouts, premium reductions, paid-up additions
- No medical exam for under $1 million in coverage
- Minimum $5,000 to maximum $4 million benefit
ParPlus rewards policyholders with dividends that can be used to increase income, reduce premiums paid, or bolster coverage amounts.
ParPlus Junior
- Participating whole life of children
- 20-year pay option
- Guaranteed cash value accumulation
- Annual dividends from the first policy year
| Product | Coverage | Issue Ages |
|---|---|---|
| ParPlus | $5,000 – $4,000,000 | 18-75 |
| ParPlus Junior | $5,000 – $4,000,000 | 15 days – 17 years |
Ideal for giving children a head start on building long-term savings and insurance benefits. Dividends and guaranteed cash value provide early value.
Assumption Life’s participating policies provide unique advantages, such as dividends, cash value growth, and the flexibility to use rewards to best suit your financial priorities.o focus on recovery without financial worries in the event of a severe diagnosis.
Pros and Cons of Assumption Life Insurance
To help you weigh your options, here’s a summary of the main advantages and potential drawbacks of choosing Assumption Life:
Pros of Assumption Life Insurance
- Wide range of no medical exam policies
- Competitive pricing for simplified issue and guaranteed issue plans
- High coverage limits without a medical exam (up to $999,999 for term life)
- Lenient age limits, with some policies available up to age 85
- Strong financial ratings and customer satisfaction record
Cons of Assumption Life Insurance
- Higher premiums for no medical exam policies compared to fully underwritten options
- Limited online account management and digital resources
- Some policies have lower coverage limits, especially for guaranteed issue plans
Higher premiums for no medical exam policies compared to fully underwritten options
Limited online account management and digital resources
Some policies have lower coverage limits, especially for guaranteed issue plans
Assumption Life Insurance Costs and Pricing
The cost of life insurance through Assumption Life depends on several factors, including:
- Age – Premiums increase as you age, given the higher risks.
- Gender – Women often qualify for lower rates than men. ( More: Why Women Pay Less for Life Insurance Than Men )
- Health – Any medical conditions may increase premiums.
- Tobacco Use – Premiums are higher for smokers. ( More: Compare Life Insurance for Smokers vs. Non-Smokers )
- Coverage Amount – More coverage means higher premiums.
- Term Length – Longer terms have higher premiums.
- Type of Policy – Permanent insurance costs more than term.
- Riders Selected – Adding riders with critical illness increases costs.
To give you an idea, here are sample monthly rates for a 20-year $500,000 term life policy for healthy non-smokers:
| Age | Male | Female |
|---|---|---|
| 25 | $32.40 | $22.95 |
| 35 | $34.65 | $26.10 |
| 45 | $77.40 | $55.80 |
| 55 | $242.10 | $166.95 |
| 65 | $718.20 | $498.60 |
Of course, your personal quotes will depend on your specific situation. Our free online comparison tool lets you easily get customized Assumption Life quotes. Comparing rates across top insurers helps ensure you get the best value.
Assumption Life’s Strong Financial Ratings
Given the long-term nature of life insurance, choosing a financially stable insurer is vital. Assumption Life maintains solid financial ratings, including:
- A.M. Best: Assigned an A- or “Excellent” rating for 2022, reflecting stability.
- BBB: A+ Accredited rating as of 2024, representing high customer satisfaction.
These ratings indicate that Assumption Life has sufficient assets and capital to meet its ongoing policy obligations, even in challenging economic climates. While not a guarantee, these ratings provide added confidence in its ability to pay out future claims.
Assumption Life’s Customer Service Offerings
Assumption Life aims to provide quality customer service throughout the process of applying, purchasing, and maintaining a policy:
Application and Purchase
- A dedicated advisor guides you through the application process.
- Specialists are available by phone, email, or in person.
- Online account access is available once the policy is issued.
After Purchase
- Toll-free phone line for ongoing policy service questions.
- Ability to adjust coverage, update information, and add dependents online.
- Digital policy documents are available.
Claims
- Streamlined claims process provides timely payouts.
- 24/7 emergency travel assistance helpline for those with travel medical policies.
- Dedicated claims specialists to guide beneficiaries through the process.
While not a direct insurer, Assumption Life’s customer service aims to provide support during and after the purchase process. Expect a personalized, consultative approach focused on your needs.
Who Should Consider Assumption Life Insurance?
Given their flexible underwriting and focus on no medical exam policies, Assumption Life accommodates a wide range of Canadian insurance needs:
Ideal for:
- Older adults ineligible elsewhere due to age or health
- Those with existing medical conditions
- Anyone seeking permanent life insurance
- People who dislike medical exams and labs
- Families needing child life insurance
- Expats and people new to Canada
- Francophones seeking French customer service
May Not be the Best Fit:
- Extremely healthy applicants who qualify for low rates elsewhere
- Those needing group insurance or international coverage
- People wanting an end-to-end online insurance purchase
- Anyone seeking specialty insurance like travel medical
Assumption Life excels at serving daily Canadians priced out of coverage from more restrictive life insurers. Their no-exam policies offer welcome accessibility for many.
How to Learn More and Get a Quote from Assumption Life
If you’re interested in learning more about Assumption Life insurance and getting a personalized quote, here are a few options:
- Speak with one of our licensed advisors for guidance
- Use our free quote comparison tool to customize quotes
- Read online reviews from other customers
- Check out third-party rating sites for additional information
It’s wise to compare quotes from a few top insurers before deciding on coverage. This ensures you get the right policy at the best rate. Feel free to reach out if you need any assistance!
Who is Assumption Life Right For?
At the end of the day, Assumption Life’s sweet spot is providing accessible coverage to everyday Canadians. Their focus on simplified issue life insurance ensures underwriting flexibility for older adults and people with health conditions.
While their no medical exam policies come at a premium cost, many find Assumption Life’s quick approval and fewer requirements worthwhile. Those able to qualify for traditionally underwritten coverage can likely find lower rates elsewhere. However, Assumption Life delivers value, security, and peace of mind for Canadians with limited insurance options.
In summary, Assumption Life deserves strong consideration if you dislike medical exams, need lifetime coverage, have existing conditions, or are ineligible elsewhere. They accommodate a wide range of circumstances, leaving fewer Canadians underinsured or excluded based on strict requirements that fail to represent real life.
How Assumption Life Compares to Other Insurance Providers in Canada
Assumption Life is one of Canada’s top choices for no-medical-exam and simplified-issue life insurance. Its expertise and reputation in this niche give it an edge over many competitors.
They offer more significant coverage limits without medical underwriting compared to providers like Foresters Life (up to $400,000) or Wawanesa (up to $250,000). Their participating whole-life plans also provide unique advantages like policyholder dividends.
That said, their lack of online quoting and limited policy conversion options gives some insurers, such as Sunlife and Canada Life, an advantage in flexibility.
Overall, Assumption Life holds its own against top insurers, with a niche focus on simplified issue policies, reasonable pricing, and an excellent customer service reputation.
Conclusion
For over a century, Assumption Life has provided quality insurance products to Canadians. Their focus on accessibility and flexibility has made them a go-to for many who struggle to find affordable coverage elsewhere.
By specializing in simplified-issue life insurance with limited medical questions and exams, Assumption Life meets the needs of everyday people. Their highly rated permanent life and term policies offer stability, competitive pricing, and excellent service.
While traditional insurers emphasize standardized underwriting, Assumption Life realizes that real lives are messy. By accommodating the many Canadians who fall outside rigid requirements, they empower more people to protect their families and futures.
For those needing no medical exam coverage into older age or living with health conditions, Assumption Life should be on your shortlist. For all Canadians, having such a stable, customer-centric insurance provider in your corner provides peace of mind.
To ensure you make the best decision for your situation, I strongly recommend speaking with my experienced insurance advisor at Best Insurance Online. They can help you compare Assumption Life to other top life insurance companies in Canada like Sunlife insurance, Canada Life, TD bank life insurance, CPP life insurance, BMO life insurance or RBC Insurance, providing you with the guidance and support you need to protect your loved ones.
FAQs
What types of life insurance does Assumption Life offer?
Assumption Life offers several types of life insurance, including term life, whole life, participating life, and no medical exam policies. Some of their most popular options are FlexTerm, Youth Plus, Platinum Protection Term, and Essential Whole Life.
How do I get a life insurance quote from Assumption Life?
You can get a quote from Assumption Life by contacting a licensed advisor, using the online quote tool, or calling their toll-free number at 1-800-455-7337. An advisor will guide you through the process and provide personalized premium estimates.
Is Assumption Life a reputable insurance company?
Yes, Assumption Life is a reputable insurer. Founded in 1903, they have an A- rating from A.M. Best and an A+ rating from the Better Business Bureau, indicating excellent financial strength.
What benefits do Assumption Life's policies offer?
Benefits include tax-free death benefits, living benefits for terminal illness, guaranteed insurability for kids, disability and critical illness riders, cash value accumulation on permanent policies, and more.
Does Assumption Life require a medical exam for coverage?
Many policies don't require an exam or offer simplified underwriting up to certain coverage limits, such as $999,999 on term and $500,000 for whole life. This provides accessibility.
How do I contact Assumption Life for customer service?
You can call 1-800-455-7337 or email customercare@assumption.ca. Their Moncton head office can also be reached at 506-853-6040 or by mail at P.O. Box 160, Moncton, NB E1C 8L1.
How long has Assumption Life been in business?
Assumption Life has been operating for over 100 years. Initially founded in 1903 in Massachusetts, the Canadian company was established in the late 1960s and remains headquartered in Moncton, New Brunswick.
What is Assumption Life's financial strength rating?
Assumption Life has maintained an A- or "Excellent" rating from A.M. Best since 2022, indicating financial strength and ability to meet policyholder obligations.
Does Assumption Life offer online services?
Yes, Assumption Life policyholders can access their accounts online to view documents, adjust coverage, update info, and more. However, purchasing requires contacting an advisor.
Who is Assumption Life best suited for?
Their no-exam policies make them an excellent option for older adults, those with health conditions, or anyone who wants to avoid medical testing during the application process.
Article Sources
The article is based on publicly available documents such as:
Assumption Life Insurance Review, 2024 Quotes – hellosafe
Assumption Life Insurance Review – protectyourwealth.ca
Assumption Life Insurance Review – Updated 2024 – policyadvisor
