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Nobody wants to think about the possibility of a serious illness. But life’s unpredictable and it pays to be protected and prepared. Critical illness insurance coverage can act as a financial safety net if you are struck by a major illness, enabling you to focus on your recovery journey without any financial strain.
If you are looking to buy critical illness insurance coverage, one name that you should consider is Assumption Life.
Read on to find out more about Assumption Life and see if it’s the right option for you.
Our Review of Assumption Life Critical Illness insurance
Assumption Life is best known for its simplified issue (aka non-medical) life insurance plans. Surprisingly, for critical illness insurance, the insurer opts to write only fully-underwritten plans. All the same, not everyone who applies for critical illness insurance has to undergo a medical exam. If you are young and relatively healthy and need a smaller benefit amount, Assumption Life may let you skip the paramedical exam.
Assumption Life covers up to 16 critical illnesses, which is a bit disappointing since most top insurers provide protection against 24 illnesses. On the upside, it provides a digital policy, allowing you to access and administer your plan online. Add-ons on offer include Return of premium upon death and Flexible return of premiums.
All in all, Assumption Life is a good option for someone who needs basic critical illness insurance coverage with the option to receive a premium refund upon death or cancellation.
Pros
- Shorter-term coverage options available
- Digital policy to allow you to access and manage your account online
- Limited pay option available
- Return of premium rider
Cons:
- The coverage amount is capped at $100,000, which may not be enough for some people
- Covers up to only 16 illnesses
- No partial payment option for illnesses that are not life-threatening
- No early detection payment rider
Who is Assumption Life?
Founded in 1903 in Massachusetts, Assumption Life offers a suit of insurance products like life insurance, mortgages, and retirement and investment products. It is a financially stable company, with over $2 billion in assets and a financial strength rating of A- from AM Best.
Quick Facts:
- Main office is in Moncton, New Brunswick
- A- rating from AM Best
- Offices all over Canada
- Rated as one of Atlantic Canada’s Top Employers in 2022 for the third consecutive time
Assumption Life Critical Illness Insurance Products
Assumption Life offers critical illness coverage through a specialized product, called Critical Protection. It covers 16 illnesses and usually requires a medical exam.
- Maximum coverage: $100,000
- Term: 15 years, 20 years, or 25 years, or until age 75
- Number of illnesses covered: 16
- Limited-pay option: Yes, it is available. You can opt to pay the premiums for 20 years. After that, your premium payments will stop but coverage will continue until you reach the age 75.
- Medical exam: Required, but not always. Depending on your age and the coverage amount, you may not have to undergo the critical illness insurance medical exam.
- Return of premium on death: Yes. If you pass away without filing a claim, Assumption Life will return all or part of the premiums paid by you.
- Return of premium on cancellation/expiry: Yes, but from age 65 onward. After you turn 65, if you cancel your policy, you will receive a certain percentage of the total premium amount paid by you until then.
- Waiting period: 30 days
What’s missing?
Assumption Life covers a large number of critical illnesses and has a smaller waiting period. However, it does not offer as many add-ons as some of its competitors. Some of the popular riders that are missing from its Critical Protection plan are:
- Loss of independent existence (pays you a portion of your total benefit if you are unable to perform at least two of the six activities of daily living)
- Partial payout (pays you a set percentage of your total benefit if you are diagnosed with an eligible condition)
- Early detection benefit (provides a one-time payment if you develop one of the eligible conditions and survive the waiting period)
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Find the best rates
How to apply for Assumption Life Critical Illness Insurance?
To apply for Assumption Life critical illness insurance coverage, you can speak with one of their advisors directly, or contact us at Dundas Life and get an expert to do it for you!
How much does Assumption Life Critical Illness cost?
Unfortunately, it is difficult to provide an accurate price range for Assumption Life critical illness is difficult. That is because the cost of coverage depends on the type of policy, policy-specific details (like the benefit amount, waiting period, etc.), and personal details (age, health, smoking status, etc.). Here’s a brief rundown on how different factors impact your cost of critical illness insurance.
- Age: The younger you are, the cheaper the critical illness insurance premiums, since you are less likely to file a claim.
- Health: Life insurance companies reserve their best rates for healthy applicants.
- Pre-existing conditions: Pre-existing medical conditions can lead to higher premiums, approval with one or more exclusions, or even a denial of coverage.
- Smoking status: Smoking is directly linked to a number of serious illnesses. If you smoke, be ready to cough up (pun intended) more for critical illness protection than non-smokers.
- Benefit amount: The higher the benefit amount, the more expensive the premiums.
- Number of conditions covered: Basic critical illness plans cover five major illnesses, while more comprehensive policies offer protection against as many as 24 illnesses, and hence are costlier.
- Waiting period: Your critical illness plan will not pay immediately after you are diagnosed with a critical illness. Rather, it will issue the benefit amount after you survive a small period (known as the waiting period) after your diagnosis. The shorter this period is, the higher the premiums.
- Policy term: This refers to the length of time for which your policy stays in force. The longer this period is, the costlier the premiums. For example, a critical illness plan with a 20-year term is more expensive compared to a policy that lasts for 10 years, all other things being equal.
Why get Assumption Life Critical Illness?
Critical illness insurance from Assumption Life (or any other insurer, for that matter) can provide much-needed financial assistance in the event of a critical illness diagnosis.
Serious illnesses (like cancer, heart attack, or stroke) or medical emergencies often incur greater-than-average medical costs. In addition to the medical costs not covered by your health insurance plan, you will also have to take care of day-to-day living expenses and monthly bills. If can’t work temporarily because of your illness, these expenses may drain your savings and put you under a lot of financial strain. By paying a lump sum almost immediately after the diagnosis of a covered condition, critical illness insurance coverage acts as a financial safety net for those diagnosed with a serious illness. You can use the payout to cover various expenses, including:
- Medical costs not covered under a health insurance policy
- Therapy and counseling
- Transportation to consult specialists
- In-home care
- Cost-of-living expenses during recovery (your mortgage or rent, groceries, child care, and other day-to-day living expenses)
What is the maximum coverage amount offered by Assumption Life Critical Illness?
Assumption Life offers a maximum coverage amount of $100,000 for its Critical Illness Insurance policies.
Conclusion
Assumption Life provides critical illness insurance coverage through its Critical Protection plan. It covers up to 16 illnesses and pays up to $100,000 as a lump-sum benefit. Critical Protection can be a right fit for someone who needs basic critical illness insurance coverage with the return of premium rider.
To buy coverage, speak with one of Assumption Life’s advisors since there’s no option to buy a plan on your own. However, before you settle on an offer from Assumption Life, it’s smart to get insurance quotes from other providers. Dundas Life can provide you price quotes from different providers, making it easier for you to secure the best deal. Schedule a call with an advisor today.
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