Approximately one-third of Canadian households don’t have life insurance. If you want to protect your family or get more life insurance, Assumption Life may be a good option.
They specialize in simplified issue and flexible term life insurance products. These are excellent options, especially if you have a pre-existing medical condition or are looking to cover your mortgage.
Continue reading to find out what Assumption Life offers and whether it’s right for you.
History of Assumption Life Insurance
Established in 1903, Assumption Mutual Life Insurance Company is one of the few national-level insurers headquartered in Atlantic Canada. Since 1913, Assumption Life Insurance has been operating as a subsidiary of Assumption Group.
The insurer is best known for its no-medical term life insurance plans. But, it also offers a wide range of insurance solutions to Canadians of all ages and from all walks of life.
They have grown steadily over the years and is presently among the top insurers in Canada, with $1.7 billion in assets.
Assumption Life Insurance: Facts & Financial Information
Founded in 1903
Headquartered at Moncton, New Brunswick
$1.7 billion in Financial Assets
AM Best Financial Strength Rating: A-
When buying life insurance, you should be as concerned with the insurer as with the insurance policy. Make sure the insurance company you select is on a solid financial footing. If anything happens, you will not only lose your investment but also have to buy coverage all over again.
You can gather a fair idea about an insurer’s financial stability by looking at its AM Best rating. AM Best, the world’s first credit rating agency, looks at both short-term and long-term indicators, and its scale ranges from A++ downward. The higher the rating, the better a company is placed financially.
Assumption Life Insurance Company notched up A- rating (Strong) from AM Best, similar to competitors like Canada Protection Plan. That’s a strong score and shows that your investment will be safe with them.
Assumption Life Insurance Reviews
What do customers say about the company?
We went online to find out. The company scores 3.3 on Google, but this is only based on 6 reviews (they have 75,000+ customers). Unhappy customers also tend to post reviews much more than satisfied customers.
There’s only one Assumption Life Insurance review on the BBB website, not enough to make an informed judgment.