Approximately one-third of Canadian households don’t have life insurance. If you want to protect your family or get more 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.
You'll learn:
History of Assumption Life Insurance
Established in 1903, Assumption 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 $2.1 billion in assets.
Assumption Life Insurance: Facts & Financial Information
The Facts
Founded in 1903
Headquartered at Moncton, New Brunswick
Financial Information
$2.1 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 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.
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.
Insureye also ranks them 4.5 stars out of 5, but there is only one Assumption Life Insurance review on their website. It was written by an established Annuities and Insurance Broker with 20 years in the industry, but only one review is not enough to make an informed judgment.
Assumption Life Insurance Review:
Customer Complaints: Company has disabled reviews
Dundaslife.com Rating: 4.0 / 5 stars ★★★★
Assumption Life Insurance Products and Features
Permanent Life Insurance
Permanent life insurance covers you until you pass away. It also often includes a cash value component. A part of your premium goes into this savings component, which grows at a steady rate. You can borrow against or withdraw from your policy’s cash value and use the money as you see fit.
Permanent life insurance is considerably more expensive than a term life policy. But it can be an ideal solution for anyone who wants their family to inherit a specific amount upon their death, whenever that happens. It is also suitable for those who want their life insurance to double up as an investment tool.
Assumption Life Insurance offers a wide range of permanent life products to cater to individuals with varied needs. This includes:
Non-Participating Whole Life
For ages 18-80
Coverage ranges from $10,000 to $10,000,000
Coverage is immediate and received as soon as the policy is implemented
Guaranteed premiums - Life Pay or 20-Year Pay
Cash value begins after 5th anniversary of the policy
Additional included benefits for no additional cost - Extreme Disability Benefit and Transportation Benefit
Participating life insurance policies provide lifetime coverage and include a savings component. In addition, they pay you dividends, which you can take in cash or deposit in the policy’s savings account. You can also use dividend payments to pay your premiums or buy additional coverage. Dividends are typically paid annually and are not guaranteed.
Assumption Life offers two participating insurance policies.
Assumption Life ParPlus
Coverage available for people aged 18 - 70 if payable for 20 years
Coverage available for people aged 18 - 75 if payable for life
Coverage amount ranges from $5K - $4Million
No medical exam required if coverage is less than $249,999
Payable over 20 years of life
Disability insurance option included. If you take the disability rider, they will pay you $3500 if can’t work because of an injury or illness
Assumption Life ParPlus Junior
Coverage available for children aged 15 days – 17 years
Coverage amount ranges from $5K - $4Million
No medical exam required if coverage is less than $249,999
Payable over 20 years of life
Safe investment component
Term Life Insurance
Term insurance is affordable, flexible, and protects your family when they most need it.
Assumption Life offers a range of term life insurance products, including no-medical term policies. Whatever your situation or financial goals are, you’re likely to find that there is a solution that’s suitable for you.
Let’s check out various term life solutions this insurer offers.
FlexTerm
Assumption Life flagship term life may be a perfect fit for Canadian families with growing children, mortgages, and not many assets. It offers them an affordable way to secure their family’s financial future.
For ages 18-75
You can choose from a level or decreasing premium
Coverage amount available from $100,000 to $10,000,000
Choose between 10, 15, 20, 25, 30, and 35 years of coverage
Renewal is automatic until the age of 90
Additional included benefits for no additional cost - Extreme Disability Benefit, Transportation Benefit, Insurability Benefit, Term Exchange Option
Additional protection options available
Available with smoker and non-smoker rates
Youth Plus
Youth Plus provides coverage until the age of 25, aimed to protect youth when they develop critical illnesses, or young adults who want to focus on their career without worrying about health.
No medical examination required
Premium remains the same for entire life
Child's coverage does not increase for lifespan
From age 15 days to 17 years
The child needs to be insured prior to developing a health problem to maintain this plan
Once the insured turns 25, they can convert the plan into a term life or permanent life policy.
Platinum Protection Term
You can choose if you need a 10 year or 20 year coverage policy based on your protection needs. You are also capable of converting this policy to a whole life insurance policy without needing to be reinsured. There are no medical examinations needed.
Coverage from $50,000 to $750,000 - amount is based on age
For ages 18-75
Premium and death benefit stay level for the entire term
Convertible up to age 75
Renewable up to age 90
Additional Protection Options - Accidental Death, Child Insurance Benefit, and Accidental Fracture Plus
Golden Protection Term
This term life policy targets those in stable health looking for no-medical life insurance. You can convert this policy to a whole life insurance policy without needing to be reinsured. No medical examinations or blood tests required.
For ages 18 to 70
Coverage from $50,000 to $250,000 - amount based on your age
Critical illness insurance is a type of insurance product that pays you a lump sum if you develop a severe health condition. You can use the funds as you like, but there are restrictions on how much you will receive and which health conditions are covered. Assumption Life offers critical illness protection to Canadians aged 18 – 60, and it can be offered as a standalone product.
Critical Protection
Doesn’t require a medical exam. There’s no waiting period, either
Coverage amount ranges from $10K - $100K
Four different term options available — 15 years, 20 years, 25 years, and up to age 75
It is renewable
For ages 18-60
16 different covered illnesses
Term Life Insurance Rate Comparison
Term life insurance protects your family from the unexpected without gutting your wallet.
So how much does Assumption Life charge for providing term life coverage? To find out, we grabbed life insurance quotes from them.
Check out Assumption Life’s average monthly rates for healthy, non-smoking men and women at different ages. These life insurance quotes are for $400,000 in coverage over a 20-year term length.
Life Insurance Rates by Age and Gender
Age
Male
Female
20
$26.64
$19.44
25
$26.64
$19.44
30
$26.64
$19.44
35
$28.44
$21.60
40
$41.04
$29.88
45
$65.52
$47.52
50
$109.80
$77.76
55
$200.88
$140.76
60
$382.68
$266.40
65+
Contact Us for Options
Contact Us for Options
Term Life Insurance - Prices Based on Customer Characteristics
Life insurance premiums are unique to the person applying for coverage. So for example, even twin sisters may have to pay different premiums for the same protection. Health histories and lifestyles vary from person to person.
Insurance companies take many factors into account to calculate premiums. These include as age, sex, health history, and lifestyle. The last two factors can vary a lot and considerably affect pricing.
Moreover, some insurers look more kindly at some customer characteristics. As a result, they offer better rates to people with those traits. So it’s wise to shop around and find the best Canadian life insurance provider for your situation.
Here’s a breakdown of how Assumption Life's rates compare to its competitors’ for various customer characteristics.
Policy Holder Characteristics
Price 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 Life
Average
Male
Average
Female
Average
Under 40 years old
Average
Over 40 years old
Below Average
Good Health
Average
Regular Smoker
Below Average
Term Life Insurance Review - Price Comparison vs. Competitor Products
For most people, term life policy eventually boils down to cost. So is Assumption Life the most affordable insurer going round?
Well, there’s no one-size-fits-all answer to this question, since each person is different. Also, there’s no such thing as the cheapest life insurer for everyone. The same insurer can be a cheap option for a certain risk class and a costly option for another.
Even so, to give you a fair idea about Assumption Life's affordability, we compared its rates with those of Sun Life. The latter is one of the more premium-priced carriers in Canada.
And the results were not bad. Assumption Life is a cheaper option for younger people while Sun Life offers Canadians over 40 a better deal.
Price Comparison Examples
➢ Example 1: 35 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
Assumption Life Insurance $400K - $28.44
Sun Life $400K - $34.29
Cost Savings over 20 years: $1404
➢ Example 2: 60 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
Assumption Life Insurance $250K - $241.20
Sun Life $250K - $257.40
Additional Cost over 20 years: $3888
Assumption Life Pros
Quick Turnaround Times for Policies
They have very quick turnaround times for their policies so you won't have to wait long to hear back and see which is right for you.
A Great Selection of Life Insurance Products
Whatever your needs you can find coverage at Assumption Life. It offers many different types of permanent, participating, and term life products. They offer some of the lowest rates for par policies, and their critical illness can be offered as a standalone product.
A Wide Range of No-Medical Life Insurance Solutions
When it comes to offering no-medical life insurance products, Assumption Life is second to none. It offers a range of simplified-issue life insurance solutions to cater to customers’ different needs.
Generous Exchange Options
You can convert shorter term policies into longer terms anytime before the 5th policy year without a medical exam.
Assumption Life Cons
No Standalone Disability Policy
They do not offer a standalone disability policy for individuals, and their disability rider only has a max of up to $3,500 a month which may not be suitable for higher income earners.
Critical Illness Coverage
The maximum amount for critical illness coverage is only $100k.
Is Assumption Life Insurance Right for You?
If you are shopping around for life insurance options, Assumption Life is a strong choice. The insurer has been providing coverage for approximately 115 years and offers a full range of life insurance policy types and riders to choose from.
It is a good choice for Canadians interested in affordable term or permanent life insurance coverage. For those looking for no-medical life insurance, it is a no brainer to get life insurance quotes from.
Steven has a deep background in life insurance. At Dundas Life, he's helped 1000s of clients find the right insurance coverage while also training dozens of insurance advisors during his career. Previously at Finaeo, Steven oversaw compliance and coaching for over 350 independent insurance brokers. Steven is also rated the #1 Insurance Agent in Toronto on Rate-My-Agent.
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