Assumption Life Insurance Review 2023

You'll learn:

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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:

Participating Life Insurance

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 life insurance policies.

Assumption Life ParPlus

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

No Medical Whole Life Insurance

In addition to participating permanent life insurance, Assumption Life also offers no medical whole life insurance policies. You don’t require a medical examination for these policies and the cash value component grows at a steady rate.

You can buy a no-medical whole life policy from Assumption Life which includes the following features:

• Coverage available for people aged 18 – 85
• Coverage amount ranges from $1K - $100K for people aged 40 – 70 or coverage amount ranges from $1K - $50K for people aged 40 - 85
• Qualify even if you were rejected coverage in the last two years
• Disability insurance option included. If you take the disability rider, they will pay you $3500 if cannot work because of an injury or illness
• Child insurance benefit available
• Critical illness option available
• Available as both individual and joint policies

Term Life Insurance

Term insurance is affordable, flexible, and protects your family when they most need it.

Assumption Life Insurance 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 insurance solutions this insurer offers.

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Assumption Life FlexTerm

Assumption Life Insurance flagship term life insurance 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.

• Choose between 10, 15, 20, 25, 30, and 35 years of coverage.
• Premiums and death benefit remains the same for the entire duration of the policy term.
• Combine term life, critical illness, and disability insurance coverage in a single insurance product.
• If you are laid off due to an injury or illness, they will pay you $3500 a month (disability rider)
• Trade original term for a longer-term coverage without new underwriting or a medical review.
• You can exercise this option up to the 5th policy year.
• Coverage amount available from $50k to $4 million.

• No medical exam required if coverage is less than $499,000.
• Renew your term life policy any time before you're 85.
• You don’t need to submit proof of insurability up to certain limits.
• Your premiums will increase at renewal since the older you are, the costlier life insurance becomes.
• But your premium payments will stay the same throughout, just like in the case of the initial term.
• Convert your term life policy into a permanent one without a medical exam.
• The maximum issue age is 75.

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Assumption Life No Medical Term

No medical term life insurance is a life insurance product that doesn’t require you to take a medical examination before approval to purchase coverage. However, the insurer may ask you to complete an application that has health-related questions. You must answer these questions truthfully to qualify for no medical term coverage and maintain it.

No medical term policies are significantly more expensive than standard term policies. Also, the maximum amount of coverage available is much less. No medical term life insurance is a great option — and often the only one — for people with an underlying medical condition.

Assumption Life Insurance offers more coverage options and generous features to these people than many other life insurance providers in Canada.

• Pick between 10-year or 20-year term coverage options. If eligible, coverage starts instantly upon approval.
• Answer a health questionnaire for approval. No medical exam or physician’s certificate required.
• Includes a living benefit component that pays out 50% of the death benefit if you are diagnosed with a terminal illness.
• Convert into a whole life policy without a medical exam.
• No medical term coverage ranges from $50K to $150K.
• The maximum issue age is 70.

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Critical Illness Insurance

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.

Assumption Life Critical Illness Insurance 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

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 insurance 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

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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.

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Term Life Insurance Review - Price Comparison vs. Competitor Products

For most people, term life insurance 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 - $31.32 Sun Life $400K - $39.33 Cost Savings over 20 years: $1922

➢ Example 2: 60 Year Old Male, Non Smoker, Regular Health, 20 Year Term:

Assumption Life Insurance $250K - $242.10 Sun Life $250K - $252.00 Additional Cost over 20 years: $2376

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 Insurance 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.

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