Approximately one-third of Canadian households don’t have life insurance. Do you fall into this group? Are you looking to change that and financially protect your family with Assumption Life Insurance?
When it comes to shopping for life insurance, Canadians have a lot of options at their disposal. One carrier you may want to consider is Assumption Life.
Continue reading to find out what this insurer 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.
Assumption Life has 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
When shopping for 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. Because 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. That’s good and shows that your investment will be safe with Assumption Life Insurance.
Assumption Life Insurance Reviews
What do customers say about Assumption Life Insurance?
We went online to find out. But sadly we couldn’t find much. The insurance company has disabled Google reviews. The reason for this is likely because most life insurance reviews are negative. Unhappy customers tend to post reviews much more than satisfied customers.
There’s only one review on the BBB website, not enough to make an informed judgment.
Assmption Life Insurance Products and Features
Permanent Life Insurance
Permanent life insurance covers you until you die. 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 term life coverage. 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 insurance products to cater to individuals with varied needs. This includes:
Participating Life Insurance
A participating life insurance policy provides lifetime coverage and includes a savings component. In addition, it pays 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 Insurance 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 exam for these policies and the cash value component grows at a steady rate.
You can buy the following no-medical whole life insurance policies from Assumption Life Insurance.
Assumption Life Essential Whole Life Insurance
- Coverage available for people aged 18 – 75
- Coverage amount ranges from $5k - $4Million
- Pick from three premium payment options — 20 year pay, pay to age 65, and life pay
- No medical exam required if coverage is less than $499,999
- Disability insurance option included. If you take the disability rider, Assumption Life Insurance 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
Assumption Life No Medical Whole Life Plus
Assumption Life Golden Protection
- Coverage available for people aged 40 – 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
- Includes living benefit at no additional cost. It pays out 50% of the death benefit if you are diagnosed with a terminal illness
- Accidental death benefit up to 4 times the sum insured or $150K, whichever is less
- Accidental fracture rider available
- Cash value available
Assumption Life Total Protection
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 Assumption Life Insurance has a solution that’s suitable for you.
Let’s check out various term life insurance solutions this insurer offers.
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.
Assumption Life No Medical Term
No medical term life insurance is a life insurance product that doesn’t require you to take a medical exam 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 the 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. It 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.
- Coverage ranges from $50K to $150K.
- The maximum issue age is 70.
Assumption Life No Medical Term Plus
No medical term life insurance is not just for individuals with health issues. It is also a good option for people who need coverage quickly.
The average policy takes roughly six weeks to receive approval. Some people can’t afford to wait that long. No Medical Term Plus from Assumption Life Insurance is an ideal solution for them. It promises quick approval and has more coverage and lower premiums than the traditional no medial term policy.
Assumption Life Youth Plus
Assumption Life Insurance offers a special term life insurance coverage designed for children aged between 15 days and 17 years.
- Doesn’t require a medical exam for approval
- Coverage up to age 25
- Can convert Youth Plus into term or permanent life insurance once the child reaches age 25 without a medical exam
- Includes Living benefit that allows you to access part of the policy’s face value if the child becomes ill
Assumption Life FlexOptions
Do you have a mortgage or any other long-term debt that will pass to your family in case of your untimely death?
If yes, Assumption Life Insurance FlexOptions may be ideal for you. It is a unique life insurance product with the following features:
- Protect a borrower’s family if the insured dies or becomes disabled
- Available for Canadians aged between 18 and 65 years
- Coverage can remain the same throughout the term or decrease every year to mimic the reduction in your outstanding loan. However, in no event, the face value will become less than 50% of the policy’s initial coverage amount
- If you are laid off due to an injury or illness, Assumption Life Insurance will pay you $3500 a month (disability rider)
- Choose between 10-year, 20-year, and 25-year coverage options
- Available as both individual and joint policies
- Convert to permanent insurance without new underwriting or medical exam
- In most cases, it doesn’t require a proof mortgage
- No medical exam required when the coverage amount is $499,999 or less
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 Insurance offers critical illness protection to Canadians aged 18 – 60, and it can be offered as a standalone product.
Assumption Life 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
Term Life Insurance Rate Comparison
Term life insurance protects your family from the unexpected without gutting your wallet.
So how much Assumption Life Insurance charge for providing term life insurance coverage? To find out, we grabbed quotes from them.
Check out Assumption Life’s average monthly rates for healthy, non-smoking men and women at different ages. These quotes are for $400,000 in coverage over a 20-year term length.
Life Insurance Rates by Age and Gender
|70||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 Insurance 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|
|Under 40 years old||Average|
|Over 40 years old||Below Average|
|Regular Smoker||Below Average|
Term Life Insurance Review - Price Comparison vs. Competitor Products
For most people, term life insurance eventually boils down to cost. So is Assumption Life Insurance 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 Insurance Company’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 Insurance is a cheaper option for younger people while Sun Life offers Canadians over 40 a better deal.
Assumption Life Insurance Price Comparison Examples
➢ Example 1: 35 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
Assumption Life Insurance $400K - $38.88
Sun Life $400K - $39.33
Cost Savings over 20 years: $65
➢ Example 2: 60 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
Assumption Life Insurance $250K - $254.92
Sun Life $250K - $252.00
Additional Cost over 20 years: $700
Assumption Life Pros ✅
- Quick Turnaround Times for Policies
Assumption Life Insurance has 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 Insurance. It offers many different types of permanent, participating, and term life insurance 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 Insurance 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
Assumption Life Insurance does 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.
Conclusion – 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, Assumption Life Insurance is a no brainer to get a quote from.