Assumption Life Critical Illness Insurance: 2025 Review for Canadians
Our expert's opinion on Assumption Life
Assumption Life’s critical illness insurance in Canada provides broad coverage—over 25 conditions—with guaranteed lump-sum benefits ranging from $10,000 to $500,000, policy guarantees, and an optional return of premium, inflation protection, and waiver-of-premium riders. Its 90-day waiting period and 30-day survival period place it in line with most Canadian insurers, but its regionally competitive pricing—typically 5–15% below national carriers—combined with a 30–45 day payout speed, sets it apart for value-focused consumers. Assumption Life is especially suitable for middle-aged professionals and families in Atlantic Canada seeking flexible, straightforward income protection or lump-sum coverage at competitive rates. Financially, the insurer holds $2.8 billion CAD in assets and an A- (Excellent) AM Best rating, boasts a 4.2/5 customer satisfaction score (from 127 reviews), and averages 30–45 days on claims payouts, with responsive bilingual service through phone, email, and an online portal. The waiting period is the time (90 days) after policy issuance before a covered claim can be made; the survival period (30 days) is the required duration the insured must live after diagnosis to be eligible for the benefit.
- ✅Broad condition coverage
- ✅Guaranteed lump‑sum payout
- ✅Flexible benefit amounts
- ✅Return of premium rider
- ✅Inflation protection rider
- ✅Bilingual customer service
- ✅Competitive premiums in Atlantic Canada
- ❌Survival period required
- ❌No fully digital claims
- ❌Limited digital tools—no mobile app
- ❌Strict illness definitions
- ❌No multi‑claim option
Our expert's opinion on Assumption Life
- ✅Broad condition coverage
- ✅Guaranteed lump‑sum payout
- ✅Flexible benefit amounts
- ✅Return of premium rider
- ✅Inflation protection rider
- ✅Bilingual customer service
- ✅Competitive premiums in Atlantic Canada
- ❌Survival period required
- ❌No fully digital claims
- ❌Limited digital tools—no mobile app
- ❌Strict illness definitions
- ❌No multi‑claim option
Score- ✅Broad condition coverage
- ✅Guaranteed lump‑sum payout
- ✅Flexible benefit amounts
- ✅Return of premium rider
- ✅Inflation protection rider
- ✅Bilingual customer service
- ✅Competitive premiums in Atlantic Canada
Why trust HelloSafe?
At HelloSafe, our critical illness insurance experts review policy terms and pricing in the Canadian market every year to provide you with reliable and unbiased analysis. Thanks to this rigorous approach, hundreds of thousands of Canadians trust us each month to guide them in their most important financial decisions.
The Guarantees of Assumption Life Critical Illness Insurance
Assumption Life critical illness insurance covers over 25 serious conditions such as cancer, heart attack, stroke, kidney failure, and multiple sclerosis, with optional riders for broader protection.
Policies distinguish major illnesses (which trigger full lump-sum benefit) from certain critical conditions that may have distinct definitions or payout structures.
Coverage amounts range from $10,000 to $500,000 with a standard lump-sum payment; a 90-day waiting period applies before most claims, and a 30-day survival period post-diagnosis is required for payout.
Plans are guaranteed renewable up to age 75, and an optional inflation protection rider provides annual indexation at additional cost (rate varies by contract).
| Feature | Details |
|---|---|
| 🎯 Coverage scope | 25+ illnesses including cancer, heart attack, stroke, kidney failure, multiple sclerosis; option to add riders |
| 💲 Benefit amounts | $10,000 minimum; $500,000 maximum; standard lump-sum (full payment on covered event) |
| ⏱️ Waiting period | 90 days for most conditions |
| ⌛ Survival period | 30 days post-diagnosis required for payout |
| 🔒 Guaranteed renewability | Yes, until age 75 |
| 📈 Indexation | Inflation protection rider available; cost and frequency set by rider terms |
Grace period: Right to cancel within 10 days before coverage starts.
👉 Compare the best critical illness insurance plans in for free.Discover the offersThe Cost of Assumption Life Critical Illness Insurance
Premiums for Assumption Life critical illness insurance in Canada are primarily determined by your age, which can increase base premiums by 70–100% per decade.
Rates also depend on health status (standard or rated), smoker status (smokers typically pay 50–70% more), total coverage amount (approximately +15% per $50,000), and chosen policy term; all critical illness payouts are tax-free under Canadian law.
- Age: Each additional decade increases the base premium by 70–100%.
- Health status: Standard vs. rated (surprime) classes affect cost.
- Smoker status: Smokers pay 50–70% more than non‑smokers.
- Coverage amount: Higher sums insured raise the premium by about +15% per $50,000.
- Policy term: Longer contract durations increase the rate.
- Tax treatment: Lump-sum payouts are tax-free in Canada.
| Profile | Coverage amount | Non‑smoker premium | Smoker premium |
|---|---|---|---|
| 30 yrs, healthy non‑smoker | $100,000 | $45/month | $68/month |
| 45 yrs, pre‑existing condition | $100,000 | $90–$130/month | $135–$180/month |
| 55 yrs, healthy smoker | $50,000 | $88/month | $145/month |
Optional Riders for Assumption Life Critical Illness Insurance
- Income rider: Provides a monthly benefit of 1–2% of the critical illness insurance amount if you are diagnosed with a covered condition and meet survival requirements.
- Policy loan: Allows you to borrow up to 90% of your policy’s cash value with interest, subject to annual review and provided the loan balance does not exceed the available cash value.
- Waiver of Premium (WOP): Waives future premiums if you become totally disabled before age 60, with activation after a six-month disability period while coverage remains active.
- Additional condition riders: Adds extra protection for specific illnesses such as kidney failure, enhanced heart failure, or paralysis, providing an extra lump sum on diagnosis.
- Participating benefits: Allows eligible policyholders to accrue dividends based on Assumption Life’s annual financial results, which can be used to reduce premiums, boost coverage, or be received as cash.
- Conversion rider: Permits the conversion of temporary (term) coverage to a permanent life insurance policy, usually to age 65, without need for new medical qualification.
- Partial surrender option: Lets you withdraw a part of your policy’s cash value (up to 50%), subject to minimum retention amounts and a reduction in the insured sum.
- Underwriting & Eligibility: Requires completion of a health questionnaire and, for higher amounts or older ages, a medical exam, with maximum issue age of 65 and rated premiums for certain health conditions or high-risk jobs.
Exclusions for Assumption Life Critical Illness Insurance
- Suicide within first year: No benefit is paid if death by suicide occurs during the first policy year.
- Undeclared pre-existing conditions: Claims are denied for illnesses related to unreported or undisclosed prior health conditions.
- High-risk activities: Illness or injury resulting from extreme sports or private aviation is not covered.
- Criminal acts: No payout if the covered illness or injury results from committing or attempting a criminal offence.
- Conditions not listed: Only critical illnesses specifically named in the policy schedule are eligible for coverage.
- Age limits: Certain benefits become unavailable or reduce when outside specified age ranges.
- Survival period failure: No benefit is paid if the insured does not survive the mandatory post-diagnosis survival period.
- Portability & Renewal: Policy renewal or portability on moving may require new underwriting and is not always guaranteed.
Claims and Payout Timing for Assumption Life Critical Illness Insurance
The claims process with Assumption Life is clear and client-focused, with most claims paid out within 10–15 business days after approval.
You may cancel your contract within a 10-day cooling‑off period after policy issue with a full refund.
- Claim notification: Submit your claim online, via the client portal, or by phone with Assumption Life’s claims department.
- Documentation review: Provide completed forms and supporting medical reports as part of the claims process.
- Underwriting assessment: Assumption Life reviews your file and typically makes a decision within 5–10 business days.
- Payout execution: Payments are made by direct deposit or cheque, usually within 3–5 business days of approval.
- Average payout time: Full settlement is generally completed within 10–15 business days of complete documentation.
- Cooling‑off period: You may cancel the policy within 10 days of issue for a full premium refund.
How to contact Assumption Life and access ancillary services
| Detail | Information |
|---|---|
| 🏢 Head office address | 770 Main Street, PO Box 160, Moncton, NB E1C 8L1, Canada |
| 📞 Phone | 1-800-455-7337 (bilingual customer support) |
| ✉️ Email | info@assumption.ca |
| 🌐 Website | https://www.assumption.ca |
| 💬 Live chat | Not currently available; use online inquiry form (office hours 8:00am–5:00pm AT) |
| 📱 Social media | facebook.com/AssumptionLife, linkedin.com/company/assumptionlife |
| ⏰ Operating hours | Mon–Fri: 8:00am–5:00pm AT; average phone wait <5 minutes |
- Teleconsultation: Access to a network of healthcare professionals for advice and medical support via phone or digital platform if included in your coverage.
- Second medical opinion: Obtain an expert review of diagnosis and treatment by submitting a request through your advisor or customer service.
- Policy management portal: Use the secure online portal for premium payments, tracking claims, reviewing documents, and updating information.
- 24/7 hotline: Around-the-clock emergency phone line for urgent assistance relating to your insurance policy.
- Repatriation assistance: Support services to coordinate emergency medical repatriation, available with select plans and upon request.
- Surrender & Partial Redemption: Policies may be fully or partially surrendered for eligible cash values or policy loan advances, subject to terms and any applicable charges.
FAQ
What illnesses does Assumption Life cover under critical illness insurance, and what benefit amounts are available?
Assumption Life covers a wide range of serious illnesses such as cancer, heart attack, stroke, kidney failure, and multiple sclerosis under its critical illness insurance policies. Most plans include coverage for at least 25 distinct conditions. Benefit amounts typically range from $10,000 to $500,000, subject to approval and product type. Detailed lists of covered illnesses and maximums can be found in the policy brochure or by asking your advisor. Always ensure you review the specific terms of your chosen product.
What waiting and survival periods apply to Assumption Life critical illness policies?
A standard waiting period of 90 days from policy issue applies for most covered illnesses before a claim can be filed. In addition, insured individuals must survive at least 30 days following the diagnosis of a covered illness to qualify for the benefit. These rules help ensure the policy protects against new and unforeseen illnesses. Waiting and survival details are clearly stated in official policy documents. Contact the company if you require clarification on how these periods apply to your claim.
Can I add optional riders like return of premium or inflation protection to my Assumption Life critical illness policy?
Yes, Assumption Life offers a range of optional riders such as return of premium and inflation protection, which can be added at the time of application. Some riders may be added after issue, pending fresh underwriting and approval. To request a rider addition, contact your advisor or the customer service team directly. Terms, eligibility, and additional premium costs vary by rider and product. Always verify availability and rules before making changes.
How are critical illness premiums calculated at Assumption Life, and do smoker rates affect pricing?
Premiums depend on factors like your age, gender, coverage amount, health history, and whether you are a smoker or non-smoker. Smokers generally pay higher rates due to increased health risks, while non-smoker discounts help lower premiums for those who qualify. Additional influences include the policy term and optional riders selected. You can get a detailed and personalized quote through an advisor or the company's online platform. The premium schedule will be disclosed at policy issue and can be reviewed anytime.
What is the process for submitting a claim and how quickly does Assumption Life pay out benefits?
To initiate a claim, complete the official claim form and provide all required medical documentation, then submit these to Assumption Life by mail or through the secure online portal. Claims are reviewed by the assessment team, who may request additional information if needed. Most claims are processed and paid within 30 to 45 days of receiving all documentation. Payments are typically made via direct deposit or cheque at your preference. The company recommends following up with customer service if you need updates during the review process.
Can I change my coverage amount, add or remove riders, or update other features after policy issue?
Policyholders can request changes such as increasing or decreasing the sum insured, adding or removing riders, or updating personal details. Major changes may require additional medical information or underwriting approval, while minor amendments like address updates can be done online or by phone. Any increase in coverage will generally result in a recalculation of your premium. Customer service and your insurance advisor can guide you through the process. All modifications are subject to company approval and policy terms.
What are the rules for cancelling or surrendering an Assumption Life critical illness policy, and are there refund or surrender values?
You may cancel your critical illness policy at any time by written notice; a full refund is provided if cancelled within the initial 10-day cooling-off period. If you surrender the policy after this period, you may be entitled to a cash value or partial refund, depending on the product and duration. Surrender charges and administrative fees may apply, so it is important to review your contract for specifics. Customer support can provide details regarding your surrender value or cancellation process. Refunds are typically processed promptly upon approval.
How does Assumption Life support digital self‑service for critical illness insurance clients?
Assumption Life provides a secure online client portal where you can manage your policy, make premium payments, track claims, and download important documents. While a standalone mobile app is not currently available, the web portal is mobile-optimized for convenient access from your phone or tablet. You can also update contact information, request policy changes, and communicate securely with customer service through the portal. This digital approach helps streamline administration for policyholders across Canada. Regular updates are made to expand and improve online self-service features.
What illnesses does Assumption Life cover under critical illness insurance, and what benefit amounts are available?
Assumption Life covers a wide range of serious illnesses such as cancer, heart attack, stroke, kidney failure, and multiple sclerosis under its critical illness insurance policies. Most plans include coverage for at least 25 distinct conditions. Benefit amounts typically range from $10,000 to $500,000, subject to approval and product type. Detailed lists of covered illnesses and maximums can be found in the policy brochure or by asking your advisor. Always ensure you review the specific terms of your chosen product.
What waiting and survival periods apply to Assumption Life critical illness policies?
A standard waiting period of 90 days from policy issue applies for most covered illnesses before a claim can be filed. In addition, insured individuals must survive at least 30 days following the diagnosis of a covered illness to qualify for the benefit. These rules help ensure the policy protects against new and unforeseen illnesses. Waiting and survival details are clearly stated in official policy documents. Contact the company if you require clarification on how these periods apply to your claim.
Can I add optional riders like return of premium or inflation protection to my Assumption Life critical illness policy?
Yes, Assumption Life offers a range of optional riders such as return of premium and inflation protection, which can be added at the time of application. Some riders may be added after issue, pending fresh underwriting and approval. To request a rider addition, contact your advisor or the customer service team directly. Terms, eligibility, and additional premium costs vary by rider and product. Always verify availability and rules before making changes.
How are critical illness premiums calculated at Assumption Life, and do smoker rates affect pricing?
Premiums depend on factors like your age, gender, coverage amount, health history, and whether you are a smoker or non-smoker. Smokers generally pay higher rates due to increased health risks, while non-smoker discounts help lower premiums for those who qualify. Additional influences include the policy term and optional riders selected. You can get a detailed and personalized quote through an advisor or the company's online platform. The premium schedule will be disclosed at policy issue and can be reviewed anytime.
What is the process for submitting a claim and how quickly does Assumption Life pay out benefits?
To initiate a claim, complete the official claim form and provide all required medical documentation, then submit these to Assumption Life by mail or through the secure online portal. Claims are reviewed by the assessment team, who may request additional information if needed. Most claims are processed and paid within 30 to 45 days of receiving all documentation. Payments are typically made via direct deposit or cheque at your preference. The company recommends following up with customer service if you need updates during the review process.
Can I change my coverage amount, add or remove riders, or update other features after policy issue?
Policyholders can request changes such as increasing or decreasing the sum insured, adding or removing riders, or updating personal details. Major changes may require additional medical information or underwriting approval, while minor amendments like address updates can be done online or by phone. Any increase in coverage will generally result in a recalculation of your premium. Customer service and your insurance advisor can guide you through the process. All modifications are subject to company approval and policy terms.
What are the rules for cancelling or surrendering an Assumption Life critical illness policy, and are there refund or surrender values?
You may cancel your critical illness policy at any time by written notice; a full refund is provided if cancelled within the initial 10-day cooling-off period. If you surrender the policy after this period, you may be entitled to a cash value or partial refund, depending on the product and duration. Surrender charges and administrative fees may apply, so it is important to review your contract for specifics. Customer support can provide details regarding your surrender value or cancellation process. Refunds are typically processed promptly upon approval.
How does Assumption Life support digital self‑service for critical illness insurance clients?
Assumption Life provides a secure online client portal where you can manage your policy, make premium payments, track claims, and download important documents. While a standalone mobile app is not currently available, the web portal is mobile-optimized for convenient access from your phone or tablet. You can also update contact information, request policy changes, and communicate securely with customer service through the portal. This digital approach helps streamline administration for policyholders across Canada. Regular updates are made to expand and improve online self-service features.
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