Assumption Life Insurance Review, 2024 Quotes

Assumption Life Insurance offers a variety of term, permanent, and participating policies, including no medical exam options. You can get up to $999,999 in term coverage and $500,000 in whole life insurance coverage without a medical exam. Many of their policies offer immediate coverage without a waiting period. They also come with optional riders like critical illness coverage and disability benefits. It is a great choice for those with health issues, people who are hard to insure for traditional life insurance, and new Canadians without permanent residency.

Our Assumption Life Insurance Review

Assumption Life Insurance offers a wide variety of life insurance products, including term life insurance with terms from 10 to 35 years, permanent life insurance, and participating policies. They cater to a broad age range, offering coverage up to age 85 (higher than most insurers that cap coverage at 80). Their policies often do not require a medical exam, which is ideal for those with pre-existing conditions or temporary residents in Canada.

Their term life options, such as FlexTerm, provide up to $999,999 in coverage without a medical exam for ages 18-69, while their Platinum Protection Whole Life offers coverage from $10,000 to $500,000 without medical exams. Additionally, they offer competitive pricing, optional riders like critical illness, and immediate coverage without waiting periods on some policies.

However, the quote and application process requires working with an agent, and no medical policies might be pricier compared to traditional ones. Overall, Assumption Life provides accessible and flexible insurance solutions with a focus on easy application and broad eligibility. It's the ideal choice for those looking for immediate coverage without medical exams.

It's also a good option for temporary residents as Assumption Life allows work permit holders, caregivers, and post-graduation permit holders to qualify if they've lived in Canada for over a year and have a permit valid for at least one more year.

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Who is Assumption Life Insurance?

Assumption Life (Assomption Vie), founded in 1903 by Acadians in Massachusetts, is a Canadian life insurance and asset management company currently headquartered in Moncton, New Brunswick. Assumption began with the mission to support the well-being of Acadian families. It offers individual and group insurance, mortgages, and investment products. Recognized as one of Atlantic Canada's Top Employers, it has an A+ BBB rating, an A- financial strength rating from A.M. Best. It has a strong economic and financial record as it reported $2.1 billion in assets with a $12.1 million net profit in 2022.

What are the pros and cons of Assumption life insurance? 

Pros of Assumption Life life insurance

• Competitive Pricing: Offers affordable rates for no medical life insurance, making it cost-effective for those seeking coverage without medical exams.
• No Medical Exam is required: Many policies do not require a medical exam, blood tests, or medical questions, simplifying the application process.
• High Coverage Without Exam: FlexTerm allows up to $999,999 in coverage without a medical exam for individuals up to age 45.
• Availability to Older Ages: No medical policies are available up to age 85, providing coverage options for a broader age range than many other insurers.
• Lenient Residency Requirements: Allows holders of work permits, open work permits, caregivers, nannies, and post-graduation work permits to qualify if they have lived in Canada for over a year and their permit is valid for at least one more year and will not expire within the next three months.
• High Coverage for Temporary Residents: Temporary residents can qualify for up to $500,000 in life insurance coverage for both traditional and no medical policies.
• Optional Riders: Offers optional riders such as critical illness and long-term disability to enhance policy benefits.
• Convertible Policies: Term policies can be converted to permanent coverage up to age 75, allowing flexibility as insurance needs change.
• Participating Policies: Provides participating whole life insurance options with dividends that can increase cash value or reduce insurance costs.
• Immediate Coverage: Certain products offer immediate coverage upon policy issuance, ensuring protection starts right away.
• Stable Premiums: Premiums are guaranteed to remain level for the term or the life of the permanent policy, offering predictable cost management.
• Living Benefits: Some policies include living benefits, such as access to part of the policy’s face amount in case of terminal illness.

Cons of Assumption Life life insurance

• Agent-Only Application: The quote and application process must be done through an agent, as it cannot be completed directly on Assumption Life's website.
• Term Renewal Structure: Term policies renew for the same length as the original term, which can result in significant premium increases. This renewal structure is less flexible compared to the industry standard of annual or 5-year incremental renewals.
• Higher Cost for No Medical: No medical life insurance policies are typically more expensive than traditional policies, especially for individuals in good health.
• Limited Conversion Options: There are fewer options for converting term policies to permanent insurance, which may limit long-term planning flexibility.
• Coverage Caps: Some products have lower maximum coverage limits, particularly for non-medical and guaranteed issue plans, which might not meet all coverage needs.
• Deferred Coverage for Guaranteed Issue: Policies like Bronze and Silver Protection have deferred coverage for the first two years, providing limited benefits initially.
• Complex Dividend Options: Participating policies have various dividend options, which might be complex for some policyholders to understand and manage effectively.

How much does Assumption life insurance cost? 

Here’s what non-smokers in good health can expect to pay for $500,000 coverage for a 20-year term life insurance:

Age	Male	Female
20	$31.95	$22.50
25	$32.40	$22.95
30	$32.40	$23.40
35	$34.65	$26.10
40	$49.05	$36.90
45	$77.40	$55.80
50	$131.40	$91.80
55	$242.10	$166.95
60	$433.35	$308.70
65	$718.20	$498.60

The cost depends on several factors, including:

1. Product type: Term life insurance is generally cheaper than permanent life insurance.
2. Your age and health: Younger and healthier applicants will typically qualify for lower rates.
3. Coverage amount: The more coverage you choose, the higher the premium will be.
4. Term length (for term life): A longer term length will usually come with a higher premium.

You must therefore get personalized quotes. You can use our tool below to get free life insurance quotes from Canada's best companies. It's easy to use and gives you results in just a few minutes.

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What are the types of Assumption Life Insurance? 

Assumption Life in Canada offers a variety of life insurance products, categorized by their underwriting process: Simplified Issue, Accelerated and Standard.

These categories differ in how much medical information is required and how quickly approval is granted.

1. Term life insurance: Provides coverage for a specific period (e.g., 10, 20 or 30 years). It's typically the most affordable option, but it doesn't build cash value.
2. Permanent life insurance: Offers coverage throughout your lifetime. It usually comes with a higher premium than term life insurance, but it also builds cash value that you can access over time.
3. Participating life insurance: A type of permanent life insurance that pays dividends to policyholders. These dividends can be used to increase the cash value of the policy, reduce premiums or receive a payout.
4. Living benefit life insurance: Provides benefits to the policyholder while they are still living, in case of a critical illness or disability.

What types of Term Life Insurance does Assumption Life offer?

1. FlexTerm

• Who It's Designed For: Individuals looking to cover financial obligations like loans, income replacement, children's education, or emergency funds.
• Term Lengths: Available in 10, 15, 20, 25, 30, and 35 years.
• Minimum Benefit: $50,000
• Maximum Benefit: $10,000,000
• No medical exam for coverage up to $999,999 for ages 18-69
• Optional Benefits: Disability Income, Critical Illness Insurance, Child Insurance Benefit.
• Renewable: Automatic renewal up to age 90.
• Convertible: Convertible to permanent coverage up to age 75.
• Additional Info: Available as level or decreasing term, fully underwritten for ages 70-75. Includes built-in benefits like Extreme Disability Benefit and Insurability Benefit.

2. Youth Plus

• Who It's Designed For: For children aged between 15 days and 17 years.
• Term Lengths: Coverage up to age 25.
• No medical exam required
• Renewable: No.
• Convertible: Convertible to permanent or term life insurance at age 25.
• Additional Info: Premiums remain level, guaranteed insurability for children even if they develop health problems.

3. Platinum Protection Term

• Who It's Designed For: Healthy individuals seeking non-medical term life insurance.
• Term Lengths: 10 and 20 years.
• Minimum Benefit: $50,000 (ages 18-44), $25,000 (ages 45-70).
• Maximum Benefit: $500,000
• No medical exam, premiums fixed for term duration
• Renewable: Yes.
• Convertible: Yes, to permanent whole life policy.
• Additional Info: Includes living benefits and transportation benefit.

4. Golden Protection Elite Term

• Who It's Designed For: Individuals with a stable medical history seeking non-medical term life insurance.
• Term Lengths: 10 and 20 years.
• Minimum Benefit: $50,000 (ages 18-44), $25,000 (ages 45-70).
• Maximum Benefit: $150,000
• No medical exam, premiums fixed for term duration
• Renewable: Yes.
• Convertible: No.
• Additional Info: Includes living benefits and transportation benefit.

What types of Permanent Life Insurance does Assumption Life offer?

1. Essential Whole Life

• Who It's Designed For: Healthy individuals looking for cost-efficient whole life insurance.
• Minimum Benefit: $10,000
• Maximum Benefit: $4,000,000
• No medical exam is required for coverage up to $999,999
• Optional Benefits: Disability Insurance, Critical Illness Rider, Child Insurance Benefit.
• Additional Info: Includes options for additional protection, premiums fixed for life.

2. Platinum Protection Whole Life

• Who It's Designed For: Healthy individuals seeking non-medical whole life insurance.
• Minimum Benefit: $10,000
• Maximum Benefit: $500,000 ($125,000 for ages 71-85).
• Immediate coverage, no medical exam required
• Additional Info: Includes living benefits and cash values, various premium payment options.

3. Golden Protection Elite Whole Life

• Who It's Designed For: Individuals with a stable health history seeking non-medical whole life insurance.
• Minimum Benefit: $10,000 (ages 18-70), $5,000 (ages 71-85).
• Maximum Benefit: $150,000 (ages 18-70), $50,000 (ages 71-80), $25,000 (ages 81-85).
• No medical exam is required.
• Additional Info: Includes living benefits and transportation benefit, cash values available.

4. Golden Protection

• Who It's Designed For: Individuals looking for financial security for heirs and to cover funeral expenses.
• Minimum Benefit: $5,000 (ages 40-70), $2,500 (ages 71-85).
• Maximum Benefit: $100,000 (ages 40-70), $50,000 (ages 71-80), $25,000 (ages 81-85).
• No medical exam required, immediate coverage
• Optional Benefits: Accidental Fracture Plus Rider.
• Additional Info: Includes terminal illness and transportation benefits, guaranteed cash value from the fifth anniversary.

5. Silver Protection

• Who It's Designed For: Individuals with serious or severe medical conditions.
• Minimum Benefit: $5,000 (ages 40-70), $2,500 (ages 71-85).
• Maximum Benefit: $50,000 (ages 40-70), $25,000 (ages 71-85).
• No medical exam required
• Optional Benefits: Accidental Fracture Plus Rider.
• Additional Info: Deferred coverage for the first two years, includes terminal illness and transportation benefits, guaranteed cash value from the fifth anniversary.

6. Bronze Protection

• Who It's Designed For: Individuals with severe health problems or high-risk lifestyles unable to qualify for traditional insurance.
• Minimum Benefit: $5,000 (ages 18-70), $2,500 (ages 71-80).
• Maximum Benefit: $50,000 (ages 18-70), $25,000 (ages 71-80).
• No proof of insurability required
• Optional Benefits: Accidental Death Benefit.
• Additional Info: Includes living benefits and transportation benefit, cash values available after the fifth anniversary.

What types of Participating Life Insurance does Assumption Life offer?

1. ParPlus

• Who It's Designed For: Individuals seeking whole life insurance with dividend options.
• Minimum Benefit: $5,000
• Maximum Benefit: $4,000,000
• No medical exam is required for coverage up to $999,999.
• Optional Benefits: Disability Income, Critical Illness, Child Insurance Benefit.
• Additional Info: Offers dividend options for increasing income or reducing insurance costs, ability to vote at Assumption Life’s annual general meetings.

2. ParPlus Junior

• Who It's Designed For: Children needing participating whole life insurance with investment components.
• Minimum Benefit: $5,000
• Maximum Benefit: $4,000,000
• No medical exam is required for coverage up to $999,999.
• Additional Info: 20-year pay option, guaranteed cash value, pays annual dividends, five different dividend options.

Use our comparator to get more details along with rates for Assumption permanent life insurance products. You can also compare it with other providers to get a better idea. It's free to use and completely online.

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What are the other Assumption Life Insurance products?

Living Benefit: Critical Protection

Assumption offers a Critical Protection Plan. In the event of being diagnosed with one of the 16 covered illnesses, you'll receive a lump-sum benefit specified in your contract. 

This financial support can assist with various expenses like time off work, travel for treatments, home care or covering treatments not included in public health insurance. Critical Protection ensures your health recovery without compromising your financial stability.

Key features of Critical Protection from Assumption include:

• No mandatory medical exam for all coverage amounts
• Eligibility for individuals aged 18-60
• Flexible terms of 15, 20 and 25 years or up to age 75
• Coverage ranging from $10,000 to $100,000
• Immediate coverage with no waiting period
• Renewable policy
• Fixed premiums throughout the contract duration

How to contact Assumption Life Insurance?

Assumption has dedicated helplines for its different life insurance products. For general queries, you can use the following Assumption Life phone numbers:

• Telephone: 506-853-6040
• Toll Free: 1-800-455-7337
• Fax: 855-430-0587

For individual insurance:

• Telephone: 506-853-6040
• Toll Free: 1-800-343-5622
• Fax: 855-430-0591

Timings: 7:15 am to 5:00 pm (Eastern Time) Monday to Thursday 7:15 am to 4:00 pm (Eastern Time) Friday

For group insurance:

• Telephone: 506-869-9797
• Toll Free: 1-888-869-9797
• Fax: 855-401-9068

Timings: 7:15 am to 5:00 pm (Eastern Time) Monday to Thursday 7:15 am to 4:00 pm (Eastern Time) Friday. You can also email the company at [email protected] for group insurance queries.

Just in case you need to get in touch with the company through mail, here’s its mailing address:

Assumption Life
770 Main St
PO Box 160
Moncton, NB E1C 8L1