Assumption Life Insurance Company Review
NOTE: Assumption Life Insurance serves the Canadian market. If you’re a Canadian citizen, read on! If not, you can get a quote from a U.S.-based life insurance provider here – or read the rest of our company reviews here.
Previously known as Assumption Mutual Life Insurance Company, Assumption Life was founded in 1903 and is now well-known for their no-medical term life insurance plans. Additionally, they offer a variety of permanent life insurance plans as well as participating plans and living benefits to provide coverage to every province and territory of Canada.
Available Life Insurance Products
Term Life Insurance
Term life insurance offers coverage for a fixed period of time or up to a given age, which allows for more flexibility and generally lower premiums than permanent life insurance policies. Assumption Life offers 4 term policies:
FlexTerm – designed for individuals aged 18 to 75, FlexTerm offers coverage from $50,000 to$10,000,000 and no medical exam is required for coverage of $999,999 or less. Renewal is automatic with no medical exam required, and this policy is convertible if your needs change.YouthPlus – designed for children aged 15 to 17 years, YouthPlus has consistent premiums that remain the same for the entire length of the contract, and the policy is simplified issue with no medical exam required. The child’s coverage, or guaranteed death benefit, will not decrease until age 25.Platinum Protection Term – designed for individuals aged 18 to 70, Platinum Protection offers immediate coverage as soon as the policy is issues, and no medical exam or blood tests are required. Coverage ranges from $25,000 to $500,000 and the policy is both renewable and convertible.Golden Protection Elite Term – coverage is immediate as soon as the policy is issued, and no medical exam, attending physician statement or blood tests are required. Designed for individuals aged 18 to 70, coverage ranges from $25,000 to $150,000.
Permanent Life Insurance
Permanent life insurance provides lifetime coverage with a death benefit that is tax free. Most permanent life insurance has a cash value that is also available to you if you cancel your policy, and it is sometime possible to borrow against this cash value without cancelling your insurance. Assumption Life offers 6 permanent policies:
Essential Whole Life – available for ages aged 18 to 75, with immediate coverage as soon as the policy is issued with coverage ranging from $10,000 to $4,000,000 and guaranteed premiums.Platinum Protection – no medical exams or blood tests, and coverage is immediate as soon as the policy is issued. Designed for individuals 18 to 85 with coverage ranging from $10,000 to
$500,000.Golden Protection Elite – available for individuals aged 18 to 85, with immediate coverage and no required medical exam or blood tests. Coverage ranges from $10,000 to $150,000.Golden Protection – available for individuals aged 40 to 85, with premiums and coverage that will never change. No medical exams or blood tests are required and coverage ranged from
$2,500 to $100,000.Silver Protection – for individuals aged 40 to 85 and no waiting period for accidental death coverage, no medical exam and no blood tests. Coverage ranges from $2,500 to $50,000.Bronze Protection – for individuals 18 to 80 years old, this policy is guaranteed issue with no medical questions. Coverage is deferred for the first 2 years of the policy, and ranged from $2,500 to $50,000.
Participating Life Insurance
Participating life insurance pays out dividends that may supplement income, reduce the cost of insurance, or accumulate into a larger payout. Assumption Life offers 2 plans:
ParPlus – permanent participating life insurance for individuals aged 18 to 70 years (if payable for 20 years) or 18 to 75 years (if payable for life). Coverage ranges from $5,000 to $4,000,000 and no medical exam may be required for coverage of $999,999 or less.ParPlus Junior – no medical exam is required, and coverage is for youth aged 15 to 17 years. Coverage ranges from $5,000 to $4,000,000 and is 20-year pay.
Additional Plan Types
Living benefits are insurance solutions designed to protect your financial stability should something happen while you are still living, such as a critical illness or disability. Living benefit solutions can help cover expenses and bills, as well as provide for long-term care, health and dental insurance, and travel insurance.
Assumption Life offers one critical protection plan with no medical exam for individuals aged 18 to 60. Coverage ranges from $10,000 to $100,000, and includes terms of 15, 20, and 25 years or up to age 75.
Advantages of Assumption Life
If you’re a Canadian citizen, Assumption Life offers a wide range of products to meet your individual needs. There are several policies that don’t require a medical exam, making many of their plans accessible even if you have a health concern. There are exchange and conversion options available as well. Life changes quickly, so you want to find a policy that can adapt to meet your needs to ensure you have the coverage you need.
Assumption Life also makes your policy accessible with online access to accounts and services. Rates are also transparent, and can be found on their website. Rates may vary slightly following the underwriting process, but knowing what to expect can help you determine the level of coverage that meets your budget.
PRO TIP: Not a Canadian citizen but still need coverage? To navigate the application process and find the best rates, you can get a quote from us here to begin comparison shopping.
Disadvantages of Assumption Life Insurance
You probably noticed that Assumption Life offers several no-medical-exam policies. While finding a policy that doesn’t require a medical exam can be convenient, the rates associated are oftentimes higher than a policy with a required medical exam. Assumption Life offers several no-exam policies, but there may be cheaper rates on similar policies offered by different carriers when a medical exam is required. Click or tap here to learn more about non-med policies and get a free quote.
In addition to some life insurance products offered by Assumption Life being more expensive, there is also the potential issue of limited disability and critical illness coverage. There are no standalone disability policies, and only 1 critical illness policy.
NOTE: If you’re shopping for coverage in the U.S., you’ll need to find another insurer since Assumption Life only serves the Canadian market. Luckily, we’re here to help! Let us help you shop the top-rated U.S. life insurance carriers to find the policy that best meets your needs and budget. It’s easy – and you can even find sample rates right here to get an idea of what you could qualify for.
Assumption Life Financial Strength Rating
Assumption Life has been reviewed and had their rating affirmed for the 22nd consecutive year as of 2021. Their financial strength rating of A- by the A.M. Best Company indicates strong financial stability, and the consistency of their rating shows that Assumption Life has maintained a high standard for over 2 decades while serving their policyholders.
Conclusion
Assumption Life Insurance offers a variety of policies for Canadian consumers that meet a wide range of needs, both in terms of coverage and cost. Their financial strength rating of A- by the A.M. Best company for the past 22 years shows consistency and quality when it comes to meeting your needs and their own financial obligations. As an “A” rated company, Assumption Life is a strong provider, and their policies may offer the best coverage for you.
At LifeQuote, we’re dedicated to delivering quality life insurance solutions that meet your needs, and we only work with the best providers. However, life insurance is not one-size-fits-all, so it is important to compare your options before making a decision. You can get a free quote now to begin comparison shopping to ensure the policy you select is the best for you.
