Key takeaways:
- Non-residents in Canada can still qualify for many of Assumption Life's life insurance products.
- A variety of no medical products for the hard-to-insure, with minimal questions.
- Higher-than-average age limitation of 85 for several no medical policies.
- Not the cheapest term life insurance option in Canada (as of June 7, 2023).
- More competitive on price for whole life insurance.
Our Assumption Life life insurance review
To help you determine whether Assumption Life life insurance is right for you, we reviewed their different products, prices, features and customer feedback.
Our rating for Assumption Life’s Life Insurance: ★★★☆☆ (3/5)
Who is the Assumption Mutual Life Insurance Company?
In 1903, Assumption was founded in Massachusetts with a mission to secure the well-being of Acadian families. Assumption Life sells individual and group insurance products, mortgages, and investment and retirement products.
Its main office is located in Moncton, New Brunswick and was recognized as one of Atlantic Canada's Top Employers for the third consecutive year in 2022.
Assumption Life also appears to be a financially stable companbesy, at least according to a report from its 2022 annual general meeting.
Assumption Life Insurance: Quick facts
Assumption Life life insurance rates for 2023
See how Beneva's term life insurance prices stack up against the best life insurance in Canada.
All rates are for a non-smoker in average health. Rates current as of June 7, 2023.
Term life insurance: FlexTerm
- $26.10 per month or $290.00 per year for a 35-year-old woman.*
- $32.85 per month or $365.00 per year for a 35-year-old man.*
* These rates came out in the middle of the pack of all competitors.
Whole life insurance: ParPlus
- $261.10 per month or $2,901.16 per year for a 35-year-old woman.*
- $314.25 per month or $3,491.67 per year for a 35-year-old man.*
* These rates were the cheapest out of all competitors.
With our online technology, PolicyMe has cut out the middlemen, removed inefficiencies, and passed on the savings to you. So you can save on your term life insurance.
Assumption Life life insurance: pros and cons
Pros of Assumption Life life insurance
- Competitive pricing for no medical life insurance.
- Policies with no medical exam, no blood tests or no medical questions at all.
- FlexTerm lets you get up to $999,999 in coverage without a medical exam (up to age 45).
- No medical policies available to to age 85, which is higher than other companies.
- More lenient residency requirements. Holders of a work permit, open work permit, caregivers or nannies and post-graduation work permits can qualify, as long as you've been living in Canada for more than a year and the work permit is for a minimum of one year and will not expire in the next three months.
- $500,000 maximum life insurance coverage for the above residents, can qualify for both traditional and no medical policies.
- Optional riders such as critical illness and long-term disability.
Cons of Assumption Life life insurance
- The quote and application process can only be done through an agent, not on Assumption's website.
- Term renewals occur for the same period as your original term, not yearly or 5-year premium increases, which is more standard in the industry.
- For example, if you have a 20-year term, your term will renew for another 20 years, and your premiums will go up a lot accordingly. Renewals are already expensive, which is why increasing premiums in one-year increments is somewhat more cost-effective.
- No medical options are more expensive than a traditional life insurance policy.
- Limited options available for converting term policies to permanent policies.
Assumption Life life insurance customer reviews
- "...for the hard to insure, their Simplified Issue / Non-Medical Term plans are competitive and relatively easy to qualify for." - R. Parkinson, Insurance and Annuities Broker on InsurEye
- "I live in Vancouver and I offer to my clients Assumption's Life Term Insurance and Critical Illness products. I do recommend their services and my experience dealing with the company is amazing. My wife is a client and she is happy too." - L. Dittert on Google
- "...their permanent options for conversion are not as broad as other companies, so if converting at a future date is likely, you may want to consider other providers." - R. Parkinson, Insurance and Annuities Broker on InsurEye
Assumption Lifelife insurance products
1. FlexTerm
- Customize your term life insurance bundles with FlexTerm by selecting disability insurance, critical illness riders and more.
- FlexTerm is designed to help protect you against unexpected events such as personal or commercial loans, income replacement, children's education, or emergency funds.
- Choose between level or decreasing term life insurance with coverage from $50,000 to $10,000,000 for ages 18 to 75. The decrease is based on a mortgage loan with an 8 per cent interest rate.
- No medical exam may be required for coverage up to $999,999, while those aged 70 to 75 must go through full risk assessment (underwriting).
- Select a term from 10 to 35 years with premiums that stay the same throughout.
- Add on additional protection options (for a fee) like Disability Income, Critical Illness insurance, Child Insurance Benefit and more.
- Choose between an individual or joint policy.
- Automatic renewal up to age 90 with no medical exam required.
- Convertible to a permanent policy up to age 75.
- Built-in benefits including Extreme Disability Benefit, Insurability Benefit, and Term Exchange Option.
- Smoker and non-smoker rates.
More affordable term life insurance. First year couples' discount (10%). Free $10,000 in child coverage. That's the PolicyMe advantage.
2. Permanent Life Insurance
- Assumption has six different permanent products to choose from.
- There's a standard whole life insurance product: Essential Whole Life.
- There are also four no medical products. All of them require no medical exam or blood tests, but they differ based on the age range accepted and coverage amount.
- For example, Golden Protection is for folks aged 40 to 85, with coverage from $2,500 to $100,000.
- No medical life insurance costs more, and it's meant for those with health issues who couldn't qualify for traditional life insurance, not for most Canadians in average health.
- Bronze Protection is a guaranteed issue product, meaning everyone qualifies, but you can only get $2,500 to $50,000 in coverage, and you can't get a payout in the first two years of the policy. It's best for those who really need to get covered but aren't expecting to pass immediately.
3. Participating life insurance
- Participating life insurance policyholders with Assumption can earn dividends through a "participating account."
- Dividends are not guaranteed and can vary based on the type of policy and the date purchased.
- ParPlus offers permanent participating life insurance with coverage ranging from $5,000 to $4,000,000 for individuals aged 18 to 70 (20-year pay) or 18 to 75 (payable for life).
- No medical exam may be needed for coverage of $999,999 or less.
- ParPlus Junior is designed for youth aged 15 days to 17 years, with no medical exam required and coverage ranging from $5,000 to $4,000,000, payable over 20 years.
Additional Assumption Life products
Living Benefit: Critical Protection
- Living benefits insurance provides coverage for if you become disabled or critically ill.
- Only covers 16 critical illnesses, which is on the lower end. PolicyMe covers 44 conditions under our critical illness insurance policy.
- Available to Canadians age 18 to 60, with coverage amounts ranging from $10,000 to $100,000.
- Get terms of 10, 20, 25 or up to age 75.
- No medical medical exam is automatically required.
- Renewable, premiums are fixed for the term length.
- Limitations and exclusions apply, so check your policy contract.
Bottom line: Assumption Life is best for no medical and non-residents
Assumption Life insurance offers a wide range of products, from term life to permanent life products, as well as participating policies and a living benefits insurance policy with critical illness coverage. There's certainly lots of choice, especially if you're looking for no medical life insurance with generous age limitations and limited medical questions or requirements.
Assumption Life is also a solid choice for new Canadians without permanent residency status looking for term or no medical life insurance. Their term life product may not be the cheapest, but it's only a few dollars off of the most affordable option if you're a non-resident who needs coverage.
FAQ: Assumption Life life insurance review
Is Assumption Life a good company?
Assumption Life is generally considered a good and reputable company in the insurance industry. It has been in operation for over 110 years and has a strong financial rating from independent rating agencies. Ultimately, whether or not Assumption Life is a good fit for you depends on your specific needs and circumstances. Assumption Life could be a good fit for new Canadians or those who would benefit from their more lenient qualifications for no medical life insurance.
Is Assumption Life a mutual company?
Yes, Assumption Life is a mutual company. This means that the policyholders of the company are also the owners and share in any profits or earnings. The company does not have shareholders or investors who own shares in the company. Instead, the policyholders have a say in the company's decisions and operations through voting rights.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
.svg)
.svg)
