Assumption Life, formally known as Assumption Mutual Life Insurance Company, is one of Canada’s oldest and most established life insurance companies. Founded in 1903 and headquartered in Moncton, New Brunswick, Assumption Life offers a wide range of insurance, investment, and financial service products to Canadians from coast to coast.
As a mutual life insurance company, Assumption Life is owned by its policyholders rather than shareholders. Any profits are reinvested in the company for the benefit of customers.
Assumption Life’s Financial Strength and Ratings
- A.M Best Rating: A-
- LifeBuzz Rating: 4.5⭐
As an insurance shopper, you want to be sure the provider you’re considering is financially stable and able to pay out claims long into the future. So how does Assumption Life measure up?
The A- (Excellent) rating from A.M. Best indicates that Assumption Life is financially sound and has the capabilities to maintain excellent financial stability well into the future. A.M. Best is one of the most respected global rating agencies focused exclusively on the insurance industry.
Out of the A.M. Best rating scale from A++ to F, Assumption’s A- lands in the second tier and is considered a strong score. For comparison, some competitors, such as Sun Life and Manulife, have higher A+ ratings from A.M. Best, while others, such as Foresters Financial, have lower A- or B++ ratings. Overall, an A- rating means your insurance investment with Assumption is financially secure.
What Products Does Assumption Life Offer?
Assumption Life provides a diverse suite of life, health, and critical illness insurance. Their key strength lies in their range of simplified underwriting options.
Assumption FlexTerm
Flexterm is Assumption’s flagship term product. The key features are:
- Offers level premiums for terms of 10, 15, 20, 25, 30 or 35 years.
- Available for ages 18-75.
- Face amounts from $100,000 up to $10 million are available.
Other features include guaranteed premiums, annual renewals to age 90 with no evidence of insurability, up to certain limits, and the ability to convert to permanent insurance later.
Assumption Youth Plus
Youth Plus is designed for children aged from 15 days to 17 years old. This simplified issue term insurance requires no medical exam and offers guaranteed conversion to a permanent plan at age 25. Ensures insurability for children even if their health changes. Coverage up to $4 million.
No-Medical and Simplified Issue Life Insurance
This is where Assumption stands out in the Canadian life insurance market. These products are designed for faster approval and for those with health concerns.
Understanding No-Medical Insurance
“No medical” does not mean you will be guaranteed to get coverage. It means you will not be required to undergo a medical exam with a nurse or provide blood/urine samples. You will still have to answer a detailed health questionnaire. Only “Guaranteed Issue” policies have no health questions, but they come with higher costs and limitations.
These products are categorized into different “Protection” plans:
| Product | Type | Ideal For | Coverage Amount | Key Feature |
| Platinum Protection | Term & Whole Life | Relatively healthy individuals seeking quick, no-exam coverage. | Up to $500,000 (Term) or $750,000 (Whole Life) | Highest coverage for a simplified issue product. |
| Golden Protection | Permanent | Individuals with stable, moderate health conditions. | Up to $250,000 | Balanced coverage and cost for non-perfect health. |
| Silver Protection | Permanent | Those with more serious, but non-terminal, health conditions. | Up to $50,000 | Graded Benefit: Pays only a return of premiums if death occurs by non-accident in the first 2 years. Full benefit paid after 2 years. |
| Bronze Protection | Permanent | Individuals with severe health issues who are otherwise uninsurable. | Up to $50,000 | No health questions asked. 2-year graded death benefit. |
A Note on Assumption’s Bronze Protection: This product is guaranteed-issue life insurance. Coverage is deferred for the first two years of the policy. Always review the deferred-coverage rules to understand what is paid during the deferral period versus after it ends.
Assumption Participating Whole Life Insurance: ParPlus and ParPlus Junior
Unlike non-participating permanent policies, participating whole life insurance offers the opportunity to earn dividends that can reduce costs or purchase additional coverage.
ParPlus is a permanent policy that allows you to earn dividends from the company’s profits. These dividends are not guaranteed but can be used to reduce premiums or purchase additional coverage, enhancing the policy’s value over time.
- Available for individuals aged 18 to 75, with 20-year pay options for those up to age 70.
- Coverage amounts ranging from $5,000 to $4,000,000.
- Dividends can be used to increase cash value or provide additional coverage.
- Premiums remain guaranteed, and cash value begins to accumulate after the 5th year.
ParPlus Junior is for children aged 15 days to 17 years.
- Coverage amounts from $5,000 to $4,000,000.
- 20-year pay option with guaranteed premiums.
- Dividends can be used to reduce premiums or purchase additional insurance.
Assumption Critical Illness Insurance
This coverage provides a tax-free lump sum payment if diagnosed with a covered critical illness while insured. Can help offset medical and living expenses.
- Critical Protection – Assumption Life’s critical illness insurance offering for ages 18-60. It can be purchased as a standalone policy or a rider on life insurance. Provides $10,000 to $100,000 in coverage for terms up to age 75. No medical exam is required.
Assumption Life aims to offer solutions throughout life’s stages with permanent, term, participating, and critical illness products. Their diverse portfolio is designed to serve Canadians across the lifespan.
Other Insurance and Financial Offerings
In addition to their core life, health, and critical illness insurance products, Assumption Life also provides:
- Mortgage Products – Assumption Life offers residential mortgages in the Maritime provinces of Canada. Their rates and terms are competitive with major banks.
- Investment Products – A suite of investment solutions is available, including mutual funds, guaranteed investment accounts, annuities, and segregated funds. These cater to retirement and estate planning.
- Group Insurance – Assumption Life sells group life, disability, critical illness, and accident insurance for employers seeking to provide benefits plans for their workforce.
The company takes a holistic approach to financial services beyond just insurance. Their additional mortgage lending, retirement savings, and group insurance divisions make them a versatile financial services company.
The Pros and Cons of Assumption Life Insurance
Now that we’ve explored Assumption Life’s offerings in-depth, let’s summarize the main advantages and potential drawbacks of using Assumption Life for your insurance coverage:
What We Like About Assumption Life
- Wide range of no medical insurance options available
- Higher age limits up to 85 on some no medical coverage
- More lenient on residency rules than many competitors.
- Often offers strong value on whole life and participating policies.
What Could Be Improved
- For young, healthy applicants, their term insurance is often not the cheapest option.
- The maximum critical illness benefit is capped at $100,000 total coverage, which is insufficient for many people’s needs.
- You cannot buy directly online; you must work with a licensed insurance advisor.
- Some online feedback points to slow customer service response times and steep premium increases at term renewal.
In short, the pros highlight the affordability and convenience of Assumption Life’s simplified-issue products and permanent insurance. The cons focus on areas where competitors may outperform them, such as lower term rates and higher critical illness coverage.
How Much Does Assumption Life Insurance Cost?
Pricing is one of the most important factors when shopping for life insurance. How do Assumption Life’s rates stack up to competitors?
While each person’s premiums will vary based on their unique characteristics, here are sample monthly costs for Assumption Life based on:
- 35-year-old non-smoker
- Good health
- $400,000 sum insured
- 20-year term length
Assumption Life Sample Rates
| Product | Male | Female |
|---|---|---|
| FlexTerm | $32.85 | $26.10 |
| ParPlus | $314.25 | $261.10 |
To provide context, we also obtained sample quotes from leading insurance providers iA Financial, Canada Life, Manulife, BMO Life Insurance and RBC Insurance. Here’s how Assumption Life’s pricing compares:
| Company | Product | Male | Female |
|---|---|---|---|
| Assumption Life | FlexTerm | $32.85 | $26.10 |
| iA Financial | Term Life | $27.50 | $22.75 |
| Canada Life | Term Life | $30.85 | $25.40 |
| RBC Insurance | Term Life | $34.95 | $28.35 |
| Assumption Life | ParPlus Whole Life | $314.25 | $261.10 |
| iA Financial | Whole Life | $289.55 | $248.60 |
| Canada Life | Whole Life | $299.75 | $259.50 |
| RBC Insurance | Whole Life | $324.15 | $284.90 |
Based on these sample rate comparisons:
- For term insurance, Assumption Life’s pricing is average – not the most affordable, but not the most expensive either. iA Financial offers the lowest sample term rates.
- For permanent whole life insurance, Assumption Life offers very competitive sample pricing, beating rates from Humania, Desjardins, Equitable Life, and Foresters.
While not the cheapest for term insurance, Assumption Life’s permanent and no medical life insurance rates remain very attractive relative to competitors. Their pricing advantage is strongest in the permanent product category.
This sample rate comparison gives a general idea of how Assumption Life is positioned cost-wise in today’s life insurance marketplace. The best way to find the lowest rate is to compare personalized quotes from Assumption and other top providers.
Is Assumption Life Insurance a Good Fit for You?
In online Assumption Life reviews, customers praise the affordability and ease of approval for the company’s no medical and permanent life insurance options. However, some term policyholders are unhappy with steep premium increases at renewal. There are also complaints about poor customer service response times.
While reviews are mixed, here is a profile of the types of customers who are likely to find Assumption Life Insurance best meets their needs:
- Seniors and Older Adults: Their simplified issue permanent policies are available up to age 85, a higher limit than many competitors.
- Individuals with Health Issues: They offer a range of “no-medical” and guaranteed issue products for those who may not qualify for traditional, fully underwritten coverage.
- Newcomers to Canada: Assumption is known for more flexible residency requirements, often providing coverage to those on work permits who might be declined elsewhere.
- Those Seeking Permanent Insurance: Their rates for permanent and participating whole life policies are often very competitive.
However, young, healthy individuals seeking the absolute lowest price on term insurance may find more competitive rates with other carriers.
Summary
Assumption Life carves out a niche by being especially appealing to Canada’s older population, who need no medical life insurance. Their pricing on permanent insurance also remains very competitive. However, for large term insurance amounts or maximum critical illness coverage, other insurers may better serve those specific needs.
It is recommended to compare rates and offerings against 2-3 leading insurance companies before deciding. This ensures you find the best-value life insurance tailored to your individual or family situation.
FAQs on Assumption Life Insurance
How long has Assumption been in business?
Assumption Life has been providing insurance to Canadians since 1903, making it one of the oldest and most established insurance companies in Canada. Assumption Life has over 100 years of experience serving policyholders.
Where is Assumption Life headquartered?
Assumption Life's headquarters are located in Moncton, New Brunswick. This office has served as the company's home base for over 100 years.
Does Assumption operate nationally?
Yes, although headquartered regionally, Assumption Life provides insurance products and services to clients across all provinces and territories in Canada. They have a nationwide presence.
Is Assumption Life insurance affordable?
Assumption Life offers competitive pricing on their permanent, no medical, and participating life insurance products. Their term life rates are average. They specialize in value policies.
What age can you get Assumption Life insurance until?
Some of Assumption's no medical permanent life insurance products are available up to age 85 with simplified underwriting. This is higher than many competitor's age cutoffs.
Does Assumption Life sell life insurance for seniors?
Yes, Assumption specializes in life insurance for older adults through their no medical permanent products available into the senior years. This includes options like Golden Protection.
Is Assumption Life good for whole life insurance?
Reviews indicate Assumption offers some of the most competitively priced whole life insurance compared to other major insurance companies in Canada. Their permanent policy rates are a strength.
What types of insurance can new immigrants get from Assumption Life?
Assumption offers permanent, term, and no medical insurance options to new immigrants and temporary foreign workers who meet eligibility requirements.
What insurance products does Assumption Life not offer?
Assumption does not currently offer standalone disability insurance or annuities. Their focus is primarily on life, health, and critical illness coverage.
Is mortgage life insurance offered by Assumption Life?
Assumption currently does not offer dedicated mortgage life insurance policies. However, their term life insurance can be customized to match the duration of your mortgage if you want coverage tied specifically to that liability.
What discounts does Assumption Life Insurance offer?
Assumption offers select discounts on life insurance including discounted rates for signing up for automatic payments, nonsmokers, employees of partner companies, and those purchasing multiple policies such as life and critical illness together.
