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Assumption Life Insurance in Canada: A Complete 2024 Review

Assumption Life Insurance in Canada: A Complete 2024 Review
Assumption Life Insurance in Canada: A Complete 2024 Review

Assumption Life has provided insurance coverage to generations of Canadian families since 1903. But how does their life insurance stack up in today’s market? This extensive guide will answer all your questions about Assumption Life in 2024.

What is Assumption Life Insurance?

Assumption Life, formally known as Assumption Mutual Life Insurance Company, is one of Canada’s oldest and most established insurance providers. 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 invested back into the company for the benefit of customers.

What Are Assumption Life’s Financial Strength and Ratings?

What Are Assumption Life's Financial Strength and Ratings? What Products Does Assumption Life Offer?
What Are Assumption Life’s Financial Strength and Ratings? What Products Does Assumption Life Offer?

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?

Independent rating agencies thoroughly analyze insurance companies’ finances each year. They assign letter grades or ratings to indicate the financial strength and long-term viability of insurers.

Here are the latest financial ratings for Assumption from the top independent rating agencies:

  • A.M. Best: A- (Excellent)
  • The A- (Excellent) rating from A.M. Best indicates Assumption has an excellent ability to meet its ongoing insurance obligations. A.M. Best is one of the most respected global rating agencies focused exclusively on the insurance industry.
  • Out of their rating scale from A++ to F, Assumption’s A- lands in the second tier and is considered a strong score. For comparison, some competitors like Sun Life and Manulife have higher A+ ratings from A.M. Best, while others like Foresters Financial have lower A- or B++ ratings. Overall, an A- rating means your insurance investment with Assumption is financially secure.
  • DBRS Morningstar: A (Excellent)
  • Assumption Life’s A rating of Excellent from DBRS Morningstar means the company has good financial strength, operating performance, and business profile when compared to the standards established by DBRS Morningstar.
  • DBRS Morningstar ratings range from AAA to D. Assumption’s A grade is the third highest out of those categories. Competitors like iA Financial and Canada Life also hold an A rating from DBRS Morningstar, placing them in the same excellent tier as Assumption Life.
  • Stable outlook
  • In addition to strong letter grade ratings, both A.M. Best and DBRS Morningstar have issued a “Stable” outlook for Assumption’s finances moving forward. This means the ratings are unlikely to change in the near future, as the company’s financial fundamentals are strong.

These consistently high marks from independent agencies over many years indicate that Assumption Life is financially sound and has the capabilities to maintain excellent financial stability well into the future. Customers can feel secure trusting Assumption Life with their insurance needs.

What Products Does Assumption Life Offer?

Assumption Life provides a robust suite of life, health, and critical illness insurance designed to protect clients throughout life. Their main products include:

Assumption Term Life Insurance

Term life insurance provides affordable pure death benefit protection for a set period of time or “term” – typically 10, 15, 20, 25 or 30 years. It does not have an investment or cash value component. Term insurance meets the temporary needs many families have, such as replacing income for dependents, paying off a mortgage, or covering childcare costs if a parent passes away unexpectedly.

Here are the details on Assumption Life’s main term insurance offerings:

  • FlexTerm
  • FlexTerm is Assumption’s primary term life insurance product and makes up a significant portion of the policies in force. It offers customized lengths and amounts of coverage:
    • Available terms: 10, 15, 20, 25, 30 or 35 years
    • Renewable annually up to age 90
    • Face amounts from $50,000 to $10 million.
    • No medical exam for amounts under $999,999 in most cases
  • Other features include:
    • Level premiums are locked in for the term length.
    • Ability to add critical illness and disability riders
    • Option to convert to permanent insurance later
    • Automatic renewals with no proof of insurability up to coverage limits
  • Overall, FlexTerm provides an affordable and flexible term life option with the convenience of no medical requirements for most younger individuals looking for up to $1 million of coverage.
  • No Medical Term Life
  • In addition to FlexTerm, Assumption Life offers several permanent life insurance products with simplified underwriting requiring no medical exams or blood work.
  • These no medical term policies are available from ages 18 up to 70 depending on the specific product. The maximum coverage amounts range from $150,000 down to $25,000.
  • The eligibility rules are straightforward with these simplified issue term products:
    • Must answer health and lifestyle questions
    • Coverage amounts under $150,000
    • For higher-risk applicants unable to qualify for traditional policies
  • The main options are Platinum Protection Term and Golden Protection Elite Term.
  • While maximum coverage limits are lower, these no-medical term life products represent an affordable way for higher-risk individuals to obtain needed life insurance protection.

Assumption Permanent Life Insurance

In contrast to term insurance, permanent life insurance is meant to provide lifelong protection as long as premiums continue to be paid. It also has an investment component known as cash value that grows on a tax-advantaged basis.

The cash value can be used to help pay future premiums or accessed via policy loans if needed. Permanent insurance is well-suited for estate planning and final expense purposes due to its lifelong coverage and tax benefits.

Assumption Life offers both participating and non-participating permanent life insurance choices:

ParPlus Participating Whole Life

  • ParPlus is Assumption Life’s flagship participating whole life insurance product. It provides lifetime coverage coupled with dividends that can be used to purchase additional paid-up insurance, reduce premiums, or take cash.
  • ParPlus highlights:
    • Participating dividends (not guaranteed)
    • No medical underwriting under $999,999
    • Ages 18-75
    • Minimum face amount $5,000
    • The maximum face amount of $4 million
    • 20-pay or life-pay premium options
  • This flexible participating whole life product can be customized with various dividend options and premium payment terms to suit different insurance needs and budgets.

Essential Whole Life

  • For those wanting a basic whole life insurance policy without dividends, Assumption Life offers Essential Whole Life.
  • Essential Whole Life features:
    • No medical underwriting under $999,999
    • Issue ages 18-75
    • Minimum face amount $10,000
    • The maximum face amount of $4 million
    • Lifetime premiums
    • Riders for critical illness and disability
  • Overall, Essential Whole Life provides guaranteed death benefits and cash value growth for life in a straightforward package.

No Medical Permanent Products

  • In addition to the regular underwritten permanent options, Assumption Life has several no medical exam permanent life insurance products, including:
    • Platinum Protection Whole Life
    • Golden Protection Elite
    • Golden Protection
    • Silver Protection
    • Bronze Protection
  • These no medical life policies have streamlined underwriting with simplified health questions. They are designed for higher risk applicants who may not qualify for ParPlus or Essential permanent life insurance.
  • Coverage amounts range from $2,500 to $500,000 depending on health, age, and specific product. All have tax-deferred cash value growth, and most offer various premium payment terms.
  • The no medical whole life insurance lineup from Assumption Life provides permanent protection for Canadians who may struggle to get coverage elsewhere.

Assumption Critical Illness Insurance

Beyond term and permanent life insurance, Assumption Life also provides living benefits in the form of critical illness insurance. This coverage pays out a lump sum if diagnosed with a covered critical disease or condition.

Features of Assumption Life’s critical illness insurance include:

  • Critical Protection
    • Available for ages 18-60
    • Choice of 15, 20 or 25-year terms
    • Tax-free lump sum payments of $10,000 to $100,000
    • Covers 16 critical illness conditions
    • Can be purchased as a rider on life insurance or as a standalone

Critical illness insurance can provide vital financial support for out-of-pocket medical costs and bills if struck with a serious health event. While not as robust as some competitors, Assumption Life’s simple and affordable critical illness insurance offering can give peace of mind to qualifying Canadians.

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 targeted at employers wanting 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.

How Much Does Assumption Life Insurance Cost?

How Much Does Assumption Life Insurance Cost?
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

ParPlus Whole Life$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:

Comparison of Sample Monthly Rates

Assumption LifeFlexTerm$32.85$26.10
iA FinancialTerm Life$27.50$22.75
Canada LifeTerm Life$30.85$25.40
RBC InsuranceTerm Life$34.95$28.35
Assumption LifeParPlus Whole Life$314.25$261.10
iA FinancialWhole Life$289.55$248.60
Canada LifeWhole Life$299.75$259.50
RBC InsuranceWhole Life$324.15$284.90

Based on these sample rate comparisons:

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.

Of course, your actual quotes will depend on your specific situation. But 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.

What Do Customers Say in Assumption Life Reviews?

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 hikes at renewal time. There are also complaints about poor customer service response times.

On TrustPilot, Assumption Life has a 3.2 out of 5 star rating based on 19 reviews:

  • 5 star: 21%
  • 4 star: 16%
  • 3 star: 16%
  • 2 star: 16%
  • 1 star: 32%

While reviews are mixed, common positives include reasonable pricing for simplified issue policies. Common negatives cite high term renewal costs and poor service.

What Are the Pros and Cons of Assumption Life Insurance?

The Pros and Cons of Assumption Life Insurance
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:


  • Wide range of no medical insurance options available
  • Higher age limits up to 85 on some no medical coverage
  • Very competitive rates for permanent and participating life insurance
  • Critical illness insurance can be purchased as just a rider
  • Fewer residency requirements compared to some competitors
  • Will cover certain work visa holders and recent immigrants
  • No lab tests or exams are required for coverage amounts under $999,999
  • Participating dividends can reduce costs or purchase additional insurance
  • Mortgage and investment products provide one-stop-shop convenience


  • Term life pricing is just average, not the absolute cheapest
  • Maximum critical illness benefit capped at $100,000 total coverage
  • Limited options to convert term policies to permanent coverage
  • Term renewal premiums increase for full new term periods (e.g. 20 years)
  • Mixed customer reviews regarding renewal rates and customer service
  • Quotes and applications are only available through an insurance advisor

To summarize, the pros emphasize the affordable pricing and convenience of Assumption Life’s simplified issue products and permanent insurance. The cons focus on areas where competitors may edge them out, like lower term rates and higher critical illness coverage.

Is Assumption Life Insurance a Good Fit for You?

Given the strengths and weaknesses just outlined, here is a profile of the types of customers who are likely to find Assumption Life best meets their needs:

Good Fit For

  • Older adults looking for no medical life insurance with higher age limits
  • Anyone who values strong permanent and participating life insurance rates
  • Clients who want critical illness insurance bundled into life insurance
  • Those with minor health issues unlikely to qualify for low cost term
  • New immigrants and foreign workers with less stringent residency rules
  • Francophones who prefer service in French
  • Current Assumption Life clients renewing existing policies

May Not Be the Best Fit For

  • Younger, healthy adults who want the absolute lowest cost term insurance
  • Individuals looking for term policies with yearly renewable periods
  • People requiring large critical illness insurance amounts over $100,000
  • Anyone needing extensive term conversion options at later ages

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.

The Bottom Line – Is Assumption Life Insurance Worth It?

At the end of the day, deciding if Assumption Life is the right carrier for you will depend on your unique circumstances, preferences, and insurance coverage needs.

For newer immigrants to Canada, the elderly looking for no medical life insurance, or anyone focused on permanent policy value; Assumption Life certainly deserves of your consideration. Their streamlined underwriting plus affordable rates for these demographics make them a go-to choice.

However, if you are a young family primarily needing basic term insurance or want maximum critical illness protection, you may find better value in shopping around and comparing quotes from a few of Assumption’s lower cost competitors.

Overall, for certain customer profiles, Assumption Life will make sense as the superior insurance provider. But it’s wise to compare rates and offerings against 2-3 leading insurance companies before deciding. This ensures you find the best value life insurance tailored specifically for your situation as an individual or family.

How Can I Get a Quote from Assumption Life?

If you’re interested in getting a customized premium quote from Assumption Life, the easiest way is to:

  1. Visit
  2. Get your number phone at Contact Us page.

This provides customized quotes from Assumption Life and 25+ top Life insurers in Canada. Comparing rates ensures you pay the absolute lowest price for the coverage you need.

Get your free quote today to find the most affordable life insurance for you from Assumption Life or any leading insurance provider in Canada!

FAQs about 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.

When was Assumption founded?

Assumption Life was founded in 1903 in Manchester, New Hampshire. The company relocated to Moncton, New Brunswick in Canada in 1904.

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.

Does Assumption require a medical exam for coverage?

Many of Assumption's insurance products, including FlexTerm and ParPlus, do not require a medical exam for coverage amounts under $999,999. However, higher coverage amounts do require full underwriting.

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.

What is the maximum life insurance coverage from Assumption?

On fully underwritten policies, Assumption Life offers up to $10 million in max life insurance coverage. On no medical policies, the max is lower but reaches up to $500,000.

How do Assumption Life's term rates compare?

Assumption's FlexTerm rates are average among competitors. They offer value for those seeking no medical coverage, but they are not the cheapest for young/healthy buyers just needing basic term insurance.

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.

How long has Assumption Life been in Canada?

After being founded in the United States, Assumption relocated to Canada in 1904. So they have offered insurance products to Canadians for over 115 years.

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.

What is the claims process like with Assumption Life Insurance?

To make a claim with Assumption, the beneficiary or executor should contact Assumption as soon as possible after the death. They will be assigned a claims advisor who will explain the claims process and required documents like the death certificate, policy contract, and proof of insurance eligibility. Assumption aims to pay out claims within 5-10 business days after receiving all documentation.

What insurance products are best for seniors?

The best Assumption insurance products for seniors are their no medical permanent life insurance options like Golden Protection, which is available up to age 85 with streamlined underwriting through simple health questions rather than medical exams and lab tests.

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.

Does Assumption Life use labs for underwriting?

For fully underwritten permanent and term life insurance policies over $999,999 in coverage, Assumption does require blood work and lab tests as part of the underwriting process. However, their simplified issue products have no lab test requirements.

What is the minimum life insurance coverage from Assumption Life?

The minimum life insurance coverage varies by product, but starts as low as $5,000 for permanent policies like ParPlus. For term insurance, the minimum coverage is $50,000 on FlexTerm plans.

Does Assumption Life sell life insurance over the phone?

No, Assumption does not sell policies directly over the phone. You must apply through an independent life insurance advisor or Assumption agent. However, their call center staff can provide information and connect you with a representative.

Can I manage my Assumption Life policy online?

Yes, Assumption policyholders can register for online account access through their website or mobile app to manage payments, view documents, update information, and request changes to their policy.

What happens if I stop paying my Assumption Life Insurance premiums?

If you stop paying premiums on your Assumption policy, after a 30-day grace period the policy will lapse and end. For permanent insurance, this means loss of coverage. For term insurance, it means the policy terminates and you are no longer insured. It's crucial to pay premiums on time to maintain coverage.

Article Sources:

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  1. Insurance Coverage –
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  3. Assumption Life Insurance Review – Updated 2024 –
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  5. Assumption Life – Wikipedia
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Written by Ben Nguyen

Ben Nguyen is an award-winning insurance expert and industry veteran with over 20 years of experience. He is the chairman and director of IDC Insurance Direct Canada Inc., one of Canada's leading online insurance brokerages.

Ben is renowned for his extensive knowledge of life, health, disability, and travel insurance products. He is the prolific author of over 1,000 educational articles published on LifeBuzz, BestInsuranceOnline, and InsuranceDirectCanada. His articles provide Canadians with advice on making smart insurance decisions.

With a Bachelor's degree in Actuarial Science and a Fellow of the Canadian Institute of Actuaries (FCIA) designation, Ben is frequently interviewed by media as an insurance industry spokesperson.

He has received numerous honors including the Insurance Council of Canada’s Pivotal Leadership Award, the Canadian Insurance Hall of Fame induction, and the President’s Medal from the Canadian Institute of Actuaries.

Ben continues to shape the vision and strategy of IDC Insurance Direct as chairman. He is dedicated to advancing the insurance industry through his insightful leadership.

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