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 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 invested back into the company for the benefit of customers.

What Are Assumption Life’s Financial Strength and Ratings?

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:

Term Life Insurance

Term life insurance provides pure death benefit protection for a set period of time or “term.” It does not have an investment or cash value component.

Assumption Life offers several customized term insurance options:

FlexTerm – The flagship term product with level death benefits. Offers terms of 10, 15, 20, 25, 30 or 35 years. Available for ages 18-75. Face amounts from $50,000 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 on.
Youth Plus – Designed for children aged 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 health changes. Coverage up to $4 million.
Platinum Protection Term – A no-medical exam term life product with simplified underwriting using a health questionnaire. Offered from ages 18 to 75. Face amounts range from $25,000 up to $500,000. Renewable and convertible.
Golden Protection Elite Term – Another no-medical exam term insurance option with simplified underwriting for ages 18 to 70. Provides instant coverage with face amounts from $25,000 to $150,000. Includes a living benefit for terminal illness.

Permanent Life Insurance

Permanent life insurance provides lifelong coverage as long as premiums continue to be paid. It also features a cash value savings component.

Assumption Life’s permanent products include:

Non-Participating Whole Life – Traditional whole life with guaranteed premiums. Available from ages 18 to 80 with face amounts from $10,000 up to $10,000,000.
Platinum Protection – A no-medical exam whole life product with simplified underwriting using a questionnaire. Available from ages 18 to 85. Face amounts up to $750,000.
Golden Protection – A no-medical exam permanent life insurance product is underwritten through health questions. For individuals aged 18 to 85 with a stable health history. Up to $250,000 coverage.
Silver Protection – Designed for individuals with serious medical conditions. Ages 18-85. Coverage amounts from $5,000 to $50,000. Deferred coverage for the first two years of the policy. No medical exams or blood tests are required.
Bronze Protection – Guaranteed issue permanent life with no health questions from ages 18-80. This is for individuals facing severe health challenges or high-risk lifestyles. Up to $50,000 coverage.

Participating Life Insurance

Unlike non-participating permanent policies, participating whole life insurance offers the opportunity to earn dividends that can reduce costs or purchase additional coverage.

Assumption Life’s participating life insurance options include:

ParPlus

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 starts accumulating after the 5th year.
Riders include Disability Income, Critical Illness, and Child Insurance Benefits.

ParPlus Junior

Participating whole life insurance 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.

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 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.

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?

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:

Pros

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

Cons

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 are 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.

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:

Comparison of Sample Monthly Rates

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 has very competitive sample pricing, beating out the rates from Humania life insurance, Desjardins Life Insurance, Equitable Life Insurance of Canada and Foresters Life Insurance

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. However, 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.

Summary

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 certainly deserves 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 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.

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.

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