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Assumption Life Critical Illness Insurance Review

by Mark Cluett
5 min read

Best Non-Medical Critical Illness Insurance

Assumption Life

Assumption Life

A-

AM Best
financial strength rating

PolicyAdvisor.com Rating

Best Non-Medical Critical Illness Insurance

Assumption Life

Assumption Life

A-

AM Best
financial strength rating

PolicyAdvisor.com Rating

Assumption Life Critical Illness Insurance Full Review

While the maximum amount of coverage (aka sum insured) offered is lower than its rivals, Assumption Life’s Critical Protection product also offers a simplified non-medical option that cuts down on waiting times and gets you covered faster, in addition to their enhanced products. Assumption Life also has a fully underwritten product, but their simplified issue critical illness insurance is one of the few such critical illness plans available in the industry.

Pros

  • Simplified issue option
  • No medical option
  • Quick, easy electronic process – instant approval possible
  • Online access
  • Shorter-term coverage options available
  • Limited pay and return of premium options available

Cons

  • Limited number of covered conditions (16 conditions) and coverage amounts (max of $100,000)
  • No partial payment for non-life threatening illnesses
  • No children’s coverage
  • No whole life coverage
Product NameCritical Protection
Critical Illness coverageEnhanced coverage, simplified, no-medical coverage
Available Terms15 years, 20 years, 25 years, and to age 75
Limited Pay optionYes. 20-pay option available
Maximum coverage$100,000
Conditions coveredEnhanced - 16 conditions
Loss of Independent Existence coverageNo
Partial payout conditionsNo
Partial payment or early detection paymentNo
Childhood illnesses coverageNo
Survival period30 days
Return of Premium on deathYes
Return of Premium on expiry/cancellationYes, from age 65
Second optionNo
Electronic applicationYes
Online account accessYes

Who is Assumption Life?

Now headquartered in Moncton, New Brunswick, Assumption Life was originally founded in 1903 by Acadians in Massachusetts as a fraternal society. The company keeps that tradition of social well-being alive as they recently obtained B-Corp certification, which is awarded only to corporations that strive to “improve the economic and social well-being of their communities, and foster the promotion of shared and sustainable prosperity.”

They offer various life insurance, living benefit, and investment products to Canadians, as well as residential mortgage lending services.

Does Assumption Life sell critical illness insurance?

Yes. Assumption Life’s critical illness insurance product is named Critical Protection. It offers Enhanced Coverage (covering 16 illnesses) and can be issued as simplified no-medical coverage or fully underwritten (with medical) coverage.

What critical illness insurance coverage and terms does Assumption Life offer?

Assumption Life’s maximum coverage for critical illness insurance is $100,000.

There is no coverage for loss of independent existence. There are no options for partial payouts for certain illnesses, and no coverage for childhood illnesses.

The survival period (how long you must survive with the illness before you can claim) is 30 days.

Assumption Life offers critical illness insurance for 15-, 20-, and 25-year terms or coverage up to 75 years of age.

There is a limited-pay critical illness product option, which allows you to pay for premiums for 20 years while having your coverage continue up to the age of 75.

Does Assumption Life critical illness insurance offer a return of premiums?

Assumption Life offers a return of premiums on death, and a flexible return of premiums on early cancellation or expiry of your policy once you turn 65. Under the flexible return of premiums, a pre-specified percentage of premiums are returned, depending on the age at which the policy is surrendered.

Can you apply for Assumption Life’s critical illness insurance online?

Assumption Life lets you apply for critical illness insurance electronically using the best online life insurance broker in Ontario. You can access and administer your policy online once it is approved.

How do I apply for Assumption Life’s critical illness insurance?

You can enter your information and look up quotes using the Apply Now button or schedule a call with one of our licensed brokers to apply for Assumption Life’s critical illness insurance. The process will be simple, quick, and fully online with PolicyAdvisor’s licensed brokers.

The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

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