Your source for data driven advice on insurance and personal finance.

Assumption Life Insurance Review

by Mark Cluett
7 min read

Best Term Life for Simplified Issue

Assumption Whole Life

Assumption Life


AM Best
financial strength rating Rating

Best Term Life for Simplified Issue

Assumption Whole Life

Assumption Life


AM Best
financial strength rating Rating

Assumption Life Insurance Review

Assumption Mutual Life Insurance Company, also known as Assumption Life, is a leading provider of simplified and flexible term life insurance options. The Company offers five separate products for customers who are looking for non-medical life insurance policies. The life insurance products offered by Assumption Life offer flexibility to seek higher coverage amounts, by choosing the medically underwritten options that are also available on many of these products.


  • Multiple term coverage options are available
  • Simplified, non-medical issue options available 
  • Quick, easy electronic process 
  • Decreasing option available for mortgage coverage
  • Online access to account
  • Ability to exchange shorter term policies (10 years, 15 years, 20 years) into longer term policies (25 year and 30 year coverage options)
  • Options to convert into multiple types of permanent products


  • Only issues paper policies, no digital option
Assumption Term Life Insurance Pricing Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.

Who is Assumption Life?

Formally known as Assumption Mutual Life Insurance Company, most marketing materials refer to the company as simply Assumption Life. They are known for their no-medical term life plans, but offer many insurance products for Canadians looking to protect their finances. They are one of the very few Canadian insurance companies headquartered in Atlantic Canada with their main office located in Moncton, New Brunswick – though they started as a fraternal society in Boston, Mass. before transforming into a mutual insurance company in the sixties. 

Assumption Life: Quick Facts

  • Founded: 1903
  • Headquarters: Moncton, New Brunswick
  • AM Best Rating: A–
  • Better Business Bureau Accreditation and Rating: A+
  • Assets: $1.7-billion
  • Annual Premiums: $157.8-million

Does Assumption Life offer term life insurance?

Yes, Assumption Life offers many term life insurance options, with a large number of products for those looking to qualify without medical examination.


Assumption Life’s flagship term life insurance product is ideal for those with increasing insurance needs.

  • Combine term life, disability insurance, and critical illness coverage in a single product
  • Choose between 10, 15, 20, 25, 30, and 35 years of coverage, with guaranteed premiums and affordable prices.
  • Exchange original term into a longer term insurance product without going through a new medical. This term exchange option is available up to the 5th anniversary of the term life product.
  • No medical exam is required as long as the coverage does not exceed $499,000. 
  • Renewable and convertible.


No Medical Term

  • A great alternative for those with health conditions preventing them from qualifying for  medically underwritten insurance products. 
  • Applicants can choose between 10 or 20 years of coverage depending on their insurance needs. If eligible, the coverage starts instantly, upon approval. 
  • The eligibility is established on a simple questionnaire. 
  • No medical exam or attending physician certificate is required. 
  • Coverage ranges from $50k to $150k. 
  • There is also a living benefit component – 50% of the insured sum – in case of terminal illness.
  • The product is also convertible into a whole life policy, without requiring a new medical exam.


No Medical Term Plus

No Medical Term Plus is the best solution for healthy individuals looking for non-medical (no exam) life insurance. 

  • Choice between 10 or 20 year terms of coverage depending on insurance needs. 
  • Can convert No Medical Term Plus into a permanent whole life policy without having to re-qualify for insurance. The features are similar to No Medical Term, though premiums are typically lower and the coverage limit increases to $250,000.


Youth Plus 

This is specifically meant for children aged between 15 days – 17 years.

  • Simplified issue, no medical policy. 
  • Provides coverage up to age 25
  • Provides children with guaranteed insurability, so they can maintain their coverage even if they develop certain health problems later in life. 
  • Allows children, once they reach 25, to convert Youth Plus into permanent or term life insurance, regardless of their health, and without proof of insurability. 



If one has a mortgage or other long-term debts that amortize with time, it makes sense to protect these through life insurance. FlexOptions is a unique life insurance solution specifically designed as insurance protection for:

  • Applicants with an outstanding mortgage or other amortizing loans
  • Protects a borrower’s family in the event of death or disability of the insured and the accompanying loss of repayment ability. 
  • Insurance coverage can be flat over the term of the policy or can decrease annually. The decreasing option seeks to mimic the reduction in the outstanding loans. However the decrease in coverage is never more than 50% of the original insurance amount
  • Offers guaranteed coverage and premiums
  • Premiums are guaranteed for the entire term of the insurance
  • Applicants can name their own beneficiary, who can decide on the appropriate use of funds 
  • No medicals required, if the coverage amount is up to $499k. 
  • Can add coverage for critical illness

What term life insurance amounts and coverage does Assumption Life offer?

  • Available Term Lengths: 10, 15, 20, 25, 30, or 35 years
  • Available Term Types: Level premiums
  • Maximum Amount of Coverage: $4,000,000
  • Renewability: The policy can renew every 10, 15, 20, 25, 30 or 35 years in accordance with the initial term selected for the policy until the policy or rider anniversary nearest the insured’s 85th birthday. No medical exam required up to certain limits. Premiums are guaranteed.
  • Convertibility: Policies may be converted to a permanent life insurance policy offered by Assumption Life without need for a medical exam.

What other insurance coverage does Assumption Life offer?

In addition to Term Life insurance, Assumption Life also offers:

Is Assumption Life right for you?

Assumption Life offers unique life insurance coverage products that are a great fit for many Canadians consumers that value the convenience offered by non-medical products. As insurance advisors for Assumption Life’s insurance products, we can help you decide if they products are the best fit.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

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.

Related Articles