Assumption Life

by Mark Cluett
8 min read

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.

Contact Information

Address

Assumption Life
770 Main Street – PO Box 160
Moncton, New Brunswick E1C 9Y3

Phone Numbers

Canada-Wide Toll-Free:  1-800-455-7337

Website

Assumption Life Website / Assumption Life Wikipedia Page

Financial Ratings

Based on 2019 financial reports.

Total premiums and deposits: $166.6 Million
Assets under administration: $1.9 Billion

AM Best Rating: A-

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Term Life Insurance

Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.

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

FlexTerm

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 policy 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.

FlexOptions

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 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

For more information and an in-depth look at their coverage, read our Assumption Life Term Life Insurance Review.

Permanent Insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires.

Assumption Life offers both participating and non-participating permanent life insurance policies.

Non-Participating Life Insurance

Golden Protection

  • No-medical whole life insurance
  • For ages 40-85 years
  • Guarunteed premiums
  • Minimum coverage: $1,000
  • Maximum coverage: $100,000 (40-70 years old), $50,000 (71-85 years old)
  • Cash value available

Total Protection

  • No-medical whole life insurance
  • For ages 18-80 years
  • Minimum coverage: $5,000
  • Maximum coverage: $50,000
  • Cash value available; guaranteed cash value after the third year of the policy
  • First years deferred coverage
  • Premiums reimbursed if death occurs in first two year with added 3% interest

No Medical Whole Life

  • No-medical whole life insurance
  • For ages 20-70 years
  • Minimum coverage: $10,000
  • Maximum coverage: $150,000
  • Cash value available
  • If diagnosed with a terminal illness, the insured can receive 50% of the benefit amount

No Medical Whole Life Plus

  • No-medical whole life insurance
  • For ages 20-70 years
  • Minimum coverage: $10,000
  • Maximum coverage: $250,000
  • Cash value available
  • If diagnosed with a terminal illness, the insured can receive 50% of the benefit amount
  • Temporary insurance agreement (TIA) available

Essential Whole Life

  • No-medical required for death benefit less than $999,999
  • For ages 18-75 years
  • Minimum coverage: $10,000
  • Maximum coverage: $4,000,000
  • Disability rider available up to $3,500 monthly benefit
  • Guaranteed level premiums
  • Available as a joint policy
  • Optional riders for critical illness coverage and child insurance

Participating Life Insurance

ParPlus

  • No-medical required for death benefit less than $999,999
  • For ages 18-75 years
  • Guarunteed premiums
  • Minimum coverage: $5,000
  • Maximum coverage: $4,000,000
  • Disability rider available up to $3,500 monthly benefit
  • Several dividend options available: Cash Dividends, Cash Accumulation, Enhanced Coverage, Premium Reduction, Paid-up Additions

Par Plus Junior

  • Participating whole life insurance for children
  • For ages 15 days–17 years
  • Guarunteed premiums
  • 20-year pay
  • Minimum coverage: $5,000
  • Maximum coverage: $4,000,000
  • Several dividend options available: Cash Dividends, Cash Accumulation, Enhanced Coverage, Premium Reduction, Paid-up Additions

Critical Illness Insurance

Critical illness insurance is a living benefits insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.

Assumption Life offers one critical illness insurance policy called Critical Protection.

Critical Protection

  • No medical exam required
  • For ages 18-60 years
  • Available in terms of 15, 20, and 25 years or to age 75
  • Minimum coverage: $10,000
  • Maximum coverage: $100,000

For more information and an in-depth look at their critical illness coverage, read our Assumption Life Critical Illness Insurance Review.

Other Financial Services

Besides insurance, Assumption Life provides Canadians with several other financial products.

Mortgages

Assumption Life offers mortgage loans in the provinces of New Brunswick, Nova Scotia, and Prince Edward Island. The features of their mortgages are competitive with most major Canadian banks and have options for early repayment. If they meet the criteria, they are also insured by the Canada Mortgage and Housing Corporation (CMHC).

Retirement Investments

Assumption Life offers investment portfolios, mutual funds, guaranteed investment accounts, Registered Retirement Income Funds, annuities, and life income funds for the purposes of investment and retirement planning.

Need help?

Call us at 1-888-601-9980 or book time with our licensed experts.

The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.

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