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- Assumption Life term life insurance offers coverage amounts ranging from $100,000 to $10 million
- Policyholders can choose from 10, 15, 20, 25, 30, or 35-year level or decreasing term life insurance
- Policies are guaranteed renewable, with guaranteed renewal rates and annual renewals after the initial term expires
- Assumption Life also offers optional riders, such as Children's Term, Accidental Death Benefit, and Waiver of Premium, that let you customize your policy
Assumption Life offers several term life insurance options with different coverage and underwriting features. Its lineup includes FlexTerm, Youth Plus, Platinum Protection Term, and the Golden Protection Term plan. It offers coverage from $100,000 to $10,000,000, with terms of 10, 15, 20, 25, 30, or 35 years, and the ability to combine options such as disability income benefit and critical illness riders to tailor protection.
The cost of a term life policy from Assumption Life ranges between $9.36 and $185.31, depending on your age, gender, health, smoking status, coverage amount, selected term, underwriting class, and other factors.
Quick review
- PolicyAdvisor rating: 4.8/5
- Best for: Canadians seeking flexible term life insurance with level or decreasing coverage, high coverage limits, and valuable built-in benefits such as the Term Exchange Option and Insurability Benefit
- Skip if: You need a term longer than 35 years or more than $10 million in coverage
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About Assumption Life
Assumption Life is one of Canada’s oldest independent life insurance companies, founded in 1903 and headquartered in Moncton, New Brunswick. The insurer offers life insurance, critical illness insurance, disability insurance, investment solutions, and group benefits solutions to individuals and businesses across Canada.
While it may be smaller than many of Canada’s largest insurers, Assumption Life has built a solid reputation and offers products that balance affordability with flexibility.
Its life insurance portfolio includes permanent life insurance, participating whole life insurance, simplified issue insurance, guaranteed issue insurance, and term life insurance. Within its term insurance lineup, FlexTerm serves as the insurer’s comprehensive underwritten solution.
Assumption Life’s financial strength (As of February 2026)
| AM Best Rating | A- |
| Insurance Revenue | $212 Million |
| LICAT Ratio | 167% |
| Total assets | $2.6 Billion |
What is Assumption Life term life insurance?
Assumption Life’s FlexTerm is an underwritten, renewable, and convertible term life insurance policy that provides financial protection for a specific period while allowing policyholders to customize their coverage and choose optional riders.
Unlike permanent life insurance, Assumption Life term life insurance focuses solely on financial protection for the beneficiaries. The policy does not accumulate cash value or pay policy dividends. The death benefit is usually paid tax-free and can be used to pay off debts and other financial obligations.
Key features of Assumption Life Flexterm term life insurance
| Feature | FlexTerm |
| Term product name | FlexTerm |
| Term length options | 10, 15, 20, 25, 30 or 35 years |
| Policy issue age | 18–75 (maximum issue age equals 85 minus selected term duration)
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| Coverage amount | $100,000–$10 million |
| Renewability | Guaranteed annual renewal until the policy anniversary nearest age 90 without new medical evidence |
| Convertibility | Convertible to eligible Assumption Life permanent insurance until the policy anniversary nearest age 75 |
| Underwriting | Underwritten, with accelerated underwriting available for eligible applicants |
| Coverage structures | Individual and Joint First-to-Die |
| Premiums | Guaranteed level premiums during the selected term |
| Built-in benefits | Extreme Disability Benefit, Insurability Benefit, Term Exchange Option, Transportation Benefit |
| Optional riders | Accidental Death, Child’s Insurance Benefit, Critical Illness, Disability Income, Accidental Fracture Plus, and Waiver of Premium upon Disability |
Who is eligible for Assumption Life term life insurance in Canada?
Assumption Life FlexTerm is available to Canadian residents who meet the insurer’s age and underwriting requirements. Eligibility depends on the selected policy term, coverage amount, and your ability to satisfy Assumption Life’s underwriting criteria.
To qualify for the Assumption Life FlexTerm policy, applicants generally must:
- Be between 18 and 75 years old, depending on the selected policy term
- Meet the maximum issue age requirement of 85 minus the selected term
- Apply for a minimum coverage amount of $100,000
- Meet the eligibility requirements for accelerated underwriting if applying without a medical exam
Eligible ages for different terms:
- Term 10: 18 to 75 years
- Term 15: 18 to 70 years
- Term 20: 18 to 65 years
- Term 25: 18 to 60 years
- Term 30: 18 to 55 years
- Term 35: 18 to 50 years
Types of Assumption Life term life insurance plans
Assumption Life offers four term life insurance solutions that cater to different underwriting needs and health profiles: FlexTerm, Platinum Protection, Golden Protection, and Youth Plus. While all policies provide temporary life insurance protection, they differ significantly in terms of medical underwriting, coverage amounts, and flexibility.
Here’s an overview of the four plans:
FlexTerm
FlexTerm is Assumption Life’s underwritten term life insurance policy and is suited for applicants seeking high coverage amounts, competitive premiums, and long-term flexibility.
- Term and coverage type: Choose from 10, 15, 20, 25, 30, or 35-year terms with level or decreasing coverage and guaranteed level premiums during the selected term
- Issue ages: Available from ages 18 to 75, depending on the selected term
- Coverage amount: Coverage ranges from $100,000 to $10 million
- Convertibility: Convertible to an eligible Assumption Life whole life policy until age 75 without new evidence of insurability, subject to policy conditions
- Renewability: Renewable up to age 90
- Included benefits: Includes the Term Exchange Option, Insurability Benefit, Extreme Disability Benefit, and Transportation Benefit at no additional cost.
Platinum Protection Term
Platinum Protection Term is a simplified issue policy designed for Canadians who want faster approval with fewer medical requirements.
- Term and coverage type: Choose from 10, 20, or 25-year terms, with level or decreasing coverage and level premiums during the selected term
- Issue ages: Available from ages 18 to 75, depending on the selected term
- Coverage amount: Coverage ranges from $50,000 to $750,000 for ages 18–44, while individuals aged 45 and above can apply for a minimum of $25,000. Maximum coverage amount is $750,000 till age 50 and $500,000 from ages 51–75.
- Convertibility: Convertible to an eligible Assumption Life whole life policy until age 75
- Renewability: Renewable up to age 90
- Included benefits: Includes the Term Exchange Option, Insurability Benefit, Extreme Disability Benefit, and Transportation Benefit at no additional cost.
Golden Protection Term
Golden Protection Term is a simplified issue life insurance policy designed for those who have serious health conditions and are unable to qualify for traditional or simplified underwriting.
- Term and coverage type: Offers a 20-year level term with level premiums during the selected term
- Issue ages: Available from ages 18 to 70
- Coverage amount: Coverage ranges from $50,000 to $250,000 for ages 18–44 and $25,000 to $250,000 for ages 45–70
- Convertibility: Convertible to an eligible Assumption Life whole life policy until age 75
- Renewability: Renewable up to age 90
- Included benefits: Includes a Transportation Benefit, which can provide up to $2,000 when the policyholder dies more than 200 km from their primary residence
Youth Plus
Youth Plus is a simplified issue life insurance plan designed specifically for children aged 15 days to 17 years and remains in force until age 25.
- Term and coverage type: Provides level term life insurance to age 25, with level premiums throughout the coverage period
- Issue ages: Available for children aged 15 days to 17 years
- Coverage amount: Coverage ranges from $35,000 to $175,000, available in $17,500 increments
- Convertibility: At expiry, coverage can be converted without evidence of insurability up to a maximum of $250,000
- Included benefits: Includes an Insurability Benefit and a limited critical illness benefit up to a maximum of $25,000
| Feature | FlexTerm | Platinum Protection Term | Golden Protection Term | Youth Plus |
| Issue ages | T10: 18–75
T15: 18–70 T20: 18–65 T25: 18–60 T30: 18–55 T35: 18–50 |
18-75 | 18-70 | 15 days-17 years |
| Underwriting | Accelerated or standard | Simplified issue | Simplified issue | Simplified issue |
| Medical questions | Yes | Simplified questionnaire | No | No |
| Medical exam | May be required | No | No | No |
| Coverage amount | $100,000- $10 million | $25,000-$750,000 (depending on insured’s age) | $50,000-$250,000 (depending on insured’s age) | $35,000-$175,000 |
| Renewability | Renewable to age 90 | Renewable to age 90 | Renewable to age 90 | No. Coverage ends at age 25 |
| Convertibility | Yes | Yes (subject to policy terms) | Limited | Yes, at age 25 without proof of insurability |
| Key advantage | Maximum flexibility and high coverage limits | Faster approval process | Guaranteed acceptance | Insurability benefit and level premiums until age 25 |
How does Assumption Life FlexTerm underwriting work?
Assumption Life uses an underwritten application process for FlexTerm to assess an applicant’s health, lifestyle, occupation, and financial information before it determines eligibility and premium rates.
Unlike several larger Canadian insurers that offer multiple preferred underwriting classes, Assumption Life primarily sets premiums based on smoker and non-smoker status. However, the insurer offers an accelerated underwriting option for eligible individuals.
For many healthy applicants, accelerated underwriting can make it easier to get coverage while still providing access to coverage of up to $2 million (ages 18 to 45). While Accelerated underwriting may reduce medical requirements for eligible applicants, the insurer may still request more evidence.
Here’s a quick overview of the accelerated underwriting limits based on age:
| Applicant age | Maximum coverage eligible for accelerated underwriting |
| 18–45 | Up to $2 million |
| 46–50 | Up to $1 million |
| 51–55 | Up to $500,000 |
| 56–60 | Up to $250,000 |
Note: Approval is subject to underwriting. Assumption Life may still request medical evidence depending on the applicant’s health history or other risk factors.
What are the premium payment and renewal options for Assumption Life FlexTerm?
Assumption Life FlexTerm offers flexible premium payment options. Policyholders can pay premiums through the following methods:
- Monthly pre-authorized debit (PAD)
- Annual, semi-annual, or quarterly premium payments
Additionally, the premiums remain level throughout the selected term. At renewal, new guaranteed renewal premiums apply for each annual renewal period until the policy anniversary nearest age 90.
If a premium is missed, the policy may enter a grace period of 30 days before lapsing, after which reinstatement or resumption may be available, subject to the terms of the policy contract.
What is covered under Assumption Life term life insurance?
Assumption Life FlexTerm is designed to provide a tax-free lump-sum death benefit if the insured dies while the policy is in force. Beyond this core financial protection, the policy offers several features that make it more flexible than many traditional term life insurance products.
Here are the primary benefits and features included with Assumption Life FlexTerm:
Level or decreasing coverage
Applicants can choose between two coverage structures:
- Level coverage, where the death benefit remains unchanged throughout the selected term
- Decreasing coverage, where the death benefit gradually decreases based on a mortgage amortization schedule using an 8% interest rate. This makes it suitable for mortgage or loan protection
Guaranteed renewability
At the end of the initial term, coverage renews automatically without requiring new medical evidence. Renewal premiums are guaranteed, and the policy renews annually until the policy anniversary nearest the applicant’s 90th birthday.
Conversion privilege
Eligible policyholders can convert all or part of their FlexTerm coverage to an eligible Assumption Life whole life insurance policy without providing new evidence of insurability. This privilege remains in force until the policy anniversary nearest the policyholder’s 75th birthday. However, the policy needs to be in effect for at least one year.
Built-in policy benefits
Alongside the renewability and conversion benefits, Assumption Life automatically includes four additional benefits with every FlexTerm policy:
- Extreme Disability Benefit: This benefit provides an advance of up to 50% of the death benefit if the policyholder has a qualifying extreme disability for six continuous months. The maximum amount offered is $250,000 for policyholders between 18 and 59, and $125,000 for ages 60 to 70.
- Insurability Benefit: This benefit allows the policyholder to obtain additional coverage without new evidence of insurability, after qualifying events such as marriage, divorce, adoption, childbirth, or obtaining certain university degrees
- Term Exchange Option: Allows the policyholder to exchange FlexTerm term life for a longer available term without proof of insurability after the first month and before the seventh coverage anniversary
- Transportation Benefit: The insurer will pay up to $2,000 for transporting the policyholder’s remains to their primary residence if death occurs more than 200 km from home
These benefits are included with the policy at no additional cost and offer an added layer of protection for policyholders.
Pros and cons of Assumption Life FlexTerm
How much does Assumption Life term life insurance cost?
The cost of Assumption Life term life insurance ranges between $9.36 and $185.31. Your premiums depend on the coverage amount and personal factors, such as gender, age, smoking status, and health.
Here is a sample monthly term life insurance rate for $100,000 in coverage for a 10-year term:
| Age (in years) | Male (non-smoker) | Female (non-smoker) |
| 20 | $11.70 | $9.36 |
| 30 | $11.79 | $9.36 |
| 40 | $13.50 | $12.15 |
| 50 | $23.04 | $18.72 |
| 60 | $60.48 | $43.74 |
| 70 | $185.31 | $123.75 |
What riders are available with Assumption Life FlexTerm?
Assumption Life FlexTerm can be customized with several optional riders, such as Accidental Death and Accidental Fracture, which can provide additional protection and benefits for individuals and families. However, many riders must be added when the policy is first issued.
Here is a quick overview of each rider available with the Assumption Life FlexTerm policy:
| Rider | What it covers | Key eligibility/limits |
| Accidental Death Rider | Pays an additional benefit if death results from a covered accident within 90 days of the accident |
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| Accidental Fracture Plus | Covers accidental fractures, accidental death, dismemberment, rehabilitation expenses, and remedial course expenses for insured children |
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| Child’s Insurance Benefit | Provides term life insurance for eligible existing and future children |
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| Critical Illness Rider | Pays a lump sum if diagnosed with one of 16 covered critical illnesses and survival requirements are met | Coverage from $10,000 to $50,000 |
| Disability Income (Employment) | Monthly disability income to replace employment earnings during total disability | Up to $3,500 per month, subject to policy limits |
| Disability Income (Loan) | Helps cover eligible loan payments while the insured is totally disabled | Up to $3,500 per month, subject to policy limits |
| Waiver of Premium upon Disability | Waives premiums if the insured becomes totally disabled | 18 to 55 years of age; four month waiting period |
| Waiver of Premium upon Death | Waives future premiums when the premium payer dies | 18 to 55 years of age |
Can you convert Assumption Life FlexTerm to permanent life insurance?
Yes, Assumption Life term insurance includes a conversion privilege that allows policyholders to convert some or all of their term life insurance to eligible permanent life insurance policies without submitting new medical evidence.
Essentially, if you are diagnosed with a medical condition during your term, you may still be able to convert your coverage to permanent life insurance before the deadline (even if you would no longer qualify for the new coverage at standard rates or underwriting requirements). This feature can be particularly valuable if your health changes after purchasing your policy.
Can you exchange Assumption Life term life insurance for a longer term?
One of Assumption Life FlexTerm’s most distinctive features is its term exchange option, which allows policyholders to exchange their existing policy for a longer term without providing new medical evidence. For example, if an applicant purchases a 10-year term policy, they may later extend that to longer terms based on their evolving financial needs.
However, the exchange must generally occur within the first seven policy years, the new term must be longer than the original term, and can only be exercised once. The applicant’s age at the time of exchange is used to calculate the new premium, but they are not required to submit additional evidence of insurability.
Can you increase or decrease your Assumption Life FlexTerm coverage?
Yes, Assumption Life FlexTerm offers flexibility even after the policy is issued. Changes are subject to the policy terms and administrative rules:
- Increase your coverage: FlexTerm includes an Insurability Benefit that allows eligible policyholders to purchase additional life insurance after certain qualifying life events, such as marriage, adoption, or childbirth, without providing new medical evidence. The coverage may be increased before age 60 up to 25% of the insurance amount up to $125,000 if the insured is not disabled
- Decrease your coverage: You can reduce your coverage amount if your insurance needs change after paying off major financial obligations. Alternatively, you can also choose decreasing term coverage, where the death benefit automatically declines over time, making it ideal for covering declining debts.
How does Assumption Life insurance compare to other insurance providers?
Assumption Life FlexTerm stands out for its combination of flexible coverage options and valuable built-in benefits that many Canadian insurers offer only as optional add-ons. Policyholders can choose from term options of 10, 15, 20, 25, 30, and 35 years, level or decreasing term coverage, with coverage amounts ranging from $100,000 to $10 million. It also offers guaranteed renewability and convertibility to permanent life insurance until ages 90 and 75, respectively.
One of FlexTerm’s biggest advantages is that it includes the Extreme Disability Benefit, Insurability Benefit, Term Exchange Option, and Transportation Benefit at no additional cost. Paired with a wide range of riders and a choice of individual or joint first-to-die coverage, this policy is well suited to homeowners, growing families, and business owners seeking affordable and comprehensive term life insurance.
Read our guide to the best term life insurance companies in Canada to compare leading insurers side by side.
Our advisor’s take on Assumption Life term life insurance
At PolicyAdvisor, we recently helped a 35-year-old homeowner secure Assumption Life FlexTerm coverage to protect their family’s financial future while managing a new mortgage and raising young children. They were seeking affordable coverage with flexibility, without having to worry about qualifying for additional insurance if their health changed.
Client profile
- Age: 35
- Family: Married with two young children
- Primary concern: Mortgage protection and income replacement
- Coverage goal: $1 million in FlexTerm life insurance
Why we recommended Assumption Life term life insurance:
- 25-year level term that aligned with the client’s mortgage repayment schedule and long-term financial obligations
- Insurability Benefit, allowing them to increase coverage after future life events without providing new medical evidence
- Term Exchange Option, giving them the flexibility to switch to a longer term within the eligible period if their insurance needs change
- Built-in Extreme Disability Benefit and Transportation Benefit, which provide additional financial protection at no additional cost
How to purchase Assumption Life term life insurance in Canada
PolicyAdvisor’s licensed life insurance advisors can help you compare different term life policies offered by Assumption Life based on your age, budget, health, coverage needs, and financial goals.
Whether you are looking to protect your family, cover your mortgage, or secure affordable coverage for a specific period, our advisors at PolicyAdvisor can help you choose the right term length, coverage amount, and optional riders that fit your needs.
Frequently asked questions
Is Assumption Life FlexTerm renewable?
Yes, FlexTerm automatically renews annually without a medical exam after the initial term ends. Renewal premium rates are guaranteed, and coverage can continue until the policy anniversary nearest the insured’s 90th birthday.
Can I convert FlexTerm term life to permanent life insurance?
Yes, eligible policyholders can convert all or part of their coverage to an eligible Assumption Life permanent life insurance policy without a medical exam before the policy anniversary nearest their 75th birthday.
What is the maximum coverage available under FlexTerm?
Assumption Life FlexTerm offers coverage amounts from $100,000 to $10 million, subject to underwriting approval and other factors.
Is Assumption Life FlexTerm available for couples?
Yes, Assumption Life offers joint first-to-die coverage for couples. This option pays the death benefit when the first insured person dies and includes survivor conversion privileges for eligible policies.
Assumption Life FlexTerm is a renewable and convertible term life insurance policy designed to provide affordable, customizable coverage for Canadians. It offers coverage amounts from $100,000 to $10 million, term lengths ranging from 10 to 35 years, accelerated underwriting for many applicants, and several built-in policy benefits, including an Extreme Disability Benefit, Insurability Benefit, Term Exchange Option, and Transportation Benefit.
