Assumption Life Insurance Review – Updated 2022


Assumption Life is the leading provider for non-medical life insurance, offering life insurance coverage up to $499,999 without a medical exam required. Because of the lack of medical exam requirements, their coverage can be more expensive than their competitors, but they have flexible term life insurance policy options (10-35 year terms) and some packages can be bought up to include medical coverage.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
10 min read






Best Term Life for Simplified Issue

Assumption Life Insurance Company 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 policies offered by Assumption Life also offer flexibility to seek coverage for higher amounts after medical and financial underwriting.

Pros and cons

Assumption Life Insurance Pros

  • Multiple term coverage options
  • Simplified, non-medical issue options
  • Quick, easy electronic process 
  • Decreasing option available for mortgage coverage
  • Online access to account
  • Exchange and conversion options let policyholders convert to longer term or permanent coverage

Assumption Life Insurance Cons

  • Only issues paper policies, no digital option
  • Breadth of options can be confusing
  • High policy fees and rider fees on non-medical policies
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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 bolster their financial security. 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 Waltham, Mass. before transforming into a mutual insurance company in the late sixties.

Key facts about Assumption Life

  • Founded: 1903
  • Headquarters: Moncton, New Brunswick
  • AM Best Rating: A–
  • Better Business Bureau Accreditation and Rating: A+
  • Assets: $1.9 billion
  • Annual Premiums: $166 million

How much does life insurance from Assumption Life cost?

Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.

Age Male Female
20 $35.55 $24.75
25 $35.55 $25.65
30 $36.45 $27.45
35 $41.40 $32.40
40 $54.00 $43.50
45 $82.80 $66.15
50 $141.30 $106.65
55 $258.75 $171.45
60 $469.35 $314.55
65 $787.95 $529.20

Types of term life insurance policies Assumption Life offers

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.

  • Choose between 10, 15, 20, 25, 30, and 35 years of coverage, with guaranteed premiums and affordable prices, and coverage ranging from $50,000 to $4,000,000
  • 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
  • Guaranteed, 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 by a simple 7-question medical interview
  • Coverage ranges from $50,000 to $150,000
  • 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.
  • The eligibility is established by a 16-question medical interview
  • 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 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 $499,999 (depending on age, qualifying questionnaire answers, and MIB information)
  • Can add coverage for critical illness
assumption life insurance company review

Assumption Life term life insurance coverage details

  • 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.
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What other products does Assumption Life offer?

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

Permanent insurance

A permanent life insurance policy 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 Insurance offers both participating and non-participating permanent insurance policies.

Non-Participating Life Insurance

Golden Protection
  • No-medical whole life insurance permanent policy
  • 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 component; guaranteed cash value after the third year of the policy
  • First years deferred coverage
  • Premiums reimbursed if death occurs in first two years 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 component
    • 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 component
  • 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

  • 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
  • Wide range of 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
  • Guaranteed 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 Insurance 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 from Assumption Life Insurance

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


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.

How to get Assumption Life Insurance quotes

Assumption Life offers unique life insurance coverage products that are a great fit for many Canadian 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 their 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.

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

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.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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