NOTE: Assumption Life Insurance serves the Canadian market. If you’re a Canadian citizen, read on! If not, you can get a quote from a U.S.-based life insurance provider here – or read the rest of our company reviews here.
Previously known as Assumption Mutual Life Insurance Company, Assumption Life was founded in 1903 and is now well-known for their no-medical term life insurance plans. Additionally, they offer a variety of permanent life insurance plans as well as participating plans and living benefits to provide coverage to every province and territory of Canada.
Term life insurance offers coverage for a fixed period of time or up to a given age, which allows for more flexibility and generally lower premiums than permanent life insurance policies. Assumption Life offers 4 term policies:
Permanent life insurance provides lifetime coverage with a death benefit that is tax free. Most permanent life insurance has a cash value that is also available to you if you cancel your policy, and it is sometime possible to borrow against this cash value without cancelling your insurance. Assumption Life offers 6 permanent policies:
Participating life insurance pays out dividends that may supplement income, reduce the cost of insurance, or accumulate into a larger payout. Assumption Life offers 2 plans:
Living benefits are insurance solutions designed to protect your financial stability should something happen while you are still living, such as a critical illness or disability. Living benefit solutions can help cover expenses and bills, as well as provide for long-term care, health and dental insurance, and travel insurance.
Assumption Life offers one critical protection plan with no medical exam for individuals aged 18 to 60. Coverage ranges from $10,000 to $100,000, and includes terms of 15, 20, and 25 years or up to age 75.
If you’re a Canadian citizen, Assumption Life offers a wide range of products to meet your individual needs. There are several policies that don’t require a medical exam, making many of their plans accessible even if you have a health concern. There are exchange and conversion options available as well. Life changes quickly, so you want to find a policy that can adapt to meet your needs to ensure you have the coverage you need.
Assumption Life also makes your policy accessible with online access to accounts and services. Rates are also transparent, and can be found on their website. Rates may vary slightly following the underwriting process, but knowing what to expect can help you determine the level of coverage that meets your budget.
PRO TIP: Not a Canadian citizen but still need coverage? To navigate the application process and find the best rates, you can get a quote from us here to begin comparison shopping.
You probably noticed that Assumption Life offers several no-medical-exam policies. While finding a policy that doesn’t require a medical exam can be convenient, the rates associated are oftentimes higher than a policy with a required medical exam. Assumption Life offers several no-exam policies, but there may be cheaper rates on similar policies offered by different carriers when a medical exam is required. Click or tap here to learn more about non-med policies and get a free quote.
In addition to some life insurance products offered by Assumption Life being more expensive, there is also the potential issue of limited disability and critical illness coverage. There are no standalone disability policies, and only 1 critical illness policy.
NOTE: If you’re shopping for coverage in the U.S., you’ll need to find another insurer since Assumption Life only serves the Canadian market. Luckily, we’re here to help! Let us help you shop the top-rated U.S. life insurance carriers to find the policy that best meets your needs and budget. It’s easy – and you can even find sample rates right here to get an idea of what you could qualify for.
Assumption Life has been reviewed and had their rating affirmed for the 22nd consecutive year as of 2021. Their financial strength rating of A- by the A.M. Best Company indicates strong financial stability, and the consistency of their rating shows that Assumption Life has maintained a high standard for over 2 decades while serving their policyholders.
Not sure what all the financial ratings even mean? Click or tap here for our guide to what life insurance company ratings mean.
Assumption Life Insurance offers a variety of policies for Canadian consumers that meet a wide range of needs, both in terms of coverage and cost. Their financial strength rating of A- by the A.M. Best company for the past 22 years shows consistency and quality when it comes to meeting your needs and their own financial obligations. As an “A” rated company, Assumption Life is a strong provider, and their policies may offer the best coverage for you.
At LifeQuote, we’re dedicated to delivering quality life insurance solutions that meet your needs, and we only work with the best providers. However, life insurance is not one-size-fits-all, so it is important to compare your options before making a decision. You can get a free quote now to begin comparison shopping to ensure the policy you select is the best for you.