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Assumption Life Insurance Review
Choose from several permanent and term life insurance plans designed to cover you in just about any emergency.
Choose from five different term life insurance plans with Assumption Life. Get a free quote through PolicyAdvisor.
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Details
| Insurance Products | Life Insurance |
|---|---|
| Medical Exam Required | No |
| Province Availability | AB, MB, ON |
Assumption Life offers a wide range of permanent and term life insurance policies. You can also sign up for critical illness insurance if you want to secure living benefits. All of Assumptions plans require you to meet certain eligibility criteria to qualify, though some don’t require you to submit to a medical exam or blood test to get insured. Find out more about what type of plan might be the best fit for you and learn how you can apply today.
What is Assumption Life?
Assumption Life was founded in 1903 and has been providing life insurance in Canada for over 100 years. It has a wide selection of permanent and term life insurance plans along with critical illness insurance and extra coverage that allows you to collect dividends on your policy.
Some policies require you to submit to a medical exam to get insured while others offer lower coverage amounts with no requirements for medicals. You can purchase Assumption Life Insurance across Canada or call the Assumption call centre to speak to a licensed agent about your life insurance needs to get started.
What types of life insurance does Assumption offer?
Assumption has a range of permanent and term life insurance plans, along with critical illness coverage.
Permanent life insurance plans
Permanent life insurance plans come at a high cost, but they stay in place permanently as long as you pay your premiums. Many of these plans come with a “whole life” option that saves a portion of your premiums to pay out as cash at a later date (kind of like a savings plan). You can also pay less for a no-cash-value option.
Temporary life insurance plans
Assumption Life offers several term plans that vary in length. This type of insurance only lasts for a set number of years and is ideal for making sure you and your family are covered while you have significant debts or savings goals. These policies don’t have a cash value and you won’t be covered once your term ends unless you renew for a higher price.
Critical illness protection
Critical illness protection is in place to give you coverage if you become disabled or are diagnosed with a critical illness. This is a standalone insurance product that you can take out and pay for separately from your life insurance policy.
Participating Life Insurance
Participating life insurance offers the opportunity to earn dividends that can help increase cash flow, reduce the cost of insurance or accumulate for an even larger payout.
What extra insurance benefits can I take advantage of?
There are a number of automatic and optional benefits that Assumption Life offers with its plans:
- Critical illness benefit. Pays up to 50% of the death benefit if you’re diagnosed with a critical illness.
- Disability insurance. Replaces a portion of your income if you become disabled and are unable to earn an income.
- Transportation benefit. Assists with the cost of transporting your body if you die more than 200 kilometres from your home (with a max benefit of $2,000).
- Accidental death benefit. Pays up to twice the amount of your basic life insurance death benefit if you die in an accident.
- Child insurance benefit. Offers insurance for each eligible child on your policy for an additional premium.
- Accidental fracture rider. Provides a benefit if the insured suffers a bone fracture resulting from accidental causes.
How much does Assumption Life Insurance cost?
You’ll pay different amounts on your policy depending on a number of personal variables:
- Type of insurance. You’ll pay more for permanent policies with all-inclusive coverage than you will for term policies with set expiry dates.
- Your age. You’ll pay more to secure life insurance if you’re older than 60, given that you’re more likely to run into health issues beyond this age.
- Health history. Your premiums will usually be higher if you sign up with a pre-existing health condition or if you have a family history of a critical illness.
- Weight. You could be required to pay a higher premium if you’re overweight since this can put you at risk of developing more serious health conditions.
- Substance use. Your premiums will go up if you drink, smoke or use other substances on a regular basis.
- Occupation and hobbies. Your premiums may increase if you work a dangerous job or indulge in thrill-seeking activities like paragliding or scuba diving.
What exclusions do I need to know about?
Assumption Life Insurance may come with certain exclusions, depending on which policy you have. For example, you won’t be able to collect your death benefit with most plans if you commit suicide or die due to a self-inflicted injury.
You also won’t get coverage if you die while committing a crime (such as driving under the influence of drugs or alcohol). Some plans may also exclude you from benefits if you engage in extreme sports or offer false information when you apply.
How to apply for Assumption Life Insurance
It’s easy to apply for Assumption Life Insurance by following the steps below:
- Click the green ‘Get a quote’ button above to be securely redirected to check out Assumption’s available plans.
- Find the plan you want and call Assumption’s call centre or send an email to get more information or a quote from an Assumption Life Insurance adviser.
- Discuss your options and life insurance needs, and provide personal information such as your name, email address and relevant documents to start the sign-up process.
- When you’re ready to apply, you may need to submit a medical exam or blood test. You’ll also need to identify potential risk factors that will determine which coverage you’re eligible for.
- Get verified and negotiate the terms of your Assumption Life Insurance.
Benefits and drawbacks of Assumption Life Insurance
Benefits
- Many policies don’t require medicals. There are several policy options that don’t require you to submit to a medical exam.
- Different forms of coverage. You can sign up for many different types of term and permanent life insurance, depending on your needs and how much you want to pay.
- Critical illness only insurance. It’s possible to sign up for critical illness insurance without signing up for a term or permanent policy.
- Insurance add-ons. Some permanent plans come with extra insurance included (such as terminal illness), and you can also pay more to add optional benefits to all plans.
Drawbacks
- No online quotes. It doesn’t seem possible to generate an online quote for Assumption Life Insurance to figure out how much your policy might cost before calling in.
- No online application. You’ll have to fill out your paperwork manually and email it in as it appears that there’s no online application portal.
- Some exclusions. You could be excluded from coverage in certain circumstances, which will be outlined in your policy document.
- Higher rates for seniors. You’ll typically pay more for life insurance once you’re over the age of 60.
Bottom line
Assumption Life offers a number of permanent and term life insurance policies in Canada. It also comes with automatic and optional insurance add-ons to make sure you have the most comprehensive coverage possible. Find out more about Assumption’s life insurance policies and decide which plan might be the best fit for you.
