Assumption Life Insurance review

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 Assumption Life Insurance 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 Assumption Life Insurance are available?

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.

• Compare Assumption permanent life insurance plans

  Insurance type	Best suited for	Age range	Minimum benefit	Maximum benefit	Included benefits	Premiums
  Golden Protection	For older individuals who would rather not do a medical exam, but want a higher level of coverage	40-85	$2,500	$50,000 or $100,000 (depends on age)	Common carrier and critical illness insurance (with optional accidental fracture rider)	Annual or monthly payments
  Silver Protection	Those who don’t want to do a medical exam and don’t mind less coverage	40-85	$2,500	$50,000	Critical illness and accidental death	Annual or monthly payments
  Platinum Protection	Those who are in relatively good health but don’t want to get a medical exam	18-85	$10,000	$500,000	Critical illness and transportation	Annual or monthly payments
  Golden Protection Elite	Those who have a stable health history looking for no medical exam life insurance.	18-85	$10,000	$150,000	Critical illness and transportation	Annual or monthly payments
  Essential Whole Life	Those who are in good health and are willing to submit to a medical exam	18–75	$10,000	$4 million	Disability insurance (with option to add critical illness and child insurance benefit)	Annual or monthly payments
  Bronze Protection	Those who don’t want to do a medical exam and don’t mind less coverage	18-80	$2,500	$50,000	Critical illness and transportation	Annual or monthly payments

Temporary life insurance plans

Assumption Life Insurance 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.

• Compare Assumption term life insurance plans

  Insurance type	Best suited for	Age range	Minimum benefit	Maximum benefit	Included benefits	Premiums
  FlexTerm (10 to 35 year terms)	Those who are healthy and want a high amount of coverage	18–75	$50,000	$10 million (or $1 million for no medical)	Disability insurance (with option to add critical illness and child insurance benefit	Annual or monthly payments
  Youth Plus	For youth who want life insurance up to 25 years old and may want to convert to an adult plan in the future	15 days to 17 years	Not stated	Not stated	Guaranteed death benefit that won’t decrease until age 25	Annual or monthly payments
  Platinum Protection Term	Those who are healthy and may want to convert their policy to a permanent plan at some point	18-70	$25,000	$500,000	Critical illness and transportation	Annual or monthly payments
  Golden Protection Elite Term	Those who have health conditions that prevent them from qualifying for other insurance products	18-70	$25,000	$150,000	Critical illness and transportation	Annual or monthly payments

Critical illness protection

Critical illness protection is designed 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.

• Critical illness protection comparison table

  Insurance type	Best suited for	Age range	Minimum benefit	Maximum benefit	Included benefits	Premiums
  Critical Protection (15 to 25 year terms)	Those who are healthy but want protection in case they become disabled or are diagnosed with a critical illness	18-60	$10,000	$100,000	N/A	Annual or monthly payments

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.

• Participating life insurance comparison table

  Insurance type	Best suited for	Age range	Minimum benefit	Maximum benefit	Included benefits	Premiums
  ParPlus	Those who want to benefit from an extra source of income or increase the amount of insurance protection.	18-75	$5,000	$4 million	Disability insurance	Annual or monthly payments
  ParPlus Junior	Those who want to buy additional permanent insurance for children.	For youth aged 15 days – 17 years	$5,000	$4 million	N/A	Annual or monthly payments

What extra Assumption Life 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 Assumption Life Insurance 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:

1. Click the green ‘Get a quote’ button above to be securely redirected to check out Assumption’s available plans.
2. 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.
3. Discuss your options and Assumption Life Insurance needs, and provide personal information such as your name, email address and relevant documents to start the sign-up process.
4. 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.
5. 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 Insurance 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.

Frequently asked questions about Assumption Life Insurance

• Should I get term or permanent life insurance?

  That depends on your personal situation. Many Canadians get term life insurance while they’re paying off their mortgage or saving up for certain financial goals. Permanent life insurance is typically put in place by older individuals who have high incomes/assets and low debt. You may also be able to sign up for a term policy that’s convertible to permanent insurance in the future if you want the best of both worlds.

• When should I buy life insurance?

  Many people decide to get life insurance when they have families or aging parents to care for. Older individuals may want to get insurance when they’re estate planning or are starting to become more aware of potential health conditions.

• Can I sign up for critical illness benefits without getting a term or permanent plan?

  Yes. Assumption Life offers a “Living Benefit” insurance that can help you cover expenses and everyday bills if you become disabled or are diagnosed with a critical illness. The maximum benefit for this coverage is $100,000, and you don’t need a medical to qualify.

• How can I report a claim on my life insurance?

  You can call into Assumption’s telephone hotline to report a claim on your life insurance policy. Unfortunately, there doesn’t seem to be an online claims process.