Fact CheckedOK, you are looking through all the Assumption Life Insurance Reviews out there because you heard they are a great company!
Well, then, you are most definitely ahead of the pack, my friend.
The homework you do BEFORE you buy a life insurance policy saves you some serious money…
…and when I say that, I mean THOUSANDS of dollars.
Not all life insurance companies are created equal. They all have different products and niches.
So let’s see how Assumption Life stacks up to the competition RIGHT NOW!
The History of Assumption Life
La Societe l’Assomption is a small life insurance agency established in 1903 in Massachusetts to help Acadian families…
…and in 1913, they moved to Moncton, New Brunswick.
This company was run as a fraternal society until 1969, when it became a mutual insurance company and adopted the name Assumption Compagnie Mutuelle d’Assurance-Vie (Assumption Mutual Life Insurance Company).
“What is a Mutual Life Insurance Company? Great question…a mutual insurance company is owned entirely by its policyholders. Any benefits or financial gains made by the company are shared with policyholders in the form of dividends or lowered premiums. In effect, when you become a policyholder, you become part of the company. Mutual Insurance companies are not traded publicly on the stock exchange nor do they have shareholders.”
Life Insurance isn’t the only thing Assumption Life is involved in. They have some subsidiaries that include:
- Louisbourg Investments (portfolio with over $2.2 billion AUM)
- Assumption Place (real estate holdings)
- Atlantic Holdings
In 2018, Assumption Life was recognized in its local community by earning the Business Excellence Award from the Moncton Chamber of Commerce.
Assumption Life Financial Rating
Did you know that life insurance is a highly regulated business? Yep, it sure is. This is to protect consumers from unscrupulous people.
One industry that emerged from this is the financial rating agencies. These agencies assess the economic health of life insurance companies and assign them a grade.
It’s one of the first bits of research you can and should do when starting your search for life insurance. The good news is this information is easily accessible and provides much insight.
Well, I’ve got some GREAT news for you if you want to buy a life insurance policy from Assumption Life—AM Best has given them an “A—” rating for 24 years.
Rest assured, if you want to use this insurer, your money will be safe with them!
“Also remember they have been in business for over 120 years so this is a great sign that the people who manage this company are good at what they do.”
Assumption Life Insurance Products
If you have been reading my reviews, I enjoy checking out the products. The difference between a good agent and a GREAT agent is information.
I genuinely love my job, which gives me an upper hand. I love reading about new developments and technologies.
This means we will pick the right insurer together. It would be best if you didn’t spend a dollar more than you have to or compromise on coverage.
The key is knowing that not all life insurance companies are equal. What works for you may not work for your spouse or your children.
Ok, let’s move ahead with the products!
1. Assumption Life Term Insurance
Ahh, term life insurance—you are the best! At least for most people.
If you are looking for flexible, affordable coverage, Term is your go-to.
Select a term (the number of years you need protection) and a face value (the amount of money you want your family or beneficiaries to receive when you die), answer some questions, and take a medical exam (for a traditional term), and voila!
The next step? The underwriters review your answers and medical information and either approve or decline your application. If approved, the life insurance company issues you a rating (Standard, Preferred, and Preferred Plus), determining how much you will pay. Don’t worry—approximately 80% of all term life insurance applications are approved at standard rates or higher. Of that 80%, maybe one-third will receive preferred or elite ratings.
Most people are given a standard rating, but you can also be rated worse…
…and then there is the rare denial
Now that term life insurance is clearly defined, let’s see what Assumption Life offers!
“Before zeroing on the right term period, it is important for you to gauge the financial difficulties your family and dependents would face when you are no longer there and the number of years it would take to get rid of these difficulties.”
“Ideally, you should opt for as long a policy term as available. This is because with term life insurance, you can discontinue the policy when you feel that all your liabilities and goals have been achieved and that you do not have any financial dependents.”
FlexTerm Life Insurance
- Ages 18 – 75
- Term Lengths: 10,15, 20, 25, 30, 35 years
- Coverage from $50K – $4Million
- Disability option available (providing $3500 per month if you are out of work due to an illness or injury)
- Premiums are level for your term
- Individual or joint policies
- Critical Illness options available
- Renewable or convertible
- You may change the term
Life Youth Plus
- No medical exam
- Coverage up to age 25 (available 15 days to 17 years old)
- Once your child reaches age 25, you can convert to term or permanent insurance without a medical exam
- Living benefit: should your child become ill, you can access part of the face value of the life insurance
Platinum Protection Term (no medical Insurance)
- No medical exam or attending physician statement (APS) required
- Ages 20 – 70
- Coverage $50K – $250K
- Renewable and convertible to permanent whole-life policy with no medical exam
- Living benefit: 50% of the face value if you are diagnosed with a terminal illness
- Transportation benefit (200km up to $2k)
Golden Protection Term (no medical Insurance)
- No medical exam or attending physician statement (APS) required
- 10 or 20-year terms
- Ages 20 – 70
- Coverage from $50K – $150K
- Living benefits 50% of face value in case of terminal illness
- Transportation benefit (200km up to $2K)
2. Assumption Life Permanent Coverage
Are you looking for coverage until the day you die? Permanent insurance is the product for you. It may also have a cash value component that can be used for investment, retirement income, borrowing against, etc.
The thing is, it’s complicated AND more expensive than term!
Which means permanent coverage is NOT for everyone. I am going to say that upfront.
So let’s take a look at the products Assumption has to offer:
3. Assumption Life – Participating Whole Life Insurance
Participating in life insurance enables policyholders to earn dividends. This creates additional funds to give you better cash flow, pay your premiums, or increase coverage.
These dividends are performance-based and are not guaranteed.
Whole Life ParPlus
- Ages 18 – 75
- Coverage: $5K – $4Million
- Payable over 20 years of life
- No medical exam for coverage less than $249,999
- Disability insurance option providing $3500 per month if you are unable to work due to illness or injury
Whole Life ParPlus Junior
- Participating whole life insurance for children
- Safe investment component
- Ages 15 days to 17 years
- 20 year pay
- Coverage: $5K – $4Million
- No medical exam $249,999 or less
4. Assumption Life – Simplified Issue, No Medical Insurance
Assumption Life is one of my favorite carriers for no-medical life insurance. These whole life insurance policies are ideal for covering funeral costs or final expenses. I find that a large number of my senior clients, who have moderate health issues, will qualify with Assumption Life. Many of them will purchase a small $10,000 to $25,000 plan to ensure their families aren’t burdened with the cost of a cremation or traditional burial.
All these plans have the following guarantees:
- The monthly cost will never increase
- The coverage amount is a level benefit and will never go down
- The benefit pays out 100% tax-free to your family. They use the money to pay a funeral provider. Any money left over stays with your family.
- Policy can never be canceled because of any change to your age or health
Platinum Protection Whole Life
- No Medical Exam or fluids required
- Ages 18 – 85
- Coverage: $10,000 – $750,000
- Life pay, 20-year pay
- First day coverage, policy issued immediately
- Term Riders Available
- Includes a Transportation and Terminal Illness Benefit
Golden Protection Whole Life
- No Medical Exam or fluids required
- Ages 18 – 85
- Coverage: $5,000 – $250,000
- Life pay, 20-year pay
- First day coverage, policy issued immediately
- Term Riders Available
- Includes a Transportation and Terminal Illness Benefit
Silver Protection Whole Life
- No Medical Exam or fluids required
- Ages 18 – 85
- Coverage: $5,000 – $50,000
- Coverage is Deferred, comes with a 2-year waiting period
- Includes a Transportation and Terminal Illness Benefit
Bronze Protection Whole Life
- Guaranteed Issue, No Medical Exams or medical questions
- Ages 18 – 80
- Coverage: $5,000 – $50,000
- Coverage is Deferred, comes with a 2-year waiting period
- Includes a Transportation and Terminal Illness Benefit
5. Assumption Life Living Benefits
People are living longer past severe medical diagnoses. Technology is terrific, but there are complications. What happens to your family while you are out of commission and not producing income? This is where Critical Illness Insurance comes in.
If you want to learn more about this product, click here.
Let’s see what Assumption Life Insurance has to offer:
Assumption Life Critical Protection
- Ages 18 – 60
- Coverage: $10K – $100K
- 15, 20, 25, and up to age 75 terms available
- No medical exam or waiting period
- Renewable
Assumption Life Insurance Rates 2024
I want to warn you. Although you can find estimated rates online, no one can give you a completely accurate quote until we know your circumstances.
Don’t be lured in by the “simplicity” of quotes online. Life insurance is a complicated business, and you must do some leg work to get the most comprehensive coverage for rock-bottom rates.
I am using standard rates for this review simply because that’s what most people get. However, depending on your health and family history, you may or may not qualify for these rates.
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| Age | $250,000 | $500,000 |
| 35 Year Old Male | $21.38 | $32.85 |
| 35 Year Old Female | $16.88 | $26.10 |
| 40 Year Old Male | $28.58 | $48.15 |
| 40 Year Old Female | $22.05 | $36.00 |
| 45 Year Old Male | $45.00 | $76.05 |
| 45 Year Old Female | $32.85 | $55.35 |
| 50 Year Old Male | $73.13 | $127.80 |
| 50 Year Old Female | $53.55 | $91.35 |
| 55 Year Old Male | $131.18 | $242.10 |
| 55 Year Old Female | $91.13 | $166.95 |
| 60 Year Old Male | $335.70 | $433.35 |
| 60 Year Old Female | $163.13 | $308.70 |
| 65 Year Old Male | $383.18 | $1,163.70 |
| 65 Year Old Female | $257.85 | $498.60 |
*Assumption Life Insurance Quotes, 20-year term, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. July 2024.
Assumption Life Pros
1. Assumption Life Insurance Has a Long History
Assumption Life Insurance has been around for approximately 120 years. I like to see this in an insurer. This means that their business model has managed to withstand World Wars, the Depression, and the Great Recession.
2. Awesome Financial Rating
Assumption Life Insurance has a solid financial base, reflected by its excellent ratings.
Rest assured, your investment is safe if you have a life insurance policy with this company.
3. Mutual Life Insurance Company Status
Similar to Equitable Life, Assumption Life is a Mutual Life insurance company. As such, it is accountable to its policyholders, NOT traditional stockholders. Mutual company profits are distributed to policyholders through dividends, lower premiums, and other benefits.
4. Wide Selection of Life Insurance Products
Whatever your circumstances, Assumption Life can provide coverage. They offer various terms, permanent policies, and participation policies.
5. Excellent Suite of No Medical Life Insurance Products Ideal For Final Expenses
Assumption Life has one of the best simplified-issue life insurance offerings in the Canadian marketplace. I rank them right ahead of Industrial Alliance and Canada Protection Plan. These products are well designed to use for covering end of life expenses.
6. Long-Term Lengths: 10 to 35 Years!
7. Strong Local Community-based Activism
Assumption Life is very active in its local community, both financially and socially. In 2019, six percent of its net earnings were donated to various social causes, including 139 organizations and projects. The Assumption Life Foundation awards 21 scholarships annually to students and educational institutions. Employees are also engaged in volunteer work during and outside of office hours.
Assumption Life Cons
1. Assumption Life Insurance is Eastern Centric
Even though Assumption is active in every province and territory across Canada, its critical mass is in the east. That can create problems when it comes to supporting brokers in the West. Nevertheless, this isn’t an issue for consumers and I had to give them at least one Con.
Is Assumption Life Insurance Right For YOU?
Life insurance is a purchase that should never be taken lightly!
There’s a lot to think about. How much coverage do you need (today, 10, 20, and 30 years into the future)? How long do you need protection? What product do you need…
…AND which life insurance company is the best fit.
These moving parts work together to create the perfect plan for you. What works for one person won’t necessarily work for another.
So, if you are sifting through Assumption Life Insurance reviews, contact Policy Architects Today! Click the button below to get a free quote or schedule a call.
