Assumption Life is one of the oldest Canadian Life Insurance companies originated in Massachusetts in 1903, and moved to Moncton, New Brunswick in 1913. Assumption Life is recognized as one of the best employers in the Atlantic provinces thanks to its exceptional work environment. In fact, the insurance company is listed in the 12th annual list of Atlantic Canada's Best Employers as compiled by the editors of the Canada's Top 100 Employers. Also, Assumption Life is one of only two Mutual insurance companies in Canada, i.e. owned by the policy holders rather than shareholders.
Term Life Insurance products from Assumption Life are a great choice for any Canadian based on a few particular aspects:
- Competitive pricing depending on age and sex
- A product shelf offering plans for most client needs, e.g. traditional medically underwritten term, decreasing term, ideal for mortgages, whole life, and very competitively priced and minimal qualification questions for Simplified Issue plans (i.e. no medical exam is required). Also they do have several riders (optional coverages) including long term disability and critical illness that can be added to the term policy.
- Fairly high coverage limits which are available without in-person medical exam – you can expect coverages of up to $999,999 (for ages under 45) that are available only based on a medical questionnaire.
- Very generous age limitations: e.g. Assumption Life’s Flex Term products are available for Canadians up to the age of 75, and Simplified Issue lifetime plans are available up to the age of 85.
The only Term Life insurance aspects that consumers should pay attention to are:
- Virtually all term policies offer a conversion from term insurance to permanent up to a certain age, typically age 70, which Assumption Life supports, however their permanent options for conversion are not as broad as other companies, so if converting at a future date is likely, you may want to consider other providers.
- Their renewals at the end of a term, e.g. term 20, are in 20-year increments, whereas other companies after the initial term have yearly or 5-year increment premium increases which for some people may be preferable.
As a life insurance broker, I also consider some different factors than a client would, e.g. insurance company's broker support, ease of use illustration software, simple application process, fairness and qualify of underwriting decisions and efficient and speedy decisions once an application is submitted. Based on that, I would rate Assumption Life as 4.5 out of 5.
Summarizing it all together: Assumption Life products represent a great option, if you are looking for an affordable Term life Insurance protection, especially for longer periods of time e.g. if you have young children or need to cover a long-term mortgage. Also, for the hard to insure, their Simplified Issue / Non-Medical Term plans are competitive and relatively easy to qualify for.
Review Authour: Richard Parkinson, Insurance and Annuities Broker
Knowledge: Richard has deep knowledge of products of 30+ Canadian life insurance companies and specializes across Life Insurance, Disability Insurance, Critical Illness Insurance, Long-Term Care Insurance, Annuities
Publications: Author of 13 articles published in Advocis FORUM Magazine, targeted for advisors and life insurance professionals.
Provinces served: AB, BC, ON, NB, NS, NL, PE, YT
Years of experience: Almost 20 years
Interested to talk to Richard? CONTACT RICHARD HERE >.