Founded in Moncton in 1904, Assumption Life is one of the oldest insurance companies in the country. Assumption Life offers life insurance for groups or individuals.
Policyholders can choose from whole, term, or universal life insurance. There’s a network of insurance advisors there to assist each client, as well as an exceptional customer service team.
The Assumption Life app allows clients to submit claims from their phone, check eligibility on coverage, view a map of where the policy is accepted, as well as a tool depicting deductibles and total savings.
Assumption Life Key Information
NAME
DETAILS
Company Name
Assumption Mutual Life Insurance Company
Head Office Address
770 Main St., PO Box 160, Moncton, NB, E1C 8L1
Contacts
506-853-6040 or 1-800-455-7337 Fax: 855-430-0587
Email
client.services@assumption.ca
Website
https://www.assumption.ca/
In Business Since
1903
A.M. Best Rating
-
Financial Assets
C$105.7 Million
Terms and Conditions
https://www.assumption.ca/en/Legal-Notice.aspx
How Do I Purchase a Plan with Assumption Life Insurance?
Contact Assumption Life by phone or on their website in order to purchase a plan.
How Can I Reach Assumption Life Insurance by Telephone?
Contact 506-853-6040 to reach Assumption Life Insurance by telephone.
How Do I File a Claim with Assumption Life Insurance?
You’ll have to contact Assumption Life and request a claims form if you wish to submit a claim.
Assumption Life Insurance Pros and Cons
As with any product or service, and depending on your individual needs, there’s always advantages and disadvantages. Let’s take a look:
Why Assumption Life Insurance Could Be Right for You
Strong financial assets
Flexibility - customizable and accommodating plans
Competitive pricing
Why Assumption Life Insurance May Not Be Right for You
Limited product offerings
Not the greatest website in comparison to other insurance companies
Does not service all areas of Canada
What Does Assumption Life Insurance Cover?
Assumption Life offers a diverse range of insurance products designed to meet various financial needs. These products include life insurance, which provides financial protection to loved ones in case of the policyholder's passing. Additionally, they offer critical illness insurance, which offers a lump sum payment upon diagnosis of a serious illness. Disability insurance provides income replacement if the policyholder becomes unable to work due to disability. Assumption Life also provides health and dental insurance options for comprehensive medical coverage. Furthermore, they offer travel insurance to safeguard against unexpected events while traveling. These products collectively address a wide spectrum of financial and health-related concerns.
Assumption Life - Life Insurance Plans
Assumption Life offers a comprehensive array of life insurance plans catering to diverse needs. The FlexTerm plan provides customizable coverage durations, while Youth Plus is tailored for young individuals. Golden Platinum focuses on seniors with unique benefits. Essential offers fundamental coverage, and No Medical Life Insurance provides options without medical exams. These plans collectively ensure a range of choices, accommodating various life stages and requirements.
FlexTerm
FlexTerm is a term life insurance offered to you by Assumption Life, and is for individuals between the ages of 18-75. It is adequate for people who need low cost insurance that is flexible. FlexTerm is available for 10, 15, 20, 25, 30, and 35 years of coverage. The coverage for FlexTerm ranges from $50,000 to $4,000,000. In addition, the product is for individuals aged between 18 and 75, and medical exams are not required to enroll in the life insurance coverage of $999,999 and below. You can convert your FlexTerm policy to a permanent insurance product offered by Assumption. The plan also includes optional riders or features such as child insurance benefits, as well as critical illness riders. Should you become disabled or injured, you may receive a benefit of up to $3,500. The life and disability premiums for this plan remain the same through the contract.
Youth Plus
Youth Plus from Assumption Life is a guaranteed term life insurance, for individuals as young as just 15 days old, to the age of 25; but only purchasable until the age of 17. Should a child become ill as described in the contract, Youth Plus will offer the child a living benefit. This gives you access to the policy’s face amount, making it possible for you to take care of your child without having to worry about finances. Once your children reach age 25, they can convert the plan to a permanent or term life insurance plan, irrespective of their health status or proof of insurability. This feature is made possible by the guaranteed insurability. The premium for this plan remains the same all through the life of the contract.
Golden Protection Elite Term
Golden Protection Elite Term life insurance from Assumption Life Insurance is a term life insurance created for individuals with a clean medical history who do not wish for a medical exam in order to be approved for medical insurance. This insurance is available to you at a term of 10 years or 20 years. If you are in between the ages of 18-44, you’ll receive a minimum coverage of $50,000. And if you’re between the ages of 45-70, the minimum coverage you’ll receive is $25,000. The maximum coverage for any age group or term is $1,000,000.
Platinum Protection Elite Term
Platinum Protection Elite Term is the best choice offered for life insurance from Assumption Life Insurance. It is created for individuals who are between the ages of 18-70, with no medical history, who do not wish to be medically examined in order to obtain life insurance. If you’re between the ages of 18-44, the minimum coverage you’ll receive is $50,000. And for those that are between the ages of 45-70, the minimum coverage is $25,000. The maximum for both age groups is $500,000. The key feature to the Platinum Protection Elite Term is that you are able to transfer your insurance policy over to permanent life insurance without being screened again.
Essential Whole Life
Essential Whole Life is Assumption Life’s most cost-effective life insurance, and caters to individuals who are between the ages of 18 and 75. This plan does not involve any medical exam for coverage of $999,999 or less. In addition, the coverage for this plan ranges from $10,000 to $4,000,000. If you lose your work due to an injury or illness, the Essential Whole Life Insurance has an optional disability insurance feature, providing a monthly disability income up to $3,500. Furthermore, you can add a critical illness rider. You can also add extra protection to the coverage such as child insurance benefit, and disability insurance. Throughout the life of the contract, the life and disability benefits will remain the same.
Platinum Protection
Platinum Protection is a permanent life insurance offered by Assumption Life for individuals between the ages of 18-85. With no medical exam required, you can get insured immediately. For those who are between the ages of 18-70, the coverage ranges from $10,000 up until $500,000. And for those who are between the ages 71 to 85 the range offered is $10,000 up to $125,000. Policyholders can select if they wish to pay their premiums for life, until they turn 100, or they can opt for paying for premiums for 20 years, from the age of 18 until 80.
Golden Protection Elite
Golden Protection Elite is a permanent life insurance product offered to you by Assumption Life. With this plan, the minimum coverage for individuals between the ages of 18-75 is $10,000, and the maximum is $150,000. For individuals between the ages of 71-85 years of age, the minimum coverage is $5,000, and the maximum is $25,000.
Golden Protection
Golden Protection is a permanent life protection offered by Assumption Life for individuals between the ages of 40 and 85. This coverage allows you to qualify for insurance even if your application was postponed or declined in the past two years. The coverage for this plan is in the range of $1,000 to $100,000 for people between ages 40 and 75 and $1,000 to $50,000 for people between 40 and 85. The insured can take advantage of the living benefit with no additional cost involved.
Silver Protection
The Silver Protection permanent life insurance plan from Assumption Life is for individuals between the ages of 40 to 85. If you are between the ages of 40 and 70, the minimum coverage you will receive is $5,000, and the maximum is $50,000. For the age group of 71 to 85 years old, the minimum coverage is $2,500, with the maximum coverage being $50,000. Premiums are competitive, with deferred coverage to you for the first two years. The plan is customizable with the option to add an Accidental Fracture Plus rider, plus additional benefits available to you at no additional costs such as terminal illness benefit, transportation benefit, and accidental death.
Bronze Protection
The Bronze Protection is permanent life insurance designed for those who have severe health issues, or for those who live an active and risky lifestyle. You must be between the ages of 18 and 80 years old, and there are no medical exams required here in order for you to qualify. For policyholders between the ages of 18 and 70 years old, the minimum coverage you will receive is $5,000, with a maximum at $50,000. And for those between the ages of 71 to 80 years old, the minimum coverage is $2,500 and the maximum is $25,000. The death benefit is deferred for the first two years. There’s also additional benefits at no additional costs including a living benefit that pays out the 50% of the insured sum incase of critical illness. There’s up to $2,000 on a 200km transportation benefit, as well as an accidental death benefit available to you.
Assumption Life Health Insurance
The Critical Protection health insurance plan from Assumption Life covers 16 critical illnesses. This insurance is available for purchase between the ages of 18-60 years old, but the coverage is available until the age of 75. You can opt for a chronological term of 15, 20 or 25 years, and the coverage ranges from $10,000 to $100,000. This insurance is created to help you cover your living expenses and is not the same as health insurance that covers your medical expenses in the event that you’re sick. Instead, you’ll receive a one time tax-free lump sum benefit in order to help supplement your lifestyle.
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Thanks to Eric Clementi for the great service in getting my family's travel insurance sorted.
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