Assumption Life Insurance Review
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Assumption Life is a life insurance provider that offers a full suite of insurance products and services. The company was established in New Brunswick in 1913 and now services consumers all across Canada. Interestingly, Assumption Life was headed by members of the clergy. Today, Assumption Life is a key contributor to the economy of Atlantic Canada and now has around $2 billion in assets.
The company offers a slew of life insurance products, so you should have no issue finding a product that perfectly suits your needs. With so many options available, you can easily customize a life insurance policy.
Let’s go further into detail about Assumption Life and all the options they offer to help you decide if this is the right insurance provider to work with.
Types of Life Insurance Assumption Life Offers
You can choose from a wide range of life insurance policies from Assumption Life to suit your needs and budget.
Term Life Insurance
A term life insurance policy offers more cost-effective coverage to help keep costs low without sacrificing protection. This type of coverage will protect your loved ones during your working years when mortgage payments are still due and your dependents rely on you to pay the bills.
This policy is also ideal for those who are self-employed and are still paying off their high start-up costs. It’s also suitable for business owners who require coverage for their company and other partners who may be involved.
Assumption Life offers various types of term insurance policies, including the following:
- FlexTerm – This policy offers coverage that ranges from $50,000 to $4 million for individuals between the ages of 18 to 75 with an option to increase the term.
- FlexOptions – This policy is available to people between the ages of 18 to 65 for terms of 15, 20, or 25 years. No proof of mortgage is required in most cases, and there is a disability insurance option.
- Youth Plus – This policy covers children between the ages of 15 days to 17 years, and premiums remain fixed over the life of the policy.
- No Medical Term Plus – As the name suggests, no medical exam is required for this policy, which is available to individuals between the ages of 20 to 70 and offers coverage from $50,000 to $250,000.
- No Medical Term – Coverage for this policy ranges from $50,000 to $150,000, and is available to individuals between the ages of 20 to 70. No medical exam is required.
Permanent Life Insurance
Unlike a term policy, a permanent life insurance policy lasts a lifetime, no matter how old you are when you pass away. As long as the policy is kept active through timely premium payments, coverage will never cease. And the death benefit paid out to your beneficiaries is tax-free.
For the most part, permanent insurance features a cash value, which you can cash in on if you cancel your policy. You may also be able to borrow against this cash value, but the amount you withdraw will be deducted from the death benefit, which means your beneficiaries will be paid out less when you pass away.
Assumption Life offers various types of permanent insurance policies, including the following:
- Golden Protection – This no-medical policy is available to individuals between the ages of 40 to 85. Coverage ranges from $1,000 to $100,000, and premiums and coverage will never change while the policy is active.
- Total Protection – This policy is available to individuals between the ages of 18 to 80 and requires no medical exam. Coverage ranges from $5,000 to $50,000, and there is no waiting period to receive accidental death coverage.
- No Medical Whole Life Plus – Available to individuals between the ages of 20 to 70, this policy offers coverage ranging from $10,000 to $250,000, and no medical exam is required.
- No Medical Whole Life – This no-medical permanent policy is available to individuals between the ages of 20 to 70. Coverage ranges from $10,000 to $150,000.
- Essential Whole Life – This policy is available to individuals between the ages of 18 to 75 and requires no medical exam. Coverage ranges from $10,000 to $4 million.
If you suffer an ailment or injury that prevents you from working, a living benefit policy can provide you and your family with the financial compensation needed when you can’t cover your bills on your own.
Assumption Life offers the following living benefit policy:
- Critical Protection – This living benefit policy is available to individuals between the ages of 18 to 60 with coverage ranging from $10,000 to $100,000. No medical exam is required, and terms of 15, 20, and 25 are offered.
Participating Life Insurance
A participating life insurance policy pays out dividends to your named beneficiaries after you pass away. It provides lifelong coverage, and dividends are sheltered from taxation. Dividends are generated from the insurance company’s profits and are generally paid out annually over the life of the policy.
Assumption Life offers the following participating life insurance policies:
- ParPlus – The policies are available to individuals between the ages of 18 to 75 and no medical exam is required for coverage less than $249,999. Coverage ranges from $5,000 to $4 million and is payable for 20 years or for life.
- ParPlus Junior – This policy is available to children between the ages of 15 days to 17 years. Coverage ranges from $5,000 to $4 million and is payable for 20 years.
Benefits of Using Assumption Life Insurance
There are plenty of reasons why Assumption Life should be on your shortlist of life insurance companies to obtain a policy from. Here are a few benefits to ponder:
- Several term life insurance policy options are available. There is no shortage of life insurance policies to choose from with Assumption Life, and each category is broken down into even more options, helping you to fully customize your policy.
- No-medical options are available. If you don’t want to go through the hassle or stress of undergoing a medical exam, Assumption Life offers plans that do not require a visit to the doctor.
- Convenient online application. Apply for a life insurance plan online from the comfort of your home.
- Ability to convert short-term policies into long-term policies. If you decide to extend your life insurance policy at any time due to changing needs, you can do so at any time.
- Option to include disability insurance. In addition to traditional life insurance policies that pay out a death benefit when you pass away, you can also take out a policy that will provide you with a payout if you are ever unable to work due to a major illness or injury.
- Some policies can be carried to a certain age. Depending on the type of policy you take out, Assumption Life may allow you to carry your policy up to a specific age rather than just for a set term.
- Long track record in the insurance business. Assumption Life has a long history in the insurance industry. They’ve been around since 1903 and have managed to weather trials and tribulations, including both World Wars and the Great Depression.
How Do You Apply For Assumption Life Insurance?
You can apply for a life insurance policy from Assumption Life by registering for an online account. To do so, you’ll first need to fill out the request form, which will require the following information:
- Full name
- Date of birth
- Mailing address
- Telephone number
- Email address
- Names and titles of authorized signatories if the owner is a Body Corporate
Once the form has been completed and signed, it can be emailed, faxed, or mailed to Assumption Life.
Depending on the type of life insurance policy you want to take out, you may be asked to undergo a medical exam, though there are plenty of options that don’t have such requirements.
Assumption Life Overview
|Term Life Insurance||Permanent Life Insurance||Living Benefit||Participating Life Insurance|
|Maximum Coverage||$250,000||$4 million||$100,000||$4 million|
|Term||15 – 25 years||Lifetime||15 – 25 years or up to age 75||20 years or for life|
|No medical option available||Yes||Yes||Yes||Yes|
|Age range||– 18 – 75 years|
– Youth option available for children between 15 days to 17 years
|18 – 85 years||18 – 60 years||– 18 – 75 years|
– Youth option available for children between 15 days to 17 years
How Do I Make a Claim?
A claim will need to be filed by your beneficiaries after you pass away. They will have to submit a copy of your death certificate to Assumption Life, after which the specified death benefit on your policy will be paid out in a tax-free lump sum to the beneficiaries named in your policy.
If you have a disability benefit on your policy, you can file a claim yourself to receive a payout to compensate for lost wages as a result of an illness or injury. You’ll need to provide proof of your disability as part of your claim.
Cost of Getting Life Insurance With Assumption Life
Since there are so many different types of life insurance policies offered by Assumption Life, it’s difficult to generalize how much you can expect to pay for a policy. Plus, there are a number of other factors that come into play that will impact your premiums, including the following:
Age. The older you are when you first take out a life insurance policy, the higher your premiums will be. That’s because the risk of health issues increases with age, as does the risk for your insurer. As such, your premiums will go up with age.
Current health. Healthier individuals pose less of a risk of filing a claim. They are rewarded with lower premiums compared to those who aren’t as healthy and may be suffering from a health issue. That’s why you will be asked a number of questions relating to your current health status as part of the process of establishing an accurate quote. Or, you may have to undergo a medical exam to give your insurance provider an accurate picture of your health.
Family health history. If your family has any history of chronic or hereditary health problems, your insurer will want to know about them, as they will affect your premiums.
Smoking. If you smoke, your premiums will be much higher compared to policies taken out by non-smokers. The risk of developing a chronic health issue is much greater if you smoke, which therefore places a higher risk on the part of the insurance company, who will then charge you higher premiums as a result. If you smoke, you will likely have to participate in a medical exam before a policy is provided.
Coverage. The higher your requested coverage amount, the higher your premiums will be.
Term length. Longer terms are more expensive than shorter terms. And permanent policies tend to be more expensive than term policies since the former are designed to last a lifetime.
There’s plenty to think about when it comes to taking out a life insurance policy. You will be responsible for making timely premiums every month. That said, you also want to make sure that you and your family will be adequately covered should you suffer an untimely passing while life’s biggest bills still need to be paid.
Ultimately, you should work with an insurance company that can offer you the right type of coverage to give you peace of mind knowing that your loved ones are financially protected. And if you run a business, you may also want to consider the livelihoods of your business partners and employees. Consider taking out a policy that protects everyone involved.
Assumption Life has so many options when it comes to life insurance. You’d be hard-pressed not to find something that will provide you with the right type of coverage at a price that fits within your budget.
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