Assumption Life Insurance Reviews: Awesome Company BUT Are They right for YOU?

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.

This company was run as a fraternal society until 1969 before becoming a mutual insurance company and adopting the name, Assomption 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 it’s local community by earning the Business Excellence Award from the Moncton Chamber of Commerce.

Did you know that life insurance is a highly regulated business? Yep, it sure is. This is to protect consumers from unscrupulous people.

One of the industries that came out of this is the financial rating agencies. They assess the financial comings and goings of the life insurance companies and give them a grade.

It’s one of the first bits of research you can and should do when you are starting your search for life insurance.  The good news is, this information is easily accessible and provides a lot of 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 20 years in a row.

Rest assured if you are looking to use this insurer, your money is safe with them!

“Also remember they have been in business for over 117 years so this is a great sign that the people who manage this company are good at what they do.”

Well, I have a little disclaimer before I start this section. I don’t tend to rely heavily on online reviews for an accurate assessment of a life insurance company.

Why?

Because in my experience they are inaccurate and often cast a shadow over companies unfairly. There are a number of reasons for this:

• People are stressed when they make claims – so any hold up isn’t appreciated. If you are in a tough situation anything less than smooth sailing takes on a whole lot more meaning.
• Clients are unlikely to write positive reviews. YEP. They expect professionalism. Which means they are much more likely to complain.
• Reviews are anonymous so anyone can say anything for any reason.
• Some life insurance companies carry more than one product. Always check to make sure the reviews are connected to the product you want to buy.
• Insurance agents aren’t all created equal and may give inaccurate information, push people to buy the wrong product or fail to pull all relevant information. While this is not common it happens and reflects badly on the insurance companies.

This all leads me to the conclusion that these reviews are not particularly reliable. In fact, there are some companies I personally know are awesome and they get the short end of the stick.

If you have been reading my reviews then you know I really enjoy checking out the products. The difference between a good agent and a GREAT agent is information.

I truly LOVE my job! Which gives me an upper hand. Reading about new developments and technologies is my jam.

Which means together we will pick the right insurer for you. We don’t want you to spend a dollar MORE than you have to OR compromise on coverage.

The key is knowing not all life insurance companies are created equal. What works for you won’t necessarily work for your kids.

Ok, let’s move ahead with the products!

Ahh term life insurance – you are the best! Or at least for most people most of the time.

If you are looking for flexible, affordable coverage well then Term is your go-to.

Simply select a term (number of years you need protection), 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 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) which determines how much you will pay. Don’t worry, approximately 80% of all term life insurance appliants 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 has to offer!

“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.”

Pick Your Term Insurance Policy Smartly, Deccan Herald 

Looking for coverage until the day you die? Well, permanent insurance is the product for you.  It also has a cash value component that can be used for investment, retirement income, borrow against, etc.

The thing is it’s complicated AND expensive!

Which means permanent coverage is NOT for everyone. I am going to say that upfront.

However, when it works for you, it works a charm. My favourite reasons for permanent life insurance are:

• Final expense coverage
• A tax shelter when you’ve exhausted all your other options
• To benefit children who have special needs (it’s a great way to fund a trust)
• Covering steep estate taxes when you want to pass on a family home, property or simply pay a very large tax bill
• To equalize inheritances
• Benefit a charitable organization
• Etc! 

“Funeral expenses and estate fees. Even a modest funeral can cost thousands of dollars, and estate costs – such  as probate and executor fees – can add thousands more. Life insurance can provide your dependents or your estate with the cash it needs to settle these expenses – without the sale of key estate assets.”

Life insurance: 10 things you need to know, The Star

So let’s take a look at the products Assumption has to offer:

Participating life insurance enables policyholders to earn dividends. This creates additional funds that can give you better cash flow, pay your premiums or increase your coverage.

These dividends are performance-based and are not guaranteed.

People are living longer past serious medical diagnoses. Technology is wonderful – but there are complications. What happens to your family while you are out of commission and aren’t 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:

I want to give you a warning. You can find ESTIMATED rates online. The thing is 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 to get the most comprehensive coverage for rock bottom rates you have to do some leg work.

For the purposes of this review, I am using standard rates, simply because it’s what most people get. However, you may be able to do better depending on your health and family history.

Age	$250,000	$500,000
35 Year Old Male	$25.43	$41.40
35 Year Old Female	$20.35	$32.40
40 Year Old Male	$33.30	$54.00
40 Year Old Female	$26.33	$43.20
45 Year Old Male	$49.28	$82.80
45 Year Old Female	$37.80	$66.15
50 Year Old Male	$79.20	$141.30
50 Year Old Female	$56.25	$106.65
55 Year Old Male	$139.95	$258.75
55 Year Old Female	$155.70	$171.45
60 Year Old Male	$249.98	$469.35
60 Year Old Female	$166.95	$314.55
65 Year Old Male	$398.93	$787.95
65 Year Old Female	$267.75	$529.20

*Assumption Life Insurance Quotes, 20 year term, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. June 2020.