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Assumption Life Insurance Reviews: Awesome Company BUT Are They The Insurer For YOU?

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Assumption Life Insurance Reviews

Assumption Life Insurance Reviews!

We Have Everything You Need to Make a Good Choice!  

OK, so 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, niches where they specialize and varying reputations.

So let’s see how Assumption Life stacks up to the competition RIGHT NOW!

Why You Should Listen to ME! 

My name is James Heidebrecht and I am the founder of Policy Architects. I work with Canadians to ]protect their families from sudden death, taxes and burial costs.

It’s one of those jobs that are VERY satisfying because I keep people from going through financial devastation when a loved one passes.

Life is VERY costly and I think a lot of us don’t think about this when we are young and healthy. We take our paychecks for granted…

….and vastly underestimate how much it costs to replace income when it’s lost due to death.

Another issue we overlook is the serious costs attached to death, burials and estate taxes.

With a little planning, a lot of turmoil can be avoided!

Assumption Life Question

Hmmm sounds like another sales pitch to me my friend. You want me to call you and buy a policy! 

Assumption Life Answer

Of course I do! This is a business. But I NEVER give advice that I wouldn't give to a family member. For me it's all about integrity. So let's move on with the review! 


Assumption Life

The History of Assumption Life

Assumption Life Question

Why do I care about Assumption Life's story? 

Assumption Life Answer

Because life insurance is a BIG purchase! You invest a LOT of money over your term. That means you want to make sure the insurer you select is run responsibly - and history is part of that. 


La Societe l’Assomption is a small life insurance agency established in 1903 in Massachusettes to help Acadian families…

…and in 1913 Assumption Life 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.

Assumption Life

Assumption Life Insurance Reviews

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 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 information.

Assumption Life Question

I had no idea this info was out there!  

Assumption Life Answer

YES! It's such a quick and easy way to find more about the background of the company you are considering! 


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 19 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 115 years so this is a great sign that the people who manage this company are good at what they do.
Assumption Life

Assumption Life Insurance Reviews

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.

Assumption Life Insurance Reviews: Google

Assumption Life Insurance Google Reviews

I have seen a trend with this. Some life insurance companies are opting out of online reviews. Yes indeed!

After going through reviews for the past two years I can see why they do it.

As I mention above – the comments have a tendency to be skewed…

….so it’s likely they see the writing on the wall and opt-out.

That being said, they can’t stop public opinion 100% so let’s see what else we can dig up.

Assumption Life Insurance Reviews: BBB 

Assumption Life Insurance BBB

I tried to find more information about Assumption Life on sites like Insureye but there was nothing. This company isn’t that prominent on the internet.

They do however have a good score with the BBB (Better Business Bureau) which is a very good sign.  Assumption Life has 4 out of 5 stars.

Unfortunately, that’s just based on one review – but you don’t see a barrage of negativity.

Assumption Life Insurance Reviews: Glassdoor 

Assumption Life Insurance Glassdoor

Because there is so little information online I wanted to dig a little further and found out that Assumption Life Insurance gets 4.5 stars out of 5 as an employer.

Wow!

But maybe you’re wondering how this impacts their business…

Happy employees typically translate into good customer service. Sure there’s no guarantee but employee satisfaction is connected to performance.

Assumption Life Question

Hmm I don't feel like I know a whole lot more...

Assumption Life Answer

My thoughts are no news is GOOD new. Bad news travels fast and if there were a lot of issues you'd see them appear on the internet. 


Assumption Life

Assumption Life Insurance Reviews

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!

Assumption Life Term Insurance 

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 

Assumption Life FlexTerm Life Insurance

Assumption FlexTerm Life Insurance 

  • Ages 18 – 75
  • Terms: 10,15, 20, 25, 30, 35 years
  • Coverage from $50K – $4Million
  • If you select less $499,999 of coverage or less no medical exam is required
  • 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 option available
  • Renewable or convertible
  • You may change the term
Assumption FlexOption Life Insurance

Assumption FlexOption Life Insurance 

  • Ages 18 – 65
  • Terms: 15, 20, 25
  • If you select less $499,999 of coverage or less no medical exam is required
  • 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
  • Convertible to permanent insurance
  • In most cases no proof of mortgage is required (mortgage or loan protection)
  • Insurance face value will never be less that 50% of initial coverage amount
assumption life youth plus

Assumption 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 you child become ill you can access to part of the face value of the life insurance
Assumption Life Insurance No Medical Term Plus

Assumption Life Insurance No Medical Term Plus 

  • No medical exam required or attending physician statement (APS) 
  • 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)
Assumption Life Insurance No Medical Term

Assumption Life Insurance No Medical Term

  • No medical exam or attending physician statement (APS)
  • 10 or 20 year terms
  • Ages 20 – 70
  • Coverage form $50K – $150K
  • Living benefit 50% of face value in case of terminal illness
  • Transportation benefit (200km up to $2K)

Assumption Life Insurance Permanent Coverage 

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! 

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

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 

Assumption Life Golden Protection

Assumption Life Golden Protection

  • Ages 40 – 85
  • Coverage $1K – $100K for people ages 40 – 70 or Coverage $1K – $50K for people ages 40 – 85
  • Qualify even if you have been declined or postponed in the past 2 years
  • 4 times the sum insured up to $150K in case of accidental death in a common carrier
  • Accidental fracture rider available
  • Living benefit no additional cost
  • Cash value available
Assumption Life Total Protection

Assumption Life Total Protection 

  • Ages 18 – 80
  • Coverage: $5K – $50K
  • No medical exam
  • Deferred coverage for first 2 years (premiums reimbursed with 3% interest if death occurs before this period ends)
  • No waiting period for accidental death (protection may double for accidental death)
  • Cash value guaranteed 3rd year of policy
  • Living benefit no additional cost
Assumption Life No Medical Whole Life Plus

No Medical Whole Life Plus 

  • Ages 20 – 70
  • Coverage: $10K – $250K
  • No medical exam or attending physician statement (APS)
  • Answer 16 clear medical questions to qualify
  • Cash value available
  • Living benefits (50% of the face value if you’re diagnosed with a critical illness)
  • Transportation benefit (200km up to $2K)
  • Temporary insurance agreement
Insert Image

Assumption Life Essential Whole Life 

  • Ages 18 – 75
  • Coverage: $10K – $4Million
  • Life pay, 20 year pay and pay to age 65
  • No medical exam and immediate coverage for $499,999 and less
  • Disability insurance option for monthly income up to $3,500 in the event of loss of work due to injury or illness
  • Critical illness option available
  • Child insurance benefit available
  • Individual or joint policies available

Assumption Life Living Benefits 

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:

Assumption Critical Protection

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 Participating Life Insurance

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.

Assumption Life Insurance offers 2 products:

Assumption Life ParPlus

Assumption Life ParPlus 

  • Ages 18 – 75
  • Coverage: $5K  – $4Million
  • Payable over 20 years or 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
assumption life parplus junior

Assumption 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
Assumption Life Question

I'm impressed! They have quite a selection of products for a small company!

Assumption Life Answer

They do indeed! 

Assumption Life

Assumption Life Insurance Reviews

Application Process

Different companies have very different approaches to their websites and application process.

It’s fascinating to go through the sites to see what they have to offer. It also gives me some ideas for our site.

Assumption Life opted for a VERY simple approach. There is no place for potential customers to apply for coverage online.

They provide some information about their policies – but no way to assess your potential rates.

On the other hand, they do have some great tools. If you are looking for Insurance coverage they provide a home budget calculator, a disability insurance calculator and a savings calculator. These are very informative and easy to use.

To apply to Assumption Life simply contact one of their agents – or better yet call Policy Architects 🙂 

Assumption Life

Assumption Life Rates

Because the Assumption Life site offers no information about rates I want to make sure we investigate them ourselves.

This is the part of every review that people wait for. Clients invariably want to know how much they have to pay for coverage.

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.

Rates Coming Soon!

Assumption Life

Assumption Life Insurance Pros

Assumption Life Insurance Pros

Assumption Life Insurance Has a Long History 

Assumption Life Insurance has been around for approximately 115 years. I really like to see this in an insurer. It means their business model has managed to withstand World Wars, a Depression and Recessions. 

Assumption Life Insurance Pros

Great Financial Rating 

Assumption Life Insurance currently has a very strong financial base and this is reflected by their excellent ratings.

Rest assured if you have a life insurance policy with this company your investment is safe.

Assumption Life Insurance Pros

Mutual Life Insurance Company Status

Similar to Equitable Life, Assumption Life is a Mutual Life insurance company. As such, they are beholden to their policyholders NOT traditionals stockholders. Any profits the mutual company earns are distributed to policyholders through dividends, lowered premiums and other benefits.

Assumption Life Insurance Pros

Wide Selection of Life Insurance Coverage  

Whatever your circumstances you can find coverage at Assumption Life. They have an excellent variety of term, permanent and participating policies.

Assumption Life Insurance Pros

Clear Information Available About Coverage 

Although Assumption Life’s site is VERY simple it provides the information you need regarding the products they have.

The one thing that is missing for me is information on their rates and I will revisit this below.

Assumption Life Insurance Pros

Cool Selection of Tools 

Assumption Life provides calculators to help you determine what your needs are. I really like this touch. Although it doesn’t replace speaking to a good independent life insurance agent!

Assumption Life Insurance Pros

Strong Local Community-based Activism

Assumption Life is very active in its local community both financially and socially. In 2018, six percent of their 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. Not to mention, employees are engaged in volunteer work during and outside of office hours.

Assumption Life

Assumption Life Insurance Pros

Assumption Life Insurance Cons

Rates Are Hard to Find 

I prefer transparency when it comes to life insurance. More information is better.

Unfortunately, some insurers prefer to keep rates close to the vest. They feel agents are a better way to transmit this information. If you follow my reviews you know that I strongly recommend shopping around.

Although Assumption Life is a great company it may not be the perfect fit for you!

Assumption Life Insurance Cons

Lack of Reviews 

I am not attached to this as a con – although I would prefer if there was more information from consumers about this product.

The radio silence is likely positive –  but we just don’t know for sure.

Assumption Life

Call Policy Architects TODAY! 

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 and 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.

All of 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 give Policy Architects a call today! We can help.

James Heidebrecht Assumption Life Insurance Reviews

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