Assumption Life of Canada
Founded: 1903
  • Term Insurance
    Permanent Insurance
    Participating Insurance
    Universal Insurance
    Critical Illness Insurance

LICAT Ratio 2022
Financial Rating: A-

assumption life new logoAssumption Life of Canada is driven by its mission to make a difference in the lives of its clients and communities. With an unwavering commitment to providing excellent personalized service, it offers simple, affordable solutions to ensure financial security. Its motto, "Making a difference: the motto that guides its actions," reflects its dedication to serving clients and positively impacting the communities it serves.

Commitment to Financial Security

At the very heart of their mission is the commitment to financial security. They understand that economic stability is crucial for individuals and families to thrive. They offer various insurance products to meet clients' diverse needs. Whether looking for life insurance, disability insurance, critical illness coverage, or long-term care options, Assumption Life has you covered.

Life Insurance Products for Every Need

They believe everyone should have access to life insurance, regardless of their health conditions. Their life insurance products are designed to provide financial security for loved ones, even if you have been denied coverage by other insurance companies. With options like Golden Protection, Silver Protection, and Bronze Protection, you can find the right coverage that suits your needs.

Protecting Your Children's Future

As a parent, ensuring the well-being of your children is a top priority. Their child life insurance products provide a safety net in case of the unthinkable, giving your family the time needed to heal. With options like Youth Plus and ParPlus Junior, you can know that your children's future is protected.

Safeguarding Your Property Investments

Protecting your investment with the proper insurance coverage is essential if you have a mortgage or other long-term loan. Their policies, such as FlexTerm (Level and Decreasing), offer better options than your bank may provide. These flexible and affordable term insurance options come with guaranteed premiums in case of death or disability, allowing you to cover your temporary needs effectively.

Life Insurance with a Savings Component

Wouldn't it be great if you could save for a particular project while also getting life insurance? Assumption Life's insurance products generate dividends that can increase cash flow, reduce insurance costs, or accumulate for a larger payout. Specific dividend options may even offer tax-shelter benefits. They also provide your children with the same type of insurance, giving them a head start on building financial security.

Coverage for Critical Illness

Life can change in an instant when a critical illness strikes. Their critical illness coverage provides a lump sum benefit specified in the contract to help cover additional expenses during this difficult time. This coverage protects your health and financial well-being, allowing you to focus on recovery without worrying about the economic strain.

Insurance Solutions for Entrepreneurs

Your needs as an entrepreneur are unique. You may require life insurance that provides coverage for significant needs in the event of your death, such as repaying debts, protecting a partner, or funding a buy-sell agreement. Assumption Life offers term life insurance products tailored to the specific needs of entrepreneurs, providing the necessary financial security for your business.

Giving Back to Charitable Organizations

If you wish to make a charitable gift from your estate, their life insurance products allow you to name the charitable organization of your choice as a beneficiary. By including this option in their products, they aim to support and encourage philanthropy, helping you leave a lasting legacy and make a difference in the causes you care about.

FlexTerm: Versatile and Customizable Term Insurance

FlexTerm is a term insurance product that allows you to create a customized insurance bundle that suits your needs. With options to include disability insurance, critical illness riders, and more, you can design a solution that provides comprehensive coverage for you and your family. Whether you need to reimburse a personal or commercial loan, replace your income, cover your children's education, or create an emergency fund, FlexTerm is designed for when life happens.

Key Features of FlexTerm:

  • Available as a level or decreasing term life insurance
  • Coverage ranging from $50,000 to $10,000,000
  • No medical exam required for coverage of $999,999 or less
  • Fully underwritten for ages 70 to 75
  • Terms available: 10, 15, 20, 25, 30, 35 years
  • Premiums remain the same for the term selected
  • Additional protection options available, such as disability income and critical illness insurance
  • Individual or joint policy options
  • Automatic renewal up to age 90 with no medical exam required
  • Built-in benefits like Extreme Disability Benefits, Insurability Benefits, and Term Exchange Options
  • Smoker and non-smoker rates available

Essential Whole Life: Cost-Efficient Whole Life Insurance

Essential Whole Life is a cost-efficient whole life insurance solution ideal for healthy individuals. It offers lifelong coverage and guarantees a cash surrender value, a basic amount upon death, and premiums that will never increase. Depending on the dividend option chosen, this product provides an extra source of income or the ability to increase the amount of insurance protection.

Key Features of Essential Whole Life:

  • No medical exam required for coverage of $999,999 or less
  • Coverage ranging from $10,000 to $4,000,000
  • Disability insurance option providing a monthly disability income of up to $3,500 in the event of loss of work due to illness or injury
  • Premiums remain the same for the life of the contract
  • Individual or joint policy options
  • Additional protection options available, such as disability insurance, critical illness rider, and child insurance benefit

Living Benefits: Protecting You While You're Living

Living benefits are insurance solutions focused on providing protection should something unfortunate happen while you live. Assumption Life offers a range of living benefit products that help cover expenses and everyday bills in the event of disability or critical illness. These solutions include long-term care, health, dental, and travel insurance.

Critical Protection: Living Benefit for Critical Illness

Critical protection is a living benefit insurance product that covers critical illnesses. It offers financial support as a lump sum benefit if you are diagnosed with one of the covered illnesses. This benefit helps cover additional expenses during your recovery, ensuring that your financial health remains intact while you focus on regaining your physical well-being.

  • No medical exam is required
  • Available for individuals aged 18-60
  • Terms available: 15, 20, and 25 or up to age 75
  • Coverage ranging from $10,000 to $100,000

ParPlus: Participating Whole Life Insurance

ParPlus is a participating whole life insurance product offered by Assumption Life. It pays out dividends that can increase your income or reduce insurance costs, providing added financial security. With guaranteed essential amounts, cash surrender value, and premiums that remain the same, ParPlus offers versatility and stability to policyholders.

  • No medical exam required for coverage of $999,999 or less
  • Premium payment period options: 20-year Pay or Life Pay
  • Available for individuals aged 18 to 70 if payable for 20 years, and 18 to 75 if payable for life
  • Coverage ranging from $5,000 to $4,000,000
  • Additional rider options available, including disability income, critical illness, and child insurance benefit
  • Ability to vote at Assumption Life's annual general meetings


Assumption Life of Canada is dedicated to providing simple and affordable insurance solutions that ensure their clients' financial security and positively impact our communities. With a range of life insurance products, living benefits, and customizable options like FlexTerm and ParPlus, they strive to meet the diverse needs of individuals and families. Our commitment to making a difference guides all our actions, and we are here to support you in every step of your financial journey. Choose Assumption Life for peace of mind and a secure future.

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Speak with one of our friendly and knowledgeable advisors.
Phone: 613-817-4822

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