Assumption life insurance review (2025 update)

Assumption Mutual life insurance company, also known as Assomption Vie, is a longstanding Canadian company (originally founded in Massachusetts!) that sells term life insurance and term life insurance  permanent life insurance policies. You can find a wide variety of financial services and financial planning support here, from universal life insurance options to travel insurance.

This company is known for its more lenient residency requirements, with policies available to holders of work permits, open permits, caregivers, and people on post-graduation work permits. It also has a higher-than-average age limit for no medical policies (85 years old) and plenty of add-ons to customize your coverage.

Assumption life insurance ★★★★☆ (3.5)

^{* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years for $500,000 in coverage.}

Assumption Life has a middling industry reputation but above-average customer ratings. While Assumption Life’s policies are not the cheapest on the market, the company does excel in flexibility and variety — including guaranteed issue products.

Assumption has won several awards for its culture, sustainability, and philanthropy in recent years. It also has an A+ rating from the Better Business Bureau and an A- financial strength rating from A.M. Best. 

Assumption stands out from the crowd mostly for its non-resident coverage, but here are three more beneficial features:

• Mobile app ClaimSecure (iOS and Android)
• Thousands of customers across Canada
• Mostly positive reviews

Overall, this company is a good option for non-residents and people who seek no-medical life insurance. You can find Assumption offices in Moncton (headquarters), but the company operates nationwide including Nova Scotia, Manitoba, Alberta, British Columbia, Ontario, Nova Scotia, and Prince Edward Island.

Methodology

PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers. 

Our analysis combines 450,000+ quotes for 50+ life insurance products with in-depth research on 20+ providers. We assigned each product a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 12 categories.

Rankings are determined first by star rating and then by price, with preference given to expert recommendations by PolicyMe’s team of life insurance advisors. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice.

Assumption life insurance pros and cons

You may be happy with Assumption Life’s coverage options, but your premiums probably won’t be the cheapest on the market.

Pros

Cons

Assumption life insurance cost and value

The cost of life insurance in Canada depends on your lifestyle risk factors and the coverage you want. Versatile Term life insurance from Assumption ranges from 6% below to 12% above industry average, depending on your age and sex at birth.

^{* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.}

^{** Compared to the average monthly costs for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

About pricing comparisons

To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 18-29 with $500,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.

Assumption life insurance reviews and customer service

Assumption Life earns a 4-star review on Google, high enough to earn a “Great Customer Service” badge for its performance. 

Policyholders note strong communication from advisors and quick response times. 

Assumption life insurance products at a glance

Assumption sells term and permanent life insurance policies for financial security in Canada.

Assumption life insurance riders

Note that some policies come with riders included, like an Extreme Disability Benefit with FlexTerm policies.

• Accidental death: Beneficiaries receive an additional lump-sum payout if you pass away from accidental causes.
• Disability income: Receive a monthly benefit if you become disabled from your job.
• Waiver of premium: Continue receiving insurance but premiums are waived if you become disabled.
• Critical illness: Receive a lump-sum payout if you get diagnosed with a critical condition while still alive (covered conditions vary)
• Child insurance: Kids get life insurance coverage, with options to convert later on.
• FlexTerm life: Add temporary term life coverage to a permanent policy.

How Assumption compares to other providers

Let’s compare Assumption Life to two other major life insurance providers in Canada. 

^{* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.}

Assumption life insurance vs. PolicyMe life insurance

Both are good companies, but PolicyMe has a slight edge over Assumption Life.

Cost

PolicyMe typically offers more affordable options for life insurance policies, although it depends on the policy. If you’re a healthy adult, PolicyMe is more likely to save you money both now and in the future (retirement planning, anyone?).

Customer Satisfaction

Both companies earn good customer service reviews. However, PolicyMe has a 5-star rating on Google and Assumption has a 4-star rating. 

Convenience

Assumption Life has strong ratings from AM Best, but PolicyMe offers a fully digital experience backed by real advisors for people who want human advice. PolicyMe also gets better industry-wide ratings overall.

The bottom line: Who should consider Assumption?

You may want to consider Assumption Life life insurance if you’re a non-resident in Canada, such as a worker, a caregiver, or a student. It’s also a good company for no-medical life insurance with general age limitations. 

Assumption doesn’t have the cheapest rates, but its customers report generally positive experiences with the company. Plus, you can get a variety of products from Assumption (even mortgage loans). You might even be offered group insurance through Assumption at your job.

If you want similar flexibility and lower premiums, try PolicyMe, which offers affordable term life insurance policies and a streamlined digital experience.

FAQ: Assumption life insurance

^{*** The life insurance premium rates in this article are based on publicly available figures as of December 2025.}