Assumption originally started out in Massachusetts way back in 1903. But, the company decided to service the Canadian market as well. This is a company that focuses on a large range of insurance products. They are also heavily involved in the communities they service. As part of the Canadian insurance industry, the company complies with all rules and regulations.
Assumption Term Life Insurance
There are a lot of people that don’t have a lot of extra money to put towards their life insurance. They may also have more short-term needs for this type of insurance product. The best choice in these cases is term life insurance. Assumption offers a good term life insurance that comes with some options.
- There are options for 15, 20 or 25 years worth of coverage
- The policy can be carried to a specified age
- Premiums are lower compared to another type of life insurance
- It is ideal for those who have a heavy debt load and want to be sure their insurance is going to cover this in the case of their death
- It is a good choice for those who are small business owners who have a high debt ratio
- This type of insurance can be used to protect a business partner
- It can be used to fund a buy/sell agreement
- Flexible terms meaning possibly no medical exam.
- It is renewable
- This term life can be converted to another type of insurance
- Increase term options
- Option to include disability insurance
- A cap on decrease amount
Assumption Youth Plus Term Life Insurance
This term life insurance is geared towards the youth.
- For the age group 15 days to 17 years
- No change in premiums during the term of the policy
- Guaranteed death benefit for child’s coverage that does not decrease until after the insured reaches 25 years of age
- No medical exam
Assumption No Medical Term Immediate Life Insurance
Another option among the Assumption term life insurance products.
- No medical exam or blood test requirements
- Geared for the age group of 20 to 70
- Coverage ranges between $50,000 to $250,000
Assumption Permanent Life Insurance
Many of those who are shopping for life insurance want a simple form of life insurance. A policy that is going to cost a specific amount of money. Plus, one that is going to remain consistent throughout the life of the policy. For these people, Assumption Life Insurance is offering Permanent insurance.
- It gives the beneficiary a chance to pay outstanding debts upon the death of the insured
- It can be used to pay the inheritance taxes
- Some use these funds for funeral expenses
There are different Categories of Permanent Life Insurance being offering by Assumption
Assumption Golden Protection Permanent Life Insurance
- Premiums remain the same
- Perfect for those in the age group of 40 to 85
- No medical exam is required
- Coverage range is $1,000 to $100,000
Assumption Total Protection Permanent Life Insurance
- Ideal for the age group of 18 to 80
- The accidental death coverage comes with no waiting period
- No medical exam
- Coverage ranges from $5,000 to $50,000
Assumption No Medical Whole Life Immediate Life Insurance
- This option has no requirement for medical exams or blood tests
- There are cash value options
- Structured for those in the age group of 20 to 70
- Coverage ranges from $10,000 to $250,000
Assumption No Medical Whole Life Deferred Life Insurance
- Same as Immediate except
- Coverage ranges from $10,000 to $150,000
- 2-year deferral of coverage for the first two years
Assumption Essential Whole Life
- The best choice for those in the age group of 18 to 75
- Coverage ranges from $10,000 to $4,000,000
- No medical exam or blood tests required
Assumption Participating Life Insurance
There is a large group of people that want to use life insurance as an investment. Assumption Life Insurance accommodates them with the offering of Participating Life Insurance. This type of insurance not only provides life insurance but allows for dividends throughout the life of the policy. Insurance shoppers who invest in this type of insurance feel as though they ae getting the best of both worlds.
Can be helpful when cash is needed
Can accumulate savings to create a larger payout
There may be an option for tax sheltering
Assumption Life Insurance offers two separate insurance packages for those that want to go with participating life insurance.
Assumption ParPlus Participating Life Insurance
- This can be paid over a 20-year lifespan
- There won’t be any medical exam needed for those taking coverage of $249,999 or less
- It is ideal for those in the age group of 18to 75
Assumption ParPlus Junior Participating Life Insurance
- This product is geared for the young ones between the ages of 15 days to 17 years of age
- The coverage span is $5,000 to $4,000,000
- There is a 20 year pay period.
It may seem confusing that an insurance company such as Assumption would offer so many different types of insurance products. But, there is a good reason for this. Insurance is a personalized product. This means that everyone has different wants and needs when it comes to life insurance. By offering a full variety of different life insurance packages, there is going to be something there for everyone. It also means that one is not paying for coverage that they don’t need.
To eliminate the confusion that comes with choosing a life insurance package there has to be some areas of it that are given close attention.
- How does the value of the policy match up with covering the financial needs of the insured?
- What age range is the insurance product most appropriate for?
- Are the requirements of what the insurance shopper is looking for in the product being met?
- How is it going to benefit the beneficiaries?
- Are the investment options viable for the particular insurance buyer?
- Are the premiums affordable?
The answer to these few questions will help to narrow down the choices that are offered by Assumption Life Insurance.