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Are you prepared for life’s unexpected health challenges? Critical illness can strike when least expected, and having the right insurance plan can make all the difference in maintaining your financial stability during recovery.
Assumption Life’s critical illness insurance product offers a streamlined approach to coverage, ensuring that individuals between 18 and 60 can receive up to $100,000 in protection for 16 covered illnesses, all without the hassle of a medical exam. With flexible term options and a quick approval process, it’s designed for those seeking peace of mind, fast.
Don’t wait until it’s too late. Explore critical illness insurance from Assumption Life today and ensure that you and your loved ones are protected. Read on to see how it works, its pros and cons, and how it compares with other options and find the best fit for your needs.
- Key takeaways:
- Assumption Life’s Critical Protection plan is available for Canadians aged 18-60 with the option of purchasing between $10,000 and $100,000 of benefit amount.
- Qualifying is a breeze with just 16 simple questions and no medical exams.
- The plan covers 16 illnesses, including cancer, heart attack, and stroke, offering broader protection than most simplified issue plans but fewer than fully underwritten plans.
About Assumption Mutual Life Insurance Company
Assumption Life’s roots trace back to 1903, when it was founded as Société l’Assomption in Waltham, Massachusetts. Originally established as a fraternal benefit society, it was dedicated to serving the local community through mutual support and financial security. In 1913, the company relocated its headquarters to Moncton, New Brunswick, where it remains to this day.
In 1969, the organization transitioned from a fraternal society to a mutual insurance company, adopting the name Assomption Compagnie Mutuelle d’Assurance-Vie. A decade later, in 1979, The Assumption Life Foundation was created, allocating 1% of the company’s annual profits to educational and entrepreneurial initiatives. Since its inception, the foundation has granted over $4 million in donations and scholarships, demonstrating Assumption Life’s commitment to community development and education.
By 2007, Assumption Life had grown into a national company, serving clients across Canada. As of 2023, the company boasts $2 billion in assets under management and policyholders’ equity of $177.8 million, along with an impressive solvency ratio of 157%. Its financial stability is further underlined by its A.M. Best rating of A- Excellent, which it has maintained for 24 consecutive years, reflecting its long-standing strength and reliability in the insurance industry.
Besides critical illness insurance, the company offers a diverse range of insurance products, including:
- Term life insurance
- Whole life insurance
- Group insurance
- Segregated funds
- Payout annuities
Key facts about Assumption Mutual Life Insurance Company
AM Best Rating: A-
Head office: 766 Main St, Moncton, NB E1C 1E6
Website: https://assumption.ca/
Contact phone number: 1-800-455-7337
What Critical Illness Insurance Plans Does Assumption Life Offer?
What is critical illness insurance?
Critical illness insurance provides a tax-free lump sum payment if you’re diagnosed with a serious illness covered by the policy. Unlike your provincial health insurance, which pays for medical treatments, this coverage is designed to help with non-medical costs such as living expenses, mortgage payments, or rehabilitation. The financial support allows you to focus on recovery without the stress of meeting financial obligations.
What does it cover?
Typically, critical illness insurance covers major health conditions like life-threatening cancer, heart attack, and stroke. Depending on the provider, other illnesses such as kidney failure, Alzheimer’s disease, organ transplants, and multiple sclerosis might also be included. The number of covered conditions vary between insurers, so it’s crucial to understand what’s included in your plan.
Who needs critical illness insurance?
This type of insurance is beneficial for those who may not have the financial cushion to cover the costs of recovery. If an illness would prevent you from working and jeopardize your ability to cover day-to-day expenses, critical illness insurance can provide crucial protection. It’s especially helpful for individuals with dependents, mortgage obligations, or those without substantial savings.
How much coverage do you need?
The amount of coverage you need depends on your financial situation and the costs you’d face if you became ill. A good place to start is having enough to cover:
- 6 to 12 months of living expenses
- Medical treatments not covered by healthcare plans
- Additional costs related to your recovery
- Travel expenses for out-of-country treatment
- Home modification costs to improve accessibility
Policyholders often choose coverage between $50,000 and $250,000, depending on their individual needs.
Is it worth it?
Whether critical illness insurance is worth it depends on your personal risk tolerance, financial situation, and health background. While premiums can sometimes seem high, the potential payout in the event of a serious illness can provide significant peace of mind. It can be especially valuable if you are the primary income earner or lack a robust emergency fund. The financial security it provides typically outweighs the costs, but it’s important to weigh your specific needs against the policy’s benefits.
Now let’s take a look at the features and pros and cons of Assumption Life’s critical illness plan.
Critical Protection
Assumption Life’s plan, called Critical Protection, offers comprehensive coverage for a 16 critical illnesses, including cancer, heart attack, and stroke. Designed for individuals seeking fast and easy coverage, this plan features a simplified issue process that eliminates the need for time consuming and intrusive medical exams or reports.
With Critical Protection, you can qualify quickly by simply answering “no” to just 16 medical and lifestyle questions. This streamlined application process makes it easier than ever to get the coverage you need.
The plan offers flexible term lengths from fixed premiums guaranteed for 15, 20, or 25 years, to level premiums to age 75. Most plans are available for purchase for individuals between age 18 and 60.
Critical Protection also provides affordable coverage options, with purchase amounts ranging from $10,000 to $100,000. This flexibility ensures that you can choose a coverage amount that aligns with your financial goals.
Assumption Life’s Critical Protection plan is ideal for individuals who want fast and hassle-free critical illness coverage. It’s also a great option for people with busy lifestyles who don’t have time for lengthy medical exams. If you’re seeking affordable protection against major illnesses, Critical Protection is worth considering.
- Pros:
- Critical Protection offers coverage for a broader range of illnesses compared to many other simplified issue plans, which typically only cover the three most common conditions: cancer, heart attack, and stroke.
- Critical Protection includes a flexible return of premium rider, allowing you to start receiving 50% of your premium payments back from age 65 if no claims have been made. This percentage increases by 5% each year, enabling you to get a full 100% refund of your premiums by age 75.
- Unlike many other simplified issue plans where premiums may fluctuate, Critical Protection offers guaranteed premiums, providing you with consistent rates throughout the life of your policy.
- Cons:
- Unlike some competing plans, Critical Protection does not offer partial payouts for less severe illnesses, limiting the benefits to only full payouts for covered critical conditions.
- Critical Protection enforces a 30-day survival period for all covered illnesses, unlike many other insurers that only apply this waiting period to cardiovascular conditions.
- Assumption Life does not offer any value-added services, such as Teladoc Medical Experts or MediGuide Second Opinion, which are commonly provided by many other insurers to enhance policyholder support.
In summary, Assumption Life’s Critical Protection plan offers a simple, affordable option for those seeking comprehensive coverage for multiple illnesses, with guaranteed premiums and flexible features, though it lacks some of the additional benefits found in other insurers’ plans.
Here is a table summarizing the key features and benefits of Critical Protection:
Critical Protection | |
|---|---|
Age eligibility | 18-60 |
Number of illnesses covered | 16 |
Plan types | Term-15, Term-20, Term-25, Term-75, Term-75 20-pay |
Guaranteed premiums | Yes |
Expiry | Age 75 |
Coverage limits | $10,000 to $100,000 |
Survival period | 30 days for all illnesses |
Partial benefits | None |
Conversion privileges | No |
Type of underwriting | Simplified underwriting. A medical exam is not necessary |
Riders | Return of premiums upon death, flexible return of premiums |
Value-added service | None |
How to purchase | Through a licensed insurance advisor |
What Illnesses Does Assumption Life Critical Illness Insurance Cover?
Assumption Life’s Critical Protection plan covers 16 critical illnesses. Here is a complete list:
Critical Protection
- Accidental loss of limbs
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Blindness
- Coma
- Coronary artery bypass surgery
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Life-threatening cancer
- Major organ failure on waiting list
- Major organ transplant
- Paralysis due to an accident
- Severe burns
- Stroke
The 16 illnesses covered by Critical Protection surpass the three or four typically included in other simplified underwriting plans, but fall short compared to the 25+ illnesses offered by fully underwritten comprehensive plans. However, it’s important to note that fully underwritten products are more difficult to qualify for, as they often require medical exams and doctor’s reports, making the approval process longer and more complex.
Additionally, some conditions under Critical Protection are more restrictive; for instance, it only covers loss of limbs or paralysis due to an accident, while other insurers may not impose such limitations.
Unfortunately, Critical Protection does not provide partial payouts for less severe illnesses. In contrast, most other insurers offer partial benefits—typically around 15% of the total coverage—for conditions like early-stage cancers or coronary angioplasty.
How Much Does Assumption Life Critical Illness Insurance Cost?
Several factors influence the cost of Assumption Life’s Critical Protection plan. Age is a key determinant, as premiums increase if you’re older when you purchase a policy. Similarly, gender plays a role, with men and women often being assessed differently based on the statistical likelihood of developing certain illnesses. Smoking status significantly impacts rates, with smokers facing higher premiums due to the increased risk of health complications.
The coverage amount also directly affects the cost—the higher the lump sum benefit you choose, the more you’ll pay in premiums. In addition, optional features like the return of premium rider can raise the overall cost of the plan. This rider, which allows for the refund of premiums under specific conditions, adds a layer of flexibility but comes at a higher price.
Since Critical Protection is a simplified issue plan, your health and lifestyle do not directly influence your premium rates. Instead of adjusting costs based on medical conditions or habits, the application requires you to answer ‘no’ to a set of health and lifestyle questions. If you answer ‘yes’ to any of these, you are ineligible for coverage, simplifying the underwriting process and keeping rates consistent for all eligible applicants.
The following table outlines the monthly premiums for a $100,000 term-15 Critical Protection plan for healthy, non-smoking men and women in the first 15 years.
Age | Male | Female |
|---|---|---|
25 | $33 | $35 |
30 | $35 | $40 |
35 | $46 | $49 |
40 | $64 | $61 |
45 | $87 | $78 |
50 | $146 | $111 |
55 | $218 | $145 |
60 | $360 | $214 |
How Do You Buy An Assumption Life Critical Illness Insurance Plan?
Purchasing critical illness insurance from Assumption Life is much like the process with any other insurer, but with the added benefit of quicker underwriting. Here’s a step-by-step guide to obtaining coverage:
Step 1: Get a quote from an insurance advisor
Start by locating a licensed insurance advisor in your province. They can provide a quote based on the amount and term of coverage you’re seeking. If you’re unsure about your needs, the advisor will help assess your financial and medical situation to recommend the appropriate coverage level.
Step 2: Review medical and lifestyle questions
Since Assumption Life’s Critical Protection plan uses simplified underwriting, qualifying is based on answering ‘no’ to 16 medical and lifestyle questions. Before applying, review these questions to ensure you’re eligible. Keep in mind that answering ‘yes’ to any of the questions will disqualify you from obtaining coverage.
Step 3: Apply for coverage
Once you’re ready, your advisor will help you submit an electronic application. Assumption Life only accepts applications through its online portal, which can only be accessed by an insurance advisor.
Step 4: Quick approval
Since there’s no additional underwriting or medical exams involved, your application should be approved quickly if you meet the qualifications. The simplified process speeds up approval compared to fully underwritten policies.
Step 5: Accept and pay for your policy
After approval, accept your policy and make your first payment to start your coverage. Once in place, you’ll be protected for the term and benefit amount chosen, providing peace of mind in the event of a critical illness.
Need An Assumption Life Critical Illness Insurance Quote?
In conclusion, Assumption Life’s Critical Protection plan offers a simplified and efficient solution for critical illness coverage. Whether you’re looking for a quick approval process, guaranteed premiums, or flexible term options, this plan can be tailored to meet your needs.
If you’re unsure whether this is the right plan for you, we invite you to reach out for a free, no-obligation consultation. We’ll not only compare your options across multiple insurers to ensure you get the best coverage, but also provide ongoing support to make sure your policy remains aligned with your evolving financial and personal circumstances.
Additionally, we can design a comprehensive insurance solution that includes life, disability, health & dental, and critical illness coverage. For more information, you can email us at info@briansoinsurance.com or call us at 604-928-1628 today, or simply use the form below to receive a quote directly in your inbox. Let us help you protect your future!
Get Your Critical Illness Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
