Assumption Life is a Canadian financial services company that has been around since 1903. Assumption Life is just one of the several companies that belong to the Assumption Group; other companies that belong to the Assumption Group include Louisbourg Investments, the Assumption Place and the Assumption Foundation. Assumption Life is based in New Brunswick, but it provides life insurance to residents in all ten Canadian provinces through its 4,000 brokers. Assumption Life did very well in 2010; revenues during that year rose to $149 million, and net profits reached $5.8 million. $8.9 million worth of individual life insurance policies were sold, and Assumption Life was named one of the best 100 places to work in Canada by Mediacorp Canada Inc. Assumption Life holds an A- (excellent) rating from A.M. Best. Some of the products available through Assumption Life include group insurance, critical illness insurance, investment products, group savings and retirement plans, mortgage loans and individual life insurance. Assumption Life sells four different kinds of life insurance: term life insurance, participating life insurance, permanent life insurance and universal life insurance.
Term life insurance comes in four options: FlexOptions, FlexTerm, and Youth Plus. To qualify for FlexOptions and FlexTerm, you need to be between the ages of 18 and 65. You can get these term life insurance policies for a term of 15, 20 or 25 years. Coverage under these plans can range from $50,000 to $4,000,000. The major difference between these two plans is that FlexOptions features decreasing term mortgage insurance in addition to the life insurance component, and FlexTerm helps you save money by offering a combination of life insurance and disability insurance. YouthPlus, like the name suggests, is for younger people; you have to be between the ages of 15 days and 17 years to qualify for this policy.