Assumption Life: the Moncton mutual known for no-medical coverage
A mutual insurer headquartered in Moncton, New Brunswick, best known for life insurance you can get without a medical exam. Here is what it sells and who it suits.
The short answer
Assumption Life is Assumption Mutual Life Insurance Company, founded in 1903 and headquartered in Moncton, New Brunswick. It is one of the few national insurers based in Atlantic Canada. It offers fully underwritten FlexTerm, no-medical term and whole life under the Platinum Protection and Golden Protection names, ParPlus participating whole life, Critical Protection critical illness with no medical exam, and segregated funds managed by its subsidiary Louisbourg Investments.
Assumption Life at a glance
Assumption started as a fraternal society in Waltham, Massachusetts, and became a mutual insurance company in the late 1960s. Its no-medical plans are designed for people who want quick approval or have a health history.
Assumption Life insurance and investment products
What each product does and who it suits. Names and features as published by Assumption Life, reviewed October 2026.
| Type | Product | What it does | Good for |
|---|---|---|---|
| Term life | FlexTerm | Fully underwritten term from 10 to 35 years, from $100,000; renewable and convertible, with an optional critical illness rider. | Families who can pass a full medical and want the lowest price |
| No-medical term | Platinum Protection Term | Term life with no medical exam or blood tests; renewable and convertible. Coverage limits depend on age. | Healthy people who want fast approval |
| No-medical term | Golden Protection Term | Smaller amounts of no-medical term coverage, up to $250,000, for ages 18 to 70. | Final expenses, small debts, quick coverage |
| Simplified issue | Golden Protection Elite (term and whole life) | Simplified-issue plans for people with a medical history, with immediate coverage when approved. | People who were rated or declined elsewhere |
| Whole life | Golden Protection Plus | No-medical whole life whose coverage can grow 3% a year until it doubles or the insured reaches 100. | Funeral and final-expense planning |
| Participating whole life | ParPlus and ParPlus Junior | Par whole life with dividends and several dividend options, including paid-up additions; a junior version for children. | Lifelong coverage with cash value |
| Critical illness | Critical Protection | No medical exam if you can answer no to the health questions; $10,000 to $100,000 for ages 18 to 60, covering 16 conditions. Return-of-premium riders available. | People who want CI without tests |
| Investments | Assumption Life segregated funds | Funds managed by Louisbourg Investments, plus Registered Investment Accounts; potential creditor protection and probate bypass. | RRSP, TFSA and non-registered savings |
Availability, ages and amounts depend on the product, province and underwriting. The contract and illustration govern.
Which Assumption Life product fits you?
Pick your main goal, age and health. You'll see the Assumption Life products to ask about, and when another insurer may be the better fit.
A planning aid, not advice or underwriting. Pankaj compares Assumption Life with the other insurers he represents before recommending.
Where Assumption Life stands out
- Strong range of no-medical and simplified-issue life insurance.
- Critical illness available without a medical exam.
- Mutual company with participating whole life options.
- Electronic applications and digital policies.
What to watch
- No-medical coverage costs more than fully underwritten insurance.
- Policy and rider fees on no-medical plans can be high, according to independent reviews.
- Smaller company than the big national insurers.
- Many product names that are easy to confuse; ask which plan you are getting.
How to buy Assumption Life through Pankaj
The premium is the same as buying direct; you also get an advisor who compares other insurers.
1. Talk about needs
Income, debts, family, goals and budget. Pankaj runs a needs analysis and compares Assumption Life with other insurers.
2. Apply
Most applications are electronic, with e-signature. Some coverage needs a phone interview, paramedical exam or tests.
3. Policy and service
Pankaj delivers and explains the policy, then helps with changes, beneficiary updates, renewals and claims.
Assumption Life: frequently asked questions
Can I get Assumption Life insurance without a medical exam?
Yes. Platinum Protection, Golden Protection and Golden Protection Elite are issued without a medical exam or blood tests.
Approval depends on your answers to the health questions. Platinum is for healthier applicants; Golden Protection Elite is for people with a medical history.
What is FlexTerm?
Assumption's fully underwritten term life, from 10 to 35 years.
Because you go through full underwriting, FlexTerm usually costs less than the no-medical plans if you are healthy.
Does Assumption Life sell critical illness insurance without a medical exam?
Yes. Critical Protection can be approved without a medical exam if you answer no to its health questions.
Coverage runs from $10,000 to $100,000 for ages 18 to 60. If you answer yes to a question, the application can still go to underwriting.
What is Golden Protection Plus?
A no-medical whole life plan whose coverage can grow 3% a year.
The increase continues until the original amount doubles or the insured reaches 100. It is often used to pay for a funeral.
Where is Assumption Life based?
Moncton, New Brunswick.
It was founded in 1903 and sells across Canada through independent advisors.
Does Assumption Life offer investments?
Yes. It offers segregated funds managed by its subsidiary Louisbourg Investments, and Registered Investment Accounts.
Segregated funds can offer creditor protection and let the money pass to beneficiaries outside the estate.
Can I buy Assumption Life through Pankaj Bhatia?
Yes. Pankaj represents Assumption Life and compares it with the other insurers he works with.
The premium is the same as through any other advisor.
Written by Pankaj Bhatia, CHS, PFA
Licensed insurance & financial advisor · Insure In Canada Inc. · Mississauga & Cambridge, Ontario
Pankaj is a licensed insurance and financial advisor (Insure In Canada Inc.) who represents Assumption Life alongside other Canadian insurers. He has helped families with life, critical illness and investment planning for 11 years.
Call 647-640-2222 · WhatsApp · About Pankaj · Google reviews
Get a Assumption Life quote or a second opinion
Send Pankaj your age, coverage amount and goal. He'll show you the Assumption Life option and how it compares.
Sources and related pages
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Other insurer guides
Independent guide by Pankaj Bhatia, a licensed advisor; not published by Assumption Life. Product names and features are summarized from Assumption Life's published materials and independent reviews as of October 2026 and can change. The policy contract, illustration and fund facts govern. Segregated fund values fluctuate except for the applicable maturity and death benefit guarantees.