Assumption Life Critical Illness Insurance (CI) Review

While the maximum amount of coverage offered is lower than Canadian-based insurance companies, Assumption Life’s Critical Protection product also offers a non-medical option that cuts down on waiting times and gets you covered faster.  Assumption Life also has a fully underwritten product (which we’ll get into), but their simplified issue Critical Illness Insurance is one of the few such critical illness plans available in the industry.

Available Insurance Terms

Assumption life CI has some different term choices. The term choice is 15 years, 20, year 25 years, and age 75.  Limited pay option are available, meaning at some point in the future you can stop paying and your coverage will still be there. There is an option with Assumption life that is a 20 pay option however, keep in mind that would only keep coverage on you to age 75 (best case scenario).

Other Features

If you have been shopping for CI before you know there can be quite a few features on your policy that may be important for you. Assumption life doesn’t have many features outside of the cut and dry policy. There is no loss of indecent existing coverage, no partial payouts, and no childhood illnesses coverage. Which are available with some larger companies.

Survival Period 

As hopefully, you know by now, with CI policies there is a survival period you must wait for before the benefits are paid out. With Assumption Life, the survival period is only 30 days. For example, if Jacob suffers a heart attack. He would need to wait 30 days in order to file a claim with Assumption life.

Who is Assumption Life best for? 

Assumption life is best for people who need coverage for a short period of time and a relatively low amount of coverage. Remember with Assumption life the most amount of coverage you can apply for is $100,000. So for anyone who feels that $100,000 is enough coverage and is looking for a plan with a fairly easy application process, Assumption life might be a good fit. However, it is always best to compare plans with other companies to make sure you found the best one for your specific situation.

Pros

• Simplified issue option (can be done over the phone)
• No medical option
• A quick and easy electronic process
• Some coverage has an instant approval  option
• Shorter-term coverage options available
• Limited pay and return of premium options available

Cons

• A limited number of covered conditions (16 conditions) (max of $100,000 of coverage)
• No partial payment for non-life-threatening illnesses
• No children’s coverage
• No whole life coverage