is a life insurance company based in the tallest building in Monckton, New Brunswick. Its headquarters since 1972, Assumption Place, are Monckton’s tallest building.
Insurance Policies Offered by Assumption Life
Assumption Life’s range of individual insurance products includes critical illness, mortgage insurance
, life insurance
and travel insurance
One of its life insurance products, Golden Protection life insurance is a market leader in the 40 to 80 age group. It is particularly notable because unlike many similar policies there is no need for a medical examination. It also has many other age related insurance policies such as the “Concept Whole Life Junior” and “Youth Plus“ (below 18 years) and Flex Options (18 to 65 years).
Its group insurance policies include dental
, life and disability insurance
(both long term and short term). The group insurance policies have a “Best Doctors” feature which assures that leading specialist physicians are paid to advise the policy holder’s physician if they are diagnosed with a serious critical illness.
Assumption Life Investment Offerings
Assumption Life also offers annuities and through its wholly owned subsidiary Louisbourg Investments it offers a wide range of financial services. Its investment arm has $1.4 billion under management. It controls a subsidiary that is a major holder of Real Estate sector in the Monckton area.
Its investment offerings also include residential and commercial mortgages, financial planning, retirement savings and income plans and tax free savings accounts.
Assumption Life’s market share is particularly strong in the Atlantic Maritime provinces. It has a Canada
wide presence, and is prioritizing growth in areas outside its base in the Maritime provinces, with an expanding market presence in the west of Canada. The company is relatively strong in the French speaking community due to its historic roots there and the fact that a large number of its senior staff, including the CEO, are of French speaking heritage.
It tends to find itself in competition with the specialist life insurance providers such as Sun Life Canada
and Standard Life
. The insurance rating agency A M Best have rated Assumption Life’s offerings as “excellent” (A-) for the last ten years.
Size of Assumption Life
Assumption Life has 75,000 insurance policies with a revenue is $105.7 million, operating income of $7.2 million and net income of $4.1 million. Assumption Life has 339 employees.
Assumption Life is involved in a wide range of charities, including a scholarship fund, breast cancer research and support for Tree of Hope which offers emergency assistance to bereaved families. It has been voted as one of the 100 best companies in Canada to work for.
A Short History of Assumption Life
It was founded by the Catholic Church as a fraternal society to help the Accadian community, and it still has links to that community - recently teaming up with the premier Accadian Credit Union to offer tax free savings accounts. It has been a fully commercial company since 1969, and is no longer operated by the Catholic Church nor does it function as a fraternal society.
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