Assumption Life’s Flex Term: Next to no minuses

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Assumption Life, which employs both a captive and independent sales network, has some unique term policies.

Most notable is their Term Plus plan, which is available for individuals aged 18 to 65, and for face amounts from $50,000 to $2,000,000. There are no medical exams on amounts under $250,000, and the premiums on the life and disability portion are guaranteed not to increase for the length of the term.

The real strength of this plan lies in the its flexibility; the insured can choose from terms of 15, 20, 25, 30 and 35 years of coverage. The can be especially advantageous for those insuring a mortgage, given today’s longer amortization periods. (Assumption Life does also offer a more traditional Term 10 policy.)

On the downside the rates are not always competitive. The disability portion has a benefit period limited to 24 months and all occupation classes are priced at the same rate.  This puts certain skilled occupations and professionals at a disadvantage as the can normally obtain lower rates.

Their Youth Plus plan, which is available for children aged 15 days to 17 years, provides for a level premium to age 25.