Industrial Alliance Life Insurance IA Review in Canada 2025

As one of Canada’s top life insurance companies, Industrial Alliance (iA) Financial Group provides Canadians with essential options to secure their family’s financial future. Finding the right coverage can be challenging, with countless providers to choose from. In this comprehensive review, we take an in-depth look at iA Financial Group’s value and protection offerings.

Overview of Industrial Alliance Life Insurance in Canada

Industrial Alliance Life Insurance is one of Canada’s established providers, offering a range of coverage options to meet different needs.

What is Industrial Alliance Life Insurance?

Founded in 1892 and headquartered in Quebec City, Industrial Alliance (iA Financial Group or IA life insurance ) has grown to become one of the largest insurance and wealth management companies in the country. With over 4 million customers nationwide, iA Life Insurance has established itself as a leader in the Canadian life insurance space.

Some key facts about iA insurance’s presence across the Canadian market:

• Currently ranked 5th in market share among Canadian insurers at 10%
• Responsible for approximately $2.5 billion in annual Canadian insurance sales
• Reports total assets under management exceeding $86 billion
• Maintains an A+ (Superior) rating from AM Best, indicating financial stability
• Operates coast-to-coast by servicing all 10 provinces and 3 territories

Given its long track record, broad presence, and large client base across Canada, iA has solidified itself as a prominent national life insurance carrier. Their strong financial ratings provide added peace of mind that policies will be supported over the long haul.

Source : https://ia.ca/ia-story

What Products Do Industrial Alliance Life Insurance Offer?

Industrial Alliance Life Insurance provides an extensive suite of life insurance solutions to meet the diverse needs of the Canadian market. Here is an overview of their key policy options:

Term Life Insurance

• Pick-A-Term – Customizable terms ranging from 10 to 40 years
• Access Life – No medical exam guaranteed issue term life

Permanent Life Insurance

• Whole Life – Lifelong level premiums with accumulating cash value
• Child Life & Health Duo – Combines permanent life for kids with critical illness
• Life & Serenity 65 – Additional payouts after age 65 for specified conditions
• Participating Life – Dividend-eligible permanent policies to boost benefits

Universal Life Insurance

• Genesis UL – Adjustable premiums and investment portfolio options
• EquiBuild UL – Guaranteed cash value with integrated coverage enhancements

Supplementary Products

• Critical illness insurance
• Disability insurance
• Health spending accounts
• Dental & vision coverage

This diverse selection provides options tailored to Canadians across all life stages and coverage timeframes.

IA Term Life Insurance

For Canadians seeking temporary coverage, iA’s term life plans are:

Pick-A-Term

Pick-A-Term is iA’s unique form of adjustable term life insurance, offering unmatched flexibility compared to competitors. Policyholders can choose any term length between 10 to 40 years – not just preset options. This allows buyers to customize the policy duration to meet their precise short or mid-term coverage needs.

Other key features include:

• Guaranteed convertibility to permanent insurance up to age 71
• Available to applicants aged 0 to 70 years old
• Coverage amounts from $25,000 up to $20 million
• Premiums locked in for the selected term length

For unparalleled flexibility in temporary coverage, Pick-A-Term is a standout product in the Canadian marketplace.

Access Life

Access Life is iA’s simplified issue term life insurance, available with streamlined underwriting requiring no medical exam. As long as applicants meet the basic eligibility criteria, they are guaranteed coverage regardless of any health conditions.

This makes Access Life an appealing option for higher-risk Canadians who may not qualify for traditionally underwritten policies.

Key Access Life features:

• Offered in 15, 20 or 25-year terms
• Guaranteed acceptance for qualified applicants ages 20 to 60
• Coverage amounts from $10,000 up to $500,000
• Can convert to permanent insurance prior to age 71

For quick no-exam coverage, Access Life fills an important niche for older or higher-risk applicants.

IA Permanent Life Insurance

For lifelong protection, Industrial Alliance Life Insurance offers following permanent life insurance solutions:

IA Whole Life insurance

iA’s Whole Life insurance provides permanent coverage with level, guaranteed premiums until age 100. The death benefit and accrued cash value grow over time, providing policyholders with increasing value.

Ideal for longer-term income replacement or inheritance planning, key features include:

• Lifelong level premiums and death benefit coverage
• Available for Canadians aged 0-85 years old
• Coverage from $10,000 up to $10 million

Child Life & Health Duo

This unique bundled product provides complete protection for children by packaging permanent life insurance with critical illness coverage.

The critical illness benefit pays out if the child is diagnosed with any of the 30 covered juvenile conditions. Meanwhile, permanent life insurance remains in force for their entire lifespan.

Key features:

• All premiums are paid up by age 30 – the policy remains active
• Guaranteed conversion rights at major life events
• Covers children aged 0-25 years old
• $20,000 to $500,000 in combined coverage

For whole life protection of kids plus critical illness coverage, this combo product offers robust value.

Life & Serenity 65

Life & Serenity 65 is a permanent life insurance policy with added benefits after age 65. If policyholders develop a specified illness like dementia, Parkinson’s, or loss of autonomy or require long-term care, the insurer will pay out 1% of the death benefit each month to cover costs.

Ideal for securing senior care funding, key details include:

• Lifelong premiums are payable until age 100
• Lump-sum or monthly payouts after age 65 for covered illnesses
• Available death benefit amounts from $10,000 to $1 million

IA Participating Life Insurance

Industrial Alliance Life Insurance also offers a portfolio of participating life insurance plans (iA PAR) that deliver policyholder dividends, enhancing value. Dividends can be used to purchase additional paid-up coverage and lower premiums, or they can be taken as cash or invested in a side account.

Designed for long-term growth potential, key advantages are:

• Permanent coverage with guaranteed premiums
• Policyholder dividends are paid yearly if declared by iA
• Premiums payable for 10 or 20 years, or lifetime
• Individual policies for ages 0-85 or joint policies until 85

If maximizing policy benefits through dividends is a priority, iA PAR products offer differentiated value.

IA Universal Life Insurance

For permanent coverage with investment upside, Industrial Alliance Life Insurance provides two strong universal life options:

Genesis UL

Genesis UL offers adjustable death benefit, premium, and investment options for ultimate flexibility. Policyholders can allocate cash value to guaranteed interest and index accounts.

Other key features include:

• Variety of premium deposit and term length choices
• Available for ages 0 to 85 years old
• Coverage amounts from $25,000 up to $10 million

EquiBuild UL

EquiBuild UL accelerates cash value growth through integrated coverage enhancements. An upfront bonus, paid-up additions, and waiver of surrender charges all help drive account value.

Additional features:

• 15 premium payment term options from single pay to lifetime
• Guaranteed cash value with zero account fees
• Qualified 0-85-year-old Canadians can receive up to $10 million in coverage

For those prioritizing tax-advantaged savings and investment upside, iA’s universal life plans are robust and competitive.

Supplementary Products

To complement its core life insurance portfolio, Industrial Alliance Life Insurance also offers supplementary health products, including:

Critical Illness Insurance

iA Financial Group offers flexible critical illness insurance through Transition and Cancer Guard plans. The Transition plan has basic, enhanced, and reducing coverage options covering 4 to 25 conditions. Cancer Guard provides affordable coverage focused specifically on cancer diagnoses.

Other critical illness options include:

• Kiddy Plan – Free 12-month critical illness coverage for children 2-5 years old

Key features include:

• Face amounts up to $3 million for Transition, $150,000 for Cancer Guard
• Coverage for loss of independent existence
• Partial payouts for less severe diagnoses
• Included access to MediGuide second medical opinion services
• Optional benefits like hospitalization, income protection, and more

Disability Insurance

iA disability insurance includes Superior Program for all workers and Acci-Jet Program tailored to manual laborers. These replace income if unable to work due to illness or injury.

Other disability products:

• Universal Loan Insurance – Covers loans, debt, and rent payments if disabled

Features include:

• Up to $15,000 monthly benefits for income and business overhead expenses
• Special options for seasonal workers
• Recurrent disability, rehab employment benefits
• Optional cost of living adjustments, return of premium
• Available individual and business overhead expense coverage

Travel Insurance

iA Financial Group offers individual and visitor travel insurance covering:

• Emergency medical costs when travelling
• Trip cancellation, interruption, delay
• 24/7 multilingual emergency assistance

Accident Insurance

Accident coverage options from iA include:

• Accifamily – Protection for families with death, dismemberment, and fracture benefits
• Peek-a-Boo – Free 12-month accident coverage for infants 15 days to 12 months
• Acci 7 Plus – Customizable accident benefits starting at $7 per month

Auto Insurance

iA provides insurance for cars, motorcycles, ATVs, snowmobiles, trailers, boats, and more. Coverages include:

• Collision, liability, injury protection
• Roadside assistance, rental reimbursement
• Discounts when bundling home and auto policies

Home Insurance

Home insurance is available for homeowners and renters. It covers:

• Damage from fire, theft, storms, water backup, etc.
• Personal liability protection
• Replacement cost and water backup add-ons
• Bundling discounts with auto insurance

This diverse selection provides options tailored to Canadians across all life stages and coverage timeframes.

How Are Industrial Alliance Life Insurance’s Premium Rates and Costs?

Here, we’ll analyze sample rates across different demographics and profiles:

Term Life Sample Monthly Premiums

Here are estimated monthly rates for iA’s Pick-A-Term plan based on 20-year terms:

And Access Life sample monthly rates:

While not the cheapest, iA’s term life pricing remains quite competitive. Comparing rates from multiple providers is always wise.

How Does Industrial Alliance Life Insurance’s Pricing Compare?

Here is how Industrial Alliance Life Insurance’s monthly premiums stack up against other major Canadian life insurance companies:

Pricing by Demographic Profile

Here is an overview of how Industrial Alliance Life Insurance pricing compares relative to competitors for different applicant profiles:

Their pricing advantage for groups like young women and smokers makes Industrial Alliance Life Insurance an especially appealing option for these demographics.

Canadians can often save 10-15% or more by comparing quotes before choosing their insurer. Evaluating iA alongside alternative providers is wise.

What Policy Features Does Industrial Alliance Life Insurance Offer?

What are some of the most attractive features that set Industrial Alliance Life Insurance products apart?

Included Policy Features

• Level premiums for entire term lengths
• Guaranteed renewal options
• Disability waiver of premium
• Term conversion up to age 71
• No-cost EFT automatic premium payments

Optional Riders

• Accidental Death Benefit
• Disability and Critical Illness
• Child or Spousal Coverage
• Premium waiver
• Guaranteed insurability

Having the flexibility to tailor coverage through optional riders provides added value for those wanting to customize protection.

Some newer enhancements iA now includes are:

• Living Benefits – Early payout of death benefit if terminally ill
• Fracture Benefits – Provides payments for qualifying fractures
• eClaims – Submit claims digitally through the customer account portal

Offering innovative benefits and options helps differentiate iA’s offerings in a competitive marketplace.

How Is Customer Service For Industrial Alliance Life Insurance?

According to reviews from industry sites, iA’s customer service receives mixed feedback:

• Google Reviews – 2.1 out of 5 stars
• InsureEye Reviews – 1.2 out of 5 stars

Positive reviews for Industrial Alliance Life Insurance highlight quick claims processing and helpful team members. However, other reviews cite frustrations with slow response times for application changes or information requests.

Contacting iA Insurance

Canadians have several options to reach Industrial Alliance Life Insurance’s customer support:

• By phone – Available 8 am to 5 pm EST
• Via email by submitting a contact form on the website
• Through the online customer account portal
• By mail at 1080 Grande Allée St W, Quebec City

The ability to access bilingual English and French support is a benefit appreciated by many policyholders.

While service experiences are mixed, Industrial Alliance Life Insurance does provide multiple contact channels, which is positive.

How Does Industrial Alliance Life Insurance Compare to Other Canadian Insurers?

As one of the larger national life insurance carriers, how does Industrial Alliance Life Insurance stack up to competitors on key evaluation criteria?

Policy Offerings

• Similar selection of term, permanent, and universal life products
• Lacks final expense insurance targeted at seniors

Pricing & Value

• Among the best rates for young females and smokers
• Average pricing relative to competitors for most demographics
• Competitive but not the absolute lowest-cost provider

Features

• Policy customization and riders closely aligned with competitors
• Innovative benefits like eClaims and fracture coverage

Customer Experience

• Mixed reviews similar to other large Canadian insurers
• Average 2 out of 5 stars across third-party rating sites

Overall, iA’s offerings are comparable to other top insurers like: Manulife , Sun Life insurance, SSQ life insurance, Ivari life insurance, Blue Cross Life Insurance… across core evaluation criteria for most consumers. Their pricing advantage for certain demographics gives them an edge.

Is Industrial Alliance Life Insurance Right for You?

With their suite of policies at competitive rates, iA delivers quality life insurance options suited to a wide range of Canadians.

Here is a high-level overview of who Industrial Alliance Life Insurance may be best for:

Best Suited For

Young Families – The affordability of iA’s term life insurance helps cost-conscious young families replace income in case of a parent’s premature death.

Middle-Aged Canadians – Permanent life insurance policies from iA provide lifelong financial safety even through retirement years when health risks rise.

Smokers – iA offers some of the most competitive rates nationwide for smokers, making coverage attainable.

Higher Risk Applicants – iA’s guaranteed issue plans provide coverage options for those unable to qualify for traditionally underwritten policies.

Francophones – iA’s accessibility of bilingual English/French support provides peace of mind to French-speaking policyholders.

• Their competitive pricing for budget-focused demographics or higher-risk applicants makes iA an insurer to strongly consider.

May Not Be the Best Fit

• Older seniors strictly need dedicated final expense burial insurance
• Tech-savvy consumers wanting a fully digital insurance experience
• Value-focused buyers who prioritize finding the absolute rock-bottom lowest premiums
• Those requiring niche policy types iA doesn’t yet provide

While not an ideal solution across every scenario, Industrial Alliance Life Insurance offers strong coverage options at generally competitive rates suitable for many life stages.

We recommend comparing personalized quotes across iA and other leading insurers in order to identify the best value based on your specific budget, timeline, and coverage needs. An experienced advisor can ensure you make optimized protection decisions.

What Are the Pros and Cons of iA Life Insurance?

Pros of IA Financial Group

• Wide selection of policy types: iA offers term, whole, universal, and participating life insurance options to suit different needs.
• Competitive pricing: iA’s premium rates are competitive for many demographics, especially younger females and smokers.
• Strong financial ratings: Rated A+ by AM Best, iA has good financial standing to back its policies long-term.
• Flexible coverage: The Pick-A-Term policy allows customization of term length from 10-40 years for ultimate flexibility.
• Living benefits: iA includes innovative features like early payouts for terminal illnesses.
• Supplemental options: Critical illness, disability, dental, and vision coverage available.

Cons of IA Financial Group

• Not the cheapest: iA isn’t the most affordable for all demographics, so comparing rates is important.
• Mixed reviews: Customer service experiences are hit-or-miss, according to reviews.
• No final expense insurance: iA lacks dedicated burial/final expense insurance options.
• Few senior options: Limited specialized products targeted just for seniors.
• Paper-based admin: Lacks comprehensive digital policy management experience.
• Niche products are missing: Some unique policy types, like mortgage insurance, are not offered.

When considering iA, weighing the pros, like selection and pricing, vs. cons, like service inconsistencies and administration, can help determine if it is the right fit. Comparing policies and rates to competitors is wise. An advisor can provide guidance specific to your needs.

How to Apply for Industrial Alliance Life Insurance?

Getting life insurance coverage through Industrial Alliance involves five key steps:

Get a Premium Quote

To start, work with an independent insurance advisor or use iA’s online tool to get a personalized premium quote. Provide details about your age, gender, health, lifestyle, coverage amount required, and beneficiaries. This gives estimated pricing with no obligation.

Submit a Full Application

Once satisfied with the premium quotes, proceed to the application. You’ll need to complete all required forms from iA, providing in-depth personal, medical, and financial details. An advisor can ensure accuracy. Be prepared to disclose information on:

• Identity like name, address, birth date
• Lifestyle factors such as smoking and alcohol use
• Driving record
• Family medical history
• Your medical history, including conditions, tests, prescriptions
• Income, assets, debts, insurance needs

Underwriting Review

After submitting the application, iA will thoroughly assess your health and risk profile. This may involve checking medical records and requiring a paramedical exam. Underwriting determines your eligibility and final premium rate class, generally taking 4-6 weeks.

Review the Issued Policy

Once approved, carefully review iA’s full policy documents outlining all terms and conditions. Confirm accuracy of premiums, death benefit, beneficiaries, and more. You have a 30 day period to review the policy or request changes.

Activate Your Coverage

Finally, sign and submit delivery receipts to activate coverage. Set up your selected premium payment method and schedule. Once payments begin, your policy will take effect and provide active life insurance protection.

With an advisor guiding you through the required steps, getting coverage can be a smooth process. Their selection makes them a life insurance option worth exploring.

Key Takeaways

• Industrial Alliance (iA) is a leading national life insurer offering term, permanent, and universal life insurance.
• Competitive pricing makes their term life plans affordable, especially for young families and smokers.
• Participating life insurance provides policyholder dividends for added value.
• Innovative benefits like early payout for terminal illness differentiate iA’s offerings.
• Applying is straightforward when working with an advisor who can guide you through the required steps.
• While not the cheapest for all demographics, iA’s selection and rates make their life insurance worth considering.

Frequently Asked Questions (FAQs)

Article Sources:

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2. Is iA Life Insurance worth it? Review (2024) – https://hellosafe.ca/
3. iA Financial Life Insurance Review – https://www.moneygeek.com/
4. Industrial Alliance Life Insurance Review 2024 – https://www.dundaslife.com/
5. iA Financial Group – Wikipedia