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Industrial Alliance Life Insurance Review in Canada (2024)

Industrial Alliance Life Insurance Review in Canada (2024)
Industrial Alliance Life Insurance Review in Canada (2024)

Finding the right life insurance is critical for Canadians wanting to secure their family’s financial future. With countless options to choose from, it can be challenging to identify which provider truly offers the best value and protection.

In this in-depth 3000+ word guide, we’ll take a close look at Industrial Alliance (iA) life insurance and how their offerings compare to top competitors in the Canadian insurance marketplace.

Overview of Industrial Alliance Life Insurance in Canada

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

Some key facts about iA’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.

What Products Do Industrial Alliance Life Insurance Offer?

What Products Do Industrial Alliance Life Insurance Offer
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.

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 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.

Permanent Life Insurance

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

Whole Life

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 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 – 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 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 PAR – Participating Life

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, lower premiums, take as cash, or invest in a side account.

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

  • Permanent coverage with guaranteed premiums
  • Policyholder dividends 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.

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 – Lump-sum payouts for major diagnoses
  • Disability insurance – Replaces income if unable to work
  • Health spending accounts – Tax-free savings accounts for medical costs
  • Dental & vision insurance – Covers costs of dentists, optometrists, etc.

These solutions help fill key coverage gaps for many Canadian households.

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

Industrial Alliance Life Insurance's Premium Rates and Costs
Industrial Alliance Life Insurance’s Premium Rates and Costs

So what does coverage actually cost from Industrial Alliance Life Insurance versus competitors in Canada? 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:

AgeMaleFemale
30$27.72$20.88
40$42.48$32.04
50$114.84$82.44
60$364.68$251.28

And Access Life sample monthly rates:

AgeMaleFemale
30$26.64$20.16
40$42.24$31.92
50$108.48$78.72
60$340.32$204.96

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 monthly premiums stack up against other major Canadian life insurers:

Company40 y/o MaleSavings vs. iA
iA$42.48
Canada Life$46.14-$391 over 20 years
RBC$41.22$138 over 20 years

Pricing by Demographic Profile

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

Customer TraitiA Pricing
Young FemaleAmong the best rates
Over Age 50Average rates
SmokerExtremely competitive rates
Large Coverage NeedsAverage pricing

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 at 1-877-422-6487 – Available 8am to 5pm EST
  • Via email by submitting a contact form on 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 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?

What Are the Pros and Cons of iA Life Insurance
What Are the Pros and Cons of iA Life Insurance

Pros

  • 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

  • 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.

Is iA Good for Seniors?

What does Industrial Alliance Life Insurance offer Canadians in their senior years? Here are some key considerations:

Advantages for Seniors

  • Participating policies can help grow cash value through dividends
  • Guaranteed lifetime income riders are available to supplement retirement
  • No medical exam is required for simplified issue policies

Drawbacks for Seniors

  • Lacks budget-friendly final expense life insurance policy options
  • Fewer senior-tailored insurance products compared to some competitors

While not specialized for the senior market, Industrial Alliance Life Insurance does offer competitive permanent and guaranteed issue products that can provide value for older Canadians seeking protected lifetime income.

Those strictly needing smaller final expense coverage may find more affordable options with other providers like Sun Life or Foresters.

Does iA Offer Burial Insurance?

Industrial Alliance Life Insurance currently does not offer dedicated final expense or burial insurance policies in Canada. Their permanent life plans can provide longer-duration coverage but are not designed specifically for streamlined senior underwriting.

Canadians age 50+ who are expressly looking for smaller burial coverage may find more suitable options with insurers that specialize in final expense products.

However, iA’s simplified issue life plans can provide an accessible option for older applicants needing general permanent protection.

Is Industrial Alliance Life Insurance Good for Smokers?

Yes, Industrial Alliance Life Insurance offers some of the most competitive rates in Canada for smokers seeking life insurance:

  • Often 10-20% lower premiums compared to major insurance competitors
  • Accessible guaranteed issue term products with minimal health questions

The significant pricing advantage iA delivers for smokers makes them stand out as an excellent choice for tobacco users who want to secure affordable coverage.

Does Industrial Alliance Life Insurance Offer Digital Policy Management?

iA does not currently provide fully digital policy administration. Life insurance documents and statements are delivered by physical mail rather than electronically.

Some other insurers, like Lifebuzz, offer more robust online account management and electronic document delivery.

But iA’s customer portal does allow digital claims submission, bill payments, and checking up on policy details. So there is some digital convenience, though not comprehensive.

Canadians who prioritize digital-first insurance may find competitors offer a more advanced end-to-end electronic experience. But iA delivers core digital conveniences.

Is iA the Right Insurer for You?

While not the ideal fit for every profile, iA offers quality life insurance options at generally competitive rates suitable for many Canadians.

We recommend comparing personalized quotes to identify the best value based on your budget and specific needs. Consulting an experienced advisor ensures you make the right decisions.

Frequently Asked Questions (FAQs)

What is Industrial Alliance's financial rating?

Industrial Alliance holds an A+ (Superior) rating from AM Best, indicating excellent financial strength to back its policies long-term.

Can I get a term life insurance quote online from Industrial Alliance?

Yes, you can get a fast online quote for Industrial Alliance's Pick-A-Term life insurance through their website. To apply for permanent coverage, you'll need to speak with an advisor.

How do I change my beneficiary for my Industrial Alliance life insurance policy?

You can change your policy beneficiary at any time by completing Industrial Alliance's Beneficiary Designation form. Contact their advisors or customer service for assistance.

Does Industrial Alliance offer guaranteed issue life insurance?

Yes, Industrial Alliance's Access Life plan is their version of guaranteed issue life insurance, with streamlined underwriting requiring no medical exam. All qualified applicants are accepted.

How long does it take to get approved for Industrial Alliance life insurance?

Most fully underwritten Industrial Alliance life insurance applications take 4-6 weeks for approval after undergoing full underwriting. Simplified issue policies can approve much faster.

What is Industrial Alliance's customer satisfaction rating?

According to third party review sites, Industrial Alliance's customer satisfaction ratings are average, with most ratings around 2 out of 5 stars. Experiences vary by policy and service department.

What is the total Canadian market share of Industrial Alliance life insurance?

Currently, Industrial Alliance holds approximately 10% of the total Canadian life insurance market according to industry reports, making them a top 5 insurer.

How does the disability waiver benefit work on Industrial Alliance life insurance?

The disability waiver stops you from having to pay premiums if you become totally disabled - Industrial Alliance will pay them on your behalf so coverage continues.

What is the credit rating of Industrial Alliance insurance company?

Industrial Alliance holds an A+ or "Superior" credit rating from AM Best, indicating excellent long-term financial strength to pay out claims.

How do I cancel my Industrial Alliance life insurance policy?

To cancel your Industrial Alliance policy, request a cancellation form by contacting their customer service team. Be aware of any surrender charges from cancelling.

Does Industrial Alliance offer any no medical exam life insurance?

Yes, Industrial Alliance's Access Life policies do not require a medical exam, just simplified health questions. All qualified applicants are accepted regardless of health.

What options are available for Industrial Alliance policy dividends?

iA's participating policies allow dividends to be used for premium reductions, cash payouts, paid-up additions to increase coverage, or deposits to an interest-bearing account.

Can I manage my Industrial Alliance life insurance online?

You can view policy details and make payments online, but cannot fully administer policies digitally. Statements and documents are sent by mail.

How do I pay my Industrial Alliance life insurance premiums?

You can pay premiums annually, semi-annually, quarterly, monthly, or via automatic monthly withdrawals from a bank account.

Does Industrial Alliance allow two life insurance policies?

Yes, you can have multiple individual life insurance policies with Industrial Alliance. The total coverage amount may be limited based on your age and finances.

Article Sources:

Delve into the principles that guide our dedication to truthfulness, clarity, and editorial autonomy by exploring the Lifebuzz.ca Editorial Policy. This is the cornerstone of our esteemed status as the premier trusted source for life insurance information in Canada.

  1. Industrial Alliance Life Insurance Review (2024) – https://www.policyme.com/
  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/
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Written by Ben Nguyen

Ben Nguyen is an award-winning insurance expert and industry veteran with over 20 years of experience. He is the chairman and director of IDC Insurance Direct Canada Inc., one of Canada's leading online insurance brokerages.

Ben is renowned for his extensive knowledge of life, health, disability, and travel insurance products. He is the prolific author of over 1,000 educational articles published on LifeBuzz, BestInsuranceOnline, and InsuranceDirectCanada. His articles provide Canadians with advice on making smart insurance decisions.

With a Bachelor's degree in Actuarial Science and a Fellow of the Canadian Institute of Actuaries (FCIA) designation, Ben is frequently interviewed by media as an insurance industry spokesperson.

He has received numerous honors including the Insurance Council of Canada’s Pivotal Leadership Award, the Canadian Insurance Hall of Fame induction, and the President’s Medal from the Canadian Institute of Actuaries.

Ben continues to shape the vision and strategy of IDC Insurance Direct as chairman. He is dedicated to advancing the insurance industry through his insightful leadership.

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