Is iA Life Insurance worth it? Review (2024)
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Discover the methodologyChoosing the right life insurance can be overwhelming with so many options available in Canada. You know that It's important to invest in the right policy that fits your needs and budget, but knowing where to start can be challenging. We have your back!
In this Industrial Alliance or iA life insurance review, we help you decide if an iA life insurance policy is right for you. We'll take a closer look at its features, prices, pros, and cons.
You can also compare multiple plans from other providers using our HelloSafe comparator and get free personalized quotes in seconds so you can choose a life insurance policy that truly suits you.
iA life insurance: 5 key takeaways
- iA Life Insurance has an A+ AM Best rating, indicating financial stability and reliability
- iA offers a highly flexible pick-a-term policy option, allowing policyholders to customize
- Wide range of insurance products, including disability, mortgage, critical illness, health, and home insurance
- iA's term life insurance starts at affordable rates
- It primarily offers paper policies with limited electronic options
Our iA life insurance review: Best flexible term policy
The iA Financial Group, sometimes known as Industrial Alliance, is one of the largest life insurance companies in Canada. It currently ranks as the fifth-largest insurance company in the country in terms of market share. Founded in 1892, it has an established history of providing financial services and insurance products.
Today the company is segmented into various divisions. These include iA American, iA Pacific, iA Investia, and others. The company offers insurance products for individuals and businesses. Products include disability insurance, mortgage Insurance, critical illness insurance, health insurance, home insurance, and more.
iA has many loyal insurance customers because of its highly flexible policies that can suit many needs. Not only that, you can easily make changes to your policy as your needs change. Its life insurance line is complete with term, permanent, universal, and participating plans all available.
iA life insurance is an excellent choice for individuals who prioritize financial stability and flexibility in policies. Its strong financial standing, diverse product offerings, and highly flexible pick-a-term features (a big positive in many customer iA life insurance reviews) make it suitable for those looking to customize their coverage to meet specific needs.
However, it may not be the ideal choice for budget-conscious individuals seeking the most cost-effective insurance options, as iA's policies can come with a higher price tag compared to some alternatives. Additionally, those who prefer electronic policies over paper documentation may find iA's limited electronic options less appealing. But it all depends on what your unique needs are.
Like all insurance products, there are some pros and cons of iA life insurance to keep in mind. Let’s take a look at them.
Pros
- High flexibility with pick-a-term feature
- Level and decreasing premium options
- Optional disability coverage rider
- Has a no-medical option
- Guaranteed product options
- Digital policy
- User-friendly website
Cons
- Higher cost; there are less expensive alternatives available
- Paper policies only with an electronic option
If you think iA life insurance is the right policy for you, you can get free quotes right here, and in a few moments.
How much does iA life insurance cost?
Term life insurance coverage from iA starts at as little as $15.30 per month for a non-smoking woman seeking $250,000 coverage and a 20-year term life insurance policy. Here are some other iA life insurance rates we pulled.
Below is an estimate of the monthly premium for a non-smoking man for coverage of $250,000 and $1,000,000.
| Male, Non-smoker | Premium/month ($250k) | Premium/month ($1 million) |
|---|---|---|
| 30 years old | $19.58 | $55.80 |
| 45 years old | $49.28 | $161.10 |
| 60 years old | $254.25 | $920.70 |
Let us consider the same scenarios for a woman, non-smoker and $250,000 and $1 million coverage
| Female, Non-smoker | Premium/month ($250k) | Premium/month ($1 million) |
|---|---|---|
| 30 years old | $15.30 | $40.50 |
| 45 years old | $36.22 | $115.20 |
| 60 years old | $175.05 | $648.90 |
Remember that what you see here is an estimate. No one’s life insurance quote will be identical. To get you own price, compare iA quotes to those from other leading insurance companies now. You could use our comparator below and get free personalized quotes from over 20 life insurance providers in a few moments.
Compare the best life insurance companies
What does iA life insurance cover?
iA life insurance covers Canadians that are looking to protect their families and loved ones from the potential financial burden of their passing. It does this by covering all causes of death from natural to accidental.
iA Canada life insurance provides financial security when planning for family protection, business continuation and more. Financial security within these three categories can often be broken down into the following.
Family protection
- Mortgage and rent payments
- Final expenses such as funeral costs
- Survivor’s income
- Higher education and tuition fees
Business continuation
- Buy and sell agreements
- Business continuance
- Collateral insurance
Special needs
- Surviving critical illness
- Retirement income
- Charitable donations
What types of life insurance does iA life insurance offer?
Industrial Alliance offers four types of life insurance policies that are suitable for those who have responsibilities and financial commitments. These are discussed in detail below.
| Insurance Type | Term | Permanent | Universal | Participating |
|---|---|---|---|---|
| Coverage term | 10 to 40 years | For life | For life | For life |
| Cost | $ | $$ | $$$ | $$$$ |
| Cash value | ||||
| Savings | ||||
| Annual participations | ||||
| Policies |
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Let's explore these in some more detail in the following sections:
Term insurance
With term life insurance, you enjoy coverage ranging from a period of 10 years to 40 years. The premium is guaranteed which means as long as you keep paying the premium, your cover will not expire. There are two policies under term life insurance- Access Life and Pick-A-Term. They are shown in the table below.
| Policy | Access Life | Pick-A-Term |
|---|---|---|
| No medical exam | ||
| Fixed premium | ||
| Guaranteed renewal | ||
| Option to convert to permanent life insurance | Before 71 years | Up to 71 years |
| Coverage period | 15, 20 or 25 years | 10 to 40 years |
| Face value | Up to $500,000 | Up to $10,000,000 |
| Tax-free benefits |
Permanent life insurance
iA has a permanent life insurance option that offers Whole life, Life and Serenity 65, Child Life and Health Duo and Access Life. The face amount of these policies ranges between $1,000,000 to $10,000,000. They offer fixed and guaranteed premiums with a tax-free death benefit.
The policies offer lifetime coverage and are ideal for those who want level premiums and permanent coverage.
| Policy type | Whole Life | Access Life | Child Life and Health Duo | Life & Serenity 65 |
|---|---|---|---|---|
| Face amount | Up to $10,000,000 | Up to $500,000 | Up to $500,000 | Up to $1000,000 |
| Fixed and guaranteed premiums | ||||
| Guaranteed face value | ||||
| Cash surrender value (CSV) | ||||
| Tax-free death benefit |
Universal Life Insurance
Universal life insurance works similarly to a whole life insurance policy, but with an investment component With iA Financial, there are two options for universal life insurance- EquiBuild and Genesis. It is permanent life insurance that offers lifetime coverage and is ideal for those who want to leave a significant legacy behind.
There is a flexible premium payment and coverage that can be adapted to your needs. Genesis has annual renewable terms and quick pay options for 10, 15 or 20 payments and it is suitable for those who want to access their policy value early.
On the other hand, EquiBuild is a paid-up insurance and has a single, 15-payment period for quick pay, suitable for building long-term wealth.
| Policy type | Genesis | Equibuild |
|---|---|---|
| Level cost | ||
| Payment options | 10,15 or 20 payments | 15 payments |
| Annual renewable term | - | |
| Paid-up insurance | - | |
| Investment options | ||
| Bonus | Investment bonus | EquiBuild bonus |
| Guaranteed cash surrender value | Quick payment option only | |
| Tax-free death benefit |
Participating life insurance
iA financial life insurance offers a participating life insurance policy that has basic coverage and annual dividends. This policy is suitable for those who want to provide financial freedom to business owners, children, and professionals. It is an opportunity to pay off the insurance premiums early and then receive an annual premium reduction, deposit the earnings, or receive a cash payment.
iA Financial Group's participating life insurance policy offers tax-advantaged growth and the potential for annual dividends. It is perfect for individuals looking to secure financial freedom for their loved ones, business owners, professionals, and children. Pay premiums over 10 years, 20 years, or to age 100.
This policy allows for the option to pay off insurance premiums early, leading to annual premium reductions, or to deposit earnings or receive cash payments. It provides a great opportunity for those who want to ensure financial stability for their loved ones in the long term."
How do I get an iA life insurance quote?
The easiest way to get a life insurance quote from iA and 20 other providers is by using the comparator below. All you need to do is enter some very basic details on what you're looking for and get tailor-made life insurance quotes in a few seconds.
Compare the best life insurance companies
If you prefer to go directly through iA, it has an easy-to-use, clear website. You'll need to provide details about your age, smoking habits and gender to retrieve a quote.
Is there an iA life insurance calculator?
Determining the right amount of life insurance to buy can be a tricky task. Fortunately, you can calculate that number right now using our life insurance calculator. Find out how much coverage is right for you in seconds.
Alternatively, the iA Financial Group has its own term life insurance calculator on their website that is a little more complex and takes longer to complete.
How do I use the iA life insurance login?
iA life insurance offers an application as well as an online account through their website. It is quick and user-friendly which ensures a simple login and claim process.
You simply need to log in using your credentials and make the claim. You can file the claim form online and submit the necessary documents. It takes about 10 minutes to fill out the claim form and you will receive a follow-up within 5 business days of filing the claim. However, two types of claims cannot be made online- accident insurance and extended medical care for a superior program.
To cancel, you need to fill out an iA life insurance cancellation form. The company mentions that all cancellation requests must be either sent over fax, e-mail, or mail. You can find the form right here. You can also use your ia life insurance login to access this information.
iA life insurance app
iA app makes it easy and convenient for you to reach your goals while keeping all the important information at your fingertips. The app allows you to:
- Submit the claims securely,
- Track claims,
- Share photos of the receipts,
- Use the health spending account to get reimbursement for the unpaid part of a claim,
- Use the smartphone as a group insurance card
- Check the eligibility of the healthcare providers.
Besides that, you can also use the app for group savings and retirement.
How do I contact iA life insurance customer service?
If you are looking for an iA Life Insurance phone number, you’re at the right place. Listed below are the contact number, fax number, and address. If you want to email them, simply click on the link and you will be directed to their page.
| iA Financial Group | Contact details: |
|---|---|
| Contact number | 1-844-442-4636 (Monday to Friday, 8:00 a.m. to 5 p.m.) |
| Fax Number | 1-877-780-7231 |
| Send a request under the contact menu on the iA website: ia.ca/contact-us/send-email | |
| Address | 1080 Grande Allée West PO Box 1907, Station Terminus Quebec City, Quebec G1K 7M3 |
