iA Critical Illness Insurance Review (2023)
Great critical illness insurance is an incredible asset if the worst happens. Not only can a heart attack, stroke or cancer diagnosis sideline you from working, but the financial aspect can be a difficult weight to bear alone.
Have you ever thought about how you would provide for yourself and your dependents if you were to get ill? Whereas disability insurance can provide you with a monthly income when you are stopped from working, critical illness insurance can provide a large lump sum payment to defray the immediate costs of medical care and lifestyle changes.
Critical illness insurance comes in a wide range of coverage types and benefit amounts, so it is not always easy to pick the best one for you.
Are you wondering if iA’s critical illness insurance is right for you? This page explores their offer in detail. Get our iA review, a breakdown of available coverage options and much more.
Who is iA?
Industrial Alliance or the iA Financial Group, is one of Canada's largest insurance and wealth management groups. It is also one of the longest-established having been founded in 1892. They provide a range of insurance products including life, auto, home, health and disability insurance.
This article takes a look at iA's critical illness insurance offerings.
Why sign up for iA critical illness insurance?
Critical illness insurance from iA or another provider give you a powerful financial safety net should you contract a critical illness or condition. A serious diagnosis is likely to affect your ability to work while engendering serious expenses. These include:
- Medical costs and specialists not covered under a different policy
- Transportation to see specialists
- Chair lifts or ramps at home
- Therapy and counseling
- Retrofitting vehicles for accessibility
Beside these additional costs you still need a plan for continuing to pay your rent or mortgage, child care, groceries and other day-to-day living expenses. The flexibility of the large lump-sum benefit from critical illness insurance means that you'll have the ability to cover these bills as you see fit. You can take care of yourself and your family while focusing on recovery.
Our review of iA:
iA is a major critical illness insurance provider in Canada, but not all clients have the same needs or situation. Here is what we like about iA’s critical illness insurance offer and some considerations to weigh as you shop for coverage options.
Pros of iA critical illness insurance:
- Four plans available
- Up to $3 million benefit
- Up to 25 illnesses covered
- An additional 5 childhood illnesses covered
- No medical exam coverage available with up to a $150 000 benefit (Cancer Guard)
- MediGuide: second medical opinion included
- Plans available with life coverage
- Kiddy Plan available for free with adult coverage (ages 2-5)
Cons of iA critical illness insurance:
- Must contact an advisor for a quote
- Age of eligibility limit is 65
Find a critical illness insurance policy that's right for you
What critical illness insurance plans does iA offer?
iA critical illness insurance coverage is available in the following plans:
-Transition - 25 illnesses: This plan offers up to a $3 million benefit while covering 25 illnesses. It added coverage for 5 juvenile illnesses policyholders up to 25 years old. Term (10, 20, 25 years) and permanent policies are available.
-Transition - 4 illnesses: This plan is similiar to the above, but only covers a cancer, stroke, heart attack and coronary artery bypass surgery. These four illnesses account for 85% of critical illness insurance claims, meaning it still offers policyholders great protection.
-Cancer Guard: The no medical exam policy can offer up to a $150 000 benefit. It is avialable in three levels: Standard, Preferred and Preferred PLUS.
-Kiddy Plan: This plan is included for free for eligible children of adult policyholders. It offers up to a $2000 benefit for children ages 2 through 5 who suffer from cancer, loss of hearing or sight, paralysis or cerebral palsy or cystic fibrosis.
For more on iA's critical illness insurance offer see the pdf below.
What illnesses and conditions qualify for iA critical illness insurance?
The following illnesses and conditions may qualify a iA policyholder for critical illness benefits.
-Benign Brain Tumour
-Coronary Artery Bypass Surgery
-Dementia, including Alzheimer’s Disease
-Heart Valve Replacement or Repair
-Loss of Independent Existence
-Loss of Limbs
-Loss of Speech
-Major Organ Failure on Waiting List
-Major Organ Transplant
-Motor Neuron Disease
-Occupational HIV Infection
-Parkinson's Disease and Specified Atypical Parkinsonian Disorders
-Stroke (Cerebrovascular Accident)
Covered juvenile illnesses include:
-Congenital Heart Disease
-Type 1 Diabetes Mellitu
Be aware that plans may cover fewer conditions than those listed below.
Good to know
Different insurers have different criteria for determining the severity of an illness or condition and whether it qualifies. If you have questions, it's best to refer to the policy documents and speak with your insurance broker or iA advisor.
How do I apply for iA insurance?
To apply for iA critical illness insurance, you will need to visit iA's website to reach an advisor. They will assist you in personalizing your quote.
Before settling on an offer with iA it's smart to compare critical illness insurance quotes from other providers. You can do this below to be put in contact with an expert.
Shop critical illness policies now
How much does iA critical illness insurance cost?
Unfortunately, it is difficult to provide an accurate price range for iA critical illness Insurance. Pricing varies widely based on the following factors
- Pre-existing conditions
- General health
- Smoking status
- The amount of coverage desired
For general information, the table below summarizes the average price of critical illness insurance for various ages with a $25 000 benefit for the average provider. This is meant solely to provide a rough indication. Speak with an advisor for an exact iA critical illness insurance quote.
|Age||Price per month|
|51 to 55||$27|
|56 to 60||$44|
|61 to 65||$56|
Good to know
Need help deciding how much coverage to buy from iA? Our critical illness insurance calculator can help you make an informed decision.
How do I contact iA?
For coverage obtained through an advisor, call:
For coverage obtained from a dealership or retailer, call:
iA's mailing address is:
522 University Avenue
Toronto, Ontario M5G 1Y7