IA Critical Illness Insurance: 2025 Review for Canadians
Our expert's opinion on AI
iA Financial Group’s critical illness insurance in Canada earns a strong expert rating for its comprehensive coverage, robust benefit maximums, and strict but clearly defined eligibility rules, with benefit amounts up to ten times annual income for adults and notable guarantees especially for income earners; iA stands out among major competitors for tailored underwriting, large case flexibility, and disciplined risk-based pricing though it may not be the most affordable for all profiles.
Best suited for middle-aged to near-retirement professionals seeking sizeable lump-sum protection or families wanting high child CI limits with standardized sibling coverage.
iA Financial Group is firmly established, managing $212 billion in assets (2022); it achieves consistently strong stability ratings (S&P: A+), but publishes no retail customer satisfaction ratings and offers average claims service without 100% digital handling or fast-turnaround guarantees; policyholder communication is primarily supported through advisors and an online extranet for status updates.
The waiting period is the time after policy issue (typically 30 days) before a claim is valid, while the survival period requires the insured to live a set number of days (commonly 30) post-diagnosis of a covered illness before benefit payout.
- ✅High benefit maximums
- ✅Comprehensive covered illnesses
- ✅Strict financial underwriting
- ✅Standardized child coverage
- ✅Custom business CI options
- ✅Strong financial ratings
- ✅Detailed risk class options
- ❌No public customer reviews
- ❌No fully paperless claims
- ❌Strict condition exclusions
- ❌Survival period required
- ❌Stringent medical underwriting
Our expert's opinion on AI
- ✅High benefit maximums
- ✅Comprehensive covered illnesses
- ✅Strict financial underwriting
- ✅Standardized child coverage
- ✅Custom business CI options
- ✅Strong financial ratings
- ✅Detailed risk class options
- ❌No public customer reviews
- ❌No fully paperless claims
- ❌Strict condition exclusions
- ❌Survival period required
- ❌Stringent medical underwriting
Score- ✅High benefit maximums
- ✅Comprehensive covered illnesses
- ✅Strict financial underwriting
- ✅Standardized child coverage
- ✅Custom business CI options
- ✅Strong financial ratings
- ✅Detailed risk class options
Why trust HelloSafe?
At HelloSafe, our critical illness insurance experts review policy terms and premium structures for the Canadian market every year, ensuring you have access to reliable and impartial analysis. Thanks to this rigorous approach, hundreds of thousands of Canadians trust us each month to guide them in making their most significant financial decisions.
The Guarantees of IA Critical Illness Insurance
IA critical illness insurance offers coverage for either 4 or 25 specified critical conditions depending on the plan, usually including cancer, heart attack, stroke, and other major illnesses.
Coverage distinguishes between major illnesses (full lump-sum benefit) and critical conditions that may be subject to additional exclusions or waiting requirements based on underwriting.
Benefit amounts generally range up to $500,000 for children and higher for adults based on income (up to 10× annual earnings), with a typical waiting period of 90 days before claims are eligible and a 30-day survival period required post-diagnosis.
Policies are guaranteed renewable (subject to policy terms and age limits), and indexation is optional at extra cost but not included by default.
| Feature | Details |
|---|---|
| 🎯 Coverage scope | Choice of 4 or 25 critical illnesses (typically includes cancer, heart attack, stroke, and other major conditions) |
| 💲 Benefit amounts | Up to $500,000 for children; for adults, up to 10× annual income; lump-sum payment on diagnosis |
| ⏱️ Waiting period | 90 days after policy issue before claims can be made |
| ⌛ Survival period | 30 days required after diagnosis to qualify for payment |
| 🔒 Guaranteed renewability | Yes; renewable during the policy term and subject to age or expiry limits |
| 📈 Indexation | Optional; available at extra cost, not automatically included |
Grace period: Right to cancel within 10 days before coverage begins.
👉 Compare the best critical illness insurance plans in for free.Discover the offersHow much does IA critical illness insurance cost?
Premiums for IA critical illness insurance in Canada are determined by a combination of individual risk factors and specific policy choices.
Your age at application plays a major role, with each decade typically increasing the base premium by 70–120%.
Other factors include health class (standard or rated due to pre-existing conditions), smoker status (often 60–90% higher premiums for smokers), coverage amount (for example, +15% per $50,000), and policy term length, while all critical illness lump-sum payouts remain tax‑free in Canada.
Pricing factors:
- Age: Each additional decade increases the base premium by 70–120%.
- Health status: Rated (surprime) policies for pre-existing conditions can see significantly higher costs.
- Smoker status: Smokers pay 60–90% more than non-smokers.
- Coverage amount: Premiums rise proportionally, e.g., +15% per $50,000 insured.
- Policy term: Longer policy durations mean higher premiums.
- Tax treatment: Lump-sum payouts are tax-free under Canadian law.
| Profile | Coverage amount | Non‑smoker premium | Smoker premium |
|---|---|---|---|
| 30 yrs, healthy non‑smoker | $100,000 | $33/month | $60/month |
| 45 yrs, pre‑existing condition | $100,000 | $70–$100/month | $120–$160/month |
| 55 yrs, healthy smoker | $50,000 | $78/month | $135/month |
Optional Riders for IA Critical Illness Insurance
- Income rider: Provides a supplemental monthly income in the event of a claim, typically paying 1–2% of the face amount per month over 5–10 years to help replace lost earnings during recovery.
- Policy loan: Allows you to borrow up to 90% of your policy's cash surrender value with repayment required on an annual basis and interest charged at competitive rates.
- Waiver of Premium (WOP): Waives all future premiums if you become totally disabled before age 60, with activation triggered after six consecutive months of disability.
- Kidney failure and enhanced heart failure rider: Adds extra coverage or lump-sum payout for the diagnosis of kidney failure or specific advanced heart failure events, paid in addition to the basic policy benefit.
- Participating benefits: Enables policyholders to become eligible for annual dividends, which can be left to accumulate, reduce premiums, or increase coverage amount, depending on the surplus declared by IA.
- Conversion rider: Offers the flexibility to convert your term coverage to a permanent whole life or universal life policy without additional medical evidence, typically before age 65.
- Partial surrender option: Permits withdrawing a portion of your policy's accumulated value for a defined minimum or maximum amount, while maintaining partial coverage (common maximum withdrawal is 50% of cash value).
- Underwriting & Eligibility: Requires medical exams above certain age and face amount thresholds, imposes age restrictions (usually up to 65 for new benefits), and may apply rated premiums for high-risk occupations or adverse health.
What exclusions apply to IA critical illness insurance?
- Suicide within first year: No benefit is paid if death results from suicide in the first policy year.
- Undeclared pre-existing conditions: Claims are denied if illness relates to non-disclosed prior health issues or symptoms.
- High-risk activities: Excludes claims from injuries or illnesses caused by extreme sports or private aviation.
- Criminal acts: No payout if injury or illness results from involvement in a crime.
- Conditions not listed: Coverage is only for critical conditions explicitly listed in the policy schedule.
- Age limits: Benefits or eligibility may not apply once the policyholder surpasses specified age thresholds.
- Survival period failure: No benefit is paid if the insured dies before the required post-diagnosis survival period.
Handling Claims and Payout Timing for IA Critical Illness Insurance
The overall claims process for IA is designed to be straightforward, typically resulting in payouts within 10–15 business days after approval.
You can cancel your contract without penalty during a 10-day cooling‑off period after the policy is issued.
- Claim notification: Submit your claim online, through the app, or by phone to IA’s claims department.
- Documentation review: Provide all required medical reports, diagnosis forms, and supporting documents for review.
- Underwriting assessment: IA evaluates your claim and documentation, typically making a decision within 5–10 business days.
- Payout execution: If approved, benefits are paid via direct deposit or cheque, generally within 10–15 business days.
- Average payout time: Most claims are fully settled within 10–15 business days from approval.
- Cooling‑off period: Cancel the policy within 10 days after issue for a full refund.
Contacting IA and accessing ancillary services
| Detail | Information |
|---|---|
| 🏢 Head office address | 1080 Grande Allée West, Quebec City, QC G1S 1C7, Canada |
| 📞 Phone | 1-800-266-0228 (customer service & claims) |
| ✉️ Email | ia.ca/contact-us (online form for email inquiries) |
| 🌐 Website | https://ia.ca |
| 💬 Live chat | https://ia.ca (Weekdays 8:00am–8:00pm ET) |
| 📱 Social media | @iA_Financial (Twitter/X), facebook.com/ia.financialgroup |
| ⏰ Operating hours | 8:00am–8:00pm ET Mon–Fri; average wait under 5 minutes |
- Teleconsultation: Access to licensed health professionals for medical advice and guidance via phone or web app.
- Second medical opinion: Request a specialist review of your diagnosis and treatment plan for critical illnesses at no extra cost.
- Policy management portal: Secure online dashboard for policy details, document downloads, updating contact info, and claims submission.
- 24/7 hotline: Dedicated emergency line for urgent assistance related to your policy, accessible anytime.
- Repatriation assistance: Coordination and support for emergency medical evacuation and transport, if included in your coverage.
- Surrender & Partial Redemption: Policyholders may partially or fully surrender their contract for the available cash value or advance loan, subject to existing conditions and applicable charges.
FAQ
What conditions are covered under IA’s critical illness policies and what are the available benefit amounts?
IA’s critical illness insurance covers a comprehensive list of major illnesses, including cancer, heart attack, and stroke, with some plans offering protection for up to 25 different conditions. Benefit amounts can range from $10,000 up to $500,000 depending on the specific product and eligibility criteria. Policyholders should consult their contract or advisor for the full list of covered illnesses and applicable benefit limits. Both adult and child coverage options may be offered. Always review your individual policy for precise coverage details.
What are the typical waiting and survival periods for IA critical illness insurance?
A waiting period of 90 days from policy issue applies for most illness claims, meaning illnesses diagnosed before this period are not covered. Additionally, a survival period (typically 30 days after diagnosis) is required to be eligible for the lump-sum benefit. These periods ensure coverage is only for newly diagnosed conditions occurring during the policy’s active term. Both waiting and survival period details are clearly outlined in plan documents. Clients are encouraged to ask their advisor for any clarification.
How do I add optional riders to my IA critical illness insurance policy?
Optional riders, such as return-of-premium or child coverage, can usually be added during the initial application or at renewal, subject to eligibility and underwriting. To add or modify riders after purchase, you must submit a written request or use the digital self-service portal if available. The insurer may require updated health or lifestyle information before approving changes. It is advisable to speak directly with your advisor for guidance. Rider availability and costs will vary by product.
How are IA critical illness premiums calculated and do smoker rates apply?
Premiums are calculated based on age, gender, coverage amount, medical history, occupation, and smoking status. Non-smokers benefit from lower rates compared to smokers, reflecting the different risk levels. Certain health or lifestyle factors may trigger additional surcharges or help you qualify for preferred rates. Your premium is guaranteed for the chosen policy term but may be recalculated at renewal. Quotes can be obtained instantly online or through a licensed advisor.
What is the claims submission process and how long does IA typically take to pay out benefits?
To begin a claim, notify IA through the phone, online portal, or by contacting your advisor, then submit the required claim forms and medical documents. After receiving all necessary information, IA’s assessment team typically reviews the claim within 5 to 10 business days. Upon approval, the tax-free benefit is usually paid via direct deposit or cheque within a few business days. End-to-end, most claims are settled within 10 to 15 business days. Customers can track the status online through their policy portal.
Can I change my coverage amount or make amendments to my IA policy after purchase?
Policyholders may request to increase or decrease their coverage, add or remove riders, or make other amendments, subject to underwriting and approval. Changes typically involve submitting a formal request and may require health evidence or additional documentation. Some adjustments, like reducing coverage, can take effect more quickly, while increases often require review. Amendments are best managed with the help of your advisor or through the online portal if supported. Policy terms and fees for changes are specified in your contract.
What are the cancellation, surrender, and refund rules for IA critical illness insurance?
You may cancel your policy at any time by notifying IA in writing, and a full premium refund is available if cancelled within the cooling-off period (usually 10 days from issue). For surrender or partial redemption outside this window, any remaining cash value or loan advance will be paid out minus applicable fees. Surrender charges or restrictions may apply based on the policy’s terms and duration in force. Your advisor or the support centre can help explain the implications. Refund details and any penalties will be clearly stated in your policy.
What features does IA’s digital self‑service provide for critical illness clients?
IA’s online portal allows clients to view policy details, download documents, update personal information, and submit or track claims securely at any time. Some products also offer digital premium payments, beneficiary changes, and appointment booking with advisors. The platform is accessible on web and mobile devices for added convenience. Enhanced support, such as chat or secure messaging with customer service, is often included. The portal is designed to streamline the customer experience and improve policy management efficiency.
What conditions are covered under IA’s critical illness policies and what are the available benefit amounts?
IA’s critical illness insurance covers a comprehensive list of major illnesses, including cancer, heart attack, and stroke, with some plans offering protection for up to 25 different conditions. Benefit amounts can range from $10,000 up to $500,000 depending on the specific product and eligibility criteria. Policyholders should consult their contract or advisor for the full list of covered illnesses and applicable benefit limits. Both adult and child coverage options may be offered. Always review your individual policy for precise coverage details.
What are the typical waiting and survival periods for IA critical illness insurance?
A waiting period of 90 days from policy issue applies for most illness claims, meaning illnesses diagnosed before this period are not covered. Additionally, a survival period (typically 30 days after diagnosis) is required to be eligible for the lump-sum benefit. These periods ensure coverage is only for newly diagnosed conditions occurring during the policy’s active term. Both waiting and survival period details are clearly outlined in plan documents. Clients are encouraged to ask their advisor for any clarification.
How do I add optional riders to my IA critical illness insurance policy?
Optional riders, such as return-of-premium or child coverage, can usually be added during the initial application or at renewal, subject to eligibility and underwriting. To add or modify riders after purchase, you must submit a written request or use the digital self-service portal if available. The insurer may require updated health or lifestyle information before approving changes. It is advisable to speak directly with your advisor for guidance. Rider availability and costs will vary by product.
How are IA critical illness premiums calculated and do smoker rates apply?
Premiums are calculated based on age, gender, coverage amount, medical history, occupation, and smoking status. Non-smokers benefit from lower rates compared to smokers, reflecting the different risk levels. Certain health or lifestyle factors may trigger additional surcharges or help you qualify for preferred rates. Your premium is guaranteed for the chosen policy term but may be recalculated at renewal. Quotes can be obtained instantly online or through a licensed advisor.
What is the claims submission process and how long does IA typically take to pay out benefits?
To begin a claim, notify IA through the phone, online portal, or by contacting your advisor, then submit the required claim forms and medical documents. After receiving all necessary information, IA’s assessment team typically reviews the claim within 5 to 10 business days. Upon approval, the tax-free benefit is usually paid via direct deposit or cheque within a few business days. End-to-end, most claims are settled within 10 to 15 business days. Customers can track the status online through their policy portal.
Can I change my coverage amount or make amendments to my IA policy after purchase?
Policyholders may request to increase or decrease their coverage, add or remove riders, or make other amendments, subject to underwriting and approval. Changes typically involve submitting a formal request and may require health evidence or additional documentation. Some adjustments, like reducing coverage, can take effect more quickly, while increases often require review. Amendments are best managed with the help of your advisor or through the online portal if supported. Policy terms and fees for changes are specified in your contract.
What are the cancellation, surrender, and refund rules for IA critical illness insurance?
You may cancel your policy at any time by notifying IA in writing, and a full premium refund is available if cancelled within the cooling-off period (usually 10 days from issue). For surrender or partial redemption outside this window, any remaining cash value or loan advance will be paid out minus applicable fees. Surrender charges or restrictions may apply based on the policy’s terms and duration in force. Your advisor or the support centre can help explain the implications. Refund details and any penalties will be clearly stated in your policy.
What features does IA’s digital self‑service provide for critical illness clients?
IA’s online portal allows clients to view policy details, download documents, update personal information, and submit or track claims securely at any time. Some products also offer digital premium payments, beneficiary changes, and appointment booking with advisors. The platform is accessible on web and mobile devices for added convenience. Enhanced support, such as chat or secure messaging with customer service, is often included. The portal is designed to streamline the customer experience and improve policy management efficiency.
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