Industrial Alliance Life Insurance Review: Updated 2024
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Discover the methodologyIndustrial Alliance Life Insurance (iA), offered by the iA Financial Group, delivers a wide range of policies tailored to meet diverse needs, with coverage up to $20 million.
Whether you're looking for term life coverage, guaranteed acceptance without medical exams, or a plan to grow your wealth tax-efficiently, iA Financial Group offers flexible solutions. But is it the right choice for you?
In this Industrial Alliance Life Insurance review, we cover everything you need to know: coverage details, costs, pros and cons, claims, cancellation forms, and more. You can also use our free tool to get personalized quotes from iA life insurance and compare them with Canada's top providers like Canada Life, Manulife, Empire Life, and others.
Industrial Alliance Life Insurance: 6 Key Points
- Industrial Alliance offers 5 categories of life insurance:
- Term Life Insurance
- Permanent Life Insurance
- Participating Life Insurance
- Universal Life Insurance, and
- Specialized Life Insurance
- Coverage of up to $20 million.
- No-medical exam life insurance option with immediate coverage from day 1.
- Fixed premiums and flexible payment options.
- Option to convert term life into permanent coverage without medical exams.
- Add-ons like comprehensive child-term life insurance, disability waiver, and more.
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Our Industrial Alliance Life Insurance Review
iA Financial Group (Industrial Alliance) offers an impressive array of life insurance products to meet diverse needs, spanning five primary categories: Term Life Insurance, Permanent Life Insurance, Participating Life Insurance, Universal Life Insurance, and Specialized Life Insurance.
Industrial Alliance Term Life Insurance products, including the Pick-A-Term and Access Life plans, cater to short- to medium-term needs. These policies, with coverage up to $20 million, are ideal for individuals seeking affordable and flexible protection. The Pick-A-Term product offers customizable durations from 10 to 40 years, fixed premiums, and the ability to convert to permanent insurance without medical exams.
Meanwhile, the Access Life plan is a simplified issue product with no medical exam requirements. With Access Life, you can even get guaranteed life insurance coverage from day 1, making it accessible for those with health challenges. The Access Life plans are available in both term and permanent coverage options.
For lifelong security, the iA Financial Group permanent life insurance plans provide stable premiums and guaranteed values, ensuring peace of mind for your family and legacy. If you’re thinking about growing your estate while protecting your loved ones, the iA PAR participating life insurance plan offers the potential for dividends, combining financial growth with long-term coverage. Compared to competitors like Empire Life, iA PAR offers a high dividend scale and flexible premium options, making it especially appealing for individuals looking to leave a larger financial legacy.
Universal life insurance under iA’s Genesis brand combines lifelong protection with tax-advantaged savings, offering investment bonuses and a range of fund options. While similar to Canada Life's UL plans, Genesis excels with a broader variety of investment accounts and better early cash surrender values, appealing to high-income professionals or business owners with complex financial goals. That said, if you prefer simpler, lower-cost options, competitors like Sun Life may offer more accessible solutions than iA Financial Group's policies.
While iA Financial Group offers solid coverage and innovative plans like Legacy for wealth transfer and liquidity, it does have some drawbacks. The lack of online applications and occasional delays in customer service may not appeal to those who value a seamless digital experience or immediate support. However, for anyone prioritizing flexibility, high coverage limits, and investment growth, iA’s policies offer excellent value.
Expert advice
iA Financial Group offers high coverage limits, tax-efficient savings, and estate planning benefits through products like Genesis UL and iA PAR, making it ideal for long-term thinkers and high-net-worth individuals looking to grow their wealth while protecting their loved ones. However, if you’re on a tight budget or prefer a simpler purchasing process, competitors like Manulife or Sun Life may offer more affordable term options and streamlined digital platforms. Additionally, those prioritizing fast claim processing and highly responsive customer service might find other providers a better fit.
If you think iA life insurance is the right policy for you, you can get free quotes right here, and in a few moments.
Pros of Industrial Alliance Life Insurance
- Coverage up to $20 million, ideal for high-value needs.
- Customizable term lengths (10-40 years) with Pick-A-Term plans.
- Participating policies (iA PAR) with high dividend potential for estate growth.
- Universal life plans (Genesis) offering tax-advantaged savings and diverse investments.
- Specialized products like Legacy, ideal for wealth transfer and liquidity.
- Guaranteed values and premiums for long-term financial security.
- Optional disability coverage rider
- Has a no-medical life insurance option
Cons of Industrial Alliance Life Insurance
- No online application process for most iA Insurance products.
- Premiums for specialized plans can be higher than competitors.
- Limited rider options compared to insurers like Sun Life.
- Customer service and claims processing times could be improved.
Every insurance policy has its set of pros and cons and it's best to weigh multiple options before you buy a policy. Use our free tool below to compare iA Financial Group life insurance quotes with rates from several other top providers, all in one place.
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How much does Industrial Alliance Life Insurance cost?
iA Term life insurance coverage 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 term life insurance coverage of $250,000 and $1,000,000.
| Male, Non-smoker | Premium/month (for $250k) | Premium/month (for $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 term life insurance coverage of $250,000 and $1 million.
| 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 your exact premium, use our free tool below. Get personalized quotes from iA Financial Group and compare them with multiple other Canadian providers by clicking the button below.
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What types of life insurance does the Industrial Alliance Financial Group offer?
Industrial Alliance (iA) Financial Group provides a comprehensive range of life insurance products tailored to suit various individual and business needs. These products fall under five main categories:
- Term Life Insurance
- Permanent Life Insurance
- Participating Life Insurance
- Universal Life Insurance, and
- Specialized Life Insurance.
Each category includes unique plans with flexible features, customizable coverage, and premium options. Here's a breakdown of these categories, their offerings, and who they’re best suited for.
Overview of iA Financial Group Life Insurance Products
| Type | Plans Offered | Eligibility | Coverage Amount | Features |
|---|---|---|---|---|
| Term Life Insurance | Pick-A-Term | 0–70 years | $25,000–$20,000,000 |
|
| Access Life | 6 months–80 years | $10,000–$500,000 |
| |
| Permanent Life Insurance | Whole Life | 0–75 years | $25,000–$10,000,000 |
|
| Child Life & Health Duo | Up to 30 years | $10,000–$500,000 |
| |
| Participating Life Insurance | iA PAR Estate | 0–85 years | $50,000–$10,000,000 |
|
| iA PAR Wealth | 0–85 years | $50,000–$10,000,000 |
| |
| Universal Life Insurance | Genesis | 0–85 years | $25,000–$10,000,000 |
|
| Specialized Life Insurance | Legacy | 0–85 years | $1 million+ |
|
Let's explore these in some more detail in the following sections:
Industrial Alliance Term Life Insurance
Term life insurance provides a straightforward and affordable way to secure temporary financial protection for your family or business. Designed for flexibility, iA Financial’s Pick-A-Term product allows you to select coverage durations tailored to your specific needs, ranging from 10 to 40 years. While Pick-A-Term plan stands out for its flexibility, while Access Life offers simplified and guaranteed issue options for those who may face challenges qualifying for traditional insurance.
Industrial Alliance Term Life Insurance offers the following policies:
- Pick-A-Term (10 to 40 years)
- Access Life (Simplified Issue and Guaranteed Issue options)
Who It's Best For:
- Young families on a budget
- Homeowners seeking mortgage protection
- Individuals nearing retirement with temporary financial obligations
- Business owners needing coverage for loans or key personnel
Key Features:
- Pick-A-Term:
- Coverage amount: $25,000 to $20 million
- Choose any term length from 10 to 40 years
- Fixed, guaranteed premiums for the selected term
- Renewable annually or convertible to permanent coverage without medical evidence
- Quick enrollment with instant acceptance for eligible policies
- Optional riders include Critical Illness, Disability Credit Insurance, and Child Module
- Access Life:
- No medical exams or blood tests required
- In some cases, you may be insured the same day you apply
- Coverage available for individuals aged 6 months to 80 years
- Coverage amount: $10,000 to $500,000
- Includes both term (T15, T20, T25) and permanent options (V100)
- Guaranteed acceptance for those who may have been declined elsewhere
- Renewable or convertible to permanent coverage, regardless of health status
iA Financial Permanent Life Insurance
Permanent life insurance from iA Financial Group offers lifetime coverage with guaranteed premiums and death benefits, making it a reliable choice for long-term financial security. This category includes diverse options like Whole Life Insurance and Child Life & Health Duo, each catering to unique needs. Whether you’re building an estate, protecting loved ones, or securing coverage for children, these products offer stability and peace of mind.
Industrial Alliance Permanent Life Insurance plans include:
- Whole Life Insurance
- Child Life & Health Duo
Who It's Best For:
- Families looking to leave a financial legacy for their loved ones
- Individuals who want lifelong coverage with fixed premiums
- Parents seeking a plan that combines life insurance and critical illness coverage for children
- Business owners requiring consistent protection for their companies
Key Features:
- Whole Life Insurance:
- Coverage amount: Up to $10 million
- Fixed and guaranteed premiums for budgeting ease
- Flexible payment options: 10 years, 20 years, or up to age 65
- Guaranteed cash values and surrender values
- Ideal for covering estate taxes, final expenses, and wealth transfer
- Child Life & Health Duo:
- Coverage amount: Up to $500,000
- Combines life insurance and critical illness coverage for children
- Premiums fully paid by the time the child turns 30
- Includes guaranteed insurability and surrender values
- Protects your child for life with coverage that evolves with their needs
Participating Life Insurance
Participating life insurance combines the protection of permanent coverage with opportunities for financial growth through dividends. iA’s iA PAR Estate and iA PAR Wealth solutions allow policyholders to grow their wealth while maintaining a robust safety net for their families or businesses. These policies are ideal for individuals who want to leave a legacy or enjoy liquidity for financial goals like retirement or investment.
Industrial Alliance Participating Life Insurance plans include:
- iA PAR Estate Solution
- iA PAR Wealth Solution
Who It's Best For:
- Parents and grandparents building a financial foundation for their heirs
- High-income professionals with surplus cash
- Business owners seeking growth-oriented coverage with liquidity options
Key Features:
- Dividend options: Paid-up additions, annual premium reduction, cash, or interest-bearing deposits
- Coverage amount: Up to $10 million
- Flexible payment terms: 10, 20 years, or until age 100
- Tax-efficient growth of wealth
- Liquidity for reinvestment or unexpected financial needs
Universal Life Insurance
Universal life insurance is a versatile solution that merges life insurance with tax-advantaged savings, offering unparalleled flexibility. iA’s Genesis Universal Life policy is designed for those who want to grow their wealth while maintaining lifelong coverage. Policyholders can choose investment options aligned with their risk tolerance and enjoy features like customizable premiums, flexible death benefits, and tax-deferred growth.
Industrial Alliance Universal Life Insurance plan:
- Genesis Universal Life Insurance
Who It's Best For:
- Investors seeking tax-efficient savings
- High-net-worth individuals planning for estate transfers
- Business owners protecting their assets or ensuring liquidity
Key Features:
- Coverage amount: Up to $20 million
- Flexible premiums and death benefits
- Wide range of investment accounts (guaranteed interest, index, and actively managed accounts)
- Tax-free growth of savings
- Wealth maximizer options for estate planning
Specialized Life Insurance
iA’s Legacy Insurance is a tailored offering for high-net-worth individuals and business owners who require significant coverage and financial flexibility. This policy provides enhanced guarantees and annual bonuses to grow both the death benefit and surrender value. With options for liquidity through collateral loans and diverse investment opportunities, it’s an excellent choice for those focused on wealth transfer and asset diversification.
iA Insurance specialized life insurance plan:
- Legacy Insurance
Who It's Best For:
- Professionals requiring significant permanent insurance
- Business owners needing liquidity or asset diversification
- Individuals looking to maximize wealth transfer to the next generation
Key Features:
- Coverage amount: Up to $20 million
- Guaranteed surrender values and annual bonuses
- Options for collateral loans and policy loans
- Access to institutional-grade asset classes
- Premium offset to reduce future payments
How do I get an iA life insurance quote?
You can get personalized iA insurance quotes using our special partner link below. Click the button below and get the best rates for your iA life insurance policy.
You must also compare quotes from other providers before you settle on an iA financial group policy. Use our free tool below to compare life insurance quotes from iA and Canada's other top providers like Canada Life, Manulife, Empire Life, and more.
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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. However, our tool lets you compare iA and 20 other quotes so you get the best deals, all in one place.
How much insurance do I need?
Determining the right amount of life insurance to buy can be a tricky task. Fortunately, you can calculate that number right now using our HelloSafe life insurance calculator. Find out how much coverage is right for you in seconds. Our calculator takes a 360-degree approach and takes into account all your financial information from salary, monthly expenses, loans if any, your children's education, and more. This helps us give you the exact coverage you need for you and your loved ones.
Alternatively, the iA Financial Group has its iA term life insurance calculator on their website which is a little more complex and takes longer to complete.
How do I contact Industrial Alliance Life Insurance customer service?
| iA Financial Group | Contact details: |
|---|---|
| Industrial Alliance Life Insurance phone 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 |
How to file an Industrial Alliance Life Insurance claim?
Filing a life insurance claim with iA Financial Group is straightforward. You must complete an online claim form available on their website. Before starting, ensure you have the following details ready:
- Deceased’s information: Date of birth, marital status, and date of divorce (if applicable).
- Death details: Date, cause of death, and funeral home or hospital contact details.
- Policy number: If available, to streamline the process.
- Beneficiary information: Names, addresses, and contact details of all potential beneficiaries, as cheques are sent by mail.
The form will prompt you to enter details about the deceased, their place and cause of death, funeral arrangements, and your information as the beneficiary. Once submitted, you’ll receive a tracking number via email for future correspondence. If you don't receive an acknowledgment, check your spam folder.
Good to know
Most iA life insurance claims are processed within 1 to 3 weeks, but additional documentation may be required, especially for recent policies or deaths that occurred abroad. In such cases, the processing time may be extended.
How to cancel my Industrial Alliance Life Insurance policy?
To cancel your iA policy, you need to fill out an Industrial Alliance life insurance Cancellation Form. All cancellation requests must be 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.
To cancel a life insurance policy with iA, you can also follow these steps:
- Contact iA’s customer service to express your intent to cancel the policy. You can reach them by phone, email, or through their website (refer to the contact details in the previous sections of this article).
- Be prepared to provide information such as your name, policy number, and the reason for cancellation.
- A written request is often required. Fill out the Industrial Alliance Life Insurance Cancellation Form.
- If your policy has a cash surrender value, inquire about the amount you may receive upon cancellation.
- After the cancellation, request a written confirmation indicating that your policy has been terminated.
Watch out!
If your policy has a cash surrender value, cancelling it may provide a payout. However, early cancellation often leads to reduced payouts due to associated fees or penalties. Additionally, any accumulated cash value could be considered taxable income, so consulting a financial advisor is recommended to understand potential financial implications.
How do I use the iA life insurance login?
If you have an iA group policy, the company 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. Note that these services are currently available for group insurance clients.
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.
iA life insurance app
Industrial Alliance also offers an iA Mobile app that 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. You can download the app on the Apple Store and the Google Play Store as well. To connect to iA Mobile, you must be registered for My Client Space.
FAQs on Industrial Alliance Life Insurance
iA Financial Group, or Industrial Alliance, stands out as a reliable and financially robust insurance provider. With an impressive A+ (Superior) Financial Strength Rating and "aa-" (Superior) Long-Term Issuer Credit Rating from AM Best, you can feel confident in their ability to meet claims and provide long-term stability. Whether you’re seeking life insurance or other financial solutions, iA’s strong reputation ensures you’re in trusted hands.
iA Financial Group typically processes life insurance claims within 1 to 3 weeks. However, the timeline can vary based on the complexity of the claim and the completeness of the submitted documentation. For recent policies or deaths that occurred abroad, additional documentation may be required, potentially extending the processing time. For a more accurate estimate, contacting iA’s claims department directly is recommended.
Yes, iA Financial Group is a legitimate and highly reputable financial services provider in Canada. Established in 1892, the company has over a century of experience in the insurance and financial industry. It boasts an A+ (Superior) Financial Strength Rating from AM Best, which reflects its strong ability to meet its financial obligations. Additionally, iA Financial Group is publicly traded on the Toronto Stock Exchange (TSX: IAG), ensuring transparency and accountability in its operations.
To contact iA Financial Group, you can call their toll-free number at 1-844-442-4636 or send a fax to 1-877-780-7231. You can also visit their office at 26 Wellington Street East, 6th Floor, Toronto, Ontario M5E 1S2. They are available Monday to Friday, from 8:00 a.m. to 5:00 p.m.
Industrial Alliance reviews are mixed from customers. Trustpilot rated the company 1.5 out of 5 stars from about 70 reviews, citing delays in claims and communication. Google Reviews show varied feedback, with praise for affordability and policy options but concerns about service delays. Interestingly, the National Association of Insurance Commissioners (NAIC) gives iA Financial a complaint index of 0.00, meaning the company has received significantly fewer complaints than the industry average, which reflects well on its overall service reliability. Individual experiences vary, so carefully evaluate your needs before making a decision.
