Are you looking for a life insurance company that offers quality coverage and excellent customer service? If so, you may seriously want to consider Industrial Alliance.
Industrial Alliance is one of Canada’s largest life insurance companies, offering a wide range of products to fit your needs. This company has been providing life insurance products since 1892 and is a leading provider of life insurance products today.
This Industrial Alliance Life Insurance Review takes a close look at Industrial Alliance as an insurance provider, its pros and cons, its several products and features, and why it is an excellent option for buying life insurance.
So whether you’re looking for term life insurance, critical illness coverage, or something else, you’ll want to read on! Let’s take a closer look at what iA life insurance reviews has to offer.
What is Industrial Alliance Life Insurance?
Industrial Alliance, or iA, is an insurance and wealth management company. It was founded in 1892 with its headquarters in Quebec, where it sells financial and insurance products across North America.
Presently, Industrial Alliance Life Insurance is one of Canada’s top five largest insurance companies and accounts for 10% of the individual Canadian insurance market share.
Industrial Alliance has several businesses that span across wealth management, individual insurance, auto and home insurance, group and retirement savings, and international operations. Through its 25,000 representatives, the company provides services to over four million clients.
Industrial Alliance Life Insurance offers many customizable life insurance plans, with Pick-A-Term being the most unique. The Pick-A-Term plan allows you to design your coverage within a range of 10 to 40 years to suit your individual needs and financial circumstances.
Also, iA offers options to choose between level and decreasing life insurance coverage. The decreasing option is designed to cover decreasing financial liabilities like a mortgage. It also allows you to benefit from low premiums while the coverage reduces annually by a pre-specified amount.
Benefits and Downsides of Industrial Alliance Life Insurance
Industrial Alliance Life Insurance has pros and cons like every other life insurance company in Canada. If you want to buy life insurance from Industrial Alliance, you should consider these benefits and downsides before deciding.
Pros
- Industrial Alliance is a financially stable company. You can rest assured that the company will make good on its promises.
- The company offers a high degree of flexibility, allowing you to customize your coverage to suit your needs.
- You can easily access your insurance account online.
- The underwriting process of iA is more accommodating than other insurance providers.
- It offers level and decreasing death benefit options.
- You can get non-medical simplified, and guaranteed products.
- The company offers an optional disability rider. This can be good for mortgage protection when used in conjunction with decreasing coverage options.
- iA offers competitive rates
- The Pick-A-Term feature offers unique industry parallels.
Cons
- Some insurance companies in Canada may offer lower rates for straight-term coverage
- You will only receive paper policy as there is no electronic policy
Products and Features
Industrial Alliance Life Insurance offers several life insurance products: term life, permanent life, critical illness, disability insurance, auto insurance, and lots more.
Let’s take a closer look at each life insurance product iA offers.
Industrial Alliance Term Life Insurance
Industrial Alliance Life Insurance offers several term life insurance products to Canadians. These products are cheap and pure and have only one goal: to pay death benefits to your beneficiary if you die within the specified term.
Industrial Alliance Term Life Insurance does not include added extras like cash value or the ability to earn dividends, and the coverage only lasts for a specified period.
If you are a young Canadian family looking for life insurance plans to fit your tight budget and cover short or medium-term loans, term life insurance is the perfect fit.
Industrial Alliance offers the following as term life insurance plans:
Pick-A-Term
Industrial Alliance Life Insurance offers this product to young Canadian families with many financial commitments who want life insurance when their family needs it most.
This policy allows you to pick any term between 10 and 40 years. It is unlike other term life policies that give you only a few options like 10, 20, 30, or 40 years.
With the iA Pick-A-Term insurance policy, you only pay for the coverage you need. Suppose you need life insurance for only 22 years; an insurance company might ask you to buy coverage for a 20 or 30-year term which does not perfectly cover your needs.
However, iA Pick-A-Term will allow you to buy coverage for 22 years to match your needs perfectly.
Features
- The policy offers coverage of up to $10 million
- It provides coverage from 10 to 40 years and everything in between
- You can convert your policy to permanent life insurance for up to 71 years
- You can renew your policy after the term ends
Traditional Term
Industrial Alliance Life Insurance offers this product to Canadians looking to cover short-term financial protection needs.
This policy offers traditional coverage in 10- and 20-year term periods. It provides cheap and affordable premiums.
Industrial Alliance Permanent Life Insurance
Industrial Alliance Life Insurance offers several permanent life insurances that provide lifelong coverage. These policies cover you till the day you die as long as you keep paying premiums.
The premiums are level and guaranteed, and the coverage never expires. iA permanent life insurance products are as follows:
Participating Life Insurance
Industrial Alliance Participating life insurance or iA PAR is permanent life insurance that allows you to earn dividends from your insurance policy. You can use the dividends to pay off future premiums or reduce your annual premiums.
Also, you can choose to receive your dividends in cash payments or deposit them and gain interest on their cash value, though this may imply some tax implications.
Whole Life Insurance
Industrial Alliance Life Insurance offers this product to Canadians seeking lifelong coverage with level premiums. This whole life insurance policy provides coverage up to $10 million, and the coverage never expires.
As long as you keep paying your premiums, your coverage remains active, and your premiums remain the same.
Access Life
Industrial Alliance Life Insurance offers this product to Canadians with a medical condition that makes them ineligible for fully underwritten life insurance coverage. This is the perfect option if you want to avoid medical exams while getting life insurance.
This policy is a simplified whole life plan. It doesn’t require a medical test but only asks you a few health-related questions. It offers coverage from $10,000 to $500,000.
However, iA Access Life’s premium rates are relatively higher than other whole life insurance policies.
Child Life & Health Duo
Industrial Alliance Life Insurance offers this product to Canadians looking for life insurance coverage to protect their child for life and provide critical illness advantages.
This policy offers features like guaranteed insurability and surrender values. You would pay premiums till your child reaches age 30, by which time, the premium is paid in full.
Life & Serenity 65
Industrial Alliance Life Insurance offers this product to Canadians looking for lifelong coverage. This policy provides lifelong coverage plus added benefit if you develop Paralysis, Loss of autonomy, Alzheimer’s disease, and Parkinson’s disease after age 65.
With this policy, you can get coverage of $10 million and pay premiums up to age 100. If you develop any of these medical conditions at any time, you stop paying premiums but will receive your benefit amount as a monthly annuity.
Universal Life Insurance
Industrial Alliance Life Insurance offers this product to Canadians looking for self-directed long-term investment components. This universal life insurance policy allows you to invest your policy’s cash value as you please.
Industrial Alliance offers you two universal life insurance options: Genesis and EquiBuild.
Genesis is designed for those who want to access their policy’s value early. It has quick pay options for 10, 15, or 20 payments and is available with annual renewable terms.
EquiBuild is designed for those looking for longer-term growth of wealth. It has only 15 payment options for quick pay, and has the option for paid-up insurance.
Industrial Alliance Critical Illness Insurance
Industrial Alliance Life Insurance offers four critical illness insurance to help Canadians cover the costs associated with severe illness. Insurance Alliance pays you a tax-free lump-sum payment if you suffer from a covered illness within your policy.
The policy offers coverage for adults and children through several plans:
Transition
Industrial Alliance Life Insurance offers this product in four categories: basic (covers four conditions), enhanced (covers 25 conditions), and reducing (covers four conditions).
Features
- This policy offers coverage of $2.5 million
- It offers partial payouts for seven different conditions
- It provides coverage for 10, 20, and 25 years or term to age 75 and 100
- It has limited payment options up to age 100
- It includes coverage for loss of independent existence
CancerGuard
Industrial Alliance Life Insurance offers this product to provide protection against cancer. This policy allows you to tweak your life insurance to suit your needs,
Features
- It offers coverage of $150,000
- It provides coverage for 10, 20, and 25 years
- It includes a return of premium options
- It provides coverage for most forms of cancer
Final Thoughts on Industrial Alliance Life insurance Review
Industrial Alliance is a life insurance company with a long history of providing quality products and services to Canadians. The company has provided Canadians with quality coverage for over 125 years and is an excellent choice for anyone looking for quality, affordable coverage.
If you’re looking for life insurance, you should consider Industrial Alliance. They offer a wide variety of policies and options, so there’s sure to be one that fits your needs, and their rates are competitive.
Plus, their customer service is top-notch, so you can rest assured that you’ll be taken care of if something happens. I’ve never had problems getting in touch with them when needed.
With this Industrial Alliance Life Insurance Review, you should be able to find the perfect policy for your needs.
FAQs on Industrial Alliance Life insurance Review
Is iA Financial Group a good company?
Yes. Industrial Alliance is a financially stable company with solid ratings from AM Best. The company offers a wide variety of life insurance products to match your different lifestyles. It offers competitive rates and a unique Pick-A-Term feature.
Is Industrial Alliance a Canadian company?
Yes. Industrial Alliance Financial Group is one of Canada’s largest insurance and wealth management groups. Founded in 1892, it is an essential Canadian public company listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares).
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
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