Life insurance is a smart way to ensure your family’s financial security once you’re no longer around. However, selecting the right insurance company can be a daunting task due to the multitude of Canadian insurers and their diverse policy offerings.
Industrial Alliance is a prominent life insurance provider in Canada, boasting a rich history spanning over 125 years in the industry. They offer a wide array of insurance products, including term life insurance, universal life insurance, and critical illness insurance, catering to a diverse range of needs.
In this Industrial Alliance Life Insurance review, we will explore what distinguishes Industrial Alliance, explore its strengths and weaknesses, examine its product offerings, and elucidate why it stands out as a compelling choice for purchasing life insurance.
Whether you’re a newcomer to the realm of life insurance or a seasoned expert, this review will assist you in determining whether Industrial Alliance is the right insurance provider for your specific needs.
Who is Industrial Alliance?
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.
iA is one of Canada’s top five largest insurance companies, accounting for 10% of the individual Canadian insurance market share. They have other businesses that span wealth management, individual insurance, auto and home insurance, group and retirement savings, and international operations.
iA Insurance offers many customisable life insurance plans, with Pick-A-Term being the most unique. The Pick-A-Term plan allows you to design your coverage within 10 to 40 years to suit your needs and financial circumstances.
Also, iA Insurance 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.
Pros of Industrial Alliance Life Insurance
- 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 customise 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 of Industrial Alliance Life Insurance
- 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
Industrial Alliance Term Life Insurance
Term Life insurance policies are usually 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 policies do not include added extras like cash value or the ability to earn dividends; 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:
This policy is for 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, 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 necessary coverage. 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.
- 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
This policy is for Canadians looking to cover short-term financial protection needs. The policy offers traditional coverage in 10- and 20-year term periods. It provides cheap and affordable premiums.
Industrial Alliance Permanent Life Insurance
Permanent life insurance provides 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
iA PAR is a permanent life insurance policy 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 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
This product is for Canadians seeking lifelong coverage with level premiums. This whole life insurance policy covers up to $10 million, which never expires.
As long as you keep paying your premiums, your coverage remains active, and your premiums remain the same.
Canadians with a medical condition ineligible for fully underwritten life insurance coverage can opt for this policy. This is the perfect option 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 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
This product is for Canadians looking for life insurance coverage to protect their child for life and provide critical illness advantages.
The 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
This policy is for Canadians looking for lifelong coverage. The policy provides lifelong coverage plus added benefits 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
Universal life insurance lets you invest your policy’s cash value as you please. Industrial Alliance offers you two universal life insurance options: Genesis and EquiBuild.
This 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.
This 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 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:
This policy offers coverage in four categories: basic (covers four conditions), enhanced (covers 25 conditions), and reducing (covers four conditions).
- 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
This policy protects against cancer. This policy also allows you to tweak your life insurance to suit your needs,
- It offers coverage of $150,000
- It provides coverage for 10, 20, and 25 years
- It includes a return of premium options
- It provides coverage for most forms of cancer
Industrial Alliance Life Insurance Reviews
The following reviews have been compiled from customer comments about Industrial Alliance Life Insurance found on various publicly available online sources:
Positive Industrial Alliance Life Insurance Review
- “The best company for investment and life insurance for wealth creation. Great customer service and response time.” – InsurEye Review
“IA has the cheapest life insurance and very responsive to claims and customer service. Definitely recommending it to Canadian families.” – InsurEye Review
Negative Industrial Alliance Life Insurance Review
- “They don’t do what they tell you when you call the customer service and will mail you a warning to terminate the policy right away with a bunch of questions. If you’re in your 50’s, they will make any inquiries and process for you a hell because they want to get rid of you after paying them for years! In the end, your money for your dependents would just get sucked up by this leach business. Stay away!” – InsurEye Review
“They opened a policy against my will. The worst company and service. One day I called Industrial Alliance for a submission, needed information to compare prices. Then, they sent by mail a contract without my interest. I did not sign the contract, they still charged me 60$ and sent my file to the recovery agency. Now I have a bad history.” – InsurEye Review
Final Thoughts on Industrial Alliance Life Insurance Review
When it comes to life insurance, you want a provider you can count on. That’s why you should choose Industrial Alliance. With a long-standing reputation for quality and affordability, they have served Canadians for over a century.
Not only do they offer a wide variety of policies to suit your specific needs, but their rates are competitive, making them an excellent choice for anyone looking for affordable coverage. And with top-notch customer service, you can have peace of mind knowing that you’ll be taken care of in case anything happens.
While paper policies are the only option, this is a minor drawback compared to their benefits. Overall, Industrial Alliance is a reliable and trustworthy provider of life insurance. So why wait? Check out this Industrial Alliance Life Insurance Review and find the perfect policy for your needs today!
FAQs on Industrial Alliance Life Insurance Review
Is Industrial Alliance 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 Canada’s largest insurance and wealth management group. 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).
How Old is Industrial Alliance?
Founded in 1892, Industrial Alliance Life Insurance Company is 131 years.
Is iA Financial Group Legit?
The iA Financial Group, also known as Industrial Alliance, is a major player in Canada’s life insurance industry. It holds the impressive position of being the fifth-largest insurance company in the country based on its market share.