Guide to Industrial Alliance: Final Expense Insurance

When it comes to planning for the future, protecting your loved ones and your legacy should be a top priority. The financial burden that can be left behind after your passing can be overwhelming for your family. Funeral expenses, outstanding debts, and estate taxes can quickly add up, leaving your loved ones struggling to make ends meet during an already difficult time. 

Industrial Alliance (iA Financial Group) is a reputable Canadian insurance company that offers a range of personalized policies, providing excellent choices for individuals seeking flexible life insurance solutions. This insurance coverage provides a safety net that allows your loved ones to grieve without the added stress of financial worries. Moreover, it also protects your legacy by ensuring that any financial obligations that may arise after your passing are taken care of. With the custom policies that iA offers, you can rest assured that your family will be taken care of and your legacy will be preserved.

In this article:

• Understanding Final Expense Insurance
  • What Are The Benefits?
• Overview of Industrial Alliance
  • What Are The Advantages of Going With Industrial Alliance?
• Coverage Options
• How to Choose The Right Coverage Option
• Who Should Consider Final Expense Insurance
• Frequently Asked Questions (FAQs) about Final Expense Insurance by Industrial Alliance

Understanding Final Expense Insurance

Final expense insurance, also known as burial insurance or funeral insurance, is a type of life insurance that is specifically designed to cover the costs associated with end-of-life expenses. Unlike traditional life insurance policies, final expense insurance is typically easier to obtain and does not require a medical exam. 

This makes it an attractive option for individuals who may have difficulty obtaining traditional life insurance due to health conditions or age. Final expense insurance policies provide a lump sum payment to cover funeral expenses, outstanding debts, and any other financial obligations that may arise after your passing. It is a simple and affordable way to ensure that your loved ones are not burdened with the financial strain of your final expenses.

What are the benefits?

• Provides peace of mind and financial security for loved ones after your passing
• Accessible even for individuals with pre-existing health conditions
• More affordable with manageable premiums
• Ensures necessary coverage without straining finances

Overview of Industrial Alliance: 

iA Financial Group, also known as Industrial Alliance, is a well-established Quebec-based insurance and wealth management company. Founded in 1892, it has grown to become the fifth largest life insurance company in Canada, holding a 10% share of the individual insurance market. The company offers a wide range of services, including individual insurance, wealth management, group insurance, group savings and retirement, auto and home insurance, and international operations. With a network of 25,000 representatives, iA Financial Group serves over 4 million clients across North America.

What Are The Advantages of Going With Industrial Alliance?

Industrial Alliance Final Expense Insurance offers a high degree of flexibility for personalized coverage, with features like the unique Pick-a-term option and both level and decreasing coverage choices. The optional disability rider, when combined with decreasing coverage, creates an attractive mortgage protection product. Access Life provides non-medical simplified and guaranteed options, and there is online access to accounts and digital e-policy. 

In addition, Industrial Alliance’s underwriting process is often more accommodating than other providers. Another significant benefit is the ease of obtaining coverage, as Industrial Alliance offers simplified underwriting that makes it accessible even for individuals with pre-existing health conditions or advanced age. This is especially valuable for those who may have difficulty obtaining traditional life insurance but still prioritize the financial protection of their loved ones.

Coverage Options for Final Expense Insurance

Access Life is Industrial Alliance’s flagship product designed specifically to address final expenses. As the primary offering for final expense insurance, Access Life provides a simplified issue, non-medical life insurance solution that is easy to apply for and obtain. It is ideal for individuals seeking coverage without the need for a medical or blood test. With guaranteed acceptance regardless of health status, Access Life ensures that no one is turned down for coverage. 

This comprehensive product offers peace of mind by providing the necessary financial support to cover funeral expenses and other end-of-life costs. Industrial Alliance’s Access Life is a reliable and accessible solution for securing the financial well-being of your loved ones during challenging times.

Product Description:

• Simplified issue life insurance product.
• Easy application process and quick to obtain.
• Ideal for individuals seeking coverage without medical or blood tests – only a few medical questions are asked (up to 5)

Types of Coverage

Access Life offers two types of coverage: permanent and term.

Permanent Insurance:

Term Insurance

For both Deferred Plus and Immediate Plus:

• Term 15 coverage is for people between 20 and 65 years of age.
• Term 20 coverage is for people between 20 and 60 years of age.
• Term 25 coverage is for people between 20 and 55 years of age.

Death Benefit

Natural death or suicide: In the unfortunate event of natural death or suicide within the first two years of the policy, Guaranteed Access offers a return of premiums without interest. This means that the premiums paid during this initial period will be refunded to the beneficiaries, helping to alleviate any financial burden.

Accidental death: In case of accidental death at any point during the coverage period, the face amount of the policy starts at the coverage amount chosen from the beginning. This means that the beneficiaries will receive the full coverage amount in the event of accidental death, providing financial support during a challenging time.

Eligibility:

• Available for individuals aged 6 months to 80 years.
• Simple application process with a few medical questions.
  • Questions divided into three steps (Deferred, Deferred Plus, and Immediate Plus).
• If not eligible for Deferred, Guaranteed Access option is still available.

Access Life is designed to provide coverage for individuals who face challenges obtaining traditional life insurance due to age, health, lifestyle, or citizenship circumstances. With Access Life, individuals can secure coverage specifically tailored for their final expenses without the need for a medical exam. The policy’s death benefit can be used by beneficiaries to cover funeral and burial costs, ensuring that these expenses are taken care of.

How to Choose the Right Coverage Option

Funeral Expenses:

• Estimate the cost of funeral services, cremation/burial, casket/urn, and additional expenses.
• Establish a minimum coverage amount based on these costs.

Outstanding Debts:

• Consider any credit card debt, mortgage, or car loans.
• Include the amount needed to pay off these debts in your coverage.

Estate Taxes:

• If you have a large estate subject to estate taxes, factor in the estimated tax amount.
• Ensure coverage provides funds for taxes without depleting other assets.

Future Financial Obligations:

• Anticipate potential educational expenses, medical costs, or ongoing living expenses for loved ones.
• Include an additional amount in your coverage to address these obligations.

Who Should Consider Final Expense Insurance from Industrial Alliance?

Industrial Alliance Final Expense Insurance is an excellent option for individuals who want to protect their loved ones and their legacy. It is particularly beneficial for the following groups:

• Seniors: As you age, it may become more challenging to obtain traditional life insurance due to health conditions or age restrictions. Industrial Alliance Final Expense Insurance offers simplified underwriting that makes it easier for seniors to qualify for coverage.
• Individuals with Pre-existing Health Conditions: If you have pre-existing health conditions, obtaining traditional life insurance can be difficult. Industrial Alliance Final Expense Insurance provides an accessible option for individuals with health conditions, ensuring that you can still protect your loved ones.  
• Individuals with Limited Financial Resources: Industrial Alliance Final Expense Insurance offers flexibility in coverage options, allowing you to choose a policy that fits your budget. This makes it an attractive option for individuals with limited financial resources who still want to ensure that their loved ones are protected.
• Individuals Concerned About Funeral Expenses: Funeral expenses can quickly add up, placing a significant financial burden on your loved ones. Industrial Alliance Final Expense Insurance covers funeral expenses, ensuring that your family is not left with this financial obligation.
• Individuals with Outstanding Debts: If you have outstanding debts, such as credit card debt or a mortgage, Industrial Alliance Final Expense Insurance can help cover these expenses after your passing. This ensures that your loved ones are not burdened with the financial strain of your debts.

Frequently Asked Questions (FAQs) about Final Expense Insurance from Industrial Alliance

Find a solution for what you’re looking for

Planning for the future is essential, especially when it comes to protecting your loved ones and your legacy. Industrial Alliance offers comprehensive coverage that ensures your family is taken care of financially after your passing. By covering funeral expenses, outstanding debts, estate taxes, and other financial obligations, Industrial Alliance provides a safety net that allows your loved ones to grieve without the added stress of financial worries. 

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, and British Columbia, including areas such as Toronto, Banff, and Victoria.