Industrial Alliance Life Insurance Review

Learn more about Industrial Alliance life insurance in Canada. Talk to one of our experienced advisors, today!

7 minute read

Originally Published: February 14, 2022
Updated: May 11, 2023

Industrial Alliance is rated a 4/5 by Protect Your Wealth, and has an AM Best Company rating of A+. They offer many different life insurance packages with a lot of options and flexibility.

Industrial Alliance Life Insurance Review

Learn more about Industrial Alliance life insurance in Canada. Talk to one of our experienced advisors, today!

7 minute read

Originally Published: February 14, 2022
Updated: May 11, 2023

Industrial Alliance Life Insurance Review Canada

Industrial Alliance, better known as iA Financial Group, offers life insurance products that are suitable for people who want flexibility for different circumstances. They score an AM Best Company score of A+. They have an array of term life and permanent life options, which fit specific needs. Their term life insurance policies range in years and offer the conversion to permanent life solutions and their permanent life products have flexibility and opportunity for stability and growth; making them one of the best life insurance companies. Their rates are higher on average compared to competing life insurance companies and they lack customer transparency. Nonetheless, they are a reputable company with a lot of strength, therefore they get a 4 out of 5 stars from Protect Your Wealth.

In this article:

Company Overview

Industrial Alliance Financial Group, better known as iA Financial Group is a historic company which is part of the largest life insurance companies in Canada. Headquartered in Quebec, iA Financial Group began in 1892 and has since become a powerful company with a yearly revenue of over $3 billion. With over 3,000 employees worldwide, iA Financial Group is segmented into multiple divisions, such as iA Pacific, iA American, iA Investia and many more.

Industrial Alliance Life Insurance Pros

  • Flexible coverage is great for personalized packages and policies
  • Easy-to-use website, with easy online account management
  • Rare pick-a-term feature
  • Accommodating underwriting compared to other providers

Industrial Alliance Life Insurance Cons

  • More expensive premiums than competing life insurance companies

Industrial Alliance Life Insurance Products

Industrial Alliance offer various life insurance products. Their term life insurance product shelf includes: Pick-A-Term and Access Life insurance. Access Life can be either a traditional term insurance policy or a permanent life insurance policy, as it can provide coverage for 15, 20, 25–year terms or for a 100–year whole life term. iA Financial Group also has other permanent life insurance options: the non-participating life insurance, participating life insurance, whole life, Access Life, and universal life insurance.

Industrial Alliance has 2 term life insurance packages: Access Life and Pick-A-Term.

Industrial Alliance Term Life Insurance

Industrial Alliance term life insurance offers a couple of term insurance policies: their Access Life insurance offers 15, 20, and 25–year terms. Their Pick-A-Term insurance policy offers flexibility as it offers 10 to 40–year terms which are great for fulfilling various needs. 

The Access Life term policy is for people who are looking for coverage for medium to long-term financial responsibilities. Typically, for those who have dependent children, have a mortgage, or are preparing for retirement as it comes in 15, 20 and 25–year terms.

  • Key Highlights
    • Coverage from $10,000 to $500,000
    • Available for the ages of 6 months to 80 years old
    • A medical examination is not required 
    • Available for 15, 20, and 25–year terms 
    • Fixed premiums
    • Offers a lump sum tax-free to your beneficiaries
  • Optional Benefits
    • Offers unique solutions for children with health conditions 
    • Available for newcomers to Canada
    • Available to those who are diagnosed with a critical health condition

The Pick-A-Term policy is best for those who have short, medium, and long–term financial goals and responsibilities. This is offered in 10 to 40–year terms and has the flexibility to cover various financial commitments.

  • Key Highlights
    • A medical examination is not required 
    • Fixed premiums
    • Offered in 10 to 40–year terms 
  • Optional Benefits
    • Convertible to a permanent life policy until the age of 71 years old
    • Available to those who are diagnosed with a critical health condition 
    • Tax-free death benefit
2022 monthly quote rates for term life insurance
Industrial Alliance has various permanent life insurance, including whole life, and universal life.

Industrial Alliance Permanent Life Insurance

Industrial Alliance offers 5 different types of permanent life insurance policies which are ideal for those who have long-term financial commitments and responsibilities. They offer Non-Participating life insurance which includes Whole Life, Access Life, and Life Serenity 65. They also have Participating Life Insurance, and universal life insurance.

Non-Participating Life Insurances

This includes Whole Life, Access Life, and Life Serenity 65 policies which are all permanent life insurance solutions by Industrial Alliance and offer lifetime coverage. This is ideal for those who want permanent coverage, and want consistent premium prices.

Key Highlights

  • Coverage up to $10 million
  • A medical examination may be required
  • Terms of 10, 20 and pay to 65 or 100 options
  • Coverage can cover up to 9 people

Key Highlights

  • Coverage from $10,000 to $500,000
  • Offers 100 year permanent term coverage
  • Medical examination is not required 
  • Fixed premiums
  • Offers a lump sum tax-free to your beneficiaries

Key Highlights

  • Coverage for those 65 and older 
  • Provides monthly payouts for those with Parkinson’s, Alzheimer’s, paralysis, or loss of autonomy 
  • Premiums are payable until age 100

Participating Life Insurances

iA Financial Group offers an upgraded permanent life insurance option with Participating Life Insurance. This includes basic coverage and allows for dividends to be applied to your policy. This is ideal for parents who want to provide financial freedom for their children, professionals, and business owners.

Key Highlights

  • Available for those over 15 years of age
  • Available for 10 to 20–year terms and an age 100 option 
  • Coverage up to $10,000,000
  • Dividends allow for growth
  • A choice to pay off premiums early 

Optional Benefits

  • Tax-free lump sum paid to a beneficiary 
  • Term life option
  • Accidental death coverage
  • Life insurance for your child
  • Waiver of premiums

Universal Life Insurances

iA Financial Group offers 2 different options for universal life insurance: Genesis and EquiBuild.

Key Highlights

  • Available for all ages up to 60, 70, 80, and 85, based on respective term levels 
  • Stable premiums, with yearly renewable terms costs
  • Premiums are used to cover taxes and the cost of insurance

Optional benefits

  • Death benefits available 
  • Investment options
  • Surrender value and no policy fees

Key Highlights

  • Option for paid-up insurance 
  • 15 payment period options 
  • Surrender value and no policy fees
  • Death benefit options

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Other Industrial Alliance Insurance Products

iA Financial Group offers many other insurance products that can be your sole coverage or it can be combined as a rider. 

Disability and income insurance 

Month benefit in the case of disability. Ideal for those who want insurance for monthly expenses like rent and loan payments. 4 different types of coverage for different needs: Superior Program, Acci-Jet Program, Universal Loan Insurance, and Acci 7 PLUS.

Key Highlights

  • Eligible for those 18 to 59 years old
  • Coverage up to 65 years old
  • Up to $10,000 in monthly benefits
  • Accident coverage only

Key Highlights

  • Eligible for those 18 to 69 years old 
  • Coverage up to 75 years old
  • Must work 21 hours a week 
  • Up to $6,000 monthly coverage

Key Highlights

  • Eligible for those 18 to 59 years old
  • Coverage of all your loans and rent, up to $5,000 monthly 
  • Must work 21 hours a week

Key Highlights

  • Monthly disability benefits range from $700 to $1,400 a month 
  • Eligible from 18 to 74 years old
  • Coverage up to age 80
  • Minimum hours of work not required

Critical illness insurance

For those that are diagnosed with a critical illness. Providing tax-free assistance for expenses during your recovery, there are 3 types of critical illness plans: Transition (25 illnesses or 4 illnesses), Cancer Guard, and Kiddy Plan

Key Highlights

  • Eligible for those 0 to 65–years old 
  • Coverage from $10,000 to $3,000,000
  • 10, 20, 25–year terms or to age 75 or for life

Key Highlights

  • Eligible for those 0 to 65-years old
  • Coverage from $10,000 to $3,000,000
  • 10, 20, 25-year terms or to age 75 or for life

Key Highlights

  • Eligible for those 0 to 65 years old
  • Coverage from $5,000 to $150,000
  • 10 to 20 year terms or to age 75
  • Covers most cancers

Key Highlights

  • Eligible from 2 to 5 years old
  • Coverage up to $2,000
  • 12 month coverage term

Industrial Alliance Customer Reviews

Many iA Financial Group clients are satisfied with their experience with the company:

  • Great customer service resources which are available anytime

  • Easy application processes

  • Major flexibility compared to other life insurance companies

On the other end, iA clients sometimes find that:

  • Rates are not comparable to competitors

  • Lacks customer transparency

Finding the right life insurance for you

If you’re not sure of what the best insurance product or company is for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical, term life, or permanent life insurance, since 2007. As your life Insurance broker and financial planner, we work with you to create a personalized plan for your family or business that covers and meets your needs. 

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 Stoney Creek, Airdrie and Nanaimo.

FAQs about Industrial Alliance Life Insurance

Industrial Alliance, is a Quebec based insurance and wealth management company with operations across North America. They provide a multitude of services and life insurance options.

Industrial Alliance financial group has been around since 1892 and have come a long way as a company since then, even going as far as scoring an AM Best Company score of A+.

You can get quotes from brokers like us at Protect Your Wealth, where we can help you find the best solution to fit your particular situation.

Life insurance payouts are dependent on the type of insurance and the circumstances, but they typically take anywhere between 2 weeks to 60 days.

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