Having life insurance is a great way to secure your family’s financial stability after you are gone. However, with dozens of Canadian insurers offering a variety of policy options, picking the right insurer can be challenging. Industrial Alliance is one name that more than four million people trust. In this Industrial Alliance Life Insurance review, we will cover everything you need to know about Industrial Alliance, so you can confidently decide if they are the right insurer for you.
Who is Industrial Alliance?
Industrial Alliance or iA Financial Group is an insurance and wealth management company. Headquartered in Quebec, the company has been around since 1892 and sells financial products across North America. At present, Industrial Alliance is ranked as the 5th largest life insurer in Canada, accounting for 10% of individual insurance market share. It provides a wide range of life insurance products to fit different lifestyles.
Industrial Alliance Facts & Financial Information
- Founded: 1892
- Head Offices: Quebec City, Quebec
- AM Best Financial Strength Rating: A+
- Financial Assets: $86 billion
- Insurance Premiums: ~$12 billion annually
As well as the cost of insurance policies, you should also consider an insurer’s financial stability. Life insurance plans are long-term contracts, that can span decades. You want an insurer that has the wherewithal to keep its end of the bargain.
With Industrial Alliance, you can rest easy on this count. The insurer received an A+ rating from AM Best, an independent agency that rates insurers and other companies that provide financial services.
Industrial Alliance Life Insurance Reviews
Okay, here is the thing. Google any big life insurance company and you will likely find more negative reviews than positive.
Why is that? The answer is simple: Consumers have a higher tendency to write an online review when they receive poor service. For this reason, do not decide solely on the basis of online reviews whether an insurer is right for you or not.
Like many, Industrial Alliance’s reviews are uninspiring. The insurer received 2.1 stars out of 5 on Google Reviews. Furthermore, its record on Insureye is 1.2 stars out of 5.
However, online criticism should be taken with a grain of salt. Moreover, it should never be the sole criteria for judging an insurance company.