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 and insurance products, picking the right insurer can be challenging.
Industrial Alliance is one name that more than four million people trust. In this 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, financial, and wealth management company. Headquartered in Quebec, the company has operated since 1892 and sells financial products across North America. At present, they are ranked among the top 5 largest life insurers in Canada, accounting for 10% of the personal Canadian insurance market share. It provides a wide range of insurance products to fit different lifestyles.
Industrial Alliance Facts & Financial Information
Founded in 1892
Headquartered in Quebec City, Quebec
$86 billion in Financial Assets
~$12 billion in annual insurance fixed premiums
Has an AM Best Financial Strength Rating of A+
As well as the cost of insurance policies, you should also consider an insurer’s financial stability. Industrial Alliance 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. Similar to competitors like Canada Protection Plan, 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 1.8 stars out of 5 (an increase from last year).
However, online criticism should be taken with a grain of salt. Moreover, it should never be the sole criteria for judging an insurance company.
"The best company for investment and life insurance for wealth creation. Great customer service and response time." - Anshu on InsurEye