Industrial Alliance Life Insurance Review 2021

Read this Industrial Alliance Life Insurance review, a business that has been open for over 100 years, to find out if it is right for you.

July 6, 2021

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

Quebec
  • 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.

Industrial Alliance Life Insurance Review:

Google Reviews 2.1 / 5 stars ★★

Insureye Reviews 1.2 / 5 stars ★

Dundaslife.com Rating: 4.0 / 5 stars ★★★★

Products and Features

Industrial Alliance is one insurance company that provides a bevy of life insurance products to suit varied financial needs, including two term life insurance plans.

Term Life Insurance

Term life insurance is the cheapest and purest form of life insurance coverage. That is, it has only one goal — to pay a death benefit to your beneficiary if you die within a specific period. It does not include any added extras — like cash value — which only raise your premiums. Also, the coverage lasts for a specific period.

Term life insurance is a good option for young families on a tight budget and people looking to cover short and medium-term loans.

The Industrial Alliance Insurance Company offers the following term life plans:

Pick A Term

This is a term life plan with a difference in the sense that it lets you pick any term from 10 to 40 years. Most other term life policies, by contrast, give you only a few term options — like 10, 20, 30, or 40 years.

With Pick A Term, you pay only for protection that you need — not more or less. So if you need life insurance coverage for 31 years, Industrial Alliance lets you set the term to 31 years, instead of asking you to buy a 30-year or 40-year term policy — neither of which perfectly matches your needs.

Features:

  • Guaranteed Renewal
  • Option to convert the plan to permanent life insurance up to age 71
  • Coverage Period: 10 to 40 years (and anything in between)
  • Maximum Coverage Amount: $10,000,000

Access Life

Access Life is designed for people who may find it tough to get a standard policy on account of their health and age. There is no medical exam, and you only need to answer a few simple health questions to qualify. The downside, however, is that it is more expensive than a fully underwritten policy.

Features:

  • No medical exam
  • Available for 15, 20, or 25 year term
  • Option to convert the plan to permanent life insurance up to age 71
  • Maximum Coverage: $500,000

Permanent Life Insurance

As the name suggests, permanent life insurance provides coverage for life. Industrial Alliance offers a range of permanent life policies, such as the following:

Whole Life Insurance

If you are looking for coverage that lasts as long as you do, this iA financial group product might be right for you. You can buy coverage up to $10,000,000, and your premium will remain the same throughout.

Access Life

Do you have a medical condition that makes you ineligible for a fully underwritten policy? Do you want to avoid a life insurance medical examination? If so, consider this iA financial group product.

Access Life is a simplified whole life plan. That is, it does not involve a medical test. Instead, it only requires you to answer a few general health questions. Coverage amount ranges from $10,000 - $500,000. The premium rate, however, is higher than a standard whole life policy.

Child Life & Health Duo

This iA financial product is designed to protect your child for life and provides critical illness coverage. The coverage includes features like guaranteed insurability and surrender values. The premiums are paid in full by the time the child reaches 30 years of age.

Life & Serenity 65

With Life & Security 65, you receive lifelong coverage, plus an added benefit should you develop any of the following after age 65:

  • Paralysis
  • Parkinson’s disease
  • Alzheimer’s disease
  • Loss of autonomy

You can get coverage up to $1,000,000 and premiums are payable up to age 100. If you develop any of these conditions, you get a break from premium payments and will receive the benefit amount as a monthly annuity.

Universal Life Insurance

If you want a permanent life insurance policy that offers you a lot of flexibility, this iA financial group product might be right for you. Like other permanent life policies, universal life insurance provides lifelong coverage and builds cash value. However, unlike them, you can increase or reduce your premium and death benefit within certain limits.

Critical Illness Insurance

Critical illness insurance helps pay costs associated with serious illnesses. If you develop a covered illness, the insurer will issue a lump-sum payment to you.

The Industrial Alliance Life Insurance Company offers a range of options:

  • Transition – 25 Illnesses: The plan covers 25 illnesses, plus 5 juvenile illnesses. You can buy coverage up to $2,500,000. You will not need to take a medical exam; simply answer a few questions to see if you make the cut.
  • Transition – 4 illnesses: This plan from the Industrial Alliance Life Insurance Company covers the most common illnesses — heart attack, cancer, bypass surgery, and cerebrovascular accident. In addition, it also offers protection against 5 juvenile illnesses. There is no medical test, but you will need to answer a few simple health questions.
  • CancerGaurd: As the name suggests, the plan provides protection against cancer. Available for 10, 20, or 25-year terms, it provides coverage for up to $125,000. You can tweak the policy to suit your unique needs.

Industrial Alliance Term Life Insurance Rates

Discussing Life Insurance Rates

Term life insurance is sufficient for most people. The coverage is cheap and lasts for a specific period. We asked for quotes from Industrial Alliance to find out how affordable their rates are.

Quotes are for $400,000 in coverage over a 20-year term length for healthy, non-smoking men and women of different ages.

Age Male Female
20 $26.46 $20.16
25 $27.00 $20.16
30 $27.72 $20.88
35 $30.96 $23.76
40 $43.92 $32.76
45 $70.56 $50.40
50 $114.84 $83.88
55 $206.64 $142.56
60 $384.12 $257.76
65 Contact Us for Options Contact Us for Options

Term Life Insurance – Prices Based on Customer Characteristics

Every life insurer follows a unique underwriting process. As a result, premium rates may vary significantly from one carrier to another. Some are more lenient with certain customer characteristics than others. For instance — as the chart below shows — Industrial Alliance offers better rates to smokers than most others.

Policy Holder Characteristics Price Comparison
Low coverage amount (<$400,000) Good
Higher coverage amount (>$400,000) Good
Short Term (10 years) Good
Mid Term (20 years) Great
Long Term (30 years) Great
Male Good
Female Great
Under 40 years old Great
Over 40 years old Good
Good Health Good
Regular Smoker Great

Term Life Insurance Review – Price Comparison vs. Competitor Products

Looking for the most affordable life insurance coverage?

Then make sure you get quotes from multiple providers. This is the only way to ensure you get the best deal. We twice compared Industrial Alliance with its competitors, and it came out a winner both times.

Example 1: 40 Year Old Male, Non Smoker, Regular Health, 20 Year Term: 

Industrial Alliance Insurance $400K - $43.92 

Manulife $400K - $45.05 

Cost Savings over 20 years: $271 

Example 2: 60 Year Old Female, Non Smoker, Regular Health, 20 Year Term: 

Industrial Alliance Insurance $250K - $163.13

Sun Life Insurance $250K - $168.07

Cost Savings over 20 years: $1186

Why We Like Industrial Alliance

Financially Stable

Our Industrial Alliance life insurance review found that the company is financially strong, as indicated by its A+ AM Best rating. You can sleep easy knowing the insurer will make good on its promise to issue the death benefit to your beneficiary after you pass away.

Great Selection of Life Insurance Products

Industrial Alliance offers a bevy of life insurance plans to fit all kinds of lifestyles. These include term life, whole life, universal life, and no medical life insurance to name a few.

Competitive Rates

For most people, it comes down to price. Thankfully, Industrial Alliance’s rates — while not cheapest — are very competitive.

Pick-A-Term Feature

No Industrial Alliance life insurance review would be complete without any mention of this feature. Pick-A-Term is a unique offering with few industry parallels that let you buy a term policy of any term from 10 to 40 years.

What We Did Not Like About Industrial Alliance

No Digital Policy

With Industrial Alliance, you will have to make do with a paper policy. You are not going to get an electronic copy.

Conclusion

Family walking in park

Our Industrial Alliance Life Insurance review found that the company sets itself apart through its unique Pick-A-Term feature. It allows you to pick a term life policy of any term from 10 to 40 years. The insurer also boasts a wide range of life insurance products and competitive rates.

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