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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
The Facts
Founded in 1892
Headquartered in Quebec City, Quebec
Financial Information
$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
Industrial Alliance Life Insurance Review:
Google Reviews 2.1 / 5 stars ★★
Insureye Reviews 1.2 / 5 stars ★
Dundaslife.com Rating: 4.0 / 5 stars ★★★★
Term Life Insurance
Term life insurance is the cheapest and purest form of life insurance coverage and insurance products. 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 flexible 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.
Industrial Alliance 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 policy, 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
Permanent Life Insurance
As the name suggests, permanent life insurance provides coverage for life. Industrial Alliance offers a range of permanent life insurance policies, such as the following:
Whole Life Insurance
If you are looking for permanent coverage that lasts for a lifetime, this iA financial group product might be right for you. You can buy additional 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 life insurance 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 insurance plan. That is, it does not involve a medical test. Instead, it only requires you to answer a few general health questions. Coverage ranges from $10,000 - $500,000. The premium rate, however, is higher than a standard whole life insurance policy.
Child Life & Health Duo
This iA financial group 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 fixed premiums are paid up insurance and 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.
Critical Illness Insurance
Critical illness insurance helps pay costs associated with serious illnesses. If you suffer from 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 offer coverage that protects 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 life insurance policy to suit your unique needs.
Industrial Alliance Term Life Insurance Rates
Industrial Alliance term life insurance is sufficient for most people. The coverage term 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.
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 — iA financial group offers better rates to smokers than most others.
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, Manulife and Sun Life, and it came out a winner both times.
Example 1: 40 Year Old Male, Non Smoker, Regular Health Conditions, 20 Year Term:
Industrial Alliance Insurance $400K - $42.48
Manulife $400K - $44.10
Cost Savings over 20 years: $389
Example 2: 60 Year Old Female, Non Smoker, Regular Health Conditions, 20 Year Term:
Industrial Alliance Insurance $250K - $159.08
Sun Life Insurance $250K - $168.07
Cost Savings over 20 years: $2158
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Why We Like Industrial Alliance
Financially Stable
Our 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 financial commitments and make good on its promise to issue the death benefit to your beneficiary after you pass away.
Great Selection of Life Insurance Products
iA financial group offers a bevy of life insurance plans to fit all kinds of lifestyles. These include term life, whole life, universal life insurance, 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 iA financial group 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
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.
👉 Read more reviews of Canada's top life insurance companies
Gregory Rozdeba is the CEO of Dundas Life, Canada’s leading digital insurance brokerage. He has over 9 years of experience in the life insurance industry. Gregory previously served as Director of Sales at a Toronto-based insurtech firm, taking the company from no product to raising over $7.6M+ in venture capital. Gregory holds a Bachelor of Finance & Accounting from Ontario Tech University and a Master of Information Management from FH Joanneum.
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