You'll learn:

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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

Access Life

Access Life is specifically designed for people seeking quick, easy coverage. This includes those with difficulty obtaining regular insurance, such as those with health conditions, parents to those who have health conditions, and newcomers to Canada.
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Access Life does not require any medical exams, providing same-day coverage and a guaranteed acceptance. Fixed premiums are guaranteed for the entire term length, and it is convertible to permanent insurance before age 71.

‍Features

• Terms available: 15, 20, or 25 years
• Coverage amounts up to $500,000
• Available for ages 6 months to 80 years
• Tax-free death benefit

Access Life provides four different underwriting levels to benefit your needs:

Immediate Plus

• Provides the highest coverage amounts
• Best premium rates
• However, it is available to those who are in better health. This can make it difficult for those with poor health to access the coverage they need.

Deferred Plus‍

• Moderate coverage amounts
• Mid-range premium rates
• For those with some health issues

Deferred‍

• Basic coverage level
• Higher premium rates
• For those with more health concerns

Guaranteed Access

• ‍‍Up to $50,000 ($25,000 for age 50+)
• Up to $10,000 for children under 18
• Available even if declined for other levels

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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.

Participating Life Insurance

Industrial Alliance offers a participating life insurance policy, which has the advantage of increasing your cash surrender value and death benefit through dividends. This policy also offers protection to your estate and liquidity.

There are three premium payment options; 10-year pay, 20-year pay, and pay to 100.

• 0-85 years (10-pay)
• 0-80 years (20-pay)
• 0-75 years (pay to 100)

Your dividend options include purchase paid-up insurance, premium reduction, cash payment, and interest-bearing deposit. Some additional benefits include guaranteed premiums and death benefit, up to $1 million coverage with simplified underwriting, tax-advantaged growth, and access to cash surrender values.

iA PAR Estate

iA PAR Estate targets high net worth clients seeking long-term estate protection, such as business owners funding shareholder agreements or parents/grandparents creating financial foundations for family. This policy maximizes long-term estate value.
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Features‍

• Optimizes growth of total surrender value and death benefit
• Tax-advantaged asset growth
• Current dividend scale interest rate of 6.35% for 2025

iA PAR Wealth

iA Par Wealth is for high net worth clients seeking quick investment returns, like business owners needing access to high surrender values and corporations looking to strengthen balance sheets.

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Features

• ‍‍Focuses on short-term growth
• Maximizes early cash surrender values
• Maintains long-term estate growth potential

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Universal Life Insurance

Industrial Alliance's Genesis Universal Life combines permanent life insurance with tax-advantaged savings capabilities. Industrial Alliance makes this possible by taking a portion of your premiums to pay off tax and insurance fees, using the remainder to invest in profiles of your choosing, making you money off of your money. While cash value is also a whole life insurance benefit, you can't choose how the insurance companies invest with your money like you can with universal life insurance.

Features

• Available for ages 0-85
• Customizable coverage amounts
• Guaranteed costs of insurance
• Option for disability benefits
• Premium reduction based on health and lifestyle
• Quick payment options of 10, 15, or 20 years
• No policy fees
• Premium payment flexibility
• Ability to insure up to 9 people on one contract

Industrial Alliance provides you with over 30 investment options including guaranteed interest accounts (1-5 and 10-year terms), index accounts tracking market performance, actively managed accounts, and diversified strategy accounts from cautious to aggressive.

They also provide you with several investment advantages and additional features to insure that you get the most out of your money. This means a 0.75% investment bonus starting from first year, tax-sheltered growth, access to accumulated savings through withdrawals, and guaranteed minimum returns on certain account.

T 75-100% of savings component guaranteed at deathFied administration fees for life of contractuaranteed maximum management fee ratios

Industrial Alliance also offers the following Death Benefit Options to protect your assets:

• Face Amount Only: Fixed coverage with level death benefit
• Face Amount + Fund: Death benefit grows with accumulated savings
• Face Amount + Fund with Wealth Maximizer: Maximizes tax-exempt savings while minimizing insurance costs

This product is particularly suitable for individuals seeking both lifetime protection and tax-advantaged savings opportunities, especially those who have maximized their RRSP and TFSA contributions.

Specialized Life Insurance

Legacy is Industrial Alliance's specialized permanent life insurance product designed for high-net-worth individuals and business owners. This includes professionals requiring $1M+ permanent insurance, business owners seeking short-term liquidity, individuals focusing on wealth transfer, those wanting to diversify assets with institutional-grade investments.

Features

• Available for ages 0-85 for individual coverage
• Available for ages 15-85 for joint last-to-die coverage
• Minimum coverage of $1 million
• Annual bonus promoting death benefit and surrender value growth
• Current EquiBuild Fund rate of 6.0% for 2025
• Guaranteed surrender values
• Premium payments to age 100
• Policy loans available
• Collateral loans
• Disability benefits
• Premium offset options using policy values[2]

Industrial Alliance provides guaranteed interest accounts, market index accounts, and smoothed return accounts. These investment features, alongside actively managed accounts and access to institutional-grade investments make it a good choice if you're looking for a life insurance policy that provides good return on your money.

This product combines permanent life insurance protection with wealth-building features and flexible access to funds, making it suitable for sophisticated estate planning needs.

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.

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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 - $41.04

Manulife $400K - $44.10 

Cost Savings over 20 years: $734.40

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

Industrial Alliance Insurance $250K - $157.73

Sun Life Insurance $250K - $173.70

Cost Savings over 20 years: $3832.80

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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