Industrial Alliance (IA) is one of the largest and most trusted insurance and financial services companies in Canada. With over a century of experience serving Canadian families and businesses, IA offers a wide range of insurance solutions, including life, health, travel and more.
This review provides an in-depth look at Industrial Alliance Insurance, including company background, products offered, pricing, customer service reputation and more. Read on for everything you need to know to decide if IA insurance is the right fit for your needs.
About Industrial Alliance Insurance
Originally founded in Quebec City in 1892 as L’Industrielle-Alliance, iA Insurance has grown into one of the largest insurers in Canada. The company underwent a restructuring in 2019 and is now known as iA Financial Corporation.
Some key facts about Industrial Alliance:
- Headquarters: Quebec City, QC
- AM Best Rating: A+ (Superior) financial strength rating
- More than 5 million customers served
- Approximately $63 billion in assets (as at June 2024)
- Over 9,500 employees across Canada (source: https://ia.ca/about-us)
iA operates across Canada and in the United States. They provide insurance and wealth management solutions to individuals and businesses through a network of advisors and brokers.
The company has maintained an excellent reputation for financial stability and customer service over its long history. iA Insurance consistently receives positive feedback from policyholders for providing flexible, customizable coverage options at competitive rates.
iA Insurance Products Offered
Industrial Alliance provides a wide variety of insurance solutions for individuals, families and businesses. Their key offerings are Life Insurance, Health and Disability Insurance, Group Benefits and other products such as Travel Insurance and Home Insurance :
Life Insurance
iA Life Insurance helps protect your loved ones from financial burdens in the event of death. They offer both term and permanent options with coverage from $10,000 up to $10 million to suit different needs.
iA Term Life Insurance
IA’s term life policies provide affordable temporary coverage during your working years when dependents rely on your income.
- Pick-A-Term
– Flexible 10 to 40 year terms ideal for matching with financial commitments like mortgages. Offers level premiums or decreasing coverage (to 50%). It can bundle with disability and critical illness riders.
– Ideal for young families and pre-retirees who want affordable coverage for a temporary period. Benefits include quick and easy enrollment, fixed and guaranteed costs, and the option to convert to permanent coverage. - Access Life
– Simplified issue life insurance with no medical exam required. Offered in 15, 20 or 25 year terms up to $500,000. Acceptance guaranteed regardless of health.
– Ideal for those in good health seeking coverage without medical exams, people with health conditions who have been denied regular life insurance, parents wanting to insure children with health issues, and newcomers to Canada. Benefits include potential same-day coverage, no medical exam, and guaranteed acceptance.
Full review: Term Life Insurance
iA Permanent Life Insurance
IA’s permanent life insurance provides lifelong coverage that never expires. Ideal for estate planning, business needs, and final expenses.
- Whole Life
– Lifelong coverage with guaranteed level premiums. Death benefit and cash value remain unchanged.
– Ideal for people who want to protect family finances, leave a legacy, cover final expenses, and ensure business continuity. Offers lifetime coverage, fixed premiums, cash value savings, and more. - Child Life
– Permanent coverage for children that is paid up at age 30. Includes critical illness coverage. Face amounts up to $500,000.
– Ideal for parents who want to fully protect their children financially for life. Paid up by age 30, includes critical illness coverage. - Life and Serenity 65
– Provides payouts starting at age 65 if diagnosed with Parkinson’s, Alzheimer’s or other conditions leading to loss of independence. Up to $1 million coverage.
– Ideal for those who want coverage plus financial support if diagnosed with loss of independence conditions after age 65. Paid out as a monthly annuity. - Participating Life (iA PAR)
– Permanent coverage eligible for annual dividends used to purchase additional paid-up insurance. Increases total death benefit and cash value over time. 10, 20 year or lifetime payment terms.
– Ideal for those wanting to maximize estate value for heirs, access retirement liquidity, and diversify assets.
– Includes two versions: iA PAR Wealth Solution, which is ideal for parents, grandparents, and high-income professionals who want to maximize long-term wealth and minimize estate taxes; and iA PAR Estate Solution, which is deal for business owners and incorporated professionals who want to maximize short-term growth and quickly increase corporate assets while reducing taxes. - Universal Life
– Combines permanent life insurance with a savings component that earns tax-deferred interest. Allows premium flexibility. Two plans offered: Genesis and EquiBuild.
– Ideal for those who want lifetime protection plus tax-sheltered savings.
Additional benefits like disability waiver, accidental death, and guaranteed insurability can be added to customized coverage.
Full review: Whole Life Insurance
Health Insurance
iA offers supplementary health insurance to help cover illness and injury costs not covered by provincial plans.
Critical Illness Insurance
Pays out a tax-free lump sum if diagnosed with a covered critical illness to pay for treatment. Coverage up to $3 million.
IA’s critical illness insurance plans include:
- Transition – Ideal for those wanting comprehensive coverage for a wide range of conditions. Covers up to 25 illnesses with partial payout options. Terms up to age 100.
- Cancer Guard – Ideal for those specifically wanting cancer protection. Simplified enrollment with no medical exam required. Pays up to $150,000 for cancer diagnosis.
- Child Plans – Kiddy Plan and Child Life & Health Duo provide free or low-cost critical illness coverage for children. Ideal for parents wanting financial support if their child is diagnosed.
Full review: Critical Illness Insurance
Disability Insurance
Replaces lost income if you are disabled and unable to work. Monthly benefits are between $500-$10,000 depending on occupation, class, and income.
IA disability insurance plans include:
- Superior Program – Ideal for self-employed, small business owners, and employees without workplace coverage. Covers up to $10,000 in monthly income.
- Acci-Jet Program – Ideal for manual labourers and those with active jobs. Specifically covers injuries from accidents/muscle strains.
- Universal Loan Insurance – Ideal for anyone with debt/loans who wants coverage for repayment in case of disability. Also covers rent and business expenses.
Benefits include non-taxable benefits, guaranteed renewal, and discounted rates for bundled coverage.
Full review: Disability Income Insurance
Accident Insurance
Provides a lump sum payment in case of an accidental injury leading to hospitalization, treatment, or lost income. Ideal supplementary coverage for active individuals and families wanting a financial cushion in case of accidental injury.
Group Benefits
IA’s group benefits plans for employers include:
- Life and Disability – Cost-effective group life and disability policies for businesses to provide income protection for employees.
- Extended Health – Comprehensive health and dental plans that can be customized based on company size and needs. Including prescription drugs, paramedical practitioners, vision and travel coverage.
- Retirement Solutions – Group RRSPs, Defined Benefit Pension Plans, Deferred Profit Sharing Plans (DPSPs) and other tax-efficient retirement savings options for employers.
Other Products
- Travel Insurance – Emergency medical coverage for Canadian travellers as well as visitors to Canada. Trip cancellation, interruption and lost baggage options.
- Auto Insurance – Coverage for vehicles including cars, motorcycles, ATVs, snowmobiles, trailers and more. Bundling discounts available.
- Home Insurance – Property protection tailored for homeowners and tenants. Covered perils include fire, theft, vandalism, water damage and more. Bundling options available.
iA aims to be a complete insurance solutions provider for Canadians across all stages of life. Their wide range of offerings helps customers protect what matters most.
iA Life Insurance Costs and Pricing
The cost of Industrial Alliance life insurance will depend on a number of factors, including:
- Age and gender
- Type of insurance chosen (term, whole life, etc.)
- Length of coverage term (for term policies)
- Face amount/death benefit amount
- Health and family medical history
- Lifestyle risks like smoking
To demonstrate pricing, here are sample monthly premiums for a healthy non-smoker with $500,000 in coverage:
| Age | 20-Year Term | Whole Life |
|---|---|---|
| 30 | $33.75 (Male) $23.85 (Female) | $58.35 (Male) $51.15 (Female) |
| 35 | $35.55 (Male) $26.55 (Female) | $61.45 (Male) $54.25 (Female) |
| 40 | $52.20 (Male) $37.80 (Female) | $73.85 (Male) $66.65 (Female) |
| 45 | $81.90 (Male) $57.60 (Female) | $98.55 (Male) $91.35 (Female) |
| 50 | $136.35 (Male) $92.70 (Female) | $133.95 (Male) $126.75 (Female) |
Premiums are generally affordable and competitive. Permanent life policies have a higher monthly cost than term life. Those considering IA insurance should compare quotes from multiple insurers to find the best rate based on their situation. Independent advisors like Insurance Direct Canada can provide an instant quote comparison from over 30 top insurers.
Here is an additional pricing table for IA’s Critical Illness and Disability Insurance products:
| Product | Coverage | Age 30 | Age 40 | Age 50 |
|---|---|---|---|---|
| Critical Illness | $50,000 | $27 (Male) $22 (Female) | $42 (Male) $37 (Female) | $102 (Male) $87 (Female) |
| Disability Insurance | $2,000/month benefit | $38 (Male) $32 (Female) | $47 (Male) $41 (Female) | $60 (Male) $54 (Female) |
This table shows estimated monthly premium costs for a healthy non-smoker to purchase $50,000 of critical illness coverage or $2,000 per month of disability income coverage from IA.
Premiums are based on age and gender. As you get older, premium costs increase due to higher risks. Critical illness premiums also depend on the coverage amount selected. Disability insurance premiums vary based on factors like occupation class and income amount being covered.
How Industrial Alliance Compares to Other Insurers
Industrial Alliance faces competition from other leading life insurance providers in Canada, like Sun Life, Manulife, and RBC Insurance. Here is how IA compares on pricing:
| Insurer | Sample Monthly Premiums for $500,000, 20-year Term Life, Age 40 Non-Smoker |
|---|---|
| Industrial Alliance | $52.20 (Male) ; $37.80 (Female) |
| Sun Life | $47.85 (Male) ; $34.15 (Female) |
| Manulife | $49.75 (Male) ; $36.40 (Female) |
| RBC Insurance | $54.35 (Male) ; $39.60 (Female) |
Industrial Alliance competes closely with other leading insurers like Sun Life, Manulife and RBC Insurance. Although not always the cheapest, iA’s pricing remains very competitive. Where they differentiate themselves is in providing highly customizable policy options and excellent customer service and advisor support. iA is especially strong for Canadians who value flexibility in designing coverage tailored to their needs and appreciate talking to knowledgeable advisors. While other insurers may have minor advantages in isolated areas like lowest term life pricing (Sun Life) or online support (Manulife), iA balances premium pricing, broad product selection, and reputation very well. For these reasons, they are considered one of the top insurers in Canada.
How to Apply for Industrial Alliance Insurance
IA makes it easy and convenient to apply for coverage. Here is an overview of the application process:
Getting a Quote
You can get an instant quote online by visiting InsuranceDirectCanada.com and using our life insurance quote generator. Just enter a few details like age, gender, smoking status and coverage amount to view pricing.
For group, auto or home insurance quotes, visit the specific iA insurance pages online and use the get a quote tool.
Starting Your Application
To formally apply for coverage, individuals can:
- Call iA’s customer service line at 1-844-442-4636
- Connect with a licensed iA advisor by searching online with your postal code
- Apply through an insurance brokerage like InsuranceDirectCanada.com
For group and business insurance, speak to one of iA’s advisors for employers to review options.
Completing Medical Requirements
Once started, an underwriter will review your application and inform you of any medical screening requirements. This may include:
- Phone health interview
- Paramedical exam (physical + bloodwork)
- Doctor’s report
Note: Simplified issue policies like Access Life may only require a short questionnaire.
Receiving and Activating Your Policy
After approval, your active policy documents will be sent to you. Be sure to review carefully and follow any requirements to formally activate coverage. You can register for an online account to access your policy documents electronically if desired.
Claims Process for iA Insurance Policies
In the unfortunate event of a death or diagnosis covered by your active iA insurance policy, here is how your beneficiaries can file a claim:
Life Insurance Claims
Your named life insurance beneficiaries should:
- Contact iA Insurance to inform them of the death
- Provide a certified copy of the death certificate
- Complete any required claim forms provided by iA
Once approved, iA will issue a tax-free lump sum payment to your designated beneficiaries based on the death benefit amount.
Living Benefits Claims
For critical illness or disability insurance claims:
- Notify iA Insurance of your diagnosis as soon as possible
- Provide supporting medical records and physician’s confirmation of covered diagnosis
- Complete any required claimant’s statement paperwork
After approval, iA will issue your payout according to your policy terms (lump-sum or monthly installments, depending on the benefit).
Pros and Cons of Industrial Alliance Insurance
iA Insurance is an excellent choice for many reasons, but also has some downsides to consider:
Pros
- Wide range of policies for all insurance needs
- Flexible and customizable coverage options
- Competitive and affordable pricing
- Strong reputation and financial stability
- Excellent customer service record
- Online account access and support
Cons
- Only paper policy documentation provided (no full e-policy)
- Not available in all provinces
- Fewer discounts compared to smaller insurers
Overall, iA offers very competitive and comprehensive insurance options for Canadians looking for flexibility and quality service.
Final Verdict: Is iA Insurance Worth It?
For almost 130 years, Industrial Alliance has provided top-quality insurance products and services to customers across Canada. Their customizable policies, competitive rates and excellent reputation make them a leading choice for all types of insurance.
iA insurance is ideal for:
Individuals and Families : Seeking affordable and flexible life, health and travel insurance tailored to their needs.
Businesses : That want to provide top-tier group benefits and retirement programs to employees. IA advisors provide customized business packages.
Any Canadian : Who values being able to talk to knowledgeable advisors to understand their options and find the right coverage. IA has built a reputation for excellent customer care.
While not the cheapest, IA’s rates remain very competitive, and they make up for it with quality service and support – both from advisors and directly through IA. Their strong financial backing for over a century also provides peace of mind.
Overall, Canadians looking for the right insurance provider can’t go wrong choosing Industrial Alliance Insurance for their needs. IA continues to innovate and put customers first – positioning them as a leader for years to come.
In addition to this in-depth Industrial Alliance Insurance review, we offer a wealth of other articles comparing top insurers in Canada. Check out our reviews of the Biggest Life Insurance Companies in Canada, including detailed looks at Canada Life, BMO Insurance, Equitable Life of Canada, Assumption Life, Empire Life, Foresters Financial, Desjardins, and more. These posts follow a similar comprehensive format examining products offered, pricing, financial strength, customer service, pros and cons, and FAQs for each major provider. Whether you are considering iA or another prominent Canadian life insurer, our set of insurance company reviews aim to provide all the details you need to make an informed decision on the right policy for your family.
Next Steps: Get a Free Quote for iA Insurance
Ready to experience iA insurance for yourself? The licensed advisors at Insurance Direct Canada make it easy:
- Visit Insurance Direct Canada for instant quote comparisons from over 30 top Canadian insurers, including Industrial Alliance.
- Speak with an advisor to discuss your specific insurance needs and determine if iA is the right fit.
- Apply seamlessly online or with support – and benefit from cash-back rewards when you purchase through InsuranceDirectCanada.com.
Don’t leave your family’s future to chance. Get the right life insurance solution for you today.
Frequently Asked Questions
How much does life insurance from Industrial Alliance cost?
Life insurance premiums vary depending on age, gender, health, lifestyle and policy type. Sample monthly costs for a 20-year $500k term policy for a healthy 40-year-old are $52 (male) and $38 (female). Permanent policies cost more. Compare quotes to find the best rate.
What benefits do Industrial Alliance insurance policies offer?
IA policies offer benefits like tax-free death payouts, level premiums, guaranteed cash values, dividends, disability waivers, accelerated payout options, riders for critical illness and more. Benefits depend on the policy type.
What is the claims process for Industrial Alliance insurance?
To make a life insurance claim, the beneficiaries should contact IA with proof of death. For living benefits, contact IA as soon as diagnosed and provide medical evidence. IA will provide the required claim forms and assess the claim.
Does Industrial Alliance offer online policy management?
Yes, IA offers an online customer account to view policy details, make payments and changes. However, they currently only issue paper policy documents. An ePolicy option is not available.
What discounts does Industrial Alliance insurance offer?
IA offers some discounts like smoker to non-smoker credits on permanent policies after 1-2 years smoke-free. Bundling home/auto insurance provides another discount. However, discounts are fewer than smaller insurers.
How does Industrial Alliance compare to lower-cost insurers?
IA premiums are competitive but slightly higher than the lowest-cost insurers. However, they make up for it with quality service and customizable offerings those providers can lack.
Does Industrial Alliance do medical exams for life insurance?
For traditional policies, yes, IA does require medical exams. Their "Access Life" plan provides an option requiring only a short health questionnaire with no lab work.
Can I manage my Industrial Alliance policy online?
Yes, IA offers an online customer account to view details and payments and make changes. But they currently only issue paper policy documents rather than ePolicies.
Is Industrial Alliance insurance available in my province?
IA operates in all Canadian provinces except NU, NT, and PEI. Travel insurance and some living benefits are available nationally. Check with an advisor about specific products.
Who is the Industrial Alliance life insurance company?
Founded in 1892, IA is one of the largest insurers in Canada. They offer a wide range of insurance solutions for individuals and businesses with over 4 million customers served.
