Fact CheckedAre you looking for an Industrial Alliance Life Insurance quote? This is one of Canada’s biggest and best life insurance companies.
If you read my reviews, you know that not all insurers are created equal. Each one has its own products and underwriting standards.
This is why it’s so important for you to do your homework. Picking the best company for your circumstances can save you thousands.
So, let’s dig into this review to get you the most bang for your buck!
A Few Words About Industrial Alliance (iA Financial Group)
Many Industrial Life insurance reviews exist, but we want to get into the nitty-gritty. This is why history is important.
Over 125 years ago, Industrial Alliance started with two insurance companies in Quebec. Alliance Nationale, a Mutual Aid Society created in 1892, and the Industrial Alliance Life Insurance Company, founded in 1905, merged in 1987.
Industrial Alliance, rebranded as IA Financial Group in 2015, has evolved from a mutual insurance company to a publicly traded one.
It has also expanded from a health and life insurance company into a full-fledged financial services firm in Canada and the United States.
Industrial Alliance Financial Rating
It’s always a good idea to ensure the life insurance company you’re considering is solvent and financially stable. This industry is highly regulated in Canada, and most carriers, including iA Financial Group, have strong financials.
AM Best confirmed a financial strength rating (FSR) of A (excellent) for Industrial Alliance Insurance and Financial Services Inc. They were also given the Long-Term Issuer Credit rating of “A+”
Industrial Alliance Reviews Online
A client of mine recently emailed me about a negative Industrial Alliance review he saw online. It left him with some doubts about the coverage I helped him secure.
I told him the same thing I tell most people about negative online reviews: Google any life insurance company, and I guarantee you’ll find negative reviews, often more than a few.
It’s estimated that approximately 1.5% or about “15 people out of 1000” leave online reviews. Can you guess the proportion of them that are negative? It’s a lot.
Consumers have a higher tendency to leave a negative review when they’re angry and feel they’ve received poor service or quality. Also, 1 out of every 15 online reviews are left by individuals who haven’t even used or purchased the service they’re reviewing.
Does That Mean You Should Throw the Baby Out with the Bath Water?
Am I suggesting reviews should be ignored? No! But they should be put into context.
For example, my client saw one negative review about a life insurance claim, but most bad reviews are related to Industrial Alliance Group Benefit Claims.
These are Consumers griping about the service they receive around health and dental claims through work.
Given the sheer volume of those transactions, complaints and negative reviews go with the territory.
The bottom line is that reviews shouldn’t be the only criteria for deciding whether a life insurance company is right for you.
Industrial Alliance Life Insurance Products
As I mentioned above, all life insurance companies approach their products differently. Some choose a broad range of insurance and financial services, while others specialize in one area.
This is one aspect of my reviews where I’m a little conflicted. Sure, there is something to be said about one-stop-shop coverage, BUT did you ever hear the statement, “Jack of all trades, master of none”?
It may be a little unfair, but sometimes I gravitate towards companies with a streamlined focus. For example, if you deal with nothing but life insurance, you will know it inside and out.
Industrial Alliance Life Insurance is one of those companies that explores other areas of insurance and financial advisory services.
They offer various products, including Industrial Alliance Group Insurance and benefits. I will focus primarily on their insurance offering. Let’s check them out now!
1. Term Insurance
Term life insurance is the purest form of coverage, and it’s flexible and affordable—that’s why we recommend it to most people.
Don’t get me wrong, permanent life insurance works a charm in some situations…
…. BUT for most families looking for income replacement or mortgage protection, term works best.
Industrielle Alliance has two term life insurance offerings:
Industrial Alliance – Pick A Term
This coverage is meant to help families who need protection for a specific period.
You may select any term from 10 to 40 years in one-year increments. This means you don’t have to pay for more or less protection than you need. Or, if you don’t like even numbers, how does a 33-year-level term sound?
Industrial Alliance’s Pick a Term is fully underwritten coverage available to people under 71. The good news is you can also apply for higher face values. Coverage maxes out at $10,000,000!
Looking for an Industrial Alliance life insurance quote? Click below.
Industrial Alliance – Access Life Term Insurance (No Medical)
Access Life works for people who have a history of medical issues. If you think you will have a tough time getting insured or have an aversion to needles and nurses, this iA Financial Group product is for you!
You can select a 15, 20, or 25-year term, and you don’t have to take a medical exam to get your coverage in place. Answer some quick health questions to get approved.
Buyer beware! As with all non-medical coverage, simplified issue term life insurance is ALWAYS more expensive. This is because the life insurance company takes on more significant risk to insure you.
There are also limits to the amount of no medical life insurance you can purchase. For example, the Industrial Alliance offers up to $500K protection for people up to 71 years of age.
2. Permanent Insurance
Permanent life insurance is a much more complicated and EXPENSIVE product.
This is because your beneficiary is guaranteed a payout as long as the premiums are paid.
Permanent insurance works a charm for people:
- Looking for tax shelters because they maxed all the usual vehicles out.
- Who have dependents with special needs. You can use permanent insurance to fund a trust.
- Have an estate where taxes are an issue (for example, those of you who have a cottage or a home to leave to your beneficiaries).
- Have a business. Permanent insurance can help those living in keep the business running even if you’re not there.
- Or you may be looking for final expense assistance. It’s a cheap and easy way to ensure your loved ones are left to pay the bill.
Industrielle Alliance has several options:
Industrial Alliance Whole Life Insurance
If you are looking for coverage until the day you die, whole life insurance is your pick.
Unfortunately, Industrial Alliance doesn’t give out much information about this product.
You can get coverage up to a maximum of $10,000,000!
Buyer beware: Whole life insurance can be challenging to maintain. People often encounter difficult financial times and cannot pay their premiums. If they lapse, you can lose your investment.
With administrative charges, this is bad news for you!
Industrial Alliance Child Life & Health Duo
Child Life & Health Duo is a gift for your kids. It’s a guaranteed issue and protects them for life—even if they have a critical illness.
Premiums are paid in full by the time they turn 30 years old.
You can obtain up to $500K of coverage!
Industrial Alliance Whole Life & Serenity at 65
Life and Serenity 65 provides coverage with the bonus of financial support after the age of 65 if you have:
- Alzheimer’s
- Parkinson’s
- Paralysis
- Loss of autonomy
Premiums are payable until age 100, and payments are suspended if you are diagnosed with a covered illness. If you develop one of these long-term chronic conditions, a monthly benefit in the form of an annuity is paid out.
Up to $1,000,000 of coverage is available!
Industrial Alliance Universal Life Insurance
Universal Life Insurance is another permanent product, but it’s more flexible than its permanent counterparts. It can be used to build cash value or designed with guaranteed minimum-level premiums.
Industrial Alliance has two options:
- Industrielle Alliance Genesis: This policy protects your family or business from financial issues caused by sudden death and provides funds for retirement. You choose the coverage amount, which can be face value or face value plus an investment. Ten, fifteen, and twenty-year terms are available.
- EquiBuild enables you to retain coverage AND increase your face amount or savings under the policy. It also has a unique feature: Cash surrender values start accumulating the first month and can be used to take a break from your payments (in case you run into financial issues). If you pay your premium annually, IA also waives your policy fees. You choose the face amount, but it can be augmented through a contribution to a fund.
Industrial Alliance – Access Life Plus (No Medical Life Insurance)
iA Access life is the simplified issue of whole life insurance.
This may be your answer if you have moderate or serious medical problems.
A few quick questions about your health are asked to determine your status. There are no needles and no doctors. Fear not; life insurance options are available even if you have a history of medical issues.
The good news is that you can get coverage for as little as $10,000 or as much as $500,000!
If you’re a senior with moderate health issues, this is a great product for a small burial insurance policy of $10,000 or more.
3. Industrial Alliance Critical Illness Insurance
Critical illness is something that we all should consider. Let’s face it: everyone is increasingly looking at contracting a serious illness that they won’t die from.
What happens when your pay cheque stops, but there is no life insurance payout to help foot the bills?
This is where Critical Illness insurance comes in.
Industrial Alliance has several different options:
- Transition – 25 Illnesses: Industrial Alliance claims this is the most comprehensive coverage on the market. Twenty-five illnesses and five juvenile illnesses are covered. You can get protection for up to $2,500,000! There’s no medical exam; answer some questions to see if you qualify.
- Transition—4 Illnesses: Coverage for the most common illnesses, including cancer, cerebrovascular accident, heart attack, and bypass surgery (and five juvenile illnesses). You can get protected for up to $2,500,000! There’s no medical exam; answer some questions to see if you qualify.
- CancerGuard: This is simplified-issue insurance coverage for 10, 20, or 25-year terms. If you are diagnosed with cancer, you’re protected for up to $125,000. You can customize this policy.
- Child Life & Health Duo: Combine whole life and term critical illness insurance. Your Critical Illness insurance is paid up when your child turns 30, but the Whole Life remains in force. Twenty-five and five juvenile illnesses are covered with up to $500,000.
- Kiddy Plan: Children between 2 – 5 years of age are provided with free critical illness insurance for 12 months. A $2,000 lump sum is paid out if they are diagnosed with a covered critical illness.
Rates
Alright, then. This is the section you all came for. If you’re looking for an Industrial Alliance Insurance Quote, I have some info for you!
Just bear with me for a moment, though. Everyone wants to know how much their insurance costs, but realistically, these are only ballpark figures.
This is because your choice of insurer and the rating you receive play a huge role in your premiums.
So, here are some Industrial Alliance Life Insurance figures without further delay. However, always speak to an independent agent BEFORE you sign up for anything. We can save you thousands.
Industrial Alliance Life Insurance Quotes
Male & Female, 30 Year Term, Standard, Non-Smoker Rates Adjusted July 2024
|
Age |
$250,000 |
$500,000 |
|---|---|---|
| 35 Year Old Male | $34.43 | $57.15 |
| 35 Year Old Female | $25.65 | $43.65 |
| 40 Year Old Male | $50.85 | $89.55 |
| 40 Year Old Female | $38.25 | $68.40 |
| 45 Year Old Male | $83.70 | $151.65 |
| 45 Year Old Female | $60.53 | $108.45 |
| 50 Year Old Male | $138.83 | $245.25 |
| 50 Year Old Female | $97.43 | $177.75 |
| 55 Year Old Male | $223.43 | $398.25 |
| 55 Year Old Female | $157.28 | $283.95 |
| 60 Year Old Male | NA | NA |
| 60 Year Old Female | NA | NA |
| 65 Year Old Male | NA | NA |
| 65 Year Old Female | NA | NA |
Industrial Alliance Pros
1. Great User Experience
I like it when life insurance companies make it easy for potential clients to find information about their products and prices.
Industrial Alliance Life Insurance does just that, and they even have an easy-to-use tool for generating term estimates.
…WITHOUT having to hand over all your info. NICE!
2. Financially Stable
Alright! Industrial Alliance is one of Canada’s largest insurers, and AM Best gives them an A rating. You can sleep well knowing your investment is safe with them.
3. Long History
Industrial Alliance has been in business for 125 years, so it’s weathered World Wars and tough economic times. This means its business is strong, and its leadership is pretty good—another serious plus for this venerable company.
4. Wide Range of Life Insurance Products
As one of Canada’s seven biggest life insurance companies, Industrielle Alliance offers many high-quality products, including term, whole life, universal life, critical illness, no medical life insurance, group benefits, and so on.
5. Excellent Suite of No Medical Life Insurance Products
No-medical or simplified-issue term life insurance is one of the fastest-growing segments of the Canadian insurance industry. Industrial Alliance’s Access Life has one of the best term and permanent no-exam life insurance selections on the market.
They offer fast and guaranteed coverage for consumers aged six months to 80 without requiring a medical exam or fluids. Face amounts range from $10,000 to $500,000 and can combine term and permanent protection. iA’s Access Life Immediate Plus is very popular with my clients, who are seniors looking for protection to cover funeral costs.
6. Low Minimum Face Amounts for Traditional Whole Life Insurance ($10,000)
If you’re looking for a small whole life insurance policy to cover final expenses or funeral costs, Industrielle Alliance has got you covered. Like Wawanesa Life, iA offers full medically underwritten protection for amounts as low as $10,000.
7. iA’s Superior Risk Tolerance Program
If you’re in good health with mild issues like well-managed diabetes and high blood pressure, many life insurance companies slap you with a rating right out of the gate. A “rating” means you pay more than the going rate, sometimes 150 -200% more.
The superior risk tolerance program means it’s possible you could receive a lower rating or no rating at all with Industrial Alliance.
Ultimately, this means you can save money on your life insurance.
iA’s Superior Risk Tolerance Program is available to advisors with clients with moderate health issues like well-managed diabetes, a large build, and/or high blood pressure. Consumers are eligible if they’re 70 or under and applying for $1 million or less coverage.
For example, let’s say you represent a rated risk because of a condition like diabetes type 2. With Industrial Alliance, you stand a good chance of receiving a standard risk rating and NOT being charged extra premiums.
8. Competitive Rates
Industrial Alliance isn’t the cheapest life insurance company in the marketplace, but its rates are very competitive compared with those of other companies in Canada.
Industrial Alliance Cons
1. Jack Of All Trades, Master of None?
IA Financial Group is a behemoth with potentially challenging product specialization. Depending on your needs, it is sometimes a good idea to consider a company focusing on fewer products.
2. Customer Reviews
I am not going all in on this con because, as I mentioned before, anyone would be hard-pressed to find glowing reviews for life insurance companies.
Sure, Industrial Alliance could improve some customer service experience, but most complaints have nothing to do with their life insurance products.
Is Industrial Alliance Insurance the Right Carrier for You?
If you are searching the internet for iA Financial Group Reviews, look no further. We’ve got you covered.
We will get you an Industrial Alliance Life Insurance quote if it’s a good fit.
Bottom line? iA is an excellent carrier and one I often recommend to clients for several reasons. When securing life insurance for someone with well-controlled diabetes, they’re probably my go-to company.
Reviews are complicated because every company has something GREAT to offer. It gets confusing because they all approach products and underwriting differently.
What works for your parents or friends won’t necessarily work for you.
Your best bet is to Get Quotes From Industrial Alliance And Other Companies Before You Make A Decision.
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