Industrial Alliance (iA) Term Life Insurance Review 2026

Types of Industrial Alliance term life insurance plans

Industrial Alliance offers two term life insurance products: Pick-A-Term and Access Life. Pick-A-Term is the traditionally underwritten term life insurance product. This term life insurance plan lets you choose coverage periods from 10 to 40 years. The coverage amount for this plan ranges between $25,000 and $20 million, subject to underwriting. It is suited to individuals and families looking for flexible and higher coverage to protect financial obligations such as mortgages, debts, income replacement, or future estate needs.

Does Industrial Alliance offer no medical plans?

Yes, Industrial Alliance offers a no-medical life insurance plan through Access Life. When you opt for the Access Life plan, you do not need to undergo a medical examination. Applicants answer a series of health questions that determine which coverage level and maximum amount they qualify for.

Access Life insurance is available for 15, 20, or 25 years, with a maximum coverage amount of $500,000 (depending on the plan). Access Life can be particularly useful for applicants who may not qualify for traditionally underwritten term insurance because of their health or other circumstances.

What is covered under Industrial Alliance term insurance?

Industrial Alliance term life insurance plans include the following coverage:

• Tax-free death benefit: The core benefit of Industrial Alliance term policy is that it pays a lump-sum death benefit to your named beneficiaries upon your death. The payout is tax-free and can be used for any financial need, including mortgage payments, replacing lost income, settling debts, funding education, or covering final expenses
• Renewable coverage: Pick-A-Term automatically renews after the initial term. Early renewable term (YRT) applies until age 85, after which premiums become level and coverage can continue to age 100
• Optional coverage: Industrial Alliance term life insurance can be supplemented with additional riders and benefits, including children’s insurance and other protections, at additional premiums

Pros and cons of Industrial Alliance term life insurance

How much does Industrial Alliance term insurance cost?

The cost of Industrial Alliance term insurance for $100,000 coverage (10-year term) ranges from $9.00/month to $168.57/month. The exact cost can, however, vary depending on the gender, health status, and age of the applicant. Here is a table illustrating how the premiums for Industrial Alliance term insurance vary by age and gender.

Cost of iA term life insurance (2026):

*Illustrative term life insurance cost for male and female non-smoker seeking $100,000 in coverage for 10-year term

What riders are available with Industrial Alliance life insurance?

There are a number of riders that you can include in your Industrial Alliance term life insurance plan, such as disability credit insurance rider, critical illness rider, guaranteed insurability rider, child module rider, waiver of premium rider, child critical illness rider, and supplementary income rider. When you include these riders in your term life insurance, the premiums will increase.

• Disability credit insurance rider: This coverage provides benefits to help cover loan payments if the insured becomes disabled. It can help reduce the financial burden of debt payments during a period when disability affects the insured’s ability to earn income
• Critical illness rider: Pays a lump-sum payment if the insured is diagnosed with a covered illness or condition. You can choose between coverage for 25 illnesses plus five juvenile conditions, or a more affordable option covering four illnesses plus five juvenile conditions
• Guaranteed insurability rider: This benefit gives the insured the option to purchase additional life insurance without providing evidence of insurability. The additional coverage must be permanent life insurance
• Child module rider: This option provides level term life insurance for each living or unborn child covered under the module. Coverage can continue until the child reaches age 25 or until the parent or insured attached to the module reaches age 65, subject to the policy terms
• Waiver of premium rider: This benefit can cancel insurance premium payments if the applicant or insured becomes totally disabled before age 60 and the disability lasts more than six months. It can also cancel premiums if the applicant dies before age 65
• Child critical illness rider: This coverage provides a lump-sum benefit if a covered living or unborn child is diagnosed with one of the critical illnesses specified in the contract. It can provide additional financial support to help families manage expenses following a child’s serious illness
• Supplementary income rider: This option provides a monthly income if the insured becomes totally disabled following an accident or illness covered by the contract. The benefit is designed to provide income support while the insured is unable to work because of the covered disability

What is Industrial Alliance term-to-term conversion?

Industrial Alliance’s term-to-term conversion allows you to convert your existing term insurance to another available longer term length without having to provide new medical evidence. Within the first seven years of the policy, a T10 policy can be converted to a 20-year or 30-year term with the same face amount, provided the insured does not exceed the applicable maximum issue age. This option can be useful if your need for coverage extends beyond the original 10-year period. The conversion, however, remains subject to the insurer’s eligibility and policy conditions.

What is Industrial Alliance decreasing term life insurance?

Industrial Alliance Pick-A-Term offers a decreasing coverage option designed for those whose financial obligations decline over time. The face amount decreases annually according to a mortgage amortization schedule calculated using an 8% interest rate until it reaches 50% of the original coverage amount. This can help align the life insurance coverage with a gradually declining mortgage balance while maintaining protection for beneficiaries throughout the policy term.

What is iA’s Superior Risk Tolerance Program?

iA Superior Risk Tolerance is a life insurance underwriting program offered by iA Financial Group. It is designed to help certain clients with medical conditions or other underwriting risks qualify for standard insurance rates instead of paying an additional premium. 

Eligibility requirements:

• Total underwriting rating: +100% or less
• Total iA coverage: $1 million or less, including existing iA coverage
• Age: 70 or younger

How it works: Applicants with certain health conditions, medical histories, or build factors may normally receive a rating that increases their premium. If the combined rating is +100% or less, iA may waive the additional rating and offer standard pricing.

For example, a 55-year-old non-smoker with a combined rating of +100% from build and type 2 diabetes may qualify for standard rates under the program. If the rating exceeds +100%, iA’s Tier 2 program may still reduce the additional premium by up to 25%, depending on the product.

How does Industrial Alliance life insurance compare to other providers?

Industrial Alliance term life insurance stands out for its range of term options, high coverage limits, and flexibility to adapt coverage over time. Its Pick-A-Term product offers terms from 10 to 40 years, coverage of up to $20 million, automatic renewal, and the option to convert eligible coverage to permanent life insurance before age 71 without new medical evidence. It also offers Access Life as a no-medical-exam alternative for applicants who may have difficulty qualifying for traditionally underwritten coverage.

To compare Industrial Alliance with other leading Canadian insurers, read our guide to the best term life insurance companies in Canada.

Our advisor’s take on Industrial Alliance term life insurance

One of our advisors recently reviewed coverage options for a 40-year-old non-smoking professional who wanted to protect his family against the financial impact of an early death. His main priorities were sufficient coverage for his mortgage and family income, a term that matched his financial obligations, and flexibility to change his coverage as those obligations declined.

• Age: 40-year-old non-smoking Canadian
• Coverage need: $2 million in coverage to provide income replacement, help clear the mortgage, and fund future education costs
• Primary concern: Competitive premiums, flexible coverage periods, the ability to reduce coverage as the mortgage balance falls, and access to permanent insurance later without repeating medical underwriting
• Our comparison: We evaluated Industrial Alliance Pick-A-Term alongside other major Canadian insurers, looking at term choices, coverage limits, renewal provisions, conversion options, and available supplementary benefits. iA was particularly compelling for clients who value flexibility, with both level and decreasing coverage options and several ways to adapt the policy over time

Why Industrial Alliance stood out:

• Pick-A-Term offers coverage periods from 10 to 40 years, making it easier to match the policy with the duration of a mortgage, working years, or other financial commitment
• Pick-A-Term offers flexible coverage of $2 million, subject to underwriting
• You can supplement your policy with options such as critical illness, guaranteed insurability, child coverage, waiver of premiums, and supplementary income benefits

How to buy Industrial Alliance term life insurance?

Here are the steps you need to follow to buy Industrial Alliance term life insurance:

• Provide basic information about yourself, including your age, smoking status, desired coverage amount, and preferred term length. Our advisors will use these details to help estimate your premiums and identify suitable options
• Our advisors will help you review an Industrial Alliance term life insurance quote alongside policies from other Canadian insurers
• Once you finalize your Industrial Alliance term plan, you can proceed with the application. Depending on your coverage and personal circumstances, iA may require additional health information or medical underwriting.
• After underwriting is done and your application is approved, the policy can be issued, and your coverage will begin according to the policy terms