iA Financial Group
As one of the largest insurance companies in Canada, Industrial Alliance (iA Financial Group) boasts a diversified insurance and financial product line including group, life, home, and auto insurance as well as wealth management and savings; they can be your one-stop-shop. They offer short and long-term life insurance products with several options and riders depending on your financial needs.
iA Financial Group (also known as Industrial Alliance or simply iA) is a Quebec-based insurance and wealth management company with operations across North America. It’s been around since 1892 and is now the 5th largest life insurance company in Canada, with a 10% share of the individual insurance market.
The company’s diversified businesses span individual insurance, individual wealth management, group insurance, group savings and retirement, auto and home insurance and international operations. The company has more than 4 million clients that it services through its 25,000 representatives.
Based on 2019 financial reports.
Total premiums and deposits: $8.6 Million
Assets under administration: $58.3 Billion
DBRS Rating: A (high)
AM Best Rating: A+ (Superior)
Term Life Insurance
Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.
iA offers several different term life insurance products:
- Designed primarily for young families with many financial commitments and who want to maximize their life insurance coverage when their family needs it most.
- Offered in 10- to 40-year terms and flexible based on financial commitments.
- Designed to cover loans and debts (mortgage, line of credit, credit cards, car loan)
- Offered in traditional 10- and 20-year terms
- Designed to cover short-term financial protection needs
- Designed for those having difficulty getting coverage due to age, health, lifestyle or citizenship circumstances.
- Available in 15, 20, or 25-year terms.
- Simple and easy application. No medical exam required.
- Instant coverage is available
- Guaranteed lifelong coverage options are available
For more information and an in-depth look at their coverage, read our Industrial Alliance Term Life Insurance Review.
Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires. iA Financial Group offers three different permanent life insurance policy options: non-participating, participating, and universal.
Non-Participating Life Insurance
iA refers to their non-participating life insurance policies as permanent life insurance. The options within the category are Whole Life, Access Life, Child Life & Health Duo, and Life and Serenity 65. They offer up to $10,000,000 in coverage. Read our full iA whole life review for more details.
Participating Life Insurance
iA Participating Life Insurance or iA PAR is a whole life insurance policy that also grants the owner annual dividends. This gives you the choice to pay off your insurance premiums early, receive an annual premium reduction, receive a cash payment, or deposit the earnings and gain interest on its cash value (though there can be tax implications with this option).
Universal Life Insurance
Universal life insurance is like whole life insurance, except there is a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.
iA offers two different options for universal life insurance. Genesis is available with annual renewable terms, has quick pay options for 10, 15 or 20 payments, and is geared towards those who feel they may want to access the value of the policy early. EquiBuild has the option for paid-up insurance, only has one 15 payment period option for quick pay, and is aimed at longer-term growth of wealth.
Critical Illness Insurance
Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.
iA Financial Group offers critical illness insurance for adults and children through several policy options.
iA’s critical illness insurance Transition is available in basic (4 conditions), enhanced (25 conditions), and reducing (4 conditions) coverage.
- Maximum coverage is $2.5million
- Offers coverage for loss of independent existence
- Partial payouts for 7 different conditions
- Terms available are 10, 20, and 25 years or coverage up to ages 75 and 100
- Limited-pay options available up to age 100
- Critical illness insurance which covers most forms of cancer
- Maximum coverage is $150,000
- Terms available are 10, 20, and 25 years
- Return of premium options available
Child Life & Health Duo
- Combination whole life and term critical illness insurance for children
- Critical illness protection ends when the insured child turns 30
- Covers 25 illnesses and 5 juvenile illnesses
- Free critical illness insurance for children aged 2 to 5 years old
- 12 month coverage period
- May only be used once per household
For more information and an in-depth look at their critical illness coverage, read our iA Financial Group Critical Illness Insurance Review.
Disability insurance (or income protection insurance) is a policy that offers you protection against loss of income. It replaces a substantial portion of your paycheque if you become disabled until you return to good health and resume work (or the end of your coverage period).
iA offers three different options for disability insurance:
- Offers income replacement in the case of disability
- Available to those aged 18-59
- Can provide monthly coverage between $500-$10,000
- Offers income replacement in the case of disability focused on manual and active labour
- Available to those aged 18-69
- Can provide monthly coverage between $500-$6,000
Universal loan insurance
- Offers coverage for loans, debt, and rent in the case of disability
- Available to those aged 18-59
- Can provide monthly coverage between $500-$5,000
iA Financial Group offers travel insurance in partnership with TuGo. Clients can access 24/7 emergency assistance in multiple languages, there are no medical questions for travellers under 60, and a simplified questionnaire for travellers 60+, and competitive coverage for pre-existing medical conditions. It is available for both Canadians travelling abroad, and visitors to Canada.
iA Financial Group’s accident insurance provides protection against accident-related expenses. It can grant the insured person a lump-sum or monthly payment should they or their family member suffer an accident and help them through the financial repercussions of recovery.
iA’s three accident insurance policies are:
- Peek-a-Boo Plan: for children aged 15 days to 12 months old (available only in Quebec Exclusively for residents of Quebec. Provides a lump sum benefit up to $50,000.
- Accifamily: whole family accident insurance. Provides a lump sum benefit up to $50,000.
- Acci 7 PLUS: flexible coverage with no medical exam required. Provides a monthly benefit up to $1,400
iA Financial Group offers home insurance for both tenants and homeowners covering contents and damages to your house or apartment. iA also provides discounts if you bundle your home coverage with one of their auto insurance options.
iA Financial Group offers auto insurance in both basic forms, and comprehensive coverage. Besides insurance, iA bundles other options such as roadside assistance and reimbursement for travel costs if your vehicle is sidelined.
Besides cars, iA also offers coverage for motorcycles, scooters, all terrain vehicles, snowmobiles, trailers, recreational vehicles, and watercraft (including sailboats, motorcraft, and jetskis).
The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.