Industrial Alliance Critical Illness Insurance Review - PolicyAdvisor
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Industrial Alliance Critical Illness Insurance Review

SUMMARY

Industrial Alliance (iA Financial Group) offers flexibility with their critical illness insurance coverage that goes unmatched by their competitors. The tailor-made policies become competitively priced as you only pay for what you want and need. Coverage options include basic (4 conditions) and enhanced (25 conditions) up to $2.5 million at 10, 20, 25, and to age 75 terms with opportunities for permanent policies.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
5 min read
IN THIS ARTICLE

Industrial Alliance’s Transition plan is a great all-around critical illness insurance policy with one key differentiating factor: flexibility. With so many add-on and rider options that match or beat other company’s offerings, Canadians can tailor-fit a critical illness policy suited to their exact needs. Policyholders also have a “reducing” option which gradually decreases the overall amount of the benefit payment over its early years until it reaches 50% of the original benefit amount. Industrial Alliance is a perfect fit for those looking to use critical illness insurance to cover mortgage payments.

Product

Transition

AM BEST RATING

A+

POLICYADVISOR RATING

Best Critical Illness Insurance for Flexibility

Pros

  • Comprehensive conditions covered (25 full payout illnesses)
  • Multiple terms available
  • Lifetime coverage and limited-pay options available
  • Children’s coverage available
  • Guaranteed insurability rider (increase coverage when needed)
  • Decreasing option for mortgage coverage
  • Generous partial benefit payouts
  • Instant approval possible
  • Online access
  • Multiple lives under one coverage

Cons

  • No second option
  • No long term care conversion option
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Who is iA?

iA Financial Group, or Industrial Alliance, is a Quebec based wealth management company with operations across North America. Though it’s been around since 1892, the company is tech-savvy, winning a 2019 OCTAS award for its virtual assistant, which works with Google Home or other Google Assistant technologies to let iA customers make inquiries about their accounts.

Does iA sell critical illness insurance?

Yes, iA does sell critical illness insurance; it is named Transition. They offer basic (4 conditions), enhanced (25 conditions), coverage options. They also offer a decreasing coverage option on their basic policy. This gives policyholders the option for more cost effective coverage.

Product Name Transition
Critical Illness coverage Basic (Transition 4) and Enhanced (Transition 25)
Available Terms 10, 20, and 25 years and to age 75, and permanent coverage
Limited Pay option Yes, for permanent coverage (10 Pay, 20 Pay, Pay to 100)
Maximum coverage Up to $2.5-million
Conditions covered Enhanced – 25 conditions, Basic- 4 conditions
Loss of Independent Existence coverage Yes
Partial payout conditions 7 Eligible Conditions
Partial payment or early detection payment Yes, 15% up to $50,000. Payable up to 4 times.
Childhood illnesses coverage 5 childhood illness covered
Survival period 30 days
Return of Premium on death Yes
Return of Premium on expiry/cancellation Yes. Available after the 15th year of coverage or age 65
Second option No
Electronic application Yes
Online account access Yes

What critical illness insurance coverage and terms does iA offer?

iA’s maximum coverage for critical illness insurance is $2.5 million. 

They offer coverage for loss of independent existence and offer partial payouts for 7 different conditions. The payout is typically 15% of the policy up to $50,000, and partial payments can be claimed four times during the coverage period.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

iA offers critical illness insurance for 10-, 20-, and 25-year terms or coverage up to 75 or 100 years of age.

Their permanent coverage (offered for both basic and enhanced policies) has Pay 10 and Pay 20 options.

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Does iA critical illness insurance offer a return of premiums?

Yes, iA offers return of premiums on death, and they offer return of premium on expiry or cancellation of the policy after 15 years, or when the  policyholder turns 65.

How do I apply for iA’s critical illness insurance?

You can apply for iA’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed brokers to apply for iA’s critical illness insurance.

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The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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