iA - Industrial Alliance Term Life Insurance Review for 2021 - PolicyAdvisor

Industrial Alliance Term Life Insurance Review


With custom-made policies, Industrial Alliance (iA Financial Group) provides great options for individuals looking for flexible term life insurance, specifically with their Pick-a-Term policy. Their convertible and renewable term products can cover up to $10,000,000. Other product highlights include decreasing term life products that cover less for a progressively decreasing cost as your debts decrease and you require less coverage.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
6 min read






Best Term Life Insurance for Flexibility

Industrial Alliance life insurance rating and review

Industrial Alliance (iA) life insurance offers many customizable options with their term life insurance products, with Pick-A-Term being the most unique. It lets applicants design their own coverage term within a range of 10-to 40-year periods based on their specific individual needs and financial circumstances. Pick-A-Term lets applicants sync their life insurance coverage with the specific years they may have outstanding debts or to align it with the years of financial support their dependents may need.

Additionally, Industrial Alliance life insurance also offers the option to choose between level and decreasing term coverages. The decreasing term life product is well suited for those that would like to benefit from lower premiums while covering a decreasing financial liability such as a mortgage. The coverage reduces annually by a pre-specified amount until it reaches a minimum of 50% of the initial life insurance coverage. The annually reducing coverage results in a lower average life insurance exposure for the insurance company. The premium benefit is passed on to the applicant in the form of lower but fixed premiums over the term.

The Company also offers more traditional Term 10 and Term 20 products.

All term life policies are renewable and convertible into permanent life insurance until the age of 71.

Industrial Alliance life insurance offers single and joint applications, as well as multi-insurance coverage; up to 9 members of the same family can be covered by a single policy.

Industrial Alliance life insurance also offers Access Life, a simplified issue, non-medical life insurance product designed for those having difficulty getting coverage because of their health or lifestyle circumstances.

  • It is offered for 15, 20 or 25 years. The 15 and 25-year terms are unique for the simplified, non-medical product market, where most products are offered with 10 or 20-year terms.
  • Applying for Access Life is easy; no medical exam is required. Applicants only have to answer a few questions about their current health condition.
  • The premiums are however guaranteed with options for immediate coverage also available.
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Pros and cons


  • High degree of flexibility to design personalized coverage
  • Pick-a-term feature has few industry parallels
  • Both level and decreasing options
  • Optional disability rider; when used in conjunction with decreasing coverage option makes for a compelling mortgage protection product
  • Non medical simplified and guaranteed product options available through Access Life
  • Online access to account
  • iA’s underwriting can be more accommodating than other providers


  • No electronic policy – applicants will receive paper policy 
  • There may be less expensive alternatives available for straight term coverage

Who is Industrial Alliance (iA)?

iA Financial Group, or Industrial Alliance, 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.  

Key facts about Industrial Alliance

    • Founded: 1892
    • Headquarters: Québec City, Québec
    • AM Best Rating: A+
    • Better Business Bureau Accreditation and Rating: N/A
    • Assets: $86 billion
    • Annual Premiums: $12.1 billion

Industrial Alliance Term Life Insurance Pricing

Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.

Age Male Female
20 $33.30 $22.95
25 $33.30 $23.40
30 $33.75 $23.85
35 $35.55 $26.55
40 $52.20 $37.80
45 $81.90 $57.60
50 $136.35 $92.70
55 $242.55 $171.45
60 $437.40 $314.55
65 $718.65 $489.60

Check out PolicyAdvisor's life insurance calculator.

What term life insurance plans does Industrial Alliance life insurance offer?

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)

Traditional Term

  • Offered in traditional 10- and 20-year terms 
  • Designed to cover short-term financial protection needs

Access Life

  • 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
More choice. Lower price.
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What term life insurance amounts and coverage does Industrial Alliance life insurance offer?

  • Available Term Lengths: Flexible terms between 10 and 40 years.
  • Available Coverage Types: Level and decreasing coverages
  • Maximum Amount of Coverage: $10,000,000
  • Renewability: Yes, before age 71.
  • Convertibility: Yes, convertible to permanent insurance before age 71.

What other insurance coverage does Industrial Alliance offer?

iA offers a wide range of insurance products to customers, apart from term life, such as:

Is Industrial Alliance Insurance right for you?

iA offers unique life insurance coverage products that are a great fit for many Canadians consumers that value the convenience offered by non-medical products. As insurance advisors for iA’s life insurance products, we can help you decide if iA products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.

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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