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- iA offers three whole life insurance choices: iA Whole Life, iA PAR Estate, and iA PAR Wealth
- iA Whole Life is a non-participating policy available with L10, L20, L65, and L100 premium-payment options
- iA PAR Estate focuses on long-term growth of the death benefit, cash value, and estate
- iA PAR Wealth prioritizes earlier cash surrender values and liquidity
IA Financial Group offers several permanent life insurance options for Canadians seeking lifelong coverage alongside cash value growth. Its lineup includes non-participating whole life insurance and two participating policies, the iA PAR Estate and Wealth plans.
iA Whole life insurance offers guaranteed premiums, a guaranteed death benefit, and guaranteed surrender values. Meanwhile, the iA PAR Estate and Wealth plans also offer permanent coverage and guaranteed cash values, with the added potential to earn annual dividends, which are not guaranteed.
Quick review
- PolicyAdvisor rating: 4/5
- Best for: Broad whole life choices with both guaranteed non-participating and participating cash-value options
- Skip if: You want more flexibility in how long you pay premiums outside IA’s available fixed options
About iA Financial Group
Industrial Alliance Insurance and Financial Services Inc., commonly known as iA Financial Group, was established in the year 1892. Since then, the insurer has offered a wide range of insurance and wealth management products The whole life insurance roster offers both participating and non-participating insurance plans. As of 2026, iA Financial Group has a 6.35% dividend scale interest rate (DSIR) across its participating whole life policies.
iA Financial Group’s financial strength (As of 2026)
| AM Best Rating | A+ (Superior) |
| Participating account fund size | $100 billion |
| LICAT ratio | 134% |
| Dividend scale interest rate (DSIR) | 6.35% |
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What is iA Whole Life Insurance?
iA whole life insurance provides permanent coverage with a level face amount that is guaranteed for life. iA PAR Estate and Wealth are the insurer’s participating whole life insurance plans, offering guaranteed cash value and non-guaranteed dividends during the policy period. Meanwhile, iA Whole Life is the non-participating policy.
A key strength of iA’s whole life insurance is its Participating Account, which holds approximately 263.5 million in invested assets. The policies offer single-life and joint-life structures, giving Canadians more choice.
Key features of iA whole life insurance
| Plan names |
|
| Policy issue age | iA Whole Life
iA PAR Estate and Wealth
|
| Minimum coverage amount |
|
| Coverage options |
|
| Payment options | iA Whole Life
iA PAR Estate and Wealth
|
| Dividend options
(Only with iA PAR Wealth and Estate) |
|
| Premium offset | Available with iA PAR when using the paid-up additions strategy. Uses the policy’s built-up value to help pay future premiums |
| Riders |
|
Who is eligible for iA Whole Life insurance?
iA whole life insurance is available to individuals meeting the following criteria:
- Individuals meeting iA’s residency and underwriting requirements
- iA Whole Life requires at least $10,000 in coverage, while iA PAR Estate and iA PAR Wealth start at $25,000
- For joint policies, the ages of both individuals should be at least 15 years
- Approval depends on factors such as age, health status, smoking status, and coverage amount. Additional medical information or testing may be requested depending on the application
Age eligibility for iA Whole Life insurance:
- iA Whole Life (L10, L20, and L100): 0–70
- iA Whole Life (L 65): 0–54
Age eligibility for iA PAR Estate and iA PAR Wealth:
- 10-pay: 0–85
- 20-pay: 0–80
- Pay-to-100: 0–75
What is covered under iA Whole Life insurance?
iA Whole Life, iA PAR Estate, and iA PAR Wealth provide permanent life insurance with guaranteed coverage and level premiums for policyholders. Beyond this core financial protection, the policies offer several features that make them more flexible than many traditional whole life insurance products.
Here are the primary benefits included with iA Whole Life insurance:
- Guaranteed premiums: Premiums are fixed throughout the selected premium-payment period
- Guaranteed cash value: Your policy builds guaranteed cash value over time, which may be accessed while the policy is in force
- Dividend potential (for participating plans): iA PAR Estate and iA PAR Wealth may receive non-guaranteed annual dividends. This can be used for paid-up additions, premium reduction, cash, or a deposit with interest
- Access to cash value: Policyholders may access available cash through policy loans and eligible withdrawals
- Flexible riders and additional benefits: Depending on the plan, coverage can be made more comprehensive with term life, critical illness, child coverage, disability protection, accidental death benefits, and premium-waiver options
- Flexible payment terms: iA Whole Life offers pay 10, pay 20, pay 65, and pay to 100 options, while iA PAR Estate and Wealth offer 10-pay, 20-pay, and pay-to-100
Types of iA whole life insurance
iA Financial offers both participating and non-participating whole life insurance policies, allowing Canadians to choose between lifelong coverage and greater long-term growth potential.
Here’s an overview of the different plans offered by iA whole life insurance:
iA Whole Life
iA Whole Life is iA’s non-participating permanent life insurance option, offering a guaranteed level death benefit, guaranteed premiums, and guaranteed cash surrender values while providing lifelong coverage to policyholders.
- Coverage range: $10,000 to $10 million
- Premium payment options: Pay 10, Pay 20, Pay 65, or Pay to 100
- Cash surrender value: Available starting from the 11th policy anniversary
- Optional riders: Term life, critical illness, child coverage, disability credit, supplementary income, guaranteed insurability, and waiver of premium benefits
- Best for: Canadians seeking straightforward permanent coverage with guaranteed costs and no exposure to dividend fluctuations
iA PAR Estate
iA PAR Estate is a participating whole life policy designed to prioritize long-term growth of the policy’s surrender value and death benefit. Apart from lifelong coverage and cash value growth, the policy also offers non-guaranteed dividends.
- Cash value accumulation: Guaranteed cash surrender value begins from the 5th policy anniversary, with additional growth possible through paid-up additions
- Coverage range: $25,000 to $25 million, with issue ages up to 85
- Premium payment options: 10-pay, 20-pay, or pay to 100
- Optional riders: Term life, critical illness, child coverage, disability credit, accidental death and AD&D, accidental fracture, and waiver of premium benefits
- Best for: Canadians seeking long-term estate growth, legacy planning, and participating policy dividends
iA PAR Wealth
iA PAR Wealth is iA’s participating whole life policy that prioritizes early cash value accumulation and liquidity while providing permanent coverage and long-term growth potential. The policy also allows a guaranteed cash surrender value from the first policy anniversary, making it ideal for policyholders seeking earlier access to policy value.
- Cash value accumulation: Guaranteed cash surrender value begins from the 1st policy anniversary, with additional growth possible through paid-up additions
- Coverage range: $25,000 to $25 million, with issue ages up to 85
- Premium payment options: 10-pay, 20-pay, or pay-to-100
- Optional riders: Term life, critical illness, child coverage, disability credit, accidental death and AD&D, accidental fracture, and waiver of premium benefits
- Best for: Canadians seeking earlier cash value growth and liquidity, such as business owners and incorporated professionals
Here’s a comparison of iA Whole Life, iA PAR Estate, and iA PAR Wealth:
| Feature | iA Whole Life | iA PAR Estate | iA PAR Wealth |
| Policy type | Non-participating whole life | Participating whole life | Participating whole life |
| Best for | Predictable permanent coverage and guaranteed values | Long-term estate and legacy growth | Early cash value and liquidity |
| Premium options | Pay-10, Pay-20, Pay-65, or Pay to 100 | 10-pay, 20-pay, pay-to-100 | 10-pay, 20-pay, pay-to-100 |
| Coverage range | $10,000–$10 million | $25,000–$25 million | $25,000–$25 million |
| Guaranteed premiums | Yes | Yes | Yes |
| Participating dividends | No | Yes (non-guaranteed) | Yes (non-guaranteed) |
| Dividend options | N/A |
Deposit with interest |
Deposit with interest |
| Coverage structure | Individual, joint first-to-die, joint last-to-die | Individual or joint last-to-die | Individual or joint last-to-die |
| Policy loans | Available once sufficient surrender value exists | Available based on the policy’s surrender value | Available based on the policy’s surrender value |
| Reduced paid-up insurance | Available with L20, L65 and L100 from the 11th policy anniversary. Not available with L10 | Available from the 10th contract anniversary, subject to policy provisions | Available from the 10th contract anniversary, subject to policy provisions |
Pros and cons of iA whole life insurance
How much does iA whole life insurance cost?
The cost of iA whole life insurance for a 20-pay whole life insurance policy with $100,000 in coverage ranges from $910 to $7,358 per month. Your premiums depend on the coverage amount and personal factors, such as gender, age, smoking status, and health.
Cost of IA whole life insurance (2026)
| Age (in years) | Male | Female |
| 20 | $94.68 | $81.90 |
| 30 | $114.03 | $104.13 |
| 40 | $177.03 | $147.96 |
| 50 | $251.73 | $210.15 |
| 60 | $366.75 | $303.75 |
| 70 | $662.22 | $560.88 |
*Sample monthly cost of $100k coverage for a non-participating whole life insurance for 20-pay
What riders are available with iA whole life insurance?
iA whole life insurance can be customized with multiple optional riders, such as AD&D, Guaranteed Insurability, waiver of premiums, critical illness coverage, and more. These add-ons provide additional protection and benefits for individuals and families, offering well-rounded coverage.
Here’s an overview of the riders available with iA whole life insurance in Canada:
| Rider/benefit | What it does | Availability |
| T10 Renewable & Convertible | Adds 10-year term life insurance that can be renewed or converted to eligible permanent coverage, subject to policy terms | iA PAR Estate & Wealth |
| T20 Renewable & Convertible | Adds 20-year term life insurance that can be renewed or converted to eligible permanent coverage, subject to policy terms | iA PAR Estate & Wealth |
| Pick-A-Term T25 | Adds term life insurance coverage for 25 years | iA PAR Estate & Wealth |
| Pick-A-Term T30 | Adds term life insurance coverage for 30 years | iA PAR Estate & Wealth |
| Critical Illness | Pays a lump-sum benefit following diagnosis of an eligible covered critical illness or medical condition, subject to policy requirements | iA Whole Life, PAR Estate & Wealth |
| Child Critical Illness | Provides a lump-sum benefit if an insured child is diagnosed with an eligible covered illness or medical condition | iA Whole Life, PAR Estate & Wealth |
| Child Module | Provides term life insurance for existing and future children, generally until the child reaches age 25 or the parent/insured reaches age 65 | iA Whole Life, PAR Estate & Wealth |
| Child Module PLUS | Includes the Child Module’s term life coverage plus accidental fracture protection for children | iA PAR Estate & Wealth |
| Disability Credit | Provides a predetermined benefit if the insured meets the rider’s disability definition and is unable to perform their primary occupation for the required period | iA Whole Life, PAR Estate & Wealth |
| Supplementary Income (SI) | Provides a monthly benefit following qualifying total disability caused by an accident or illness | iA Whole Life only |
| Guaranteed Insurability (GI) | Allows eligible insureds to purchase additional permanent life insurance without new evidence of insurability, subject to conditions | iA Whole Life only |
| Accidental Death (AD) | Pays an additional benefit if the insured dies as a result of a qualifying accident | iA PAR Estate & Wealth |
| Accidental Death & Dismemberment (AD&D) | Pays an additional benefit for accidental death or a percentage of the selected amount for qualifying dismemberment or loss of use | iA PAR Estate & Wealth |
| Accidental Fracture (AF) | Pays a benefit if the insured suffers a qualifying bone fracture caused by an accident | iA PAR Estate & Wealth |
| Applicant Disability (WPDis) | Waives eligible policy premiums if the applicant becomes totally disabled | iA Whole Life, PAR Estate & Wealth |
| Insured Disability (WPIDis) | Waives eligible policy premiums if the policyholder becomes totally disabled | iA Whole Life, PAR Estate & Wealth |
| Applicant Death (WPD) | Waives eligible premiums if the applicant dies before the age specified in the benefit | iA Whole Life, PAR Estate & Wealth |
Which limited-pay whole life insurance plans are available from iA Financial?
iA Financial offers limited pay options across its whole life plans, letting policyholders finish premiums early while keeping lifetime coverage.
Here’s a quick overview of the limited-pay options under each iA whole life insurance plan:
iA Whole Life:
- 10 Pay
- 20 Pay
- 65 Pay
iA PAR Estate and PAR Wealth:
- 10 Pay
- 20 Pay
How can you access dividends in iA whole life insurance?
iA Financial Group offers four different dividend strategies, including paid-up additions, annual premium reduction, cash payouts and deposits with interest for their participating whole-life insurance plans:
- Paid-up additions: Dividends are used to purchase additional paid-up insurance, increasing both the policy’s face amount and its cash surrender value
- Annual premium reduction: Dividends are applied to reduce the amount of the next annual premium payable, lowering the out-of-pocket cost for the policyholder
- Payable in cash: Dividends are paid directly to the policy owner, providing immediate liquidity. This option may have tax implications
- Deposit with interest: Dividends are deposited into a savings account managed by iA Financial Group, where they earn interest. The interest earned is taxable at the end of the year
Taxation of iA whole life dividends
The taxation of dividends on an iA whole life insurance policy depends on the option you have selected. It will vary if you have opted for paid-up additions, cash, or any other available option. Here’s a breakdown of how taxation applies to each option:
- Paid-up additions: No tax applies if the full dividend buys paid‑up additions. If any portion is paid to the policyowner, cash payment tax rules apply
- Payable in cash: Any amount exceeding the adjusted cost base (ACB) is taxed
- Annual premium reduction: Dividends are used to reduce the premium; the ACB remains unaffected. No tax applies in this case
- Deposit with interest: Dividends that are held on deposit and earn interest are taxable; the interest credited is taxed annually
How are dividends for iA whole life participating policies distributed?
The participating account in iA whole life is managed by the iAGAM team, who are experienced in handling bonds, equities, asset allocation, alternative assets, and risk management. The participating account in an iA whole life policy is supported by a diversified mix of assets.
Here’s how the investment is spread out:
| Asset type | Target Allocation (As of Dec. 31, 2025) |
| Government bonds | 10% |
| Corporate bonds | 15% |
| Private debt | 20% |
| Commercial mortgages | 10% |
| Preferred Shares | 5% |
| Common Shares | 10% |
| Real estate investments | 10% |
| Private equity and infrastructure | 20% |
How does iA calculate dividends?
Dividends are not guaranteed and may differ from one year to another based on the performance of iA’s participating (PAR) account. Each year, iA’s Board of Directors approves the dividend amount based on the company’s dividend policy, which ensures fair distribution among policyholders.
The dividend amount depends on the dividend scale, which reflects the financial performance of the participating account. This performance is influenced by factors such as investment returns, mortality rates, policy lapses, and expenses related to iA’s participating contracts.
The dividend scale can go up or down based on these factors. Once dividends are declared, they are paid to the policyholder on the policy’s contract anniversary.
Additional deposit option in iA whole life insurance policies
iA Par policies also have an additional deposit option, which means that policyholders can make extra contributions to purchase additional paid-up insurance. The policyholder must select the paid-up additions dividend option to use the ADO.
The minimum contribution is $100 annually or $10 monthly, which gets added to the existing paid-up insurance. It is worth noting that this is not available with the 10-year premium payment option, and the contribution needs to be specified in the insurance application form.
Can I get a loan against my iA whole life insurance policy?
Yes, you can take out a loan against your iA whole life insurance policy through two types of policy loan advances: the cash loan advance and the automatic loan advance.
Both types of loan advances allow the policyholder to access the cash value of the policy while still maintaining eligibility for dividend payments, though there are some important details and limitations to consider.
Cash loan advance
- The policy owner can request a cash loan advance at any time in writing
- The loan amount cannot exceed 90% of the surrender value of the basic coverage (including any reduced paid-up insurance, if applicable) plus 90% of the surrender value of any paid-up insurance, minus any amounts owed to iA
Automatic loan advance
- iA may initiate an automatic loan advance if premiums are due and have not been paid by the end of the grace period
- The automatic loan advance cannot exceed the total surrender value of the policy, which includes the surrender value of the basic coverage, any reduced paid-up insurance, the surrender value of the paid-up insurance, and the balance of the dividend deposit account (if applicable)
- The total outstanding loan balance, including any other amounts owed to the company, cannot exceed the policy’s total surrender value
How does iA compare with other whole life insurance providers?
iA offers both participating and non-participating whole life insurance, giving policyholders several ways to structure permanent coverage based on their long-term goals.
Within its participating lineup, iA PAR Estate and iA PAR Wealth are designed for different priorities. PAR Estate focuses on long-term estate growth and provides guaranteed cash surrender value from the fifth contract anniversary, while PAR Wealth prioritizes higher surrender values in the earlier years of the policy and provides guaranteed cash surrender value from the first policy anniversary.
The multiple joint-life options alongside various premium payment terms make iA whole life insurance a comprehensive choice for Canadian families, businessmen, and individuals.
Dividend Scale - Participating Whole Life Insurance
Compare dividend rates from top Canadian insurers
| 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|
| Equitable | 6.05% | 6.25% | 6.40% | 6.40% | 6.40% |
| Manulife | 6.10% | 6.35% | 6.35% | 6.35% | 6.35% |
| iA Financial Group | 5.75% | 6.00% | 6.25% | 6.35% | 6.35% |
| Desjardins Insurance | 5.75% | 6.20% | 6.30% | 6.30% | 6.30% |
| RBC Insurance | 6.00% | 6.00% | 6.25% | 6.30% | 6.30% |
| Sun Life | 6.00% | 6.00% | 6.25% | 6.25% | 6.25% |
| Empire Life | 6.00% | 6.00% | 6.00% | 6.25% | 6.25% |
| Foresters Financial | 5.50% | 5.50% | 5.50% | 6.25% | 6.25% |
| Co-operators | 5.90% | 5.90% | 6.00% | 6.00% | 6.00% |
| Assumption Life | 5.75% | 5.75% | 5.75% | 5.75% | 5.80% |
| Canada Life | 5.25% | 5.50% | 5.50% | 5.75% | 6.00% |
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Our advisor’s take on iA whole life insurance in Canada
At PolicyAdvisor, we recently helped a 48-year-old business owner compare iA’s permanent life insurance options. They were seeking lifelong coverage for estate planning and long-term wealth transfer, alongside building accessible policy value. Based on these goals, iA PAR Estate was the stronger fit since it combines participating whole life protection with long-term growth and cash surrender value through dividends.
Client profile
- Age: 48
- Occupation: Business owner
- Family: Married with adult children
- Primary concern: Estate preservation and tax-advantaged wealth transfer
- Coverage goal: $1 million in permanent life insurance
- Additional priority: Growing long-term policy value rather than maximizing early liquidity
Why we recommended iA PAR Estate:
- iA PAR Estate is structured to optimize the long-term growth of both total surrender value and total life insurance coverage
- 20-year premium payment option lets the policyholder complete premium payments and enjoy lifelong coverage
- The Additional Deposit Option allows the individual to make additional contributions, purchase paid-up insurance, and further build policy value
How to buy iA whole life insurance in Canada?
Ready to explore iA whole life insurance? Get a personalized whole life illustration and compare it to top Canadian insurers with PolicyAdvisor’s licensed experts. Our advisors can help you compare iA Whole Life, iA PAR Estate, and iA PAR Wealth based on your age, budget, coverage needs, cash-value priorities, and long-term financial goals.
Whether you are looking for permanent coverage, long-term estate growth, or advanced access to cash value, our advisors at PolicyAdvisor can help you choose the right plan, coverage amount, and optional riders to align with your financial goals.
Frequently asked questions
Can I modify my iA whole life insurance policy as my needs change?
Yes, both iA Whole Life and iA PAR offer flexibility to make certain changes as your needs evolve. Depending on the type of plan and its provisions (such as age eligibility), you may be able to make adjustments after issue, such as decreasing or increasing your face amount or modifying riders. However, some changes may require evidence of insurability or be subject to iA’s administrative rules.
Does iA whole life insurance offer tax advantages?
Yes, iA whole life insurance provides significant tax advantages. The cash value grows tax-deferred, meaning you won’t pay taxes on the gains as long as they remain within the policy.
Additionally, the death benefit is typically paid out tax-free to your beneficiaries, making it an excellent tool for estate planning and wealth transfer.
How does iA ensure that my policy remains affordable long-term?
iA whole life insurance comes with level and guaranteed premiums, which means your monthly or annual payments won’t increase after the policy is issued, regardless of changes in your health or the economy.
This stability makes budgeting easier and ensures that your policy remains affordable as you age. Additionally, participating policies with dividends can offset costs, offering even greater value over the life of the policy.
What are the dividend options available with iA whole life insurance?
Dividends in iA whole life insurance can be applied to purchase paid-up additions (PUAs), reduce or fully pay future premiums, receive them as cash each year or leave them with iA to accumulate with interest.
Can I get joint iA whole life insurance?
Yes. iA’s non-participating policy can be structured as joint first-to-die or joint last-to-die coverage. Meanwhile, iA PAR Estate and Wealth offer joint last-to-die coverage for up to two insureds.
Which iA whole life plan has the earliest guaranteed cash value?
iA PAR Wealth offers the earliest guaranteed basic cash surrender value, which begins from the first contract anniversary. Meanwhile, iA PAR Wealth begins in the fifth year.
iA Financial Group offers three main whole life insurance options: iA Whole Life, iA PAR Estate, and iA PAR Wealth. iA Whole Life is a non-participating policy with guaranteed premiums, death benefits, and cash values. iA PAR Estate and iA PAR Wealth are participating whole life policies that can earn non-guaranteed dividends, with Estate focusing on long-term estate growth and Wealth offering earlier access to guaranteed cash value.
