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Industrial Alliance Term Life Insurance Review – Updated 2024
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.
Life insurance policies that give you the flexibility to pick your exact term length are fairly rare in the Canadian insurance market. Industrial Alliance (iA) is one of the few companies that has this offering, and that’s part of the reason why we’ve rated them so highly.
Read our full review below to find out more about the company, which features they offer, and what we rate their life insurance products.
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Our 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.
Pros and cons
Industrial Alliance life insurance Pros
- 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
- Digital e-policy
- iA’s underwriting can be more accommodating than other providers
Industrial Alliance life insurance cons
- 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
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- 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
How much does life insurance from Industrial Alliance cost?
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 |
What types of term life insurance policies does Industrial Alliance offer?
iA offers several different term life insurance products.
Pick-A-Term
- 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
Industrial Alliance term life insurance coverage details
- 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 policies does Industrial Alliance offer?
iA offers a wide range of insurance products to customers, apart from term life plans.
iA Permanent Insurance
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.
iA 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.
Transition
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
Cancer Guard
- 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
Kiddy Plan
- 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.
iA Disability insurance
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:
Superior Program
- Offers income replacement in the case of disability
- Available to those aged 18-59
- Can provide monthly coverage between $500-$10,000
Acci-Jet Program
- 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 Travel Insurance
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 including parents and grand parents visiting on super visa.
iA Accident Insurance
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 Home Insurance
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 Auto Insurance
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).
How can I get Industrial Alliance insurance quotes?
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.
