Industrial Alliance Review

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About IA Financial Group

Commonly known today as the iA Financial Group, Industrial Alliance Insurance began in 1892 as a mutual life insurance company and has since grown to become one of the most prominent insurance providers in Canada.

Industrial Alliance provides life insurance and health insurance. iA operates through a network of advisors and representatives and rigorously works to provide policyholders with the most affordable and up-to-date rates. iA takes a customer-focused approach and emphasizes establishing long-term relationships and improving the lives’ of their policyholders.

IA Financial Group Key Information

Company NameIndustrial Alliance Insurance and Financial Services Inc.
Head Office Address 522 University Avenue, Toronto, ON, M5G 1A4
Fax: 1-877-392-6487
In Business Since 1892
A.M. Best Rating A
Financial Assets$213.9 Billion
Terms and Conditions

How Do I Purchase a Plan with Industrial Alliance Insurance?

If you wish to purchase a plan with Industrial Alliance Insurance, you can do so on their website if you follow this link. You’re also able to connect with an advisor if you wish for them to assist you in your purchase.

How Can I Reach Industrial Alliance Insurance by Telephone?

In order to reach Industrial Alliance Insurance by phone, give them a call at 1-877-422-6487.

How Do I File a Claim with Industrial Alliance Insurance?

To file a claim with Industrial Alliance Insurance, you can visit this page here and follow the instructions to get started.

Industrial Alliance Insurance Pros and Cons

As with any product or service, and depending on your individual needs, there’s always advantages and disadvantages. Let’s take a look:

Why Industrial Alliance Insurance Could Be Right for You:

  • Extensive policy coverage - won’t need to compensate with another insurance company 
  • Easy to navigate website - policies can be purchased here, and claims can be submitted
  • Financially stable company with strong assets

Why Industrial Alliance Insurance May Not Be Right for You:

  • Customer reviews are not great 
  • Claims are denied
  • No ombudsman 

What Does iA (Industrial Alliance) Cover?

iA Financial Group (Industrial Alliance) offers a comprehensive array of insurance solutions to safeguard your well-being and assets. Their coverage spans diverse areas, including health and dental plans, life insurance, and home and auto insurance. With a commitment to providing tailored protection, iA aims to meet the unique needs of individuals and families, offering peace of mind and financial security in various aspects of life. At iA, you will find the following types of insurance products: 

iA Health and Disability Insurance 

Health and disability insurance safeguard you from unforeseen illnesses or accidents, aiming to cover income loss and additional expenses resulting from such events (like extended care, medication, etc.). Depending on your chosen coverage, you might receive lump sums, monthly payments, or expense reimbursements. iA Financial Group offers three categories for disability and health insurance:

Accident Insurance 

Affordable accident insurance is possible with iA. Accifamily and Acci 7 Plus are plans that start at just $7/monthThese plans are a wise option if you are unemployed, recently retired, a newcomer to Canada, someone with a pre-existing medical condition, employed at a high risk job or looking to supplement the coverage provided by your group insurance plan. 

iA Critical Illness Insurance 

If you are diagnosed with a critical illness that is covered by your policy, you will receive a tax-free lump sum payment to help you cover the costs of the illness. You can use the money as you see fit, without having to justify how you spend it. A critical illness payout helps you cover additional expenses caused by the illness (medications, adapted equipment, experimental treatments not covered by public health insurance, rehabilitation costs and other private medical expenses) It helps you cover your financial commitments if you experience a decrease or loss of income. You can use the money for home care for you and your family, such as meal preparation and homework help, or you can use it to provide some financial flexibility as you recover so that you can work part time or extend your sick leave to take some time for yourself. Some of the different types of critical illness insurance policies available from iA are: 

Transition Insurance

Transition insurance is a critical illness insurance that is curated to change with your needs. A tax free lump sum will be paid out to you if you become diagnosed with a critical illness. With Transition, there are two types of policies for you to choose from. There’s the Transition for 4 illnesses that protects you from the four critical illnesses that cover 85% of claims. The 25 illnesses transition covers you completely for most common illnesses, and also has you covered for paralysis, and loss of independence.

Cancer Guard

Cancer Guard is a critical illness insurance to help protect you from life-threatening cancers. If diagnosed, you could receive up to $150,000 in support. This policy is offered to you at three levels of support. For the Standard you’ll have to answer two questions in order to receive coverage at $50,000. Answer two more questions in order to receive coverage at $100, 000. Answer one more question, and you’ll receive the maximum coverage at $150,000.

Kiddy Plan

Kiddy Plan is a critical illness insurance plan from iA insurance is free and is available for children between the ages of 2 and 5 years old. This insurance is there to help curb the expenses related to critical illness such as cancer, loss of hearing or sight, paralysis, cerebral palsy, cystic fibrosis, and more. The application process is conveniently available to you 100% online, and takes just minutes to complete.

Disability and Income Insurance

iA Financial’s disability and income insurance ensures you receive monthly benefit payments should you experience a disability due to causes like injury, accidents, burnout, illness, or other covered conditions.

The product you select and your specific requirements determine whether you receive wage replacement or a sum designated for loan repayment. This solution is particularly advantageous under the following circumstances:

  • You lack health or disability coverage through your employer
  • You seek to enhance your existing coverage
  • You are self-employed or operate a business
  • You desire the security of insurance that aids in fulfilling financial obligations, such as rent or loan payments

A financial security advisor can assist in identifying the most suitable product tailored to your needs, taking into account factors like income, age, and lifestyle. At iA, the majority of insurance offerings can be personalized to align with individual preferences.

For instance, our Superior Program disability insurance presents a comprehensive package, enabling the substitution of your income with amounts spanning from $500 to $10,000 per month. This coverage extends over periods of 2 years, 5 years, or even up until the age of 65.

iA’s Life Insurance Options

iA Financial Group provides a diverse range of life insurance solutions designed to offer financial security and peace of mind. With a focus on individual needs, their options encompass term insurance, whole life insurance, and universal life insurance. Whether safeguarding loved ones' future, building wealth, or planning for retirement, iA's offerings cater to a variety of life stages and goals.

Child Life & Health Insurance Duo Plan

The Child Life & Health Insurance Duo Plan from Industrial Alliance is an insurance designed to protect you and your child. The policy comes loaded with life insurance and critical illness insurance wrapped all-in-one. Should your child become ill with a critical illness, a benefit that is equal to half of the remainder of the life insurance policy will be paid out to you. In addition to this, your child will get to keep the life insurance coverage, despite being paid out for the critical illness. When your child becomes an adult, their life insurance could be increased with no added medical screening. At the age of 30, your child could purchase life insurance to protect them for life. 

The Acci-Jet Program

The Acci-Jet Program is an accident insurance program designed to protect those that work in high-risk physical jobs such as a construction worker, backcountry ski guide, and truck driver, as well as a few others. Though this policy caters to and accommodates work-related accidents, you’re also covered for accidents that happen at home or while travelling. There are no medical questions asked, and you get to choose your premium based on your budget and expenses. Some additional advantages of the Acci-Jet Program are the ability to renew up to the age of 70, benefits that are non-taxable, and you could receive coverage up to $6000 per month. 

The Peek-a-Boo Insurance Plan

The Peek-a-Boo Insurance Plan from iA Insurance is an accident insurance that is there to protect your most precious assets; your little ones. This insurance is absolutely free to all residents of Quebec and is there to help protect new-born babies from any expenses stemming from accidents. This includes coverage for lost limbs, loss of hearing or sight, death, emergency transportation and more. There are additional tops-ups that can be made for an additional fee. 

Simplified Issue Life Insurance

Simplified Issues Life Insurance from iA Insurance is designed for those who need quick life insurance, or for those who struggle to get approval for life insurance elsewhere. Despite your age, or pre-existing medical conditions, you’ll be approved for the Simplified Issue Life Insurance, and the application process is speedy, oftentimes with approvals on the same day. This product is guaranteed acceptance, and doesn’t come with a medical exam. Protect your loved ones in case of death so that they can focus on honouring you and not have to face any extra financial burdens that take away from the grief process.

Access Life T15, T20, T25 Term Life Insurance

Access Life are termed life insurance plans that are fast and easy to obtain. In the event of your death, the beneficiaries of your choice will receive a tax-free lump sum benefit. The premium you receive is contingent on the answers that you provide in your application process. This life insurance is given a periodical term of 15, 20 and 25 years. 

Pick-a-Term Life Insurance

Pick-a-Term is a life insurance designed to protect your family in case of your death. There’s coverage available in terms of 10 years, 20 years, or 40 years. Coverage amounts are customizable and range from $25,000 to $10 million. Premiums are fixed for the entire term of your policy and can be paid out to you monthly, quarterly, twice a year, or once a year. Individuals at various life stages have diverse insurance needs, and finding the right coverage is essential to ensure financial security. For instance, a young adult might be seeking term insurance with the flexibility to convert it to permanent insurance as circumstances evolve. Similarly, a young parent's priority could be securing their children's financial future until they achieve independence. Homeowners often seek insurance that covers their mortgage, providing a safety net for unforeseen circumstances. As retirement approaches, individuals might be interested in coverage to address remaining financial commitments in the event of their passing. Meanwhile, business owners have distinct considerations, such as safeguarding working capital, insuring key personnel, or facilitating shareholder purchase agreements. Whatever the situation, Pick-a-Term Life Insurance can provide the necessary protection and peace of mind.

Life & Serenity 65

Life and Serenity 65 is a whole life insurance policy for those who are age 65 or older. In the event of the policy holder’s death, a tax-free lump sum benefit will be paid out to the policyholder’s beneficiaries. What's more is that in addition to a death benefit, in the event should the policyholder become diagnosed with any of the approved critical illnesses including cancer, heart attack and stroke, a monthly benefit may apply that can be used towards medical products or long-term health care.

Genesis Universal Life Insurance

Genesis Universal Life Insurance is a permanent life insurance product providing affordable coverage, in addition to investment options. In the event of the policyholder’s death, a tax-free lump sum will be paid out to the policyholder’s beneficiaries. This policy comes with a deferred payment option, which allows policyholders to save money. There’s also optional add-ons such as coverage for accidental death and dismemberment, coverage for critical illness, and coverage for long-term care. On the savings side, the saved funds are invested, generating tax-free accumulating income. iA Financial Group presents an extensive selection of investment accounts tailored to fulfill your requirements. Furthermore, an investment bonus of 0.75% is applied from the initial year onwards for all index accounts (excluding the Money Market Account and the Smoothed Return Diversified Account - SRDA).

EquiBuild Permanent Life Insurance

EquiBuild is a permanent life insurance policy that changes with you through every stage of your life until you are deceased. The Basic package starts at $60 a month, with buildable add-on options (riders) such as a health care package for an additional $9, a child package for an additional $14, a mortgage package for $31 more, and an independent package for another $37. EquiBuild features strong long-term growth on the coverage, a premium holiday in case of a life interruption and access to significant cash values.

Home & Auto

iA provides Homeowners Insurance available to you at competitive rates. With iA Homeowners Insurance, you’re able to bundle your car insurance as well. If you have any other insurance policies with iA, you’ll be able to save 10% on your Homeowners Insurance. You’ll receive even further discounts for having your home secured with an active alarm system, and for being a stable homeowner who has lived at the same address for at least five years, or for being a tenant at a condo for at least a year.

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