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Have you ever stopped to consider what would happen to you and your family if you were suddenly unable to continue working as a result of a critical illness or disability? If your income stops, you’d be unable to pay your bills or even cover the cost of medical treatment and therapies. 

Luckily, with a critical illness and disability insurance policy in place, you won’t have to worry. This type of coverage will compensate you financially in the event that you’re unable to work because of injury or illness. 

Several insurance companies offer critical illness and disability insurance policies, including Industrial Alliance (iA) Financial Group. As one of the largest wealth management companies in Canada that’s been around since 1892, the company has a long track record of covering Canadians for all their insurance and financial products. 

With Industrial Alliance, you’ll have several options to choose from to customize your policy according to your needs and budget. 

Industrial Alliance Critical Illness And Disability Insurance

A traditional life insurance policy protects your family financially in the event that you pass away and pays out a death benefit to named beneficiaries in your policy. But a critical illness and disability insurance policy covers you financially while you’re still living and is designed to help cover lost income.

If you suffer a debilitating illness or injury that prevents you from continuing to work, a critical illness and disability insurance policy will help compensate you financially so that you can ensure that your bills are still being paid.

More specifically, a critical illness policy pays out a lump sum of money if you’re diagnosed with an illness covered by your policy, such as heart disease, cancer, or Alzheimer’s disease. Your benefit is not determined by your income before your diagnosis, and you don’t need to have a job to be eligible. 

Disability insurance, on the other hand, pays out a monthly income to replace a portion of your income if you can’t work because of an injury or medical condition that causes you to be unable to work. 

A critical illness and disability insurance policy is important because it will help ensure that you still have money coming in, even if you’re not able to work because of an illness or injury. Not only will the financial compensation from this type of policy help you pay your bills, but it will help pay for any medical costs of treatment as required.

Being unable to work can be financially devastating, but a critical illness and disability insurance policy can help bridge the gap so you’re not left in financial distress.

Industrial Alliance Critical Illness Coverage 

Industrial Alliance offers critical illness and disability insurance to provide you with financial assistance that covers you as you recover. 

Industrial Alliance offers the following critical illness insurance plans:

Transition – 25 illnesses

  • Comprehensive coverage options
  • Covers 25 illnesses
  • Coverage and premiums are guaranteed for the chosen term 
  • Up to $2.5 million in coverage

Transition – 4 illnesses

  • More affordable option
  • Covers 4 illnesses, including cancer, heart attack, bypass surgery, and cerebrovascular accident
  • Up to $2.5 million in coverage

CancerGuard

  • No medical exam required
  • Coverage for 10, 20, or 25 years
  • Coverage for up to $125,000 if you’re diagnosed with cancer
  • Add-ons are allowed
  • Up to $150,000 in coverage

Child Life & Health Duo

  • Combine two protections for your child: whole life and term critical illness insurance
  • Premiums end when the child turns 30
  • Whole life insurance remains in force for life
  • Up to $500,000 in coverage

Kiddy Plan

  • Free critical illness insurance coverage for 1 year
  • For toddlers between ages 2 to 5
  • Up to $2,000 in coverage

Overview Of Industrial Alliance Critical Illness Coverage

Transition – 25 IllnessesTransition – 4 IllnessesCancer GuardChild Life & Health DuoKiddy Plan
Coverage AmountUp to $2.5 millionUp to $2.5 millionUp to $150,000Up to $500,000Up to $2,000
Number of Covered Illnesses25 (+ 5 juvenile illnesses)4 (+ 5 juvenile illnesses)Most types of cancer25 (+ 5 juvenile illnesses)N/A
Tax-Free BenefitsYesYesYesYesYes
Guaranteed PremiumsYesYesYesYesYes

Industrial Alliance Disability Coverage

Industrial Alliance offers the following disability insurance plans:

Superior Program

  • For all workers, including self-employed 
  • Provides accident coverage at all times
  • Coverage for 2 years, 5 years, or up to age 65
  • Guaranteed renewal 
  • Additional coverages allowed
  • $500 – $10,000/month

Acci-Jet Program

  • No medical exam required
  • Coverage for accidents, injury, or illness
  • Coverage for 2 years, 5 years, or up to age 70
  • Guaranteed renewal
  • Additional coverages allowed
  • $500 – $6,000/month

Universal loan insurance

  • Helps you repay your debts through monthly loan installments
  • Coverage also available to tenants
  • Coverage up to age 65
  • $300 – $5,000/month

Overview Of Industrial Alliance Disability Coverage

Superior ProgramAcci-Jet ProgramUniversal loan insurance
Coverage Amount$500 – $10,000 per month$500 – $6,000 per month$300- $5,000 per month
Eligibility18-59 years18-69 years18-59 years
Coverage Term Up to 65 years oldUp to 70 years oldUp to 65 years old
Primary CoverageIncomeIncomeLoans + rent

Industrial Alliance Insurance Application Process

To begin the application process, call 1-844-442-4636. Alternatively, you can find a licensed advisor in your area by entering your postal code on the Industrial Alliance website to be connected and book an appointment.

How Do You Make A Claim With Industrial Alliance?

If you’re the victim of a serious illness or injury that prevents you from working, you can file a claim to receive your lump sum payout or monthly income compensation. You have a few avenues to take to file a claim:

Online

To start the process of filing a claim online, fill out the online claims form (excluding the Kiddy Plan). The form is detailed and will take approximately 20 minutes to complete.

Once you submit the claims form, an agent will follow up with you within 5 business days. You can also keep tabs on how far along the claims process is by using the Claims Tracker feature online.

Connect With Your Financial Advisor

Your financial advisor will take you through the process of filing a claim. Your advisor’s contact information can be found on your insurance contract or in your My Client Space account. 

Contact Industrial Alliance Customer Service

A customer support agent from Industrial Alliance can help guide you through the process of filing a claim. 

Fill Out A PDF Form

Complete and submit the required forms that can be found on the Industrial Alliance website and return them along with any necessary documentation.

Are you financially stressed? See how you can deal with it.

Final Thoughts

When looking for a critical illness and disability insurance policy, you’ll want options available to you. That way you can customize your policy according to your needs and budget. With Industrial Alliance, you’ll have plenty of options available. Both critical illness and disability insurance options are varied, giving you several plans to choose from. You can customize based on cost, term length, and coverage amount to come up with a policy that works best for you. If a flexible critical illness and disability insurance policy is what you’re after, consider a plan from Industrial Alliance. 

Priyanka Correia, BComm avatar on Loans Canada
Priyanka Correia, BComm

Priyanka Correia is a Marketing Coordinator and personal finance expert at Loans Canada. Priyanka completed her Bachelor's degree in Marketing at Concordia University and has published work that has been mentioned in various news media. She is passionate about money management and educating Canadian consumers about how to take control of their financial lives.

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