Industrial Alliance (iA) Financial Group is a large insurance wealth management company in Canada that’s been around for over a century. In fact, it’s one of the biggest firms in the country that offers a variety of insurance and financial products to Canadians, including life insurance. Headquartered in Quebec City, the company has served over 4 million clients.
Having a life insurance plan in place will give you comfort and peace knowing that your family will be financially covered in case you pass away during your working years. With Industrial Alliance, you’ll have plenty of options to choose from to fully customize your policy while sticking to your budget.
Types Of Life Insurance Offered With Industrial Alliance
Industrial Alliance offers four types of life insurance products to choose from, including the following:
Term Life Insurance
Term life insurance offers an affordable way to protect the financial future of your family. These policies are meant to last for a finite amount of time, usually during your working years when your dependents rely on you to pay some of life’s biggest bills, including your mortgage.
If you pass away during the term of your policy, your beneficiaries will be paid out a tax-free, lump sum of money. Term life insurance is a cost-effective and simple insurance option that will provide the protection you want for your family while sticking to your budget.
Industrial Alliance offers two term life insurance plans:
- Designed for those who have a more difficult time getting insured because of health, age, or location
- Available for 15-, 20-, or 25-year terms
- No medical exam required
- Designed for young families looking to maximize their life insurance when their children are financially reliant on their parents
- Available for 10- to 40-year terms
- Covers various loan types, including mortgages, lines of credit, and car loans
Permanent Life Insurance
A permanent life insurance policy is meant to last your entire life, as long as your premium payments are up-to-date. This type of policy provides long-lasting coverage that never expires while you’re alive, no matter how long you live.
Permanent life insurance is ideal if you want to be fully protected regardless of age or changes in health. It’s also ideal if you run a business and want the reassurance of knowing that operations will continue without a hitch after you pass away.
This type of life insurance differs from term life insurance in that it does not expire as long as the policy is active. It comes with a cash value component that can be used to build wealth, put towards premiums, or borrowed against.
Industrial Alliance offers four plans under the umbrella of permanent life insurance:
- Designed to protect your family’s financial well-being
- Easier to qualify for
- No medical exam required
Child Life & Health Duo:
- Designed to protect your children for life and provide coverage due to critical illness
- Premiums are fully paid up by the time your children turn 30 years of age
- Includes surrender values and guaranteed insurability
Life and Serenity 65:
- Includes financial support from age 65 in the event of loss of self-sufficiency
- Paid out as an annuity
- Premiums are payable to age 100
Participating Life Insurance
A participating permanent life insurance policy features a combination of permanent life insurance and wealth building. With this type of policy, you’ll have the opportunity to take advantage of tax-preferred cash value growth. As long as you are timely with your premium payments, the base insurance coverage is guaranteed for life.
You may also be eligible to receive dividends every year, which you can use to put towards your premiums, paid-up additions (PUA), or to be paid out in cash. You may also leave the dividends deposited to grow with interest paid, which will increase your death benefit and the cash surrender value.
Participating life insurance is ideal if you want to leave a sizable estate to your family, have liquid cash available for retirement, or own a business and want coverage that generates financial growth.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance that has a savings feature. You’ll have lifetime coverage while having the chance to save your money with unique tax benefits. This type of policy is ideal if you are a business owner and want to protect the value of your company, or if you want to maximize your RRSP or TFSA contributions while leaving a large inheritance to your family.
Industrial Alliance offers two types of universal life insurance products:
- Protects your family or business from financial ruin in the event of your unexpected passing
- Allows you to save with tax benefits
- Make extra payments to increase your savings and insurance amount
- Designed to protect your family’s financial security with growing coverage and a guarantee in the event of your passing
- EquiBuild Bonus adds to your death benefit
- Option to increase your face amount or your savings
- Benefit from cash surrender values
Do you know what happens when you miss a life insurance payment? Find out here.
Cost Of Life Insurance Premiums With Industrial Alliance
Premiums for a life insurance policy through Industrial Alliance are pretty standard and are close to what other insurance providers charge. To illustrate how much your monthly premiums would cost, the following chart provides figures for a $500,000, 20-year term life insurance policy for a healthy, non-smoker based on different genders and ages:
|30 years old||$33.75||$23.85|
|40 years old||$52.20||$37.80|
|50 years old||$136.35||$92.70|
There are several factors that go into the calculation of a life insurance policy with Industrial Alliance, including the following:
- Age – The older you are, the shorter your lifespan will likely be. As such, the older you are when you take out a life insurance policy, the higher your premiums will be.
- Gender – Men tend to be charged more for life insurance than women simply because they have a shorter lifespan, on average.
- Occupation – Dangerous jobs can have a direct impact on your lifespan, which can increase the risk for the insurance company and therefore increase premiums.
- Lifestyle – Participating in hazardous activities can increase risk as well, which will have an impact on policy rates.
- Health – The healthier you are, the lower your premiums will be.
- Family health history – Even if you are given a clean bill of health, any history of chronic health conditions that run in your family can increase your risk, as well as your premiums.
- Smoking – Smokers usually pay more than double what non-smokers pay for a life insurance policy.
- Coverage amount – A higher coverage amount will translate into a more expensive policy.
- Type of policy – A term policy tends to be more affordable than a permanent policy.
Pros And Cons Of Using Industrial Alliance Insurance
- Flexibility – Each type of life insurance policy has variations to help you fully customize your plan according to your needs and budget.
- No medical options available – If you’re concerned about being turned down for a traditional life insurance policy because of your health, you may qualify for a no-medical policy that does not require a medical exam.
- Online account access – Quickly and easily access your life insurance account information and details by simply logging into your account online.
- No electronic policy – After your policy has been approved and activated, you’ll only receive a paper policy.
Industrial Alliance Insurance Application Process
Before applying for a life insurance policy from Industrial Alliance, you can obtain a quick quote within seconds using their online quote generator. All you need to do is enter a few pieces of information, including your gender, birth date, whether or not you smoke, and the coverage amount you’re looking for.
If you like what you see, you can continue with the application process by calling their customer service line at 1-844-442-4636 or by finding a licensed advisor after entering your postal code. From there, you can apply for a life insurance policy with Industrial Alliance.
Industrial Alliance Insurance Overview
|Term Life||Permanent Life|
|Maximum Coverage||-Access Life: $500,000-Pick-A-Term: $10 million||-Whole life: $10 million-Access Life: $500,000-Child Life & Health Duo: $500,000 -Life and Serenity 65: $1 million|
|Term||-Access Life: 15, 20, 25 years-Pick-A-Term: 10 to 40 years||Lifetime|
|Renewable||Yes (for term life)||N/A|
|No medical option available||Yes (with Access Life)||Yes (for Access Life)|
|Option to convert||Yes||N/A|
How Do You Make A Claim?
If you pass away during the active term of your policy, your beneficiaries will be owed the death benefit as stipulated in your policy’s contract. Before they receive their tax-free, lump-sum payment, they will first need to submit a copy of your death certificate to the insurance company as proof of your passing.
Once the insurance provider has assessed the claim and approved it, your loved ones will receive the payout amount that you’ve chosen as the death benefit in your life insurance policy.
Should I Get Industrial Alliance Life Insurance?
If you’re looking for a fair price, plenty of options, and an insurance provider with a long track record in the insurance industry, then you can’t go wrong with Industrial Alliance. In addition to the insurance products, you’ll also have the option of adding other financial products to your account, thereby potentially benefitting from bundled discounts.