Industrial Alliance Life Insurance Quote? This is a Must Read!

Lots of people are looking for an Industrial Alliance Life Insurance quote and who can blame them? They are one of the biggest and best health and life insurance companies in Canada.

If you read my reviews, you know that not all insurers are created equal. Each one has its own products and underwriting standards. 

This is why it’s so important for you to do your homework. Picking the best company for your circumstances can literally save you thousands.

So, let’s dig into this review to get you the most bang for your buck!

There are a lot of Industrial life insurance reviews out there, but we like to really get into the nitty gritty. This is why history is important. 

If you like powerful companies with a great story Industrie Alliance ticks those boxes.

Its history goes back over 125 years beginning with two insurance companies in Quebec. Alliance Nationale, a Mutual Aid Society created in 1892, and the Industrial Alliance Life Insurance Company founded in 1905 merged in 1987. 

Rebranded as IA Financial Group in 2015, Industrie Alliance has evolved from a mutual insurance company to a publicly traded one.

It has also expanded from a health and life insurance company into a full-fledged financial services firm operating across all of Canada and the United States.

Am I suggesting reviews should be ignored? Absolutely not! But they should be put into context.

For example, my client saw one negative review about a life insurance claim, but the majority of the bad reviews are related to Industrie Alliance Group Benefit Claims.

These are Consumers griping about the service they receive around health and dental claims through work.

Given the sheer volume of those kinds of transactions, complaints and negative reviews go with the territory. 

Bottom line, reviews shouldn’t be the only criteria used to decide whether a life insurance company is right or wrong for you. 

If you’re looking for an Industrial Alliance Life Insurance quote – you need to select a product. One of the most important decisions you make is the type of life insurance. 

Term life insurance is the purest form of coverage and it’s both flexible AND affordable! That’s why we recommend it to most people MOST of the time.

Hey, don’t get me wrong permanent life insurance works a charm in some situations…

…. BUT for the majority of families looking for income replacement or mortgage protection, term works best.

Industrielle Alliance has two term life insurance offerings: 

This coverage is meant to help families who need protection for a specific period. 

Similar to RBC, you may select any term from 10 – 40 years in one-year increments. This means you don’t have to pay for more or less protection than you need. Or if you don’t like even numbers, how’s a 33-year level term sound?

Industrial Alliance’s Pick Aa Term is fully underwritten coverage that is available to people under age 71. The good news is you can also apply for higher face values. Coverage maxes out at $10,000,000! 

Access Life works for people who have a history of medical issues. If you think you are going to have a tough time getting insured or you have an aversion to needles and nurses, this iA Financial Group product for you!

You can select a 15, 20 or 25 year term and you don’t have to take a medical exam to get your coverage in place. Answer some quick health questions to get approved.

Buyer beware! As with all non-medical coverage, simplified issue term life insurance is ALWAYS more expensive. This is because the life insurance company takes on greater risk to insure you.

 There are also limits to the amount of no medical life insurance you can purchase. For example, Industrial Alliance offers a maximum of up to $500K of protection for people up to 71 years of age.

If you are looking for coverage until the day you die, whole life insurance is the pick for you. 

Unfortunately, Industrial Alliance doesn’t give out much information about this product.

You can get coverage up to a maximum of $10,000,000!  

Buyer beware, whole life insurance can be a tough one to keep up with. All too often people run into difficult times financially and are unable to pay their premiums. If they lapse you can lose your investment. 

With administrative charges, this is bad news for you!

Child Life & Health Duo is a gift for your child. It’s guaranteed issue and protects them for life – even if they have a critical illness.

Premiums are paid in full by the time they turn 30 years old. 

You can obtain up to $500K of coverage! 

Life and Serenity 65 provides coverage with the added bonus of financial support after the age of 65 if you have:

• Alzheimer’s 
• Parkinson’s 
• Paralysis 
• Loss of autonomy 

Premiums are payable to age 100 and you get a break from payments if you are diagnosed with a covered illness. A monthly benefit is paid out in the form of an annuity if you develop one of these long-term chronic conditions.

Up to $1,000,000 of coverage is available! 

Universal Life Insurance is another permanent product but it’s more flexible than other permanent counterparts. It can be used to build up cash value or designed with guaranteed minimum level premiums. 

Industrial Alliance has two options:

• Industrielle Alliance Genesis: This policy protects your family or business from financial issues caused by sudden death and provides funds for retirement. You choose the coverage amount which can be a face value or face value plus an investment. 10, 15 and 20 year terms are available.
• EquiBuild: Enables you to retain coverage AND increase your face amount or savings under the policy. There’s also a unique feature. Cash surrender values start accumulating the first month and can be used to take a break from your payments (in case you run into financial issues). If you pay your premium annually iA also waives your policy fees. You choose the face amount, but it can be augmented through contribution to a fund.

iA Access life is simplified issue whole life insurance. 

If you have moderate or serious medical problems this may be the answer for you.

A few quick questions are asked about your health to determine where you stand. No needles & no doctors. Fear not, life insurance options are available even if you have a history of medical issues. 

The good news is you can get as little as $10,000 or as much as $500,000 of coverage!

If you’re a senior with moderate health issues, this is a great product for a small burial insurance policy of $10,000 or more. 

Critical illness is something that we all should consider. Let’s face it, everyone is increasingly looking at a contracting a serious illness that they won’t die from. 

What happens when your pay cheque stops, but there is no life insurance payout to help foot the bills? 

This is where Critical Illness insurance comes in.

Industrial Alliance has a number of different options:

1. Transition – 25 Illnesses: Industrial Alliance claims this is the most comprehensive coverage on the market. 25 illnesses and 5 juvenile illnesses are covered. You can get protection for up to $2,500,000! There’s not medical exam, simply answer some questions to see if you qualify.
2. Transition – 4 Illnesses: Coverage for the most common illnesses that include: cancer, cerebrovascular accident, heart attack and bypass surgery (and 5 juvenile illnesses). You can get protected for up to $2,500,000! There’s not medical exam, simply answer some questions to see if you qualify.
3. CancerGuard: Simplified-issue insurance coverage for 10, 20 or 25 year terms. You’re protected for up to $125,000 if you are diagnosed with cancer. You can customize this policy.
4. Child Life & Health Duo: Combine whole life insurance and term critical illness insurance. Your Critical Illness insurance is paid up when your child turns 30 but the Whole Life remains in force. 25 illnesses and 5 juvenile illnesses covered with up to $500,000 of coverage.
5. Kiddy Plan: Children between 2 – 5 years of age are provided with free critical illness insurance for 12 months. A $2,000 lump sum is paid out if they are diagnosed with a covered critical illness.

Disabilities are also far too common. What happens to your family if you become disabled and need to cut down on your hours or even take time off? Industrial Alliance provides a few options for such an occurrence:

• Superior Program: No matter where you get injured, you’re protected. If a covered event disables you Industrial Alliance provides a tax-free monthly payment to help you get through some tough times. You may select a 2 or 5 year period until age 65.  Premiums are based on your occupation.
• Acci-Jet Program: Covers a soft tissue injury or illness. This protection is available without a medical exam, and you can select a 2 or 5 year coverage period until age 70. Premiums are based on your occupation.
  
   

The simulation tool then calculates your premiums. I used a female, married, nonsmoking client, who is 40 years old.

The iA life insurance calculator tells me it’s going to cost $37.80 for $500,000 of term insurance. It’s an approximation of how much she’ll spend BUT…

It doesn’t tell us whether it’s Term 10, Term 20 or Term 33. After doing some research, it turns out it’s a quote for 20-year term, but it doesn’t indicate this anywhere during the process.

…As you know I highly recommend speaking to an independent life insurance agent before you make any decisions. 

If you have one or more health issues that will result in a rating with most carriers, it’s possible you could receive a lower rating or no rating at all with Industrial Alliance.

Ultimately this means you could save money on your life insurance. 

iA’s Superior Risk Tolerance Program is available to advisors with clients who have moderate health issues like well-managed diabetes, a large build and/or high blood pressure. Consumers are eligible if they’re 70 years of age or under and applying for coverage amounts of $1 million or less. 

If someone’s told you you’ll have to pay more for your life insurance because you have diabetes, schedule a call with Policy Architects today. We can tell you whether you’re eligible for this program.