Checking Out Industrial Alliance Life Insurance Reviews?
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Looking at Industrial Alliance Life Insurance? Who can blame you! They are one of the top life insurance companies in Canada…
…and one of the biggest.
If you have been reading my reviews you know that not all insurers are created equal. Each one has its own products and underwriting standards.
So what does this mean for you?
It means that each company’s approach to the risk of insuring you is slightly different and this changes over time with innovation in the medical field.
Which means you need to understand the ins and outs of each company to get the most bang for your buck!
Now let’s get back to Industrial Alliance Life Insurance alsos known as iA Financial Group. How do they stack up against the competition – and are they the right pick for YOU?
My name is James Heidebrecht & Life Insurance is My Jam!
Life has a way of interfering with your plans when you least expect it. Both my wife and I both know people that passed away without life insurance.
This is all well and good if you have a few bucks in your bank account for burial, no debt and no one that depends on your income…
…BUT most of us aren’t in this situation. More times than not we have debt, mortgages and loved ones we want to take care of after everything is said and done.
This is why I started this blog. I want to share my insights with you so you can start your search for life insurance on the right foot.
To be forewarned is to be forearmed. BEFORE you meet with a life insurance agent it makes sense to do a little homework to make sure you get the best possible rates. OK so let’s dig into this Industrial Alliance Life Insurance Review.
If someone in my family died, could I afford to be saddled with their debts? Definitely not. Why would I want to put anyone else in that position? I cover myself from other disaster scenarios, why wouldn’t I add life insurance as well?
Industrial Alliance Life InsuranceReviews
If you like powerful companies with a long history Industrial 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 to create today’s Industrial Alliance Life Insurance Company.
Rebranded as iA Financial Group in 2015, Industrial 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.
Hmm I like it! They have been around for a long time which says they know what they are doing...
Sure but we should still dig a little deeper! There's more to reveal about their financial standing!
Industrial Alliance Life Insurance Reviews:
It’s always a good idea to make sure the life insurance company you’re considering is solvent and financially stable. In Canada, this industry is highly regulated and the majority of major carriers have strong financials including iA Financial Group.
In 2019, AM Best confirmed the financial strength rating (FSR) of A+ (superior) for Industrial Alliance Insurance and Financial Services Inc. They were also given the Long -Term Issuer Credit rating of “aa” which is considered Excellent.
Rest assured your life insurance policy and investments are safe with iA.
Wow now that's amazing! Where can I sign up?
Hey there! We aren't even close to making that sort of decision yet. Why don't we take a look at some customer reviews.
Industrial Alliance Life Insurance:
A client of mine recently emailed me about a negative Industrial Alliance review he saw online. It left him with some doubts about the coverage I helped him secure.
I told him the same thing I tell most people regarding negative online reviews – Google any life insurance company and I guarantee you’ll find negative reviews, often more than a few.
It’s estimated that approximately 1.5% or about “15 people out of 1000” leave online reviews. Can you guess the proportion of them that are negative? It’s a lot.
Consumers have a higher tendency to leave a negative review when they’re angry and feel they’ve received poor service or quality.
Not only that, apparently 1 out of 15 online reviews are left by individuals who haven’t even used or purchased the service they’re reviewing.
Does That Mean You Should Throw the Baby Out With the Bath Water?
Am I suggesting reviews should be ignored? Absolutely not! But they do have to be put into context.
For example, my client saw one negative review about a life insurance claim but the majority of the negative reviews are related to Industrial Alliance Group Benefit Claims.
These are Consumers complaining 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, don’t they?
Bottom line, reviews shouldn’t be the only criteria to decide whether a life insurance company is right or wrong for you.
Industrial Alliance Life Insurance Google Reviews
Once again we have a company that doesn’t have Google reviews. I visited this issue in my RBC Life Insurance review.
It’s kind of smart. Think about it, people are very likely to leave BAD reviews and very unlikely to leave good ones because of the nature of the system.
If you’re a large company, chances are you want to avoid that sort of negative press. The thing is, people don’t really have a barometer to compare your services.
So let’s dig a little deeper!
Industrial Alliance Life Insurance Insureye Reviews
Ouch! Now that hurts. 1.2 stars out of 5.
As I mentioned above, it’s really important to see where the reviews are coming from. Industrial Alliance has a TON of products.
So let’s take a look…
Now, this is a GREAT example. It illustrates clearly that most of the complaints are not life insurance-related. A lot of them are concerning health insurance, disability insurance, and auto insurance.
So I am reiterating that these are notoriously difficult areas to service. That’s because claims come in regularly leaving a lot of room for error.
Customer Service Complaints
This is typically where we see a lot of complaints. But why are people unhappy?
For example, let’s take a closer look at one of the few life insurance complaints. This client is upset because they needed an extensive medical exam. They thought the life insurance agent implied the process would be easy.
It turns out the client’s application was postponed by the underwriters. There is no way for an agent to know all the details of a client’s medical file. If there are outstanding tests OR inconclusive results the decision will be postponed.
Frustrating yes – but not something Industrial Alliance did wrong.
Let’s be honest if you have an accident, are sick or someone dies it’s a stressful time. Chances are you have less patience and are more likely to feel mad about anything that gets in your way.
This is the reason I don’t place a lot of emphasis on the reviews online.
Ok so I want to know a little bit about their products!
YEP! Love this part. Let's take a look to see what they offer now!
Industrial Alliance Life Insurance:
As I mentioned above all life insurance companies approach their products differently. Some choose a broad range of insurance and financial services while others niche down in one area.
This is one aspect of my reviews where I’m a little conflicted. Sure there is something to be said for being a one-stop shop for coverage BUT did you ever hear of the statement, “Jack of all trades master of none”?
Hey, it may be a little unfair but sometimes I gravitate towards companies that have streamlined focus. For example, if you deal with nothing but life insurance you gonna know it inside and out.
Industrial Alliance Life Insurance is one of those companies that explores other areas of insurance and financial advisory services.
In fact, they offer a staggering array of products. That being said, I’m going to focus primarily on their insurance offering. Let’s check them out now!
Industrial Alliance Term Life Insurance
Term life insurance is the purest form of coverage, the most flexible AND most affordable! That’s why we recommend it to most people MOST of the time.
Hey, don’t get me wrong there is a time and place for permanent life insurance BUT for the majority of families looking for income replacement or mortgage protectsion, term works best.
Industrial Alliance has two term life insurance offerings:
Industrial Alliance - Pick A Term
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 A 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!
Industrial Alliance - Access Life Term Insurance (No Medical)
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 is the 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 life insurance, insurance without a medical exam 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 coverage you can purchase. For example, Industrial Alliance offers a maximum of up to $500K of protection for people before 71 years of age.
Industrial Alliance Permanent Insurance
Permanent life insurance is a much more complicated and EXPENSIVE product.
This is because your beneficiary is guaranteed to receive a payout as long as the premiums are paid up.
Permanent insurance works a charm for people:
- looking for tax shelters because they maxed all the usual vehicles out.
- who have dependents with special needs. You can use permanent insurance to fund a trust.
- have an estate where taxes are an issue (for example those of you who have a cottage or a home to leave to your beneficiaries).
- have a business. Permanent insurance can help those who are living keep the business running even if you’re not there.
- looking for final expense assistance. It’s a cheap and easy way to make sure your loved ones are left to foot the bill.
Industrial Alliance has a number of options:
Industrial Alliance Whole Life
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 can be bad news for you!
Industrial Alliance Child Life & Health Duo
Industrial Alliance Whole Life & Serenity at 65
Life and Serenity 65 provides coverage with the added bonus of financial support after the age of 65 if you have:
- 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 cronic conditions.
Up to $1,000,000 of coverage is available!
Industrial Alliance Universal Life Insurance
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:
- Industrial Alliance Genesis: This policy can protect your family or business from financial issues caused by a sudden death and can provide 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: 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.
Industrial Alliance - Access Life Plus (No Medical Exam)
iA Access life is simplified issue whole life insurance.
If you have moderate or serious medical problems that may result in a decline, 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.
Industrial Alliance Critical Illness Insurance
Critical illness is something that we all should consider. Let’s face it, everyone is increasingly looking at a contracting a serious illness that WON’T kill us.
What happens when your paycheck 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:
- 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.
- 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.
- 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.
- 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.
- 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 f they are diagnosed with a covered critical illness.
Industrial Alliance Diability Insurance
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 Indsutrial 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.
Industrial Alliance Life Insurance:
Industrial Alliance Life Insurance Term Process
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.
Industrial Alliance Life Insurance Permanent Process
Hmm, they have the same tool for permanent life insurance with the same exact questions.
So for the purposes of this example, I am using the same (almost) 40 year old, married, non-smoking woman looking for $100,000 of permanent coverage.
When I enter all the information the calculator spits out a number…
Yep. It says this woman pays less than $14.00 per month (estimated) for this coverage which is impossible – even Term 10 coverage would be more expensive than that.
The actual cost of $100,000 of iA permanent insurance (whole life)for a 40 year old female is $82.17 per month.
Anyway, another reason to speak with an independent life insurance agent – because technology is not always right.
In essence, the calculator is a sales gimmick to get you to enter your personal info so an advisor can call you. This is pretty common with many insurer’s web sites.
Industrial Alliance: Special Rating Reduction Program
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 special rating reduction 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, call Policy Architects today to see if this program is right for you.
Industrial Alliance Life Insurance:
Alrighty then! This is the section you all came for right?
Just bear with me for a moment though. Everyone wants to know how much their insurance is gonna cost 'em but realistically these are only ballpark figures.
This is because your choice of insurer and the rating you receive play a very large role when it comes to your final figure.
So without further delay - here are some figures for Industrial Alliance Life Insurance BUT always speak to an independent agent BEFORE you sign up for anything. We can save you thousands.
Industrial Alliance Life Insurance Rates
Male & Female, 30 Year Term, Standard, Non-Smoker
|30 Year Old Male||$28.80||$49.95|
|30 Year Old Female||$21.83||$37.35|
|35 Year Old Male||$36.23||$65.25|
|35 Year Old Female||$27.00||$47.70|
|40 Year Old Male||$55.58||$101.70|
|40 Year Old Female||$39.83||$73.35|
|45 Year Old Male||$90.68||$171.90|
|45 Year Old Female||$62.33||$118.35|
|50 Year Old Male||$141.75||$274.50|
|50 Year Old Female||$99.45||$189.90|
|55 Year Old Male||$228.15||$440.60|
|55 Year Old Female||$159.53||$308.25|
|60 Year Old Male/Female||NA||NA|
*Quotes above are for Industrial Alliance Life Insurance Assurance Pick A Term 30 Year, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. November 2019
No matter which policy that you go with — term life or whole life — be sure to shop around. If you take a policy from the first company you apply with, you’ll almost certainly pay too much. The better strategy is always to solicit policy quotes from multiple insurance companies. That will give you an opportunity to compare policies side-by-side, and see which will provide the most coverage for the lowest premium.
Industrial Alliance Life Insurance Pros
So what are some of the highlights of Industrial Alliance Life Insurance? Let's take a peek at the pros right now!
Great User Experience
I really like it when life insurance companies make it easy for potential clients to find out information about their products and prices.
Industrial Alliance Life Insurance does just that and they even have an easy little tool that spits out term estimates…
…WITHOUT having to hand over all your personal info. NICE!
Alright! Industrial Alliance is one of the largest insurers in Canada and AM Best gives them an A+ rating. You can sleep well knowing your investment is safe with them and as if that wasn't enough...
Industrial Alliance has been in business for 125 years. Which means they've weathered World Wars and tough economic times. This means their business is strong and leadership is pretty darned good. Another serious plus for this venerable company.
Strong Suite of No Medical Life Insurance Products
No medical or simplified issue life insurance is one of the fastest growing segments of the Canadian insurance industry. Industrial Alliance's Access Life has one of the best selections of term and permanent no exam life insurance on the market. They offer consumers, 6 months to 80 years of age, fast, guaranteed coverage without any need for a physical or medical exam. Face amounts range from $10,000 to $500,000 and can be a combination of term and permanent protection. iA's Access Life Immediate Plus is very popular with my clients who are seniors looking for a smaller amount of protection to cover funeral costs.
More Lenient With Diabetics And Moderate Risk Applicants
If you're in good health with mild issues like well-managed diabetes and high blood pressure, many life insurance companies will slap you with a rating right out of the gate. A "rating" means you pay more than the going rate, sometimes 150 -200% more. Not so with Industrial Alliance. If you represent a rated risk because of a condition like diabetes type 2, you stand a good change of receiving a standard risk rating and NOT being charged extra premiums.
So if you're asking, can diabetics get life insurance with Industrial Alliance? The answer is yes.
Industrial Alliance isn’t the cheapest life insurance in the martketplace but it certainly isn’t the most expensive.
Industrial Alliance Life Insurance Cons
Confusing User Experience for Their Permanent Coverage Calculator
Although I LOVE their website AND this tool – the estimation for permanent life insurance is wrong. My guess is they just didn’t label the calculator to let people know the rates they spit out – apply to term only.
I am not going all out red for this con because as I mentioned before – anyone would be hard-pressed to find reviews for life insurance companies that are glowing.
Sure it looks like Industrial Alliance could improve some of the customer service experience BUT most of the complaints have nothing to do with their life insurance products.
Industrial Alliance Insurance Reviews:
Are They the Company for You!?
If you are searching the internet for Industrial Alliance Life Insurance Reviews, look no further we’ve got you covered.
Bottom line? Industrial Alliance is an excellent carrier and one I often recommend to client’s for a number of reasons. When it comes to securing life insurance for someone with well controlled diabetes, they’re probably my go to company.
Reviews are complicated because each and every company has something GREAT to offer. It gets confusing because they all approach products and underwriting differently.
What works for your parents or friend won’t necessarily work for you.
That’s why is SO important to speak to an independent life insurance agent like those at Policy Architects. We will find you the perfect fit – saving you thousands in the process.
The best part? Our advice is free. We work with the best life insurance companies in Canada. Call us today for a no-obligation quote or hit the “get quote” button below!