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November 30, 2023
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5 mins
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Industrial Alliance (iA) is one of the largest wealth management and insurance companies in Canada.
iA has some pretty competitive life insurance rates for smokers, second to Empire Life.
If you aren’t a smoker, iA is likely not the right choice for you – based on premiums and product options.
Their rates can fluctuate quite a bit, so it’s a good idea to compare with other life insurance providers before applying.
Our review of Industrial Alliance Life Insurance (iA Financial)
See below for ratings, quotes, and an in-depth review of Industrial Alliance's life insurance products.
Our rating for iA Financial: ★★★☆☆ (3/5)
Industrial Alliance prices are in line with the rest of the market. However, they do have above average pricing for select customer characteristics (smokers, under 40, and female).
Industrial Alliance Insurance is an insurance company that offers a range of life, health, and retirement insurance products, based in Quebec City, QC. It may also be referred to as iA Financial. Established in 1892, the company is one of the largest insurance providers, with over three million customers across Canada. They reported a net income of $229 million in Q4 2022.
Quick facts about Industrial Alliance Life Insurance:
Industrial Alliance (iA) is a leading Canadian insurance company with over 125 years of experience in the industry.
Despite being one of Canada's largest insurance providers, they have a relatively small market share compared to others in the industry.
Industrial Alliance can be a pretty good choice for smokers, but there is variability in their rates.
The company has faced criticism from some customers and industry experts for its pricing and claims practices.
Industrial Alliance Insurance cost by customer trait
Their average rates start at $66.60 per month or $86.40 per month for a man. This is based on quotes for smokers pulled from Winquote for a 35-year-old with a 20-year term for $200,000 in coverage.
Here’s a breakdown of how Industrial Alliance's life insurance prices compare to prices offered by other companies for various customer characteristics.
Customer Characteristics
Pricing
Low coverage need (under $500,000)
Excellent
Large coverage need (over $500,000)
Average
Shorter coverage need (10 years)
Average
Longer coverage need (20 years)
Average
Male
Average
Female
Average
Under age 40
Average
Over age 40
Average
Exceptional Health
Excellent
Smokers
Average
PolicyMe offers some of the lowest premiums for term life insurance in Canada. So even though smokers pay more for coverage than a non-smoking applicant, our policies are still some of the best on the market.
Customer reviews for Industrial Alliance life insurance
Positive customer reviews for iA Financial life insurance:
“My claim was actually pretty fast and done smoothly, I did not have any issues or problems.”
“[...] very responsive to claims and customer service. Definitely recommending it to Canadian families.”
Negative customer reviews for iA Financial life insurance:
“Won't pick up the phone, will not reply to your emails. Delays in processing requests.”
“I tried to cancel my application right away and they would not reply to me. They took money out of my account before informing me that my application was approved.”
About Industrial Alliance's term life insurance products
Term lengths 10, 15, 20, or 25 years
$20,000 to $20,000,000 in coverage available
Policy features can include:
Level premiums– Premiums remain the same for the entire length of your term
Guaranteed renewability– When your term insurance policy expires, you can renew it without undergoing a medical review
Convertible– You can convert your term insurance policy into a permanent policy without undergoing a medical review
No-obligation review period– Once you receive confirmation that your policy has been issued, you have 30 days to sign a delivery receipt and authorize your payment method
Industrial Alliance pricing: company comparisons
See how the price of Industrial Alliance's term life insurance stacks up against the prices of products offered by other Canadian term life insurance rates.
Scores are based on PolicyMe’s Term Insurance Price Index, an in-depth analysis of prices for 108 combinations of gender, age, term length, coverage amount, health status, and smoking status.
Company
Ranking
Average Price Relative to Market
RBC Insurance
1
6% Lower
Canada Life
2
5% Lower
Desjardins
3
2% Lower
BMO Insurance
4
2% Lower
Industrial Alliance
5
1% Lower
Manulife
6
Average
SunLife
7
1% Higher
Humania
8
4% Higher
Ivari
9
6% Higher
Assumption Life
10
14% Higher
Bottom line: iA can be a good choice, but compare with other companies first
iA offers competitive life insurance rates for smokers, ranking second after Empire Life and before ivari life.
If you don't smoke, iA may not be the best option due to higher premiums and limited product offerings.
Their rates are variable, so it's recommended to compare with other insurers before making a decision.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
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