Industrial Alliance Life Insurance Review
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Industrial Alliance life insurance review (2025 update)
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 in Canada, serving over five million customers. They reported a net income of $229 million in Q4 2022.
Industrial Alliance life insurance: Our verdict ★★★☆☆ (3.3/5)
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).
Looking to compare life insurance providers? Read more reviews for the top Canadian life insurance companies.
Canadians who want flexible term lengths and a full range of advisor-supported life insurance options.
Industrial Alliance life insurance: key features
Industrial Alliance is a publicly traded insurance and wealth management company that was founded in 1892.
- Do they have an app? Yes, iA offers the iA Mobile app, which lets policyholders view their insurance and investment products.
- How many customers? Industrial Alliance serves more than five million clients across Canada.
- Is it well reviewed? Customers often appreciate the company’s products and stability, but report frustrations with claims processing.
Industrial Alliance stands out for its combo of strong financial backing, broad product selection, and digital tools. It’s not as fast or convenient as digital-first providers, but it’s a reliable choice for Canadians overall.
Industrial Alliance life insurance: pros & cons
Industrial Alliance life insurance cost and value
Here we compare costs across different ages, genders, and smoking statuses, for Industrial Alliance’s 20-year Pick-A-Term term life insurance policy. These sample monthly life insurance costs are based on $500,000 in coverage:
Industrial Alliance life insurance reviews and customer service
Industrial Alliance receives a mix of reviews across various platforms, ranging from moderate to high levels of approval. Here’s how it scores:
- Google: 3.6/5
- Insureye: 1.7/5
Industrial Alliance receives mixed feedback across review platforms. They are very well rated on Google, with many customers praising its product lineup, helpful advisors, and stability. In contrast, its Insureye ratings are quite low, with feedback often citing delays in claim processing, lengthy service wait times, and numerous communication challenges.
“National-caliber firm, independent advisors, and fast-growing. We have been clients for over 10 years and are very satisfied. It's an alternative to the big banks.”
“I have never encountered an insurance company that is so unserious and borders on rudeness towards its customers, this systematically through their customer service.”
Industrial Alliance life insurance products at a glance
Industrial Alliance offers life insurance products, including term life insurance and whole life insurance. They also offer critical illness insurance products. Let’s take a look:
How Industrial Alliance compares to other insurers
Industrial Alliance life insurance vs PolicyMe life insurance
Industrial Alliance and PolicyMe both have a strong presence in the Canadian insurance industry. Let’s take a closer look:
Cost
Industrial Alliance offers term life, whole life, and simplified issue products, with coverage available up to millions of dollars. Its Access Life product tends to be more expensive than fully underwritten term policies.
PolicyMe runs on a streamlined digital model that cuts administrative costs. Those savings are passed along to policyholders, which is why PolicyMe consistently ranks among the most budget-friendly choices for term life coverage in Canada.
Customer Experience
Industrial Alliance distributes its products through advisors, with some online tools available for simplified issue applications. Its reviews are mixed overall, with some clients citing truly concerning issues, like misrepresentation of coverage amounts.
PolicyMe was designed with ease of use in mind. The application takes approximately 20 minutes to complete online, with quick approvals and a support team recognized for its responsiveness and approachability.
The bottom line: Who should consider Industrial Alliance?
People who value Industrial Alliance as one of Canada’s oldest and most established insurers, and like a wide range of traditional products, including term life, permanent life, and simplified issues coverage.
But for healthy Canadians looking for the better rates on term life insurance, digital providers like PolicyMe typically offer more competitive pricing and a faster application process.
To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:
- Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
- Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye, and Google. We also counted the number of contact methods each insurer offers to its customers.
- Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.
All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada.
PolicyMe does not receive compensation for any life insurance reviews.
FAQ: Industrial Alliance life insurance review
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.