Industrial Alliance Life Insurance Review
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 Group. 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 $364 million in Q3 2025.
Industrial Alliance life insurance: Our verdict ★★★★☆ (4.0/5)
* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years for $500,000 of coverage.
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).
- 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 from British Columbia to Ontario.
- 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.
Canadians who want flexible term lengths and a full range of advisor-supported life insurance options.
Methodology
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers.
Our analysis combines 450,000+ quotes for 50+ life insurance products with in-depth research on 20+ providers. We assigned each product a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 12 categories.
Rankings are determined first by star rating and then by price, with preference given to expert recommendations by PolicyMe’s team of life insurance advisors. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice.
Industrial Alliance life insurance: pros & cons
Industrial Alliance life insurance cost and value
The cost of Industrial Alliance Pick-a-Term life insurance ranges from 8% to 1% above the industry average, depending on your age and sex at birth.
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:
* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.
** Compared to the average monthly costs for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.
About pricing comparisons
To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 18-29 with $500,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.
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 — but high enough on Google that it earns a “Great Customer Service” badge. Here’s how it scores:
- Google: 4.3/5
- Insureye: 1/5
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:
iA insurance also offers group insurance plans for business owners who want to offer health insurance to employees.
Industrial Alliance life insurance riders
- Waiver of premium: Company covers your premium and retain life insurance coverage if you become totally disabled (protecting your loved ones)
- Accidental death & dismemberment: Your beneficiaries receive an additional payout on top of the death benefit if you pass away from accidental causes
- Critical illness: Receive a lump-sum tax-free payment upon diagnosis of a covered condition
- Hospitalization: Receive a lump-sum amount for each day of hospitalization following accident or illness due to health conditions
- Child module: Each existing and future child dependent gets term insurance until age 25
- Supplementary Income: Like disability insurance, receive a monthly benefit if you become totally disabled
How Industrial Alliance compares to other insurers
* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.
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. If you’re still not sure, an insurance brokerage can help you review your options — or you can just get a quote and see for yourself.
FAQ: Industrial Alliance life insurance review
*** The life insurance premium rates in this article are based on publicly available figures as of December 2025.
Bonnie Stinson is an insurance writer and researcher in Toronto with a decade of experience producing helpful, accurate content for Canadians. They have published resources for some of Canada's most innovative and consumer-trusted companies in the health, legal, and fintech sectors.
Bonnie Stinson is an insurance writer and researcher in Toronto with a decade of experience producing helpful, accurate content for Canadians. They have published resources for some of Canada's most innovative and consumer-trusted companies in the health, legal, and fintech sectors.