Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for no medical
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for universal life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for decreasing term coverage
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life insurance for the self-employed
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Blue Cross is a great option if you want both life and disability insurance under one policy: their tangible hybrid plan. Health insurance is their specialty, though; not life insurance.
Pros and Cons
Pros
Get up to $1M in coverage, plus the plan converts to a permanent one at age 56.
Option to add riders like health, dental and disability to your life insurance policy.
Cons
The only term lengths available are 10, 20 or 25 years.
Whole life insurance coverage only available up to $500,000 for ages 18 to 70.
No standalone critical illness insurance, it must be added as a rider to your life insurance policy.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for cancer survivors
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for credit union members
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
With preferred rates for eligible Canadians, CUMIS life insurance could be a good choice if you're a credit union member, but there are better options otherwise.
Pros and Cons
Pros
Variety of add-ons and riders available (for an extra fee).
Large variety of policy types from term, to whole, to universal, and children's coverage.
Cons
Only available through credit unions and cooperatives.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for participating life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for seniors and no medical life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Top pick for seniors, especially for those with health issues that would get them declined or charged sky-high rates elsewhere. Most plans let you skip medical exam.
Pros and Cons
Pros
No health exam for simplified issue & guaranteed acceptance plans.
Known for fast processing times, some get approved within 24 hours.
Established player in the no medical life insurance space.
Cons
More expensive than traditional term life insurance.
Some plans are deferred by 2 years, meaning no death benefit if you pass before then.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for short-term life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for whole life insurance for children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Desjardins offers one of the most affordable whole life policies for kids. Unique offering of 5 Pay which is the ability to pay the policy in full within 5 years.
Pros and Cons
Pros
Number of riders like children’s accidental fracture and guaranteed insurability.
Strong brick-and-mortar presence in Ontario and Quebec.
Cash value options available, with a dividend scale of 6.2%.
Cons
Presence outside of Ontario and Quebec is limited.
Children’s Life Protection policy can be converted to permanent, but coverage only goes to $20K.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life insurance for smokers
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for wealth transfer to children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner up for life insurance for children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life/disability insurance for the hard-to-insure
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Humania's Insurance Without Medical Exam asks only 6 questions and is issued immediately. Get disability & critical illness insurance with no extra questions.
Pros and Cons
Pros
Insurance Without Medical exam includes life, critical illness, and disability insurance.
Get $5K-$300K in coverage.
Cons
Will not pay out death benefit for a pre-existing condition for 1-2 years (depends on the policy)
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for business owners life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for permanent life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for parents & homeowners
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for best term life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for existing customers
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for whole life insurance with cash value
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Policies are pricier, but Sun Life has the highest dividend scale for whole life insurance in Canada. Good option for high-net-worth individuals and has perks like succession planning.
Pros and Cons
Pros
Very experienced advisors, some with 30+ years of experience.
Range of options for cash value life insurance.
Single & joint policies available.
Cons
Premiums are higher than competitors
Funds are expensive and investment options limited to their available funds.
Check their MERs (management fees) against other companies.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for simplified & guaranteed issue life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Known for its variety of no medical, simplified issue and guaranteed accepted life insurance products. But make sure to compare premiums with other no medical providers.
Pros and Cons
Pros
Multi-contract discount, refunds up to $100 if a referral buys UV within 1 year.
No health exam needed for up to $500,000 in term & $150,000 in permanent coverage.
Cons
Only available in Quebec, Ontario and New Brunswick
Prices for their simplified whole life policies look higher than CPP and Beneva.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Second runner-up for best term life
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for smokers life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Laura McKay is the co-founder and COO of PolicyMe, Canada's fastest-growing digital life insurance company. In 2021, she was named one of the Women of the Year by Bay Street Bull. Laura has a Bachelor of Mathematics from the University of Waterloo. Her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation. After her degree, she was employed by Manulife and Munich Re in Actuarial Science. Laura then worked at famed management consulting company Oliver Wyman in New York from 2013-2018. In this position, she worked with many Fortune 500 life insurance companies and helped them develop growth strategies and solve operational problems and regulatory issues.
November 30, 2023
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5 minutes
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PolicyMe content follows strict guidelines for editorial accuracy and integrity. Learn more about our editorial guidelines.
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:
Laura McKay is the co-founder and COO of PolicyMe, Canada's fastest-growing digital life insurance company. In 2021, she was named one of the Women of the Year by Bay Street Bull. Laura has a Bachelor of Mathematics from the University of Waterloo. Her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation. After her degree, she was employed by Manulife and Munich Re in Actuarial Science. Laura then worked at famed management consulting company Oliver Wyman in New York from 2013-2018. In this position, she worked with many Fortune 500 life insurance companies and helped them develop growth strategies and solve operational problems and regulatory issues.
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