Key takeaway
iA Financial (formerly Industrial Alliance) is a strong mid-market choice offering competitive term rates, flexible underwriting for complex health profiles, and robust business insurance products. They rank among the top 5 Canadian life insurers by premium volume and are especially strong in Quebec and for business owners.
iA Financial term life insurance rates and features
iA Financial offers 10, 15, 20, and 30-year term products with coverage up to $25 million. Their rates are competitive — typically within 5–10% of the cheapest carriers (Desjardins, Empire Life) for healthy non-smokers. A 35-year-old non-smoker can expect $28–$42/month for $500K of 20-year term coverage.
A standout feature is iA's conversion privilege, which allows conversion to permanent insurance until age 71 with no medical evidence required. Their term products also include a terminal illness benefit that accelerates up to 50% of the death benefit if diagnosed with a terminal condition.
iA Financial permanent life insurance options
iA offers participating whole life, non-participating whole life, and universal life products. Their Par Whole Life product has shown competitive dividend performance, though with a shorter track record than Canada Life or Sun Life.
iA's universal life product is particularly popular with business owners and high-net-worth individuals due to flexible premium options and a wide range of investment fund choices within the policy. It supports corporate-owned insurance structures commonly used for tax planning.
Underwriting flexibility and specialty products
iA Financial is known for flexible underwriting, particularly for applicants with controlled health conditions like Type 2 diabetes, mild hypertension, or history of anxiety/depression. Where some carriers decline or rate-up aggressively, iA often offers standard or preferred rates.
They also offer specialty products including mortgage insurance, creditor insurance, and group benefits — making them a one-stop option for business owners who want to consolidate personal and business coverage with a single carrier.
Financial strength and service quality
iA Financial is rated A+ (Superior) by AM Best and A (High) by DBRS Morningstar. As a publicly traded company on the TSX, they provide transparent financial reporting.
Customer service is generally well-regarded, though their digital self-service tools lag behind Sun Life and Manulife. Claims processing is straightforward, with most claims paid within 10–15 business days of receiving complete documentation.
Frequently asked questions
Is iA Financial a good life insurance company?
Yes. iA Financial is rated A+ by AM Best, is one of Canada's top 5 life insurers by premium volume, and has over $230 billion in assets under management. They are regulated by OSFI and backed by Assuris.
Is Industrial Alliance the same as iA Financial?
Yes. Industrial Alliance rebranded to iA Financial Group in 2019. The life insurance products and company are the same entity, just operating under the updated brand name.
Is iA Financial cheaper than Sun Life?
For standard term life insurance, iA Financial is often 5–15% cheaper than Sun Life for healthy applicants under 45. For complex health profiles, iA's flexible underwriting can sometimes result in better effective rates even when base premiums are similar.
Does iA Financial offer no-medical life insurance?
Yes. iA Financial offers simplified issue life insurance up to $500,000 with no medical exam required. Approval is based on health questionnaire answers and can be completed in as little as 48 hours.