iA Financial Group Disability Insurance Review

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Did you know that one in two Canadians lives paycheque to paycheque? How can they meet their financial commitments if they suddenly lose their ability to earn an income due to a disability? Can they afford to pay their bills or keep their home?

That’s where long-term disability insurance helps. It works when you can’t by providing a monthly benefit to pay ongoing expenses. Best of all? The benefit is tax-free.

Several insurance companies offer long-term disability insurance, including iA Financial Group, also known as Industrial Alliance. How does iA disability insurance stack up against the competition? Read on to find out.

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About iA Financial Group

iA Financial Group, the business name of Industrial Alliance Insurance and Financial Services Inc., is one of the largest insurance companies in Canada. Its operations in Canada and the United States have over 8,000 employees and 4 million clients.

Industrial Alliance provides four main lines of business: individual insurance, individual wealth management, group insurance, and group savings and retirement.

On the individual insurance front, iA offers life insurance coverage, critical illness insurance, disability and income insurance, and accident insurance. Its robust lineup of life insurance coverage includes universal life, whole life, and term life insurance.

Key facts about iA Financial Group

  • AM Best Rating: A+

  • Head office: 1080 Grande Allée West, PO Box 1907, Station Terminus, Quebec City, QC, G1K 7M3

  • Website: https://ia.ca

  • Contact phone number: 1-800-463-6236

What Disability Insurance Plans Does iA Financial Group Offer?

Whether you are self-employed, a small business owner, an employee, a fee-for-service professional, or work in a hard-to-insure occupation, iA Financial Group has a disability and income insurance policy for you.

Superior Program

The Superior Program provides comprehensive disability and income insurance if you can’t work because of an illness or accident. Available for ages 18-59, it gives you personalized coverage options by letting you choose the waiting period, benefit period, and riders to fit your budget. It provides up to $10,000 in monthly benefits tax-free after a waiting period of 14, 30, 60, 90, or 119 days.

Acci-jet Program

As a simplified issue product, the Acci-jet Program does not require a medical exam to purchase. It covers you for accidents and soft tissue injuries and is designed for those who have pre-existing medical conditions like diabetes, heart attack, or cancer.

Acci 7 PLUS

The Acci 7 PLUS provides simplified accident insurance coverage for the entire family. The ‘7’ in the name is derived from the fact that payment is guaranteed in seven days, as well as the cost of $7/month per unit of coverage. For example, one unit equals $700 in monthly payment if disability occurs by accident, costing $7/month.

Universal Loan Insurance

Universal Loan Insurance provides creditor protection to all borrowers. If you become disabled, the insurance will cover all your loans, including mortgage payments, credit cards, or car payments. It even covers your rent.

Here is a table comparing the products side by side:

Superior Program
Universal Loan
Acci-Jet Program
Acci 7 Plus
Target market
Comprehensive personal coverage for self-employed workers, employees, business owners
Coverage for personal loans like mortgage, car, line of credit, credit card
Simplified underwriting suitable for higher risk occupations like truck and taxi drivers, construction workers, manual labourers
Complete accident product designed for the entire family, all types of workers, even the unemployed
Covers
Injury only with illness add-on
Injury or illness
Injury only with illness add-on
Injury only
Definition of disability
Regular occupation for two years (can be extended to the entire benefit period)
Regular occupation
Age eligibility
18-59
18-69
18-74
Occupation classes
4A, 3A, 2A, A, B, C
None
Occupation class upgrades
Yes
No
N/A
Waiting periods
14, 30, 60, 90, or 119 days
30, 60, or 90 days
0, 30, or 119 days
None
Benefit periods
Two, five years, to age 65
Two, five years, to age 70
Seven months
Minimum coverage
$500
$300
$500
$700
Maximum coverage
$10,000
$5,000
$6,000
$1,400
Medical exam required
Yes, above a certain age and amount
No
Premium guarantee
Not guaranteed
Expiry
Age 65
Age 70
Age 80
Riders
Return of premiums, retroactive benefit, indexed benefit, partial disability, accidental death and dismemberment, accidental fracture, hospital benefit
Return of premiums, partial disability, accidental death and dismemberment, accidental fracture, hospital benefit
Accidental death and dismemberment, accidental fracture, hospital benefit

Disability insurance products for businesses

Business overhead expense insurance: You receive reimbursement for your fixed business expenses for up to two years after a short 30-day waiting period, helping you keep your business afloat during a disability. Overhead expense insurance is an optional add-on to the Superior Program and Acci-jet Program.

Got a question about insurance?
Call us at 604-928-1628 or send us an email at info@briansoinsurance.com. We'll be happy to help!

How Much Does iA Disability Insurance Cost?

Because iA Financial Group has so many disability insurance products, the cost varies widely. In general, medically underwritten products like Superior Program and Universal Loan Insurance cost less than simplified issue products like Acci-jet Program and Acci 7 PLUS.

That’s because, in the first two, Industrial Alliance checks your medical history to ensure it only offers disability insurance to people in good health. Whereas with the latter two, people in poor health with a higher chance of becoming disabled can still obtain coverage.

Several factors determine the price, including your age, gender, smoking status, and occupation. Also, expect to pay more if you choose coverage options like a shorter waiting period or longer benefit period.

Below is a table showing the monthly premiums for the Superior Program. The sample insured is a non-smoker in a low-risk occupation like a doctor, lawyer, or accountant. It will pay $5,000 in monthly income after a 90-day elimination period, payable to age 65.

Age
Male
Female
25
$64
$78
30
$75
$89
35
$103
$120
40
$144
$164
45
$199
$223
50
$267
$296
55
$304
$319

Verdict: Our iA Disability Insurance Review

Should you buy a disability insurance policy from iA Financial Group? Overall, Industrial Alliance has excellent products that fit many demographics. Although the $10,000 monthly benefit cap limits the appeal to high-income professionals and business owners, iA disability insurance products are suitable for most workers.

Here are what we like and dislike about disability insurance from Industrial Alliance.

How Do You Sign Up For iA Disability Insurance?

You can get any disability insurance products iA offers through an insurance agent. While this may be a roadblock for some people who want to bypass the middleman, an insurance agent can help facilitate the process. Many things that happen behind the scenes from application to issuance of the policy, so a qualified agent can help you navigate the underwriting process.

The application itself only takes a few minutes via electronic submission. Since you can get temporary insurance as soon as you apply, you’ll be covered during underwriting, which could take a few weeks.

As part of the underwriting process, you will have to answer medical questions over a telephone interview. On top of that, you may also have to undergo a medical exam, where a health practitioner gathers blood pressure readings and blood and urine samples.

Once Industrial Alliance receives the information, it will determine if you are a good fit for disability coverage. It will either approve your application, apply exclusions for pre-existing conditions, or decline your submission due to medical or lifestyle concerns.

Compare the market, get the best price
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Need An iA Disability Insurance Quote?

Your greatest asset is not your home or investment portfolio—it is your ability to earn an income. Consider that a 30-year-old making $50,000 will have over $3 million in earnings by the time they turn 65. Getting a long-term disability insurance policy will protect your income-earning ability.

Whether it’s iA Insurance or another insurance company, we will assess your needs and determine the right policy for you. Contact us at info@briansoinsurance.com or 604-928-1628 for a free consultation or a quick quote.

Get Your Disability Insurance Quote Now

While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

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