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Call 1 844-542-4678 to speak to our advisors.
Common questions
- Life Insurance can protect your family from any financial crisis
- You leave a completely tax-free inheritance to your dear ones or beneficiaries
- Life Insurance can pay for your funeral expenses
- You can clear your debts and loans with Life Insurance
Industrial Alliance Life Insurance
When you’re searching for Life Insurance, you are likely to find an extensive range of products available for you to pick from in the market. So, it might be a real challenge for you to choose the right choice to meet all your financial requirements. Well, you have come to the right place to clear up all the confusion because we will do it for you. Once you get all your questions answered, you can meet up with a financial security advisor and choose an ideal product for you and your family.
Why should you choose Life Insurance?
Life Insurance guarantees tax-free death benefit payments to your estate in the unfortunate event of the policyholder passing away. Alongside, there are several other reasons why you should get Life Insurance.
- Life Insurance can protect your family from any financial crisis
- You leave a completely tax-free inheritance to your dear ones or beneficiaries
- Life Insurance can pay for your funeral expenses
- You can clear your debts and loans with Life Insurance
The Right Time to go for a Life Insurance
You never want to think about your death, and it’s complicated to do that. However, you should think about how your death would affect your loved ones. Even when you are not there to financially support your family, they will still have to pay the mortgage payments and clear your loans and monthly credit card bills. In your absence, the insurance companycan take care of that and, not to mention, offer coverage for your funeral expenses as well. It will take that load off your family members and give your family member the time to grieve.
Always keep in mind that you are never too young to obtain insurance. On the bright side, the younger and healthier you are, the lower can be the cost of your monthly premiums.
Generally at iA, we offer 4 major types of Life Insurance Policies
| Term | Permanent | Universal | Participating | |
|---|---|---|---|---|
| Coverage term | 10 to 40 years | For life | For life | For life |
| Cost | $ | $$ | $$$ | $$$$ |
| Cash value | — | — | ||
| Savings component | — | — | — | |
| Annual participations1 | — | — | — |
Each of these categories comes with different types of benefits, and you are at the right place to learn and understand that they are:
Term Life Insurance
As the name says, the policy offers coverage for a pre-determined period helping your dear ones to relieve some of their economic burden in the event of your death. The pay-out is entirely tax-free, and the amount is transferred immediately to your beneficiaries.
Term Life Insurance can be the perfect solution if you have young children dependant on you and a limited budget. It is also a good policy to choose if you have loans that you need to pay off quickly and have mortgage payments to cover.
The policy offers simple and affordable coverage for a fixed duration while keeping the premiums at the lower side and providing a top-grade financial safety net if you (the policyholder) pass away. The term can range between 10-40 years, and the premiums will remain the same throughout. As the policy expiry date nears, you will have the option to renew it, or you can also choose a different type of policy that would better suit your financial requirements.
At iA, we have two products in Term Life Insurance:
- Access Life
- Pick-A-Term
Permanent Life Insurance
Permanent Life Insurance provides coverage for your whole life, and that would include coverage for both your family member and your estate.
It’s the perfect policy choice for anyone who wants to:
- Ensure that the business that they have built from scratch continues to run
- Be insured if you have fallen sick
- Protect an investment
- Ensure they can leave an inheritance
The policy is customizable, and you can change your coverage requirements over time to adapt to your current needs. You can pay high monthly premiums for 10-20 years and get coverage for your whole life or pay at a lower rate till you’re 65 and retire. Some of the benefits of this policy include the policy premium never increasing for the duration of the contract, and the surrender value is also guaranteed.
iA offers four types of permanent Life Insurance, these are:
- Whole life
- Access Life
- Child Life & Health Duo
- Serenity 65
Get the best Insurance Quote from iA Insurance
Call 1 844-542-4678 to speak to our advisors.
Universal Life Insurance
The coverage of a permanent Life Insurance policy and a tax-free savings account; are the two essential elements that make a Universal Life Insurance policy structure. The policy helps save funds through tax benefits and enables you to leave a more sizeable inheritance while protecting the value of your business (if you have one)
If you want to put some money aside and have already maxed out your annual RRSP and TFSA contributions for the year, universal Life Insurance is ideal. Also, if you’re a prudent or an aggressive investor, the policy offers a diverse range of options for you to invest in.
Additionally, the insurance guarantees instant pay-out and tax-free benefits for your beneficiaries. You will also have flexible premium payment options, depending on your personal and professional situation; you can pay an excess in premiums if there are specific projects you want to keep savings for.
Our Universal Life Insurance products include:
- Genesis
- Equibuild
Participating Life Insurance
Participating Life Insurance If you’re looking for a Life Insurance product that comes with Permanent Life Insurance coverage benefits and provides you access to liquidity because of annual dividends, then Participating Life Insurance should be a perfect choice.
What we offer with this policy is:
- Guaranteed death benefits, surrender values and premiums
- Secured estate growth through yearly dividends, as well as access to cash for projects or as a supplement to your retirement income.Expand your investment portfolio, protect your estate value, and have privileged access to asset classes that are usually reserved for the institutional market
You can visit this link to learn more about our Participating Life Insurance product, iA PAR.
You have an excellent concept of the vast selection of options accessible to you right now, and you can use our term Life Insurance calculator to get a better sense of how much your Life Insurance plan will cost.If you know what it would cost, you can plan accordingly and live the rest of your life with that peace of mind that comes with Life Insurance.
Consider visiting the My Family section of our Advice Zone if you want to know more on why you should choose Life Insurance, or understand why you should take out Life Insurance for your child, and to understand how you can choose a suitable Life Insurance plan for you.
Why should you buy Life Insurance?
One of the major benefits of taking out a life insurance policy is its death benefits. If you have opted for life insurance when you pass away, your beneficiaries will get a non-taxable amount which can help in averting financial crisis. The policy also offers coverage for mortgage repayments and personal loans and it remains active even when you’re retired and no longer insured by your employer. The insurance also acts as an alternate source of income when resources are low and you can still maintain your lifestyle.
Choosing the ideal plan
Choosing the right policy for yourself and your family can be a challenging task. If you want to choose the correct policy, you will have to ask yourself about your financial needs and then opt for a product that not only meets them but also the monthly premium for the product would be within your budget. Particularly, three main questions can help you figure out what type of insurance would be perfect for you.
Family and work: the important criteria:
Several factors will affect your choice for insurance, these would generally be:
- The financial situation in your family
- Your health
- Whether you’re self-employed or work on a contract or the owner
- Whether you’re single or in a relationship
All of these factors will have a direct impact on your insurance coverage as well as the premium you pay. In an emergency situation, you can apply for a claim and the insurance company can take care of it. It can be anything from not being able to pay off your debts and loans to you (the policyholder) passing away in which case your funeral expenses will be covered. The insurance company will also take care of the expenses of your children’s needs. By taking up insurance, you would be protecting your family’s financial future. Coming to your professional life, life insurance is an effective tool that can save your business from any type of financial disaster and thereby protecting your loved one’s financial security as well. With life you never know what can happen, one day you’re hitting your marks and the next day everything can go for a toss. This goes the same for your business; suppose your business partner passes away leaving the reigns of everyday operations to your hands. Will you have the funds to run it on your own or will you close shop? If you have insurance, you will not have to worry about this at all. The company will cover your losses and help you continue with your everyday ops.
Your life goals:
As you grow in your life, you will set some professional and personal aspirations that you would want to achieve. You may want to have a higher income, raise a family, retire early and then enjoy your golden years. If you take up life insurance, it can help you be less worried about your present so you can focus more on your financial dreams.
The types of coverage:
ill now you have thought about your financial needs, what you need to achieve in life, now you have to figure out what type of life insurance would be best for you.
Maybe a short-term coverage would be more beneficial than long-term coverage for you. Or maybe you want coverage that generates surrender value and liquidity that can make it easier for you to achieve your financial goals.
Once you have the answers to all the three questions above, you will have all the necessary information to choose a specific life insurance policy that meets your needs.
Alternatively, you can hire one of our financial security advisors who can list out all your requirements and advise you on what type of insurance would be ideal for you.
However, in the end, you’re the best judge of what type of policy meets your budget and your needs. Over the years, you and your family’s needs may evolve and you will be looking for a policy that can adapt to your requirements. If not, you will always have the option to change the type of insurance accordingly to ensure you’re completely covered.
No matter how young you’re, you can apply for life insurance. If you’re applying at a young age, the premium would also be on the lower side. So what are still waiting for, apply today, you can speak with our financial advisor and get a start on the process.
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Life Insurance Quote Form
Get the best Insurance Quote from iA Insurance
Call 1 844-542-4678 to speak to our advisors.