Industrial Alliance Critical Illness Insurance Review

It’s easy to think it will never happen to you. But every month, thousands of Canadians experience a life-altering medical event. 

Critical illness cover provides you financial assistance in the event of a serious illness or injury. You may use the payout to cover: 

• Loss of income
• Medical expenses
• Daily living expenses and debt payments

If you do not have critical illness insurance yet, Industrial Alliance could be an option. Keep reading to find out about its critical illness plans, their coverage options, pros and cons, and more. 

iA Critical Illness Insurance Review

Industrial Alliance’s critical illness cover comes with many add-ons and offers flexibility missing in other plans, making it a great option for Canadians looking for critical illness insurance coverage.

You can choose from basic or enhanced coverage, depending on your needs, and can match the length of the policy term to how long you will have dependents in your care. There’s also a decreasing benefit option, where your policy amount reduces gradually. This option can be particularly useful for those who want critical illness insurance protection mainly to cover their mortgage payments. 

Pros

• Multiple critical illness plans
• Multiple policy term options (including permanent coverage)
• Limited pay option
• Decreasing benefit option
• Partial benefit payment
• Childhood critical illness
• Online access

Cons

• No second option

Who is Industrial Alliance (iA)?

Based in Quebec, Industrial Alliance is a wealth management company with a strong presence across North America. The company offers a range of life insurance products, including critical illness insurance. 

Types of Critical Illness iA Products

Industrial Alliance offers four critical illness insurance products: 

1. Transition (25 illnesses)
2. Transition (4 illnesses)
3. Cancer Guard
4. Kiddy Plan

Let’s look at each of these plans in detail. 

Transition

The basic Transition plan covers 4 conditions while the enhanced version protects you against 25 illnesses and conditions. The coverage amount is capped at $2.5 millions, and policy term options include 10, 20, and 25 years and until age 75 or 100. 

The term 100 plan, which is basically a permanent critical illness insurance plan, offers two limited pay options: 10 Pay (you’ll pay premiums for 10 years, but the coverage lasts your entire life) and 20 Pay (premium payments last for 20 years).

Key Features Explained: 

• Decreasing coverage option: This feature is unique to iA. It allows you to gradually reduce the coverage amount, until it reaches half of the original benefit amount. 
• Return of premium on death: If you pass away without availing critical illness benefits, iA will pay back the premiums. 
• Return of premium on expiry/cancellation: You may receive a refund of premiums when you cancel the policy or coverage expires.  
• Partial payment benefit: You will be eligible for a partial payment — up to 15% of the policy amount or $50,000, whichever is less — if you are diagnosed with any of the eligible seven conditions. The partial payment benefit is paid up to four times. 

Cancer Guard

Easy to apply and obtain, Cancer Guard is a no-medical exam plan designed to help you meet your financial obligations if you are diagnosed with cancer. To qualify, simply answer a few health-related questions. Coverage is available in three levels: Preferred Plus, Preferred, and Standard. 

Key Features Explained

• Pays a non-taxable lump sum in the event of a cancer diagnosis
• No medical exam is required
• Standard coverage offers $5,000 to $50,000 in benefits (2 eligible questions); Preferred offers $5,000 to $100,000 in benefits (2 eligible questions); and Preferred Plus offers $5,000 to $150,000 in benefits (1 additional question)
• Gives you the option to purchase the following additional protections:some text
  • Prevention (add coverage for 3 non-life threatening cancers, with the benefit amount equalling 50% of your Cancer Guard plan, up to $25,000)
  • Premium Repayment (If you die without filing a claim, all premium payments will be refunded. If no critical illness claim has been made, 50% of the premium paid will be refunded on your 75^th birthday)
  • Accidental fracture (Pays $10,000 in the event of accidental fracture)
  • AD&D (Pays a fixed percentage of the total benefit amount in the event of death, loss of use, or dismemberment)
  • Critical illness (Allows you to add 5 critical illnesses besides cancer and 5 childhood illnesses to your plan)
  • Free, unlimited access to MediGuide (medical second opinion service)

Kiddy Plan

A free plan for eligible children of iA’s policyholders, the Kiddy Plan covers children aged 2 to 5 for 12 months. If your child is diagnosed with cancer, cystic fibrosis, cerebral palsy, paralysis, or loss of sight or hearing, the plan will pay $2,000 to help you take care of your child. 

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What conditions qualify for iA critical illness insurance?

The basic Transition Plan covers four common critical illnesses: 

• Cancer
• Stroke
• Heart attack
• Coronary artery disease

The enhanced Transition Plan covers these and the following additional illnesses and conditions: 

• Aortic Surgery
• Bacterial Meningitis
• Aplastic anemia
• Blindness
• Benign Brain Tumor
• Coma
• Deafness
• Heart Valve Repair or Replacement
• Dementia (this includes Alzheimer’s Disease)
• Kidney Failure
• Loss of Speech
• Loss of Limbs
• Loss of Independent Existence
• Major Organ Transplant
• Major Organ Failure on Waiting List
• Multiple Sclerosis
• Multiple Neuron Disease
• Parkinson’s Disease
• Paralysis
• Occupational HIV Infection
• Severe Burns

Does iA offer a return of premium critical illness product?

Industrial Alliance does offer the return of premium riders with their critical illness plan. If you die without availing critical illness benefits, it will pay back all the premiums. If your plan expires or you cancel it after 15 years or when you turn 65 without having filed a claim, you will receive a premium refund. 

Why get iA critical illness insurance?

IA’s critical illness cover act as a finanical safety net if you are diagnosed with a covered condition. The policy proceeds can help you cover different expenses and mitigate the financial impact of a serious illness.

For instance, in the event of loss of income, the payout can pay for living expenses, mortgage payments and other monthly bills, and other expenses. You can also use this money to cover medical expenses excluded from your health insurance policy, like in-home care, travel expenses for seeking a second opinion, and counseling fees. 

How to apply for Industrial Alliance Critical Illness Insurance?

Want to apply for iA's critical illness cover? We have got you covered. Click the button to get a free quote or schedule a call with one of our insurance advisors to start the application process.   

Conclusion

Industrial Alliance's Transition covers as many as 25 illnesses, is available in different term lengths, and has all the bells and whistles you expect in a top-level plan. But that’s not all. It also offers great flexibility. You can reduce the benefit amount if your critical illness insurance needs diminish with time. 

So, is iA’s critical illness cover right for you? It is certainly among the best in the business, but there’s no harm in getting  quotes from several insurance companies. It is quite possible that another insurer might offer you a better price. Dundas Life, Canada’s top independent insurance advisor, can provide you with free, no-obligation quotes from multiple top-rated companies so that you can easily pick the critical illness insurance plan that’s right for you.