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Your biggest asset isn’t your home, retirement account, or car. It’s your ability to work and earn an income. Ask yourself: How would you take care of your family if you couldn’t work for an extended period due to illness or injury?
This is where disability insurance comes in. It provides financial support when you need it most.
With research claiming that one in three Canadians will at least once experience a period of disability lasting more than 90 days, individual disability insurance is a must-have for all breadwinners. However, finding the right policy can be challenging because of the wide range of coverage types and benefit amounts.
Industrial Alliance, one of Canada’s largest insurance providers, can be an option. But before you sign up, carefully evaluate factors like key features, coverage details, pros, cons, and affordability to ensure it aligns with your long-term needs. This in-depth review tells you everything you need to know about Industrial Alliance disability insurance to make an informed decision.
Key Information about iA Financial Group
- iA is one of the largest insurers in Canada
- Financially stable (A+ rating from AM Best)
- Offers a wide range of individual insurance solutions, including life insurance, critical illness insurance, accident insurance, and disability insurance
- Apart from individual insurance products, iA provides individual wealth management, group savings, and group insurance solutions
- Its website: https://ia.ca
Industrial Alliance Disability Insurance Pros and Cons
Pros
- One of Canada’s most respected insurance companies
- Four disability insurance plans, which together cover needs of a wide range of individuals
- Up to $10,000 a month of coverage available
- Multiple riders, like return of premium and waiver of premium, available with each plan
- Option to purchase only accident cover
- Overhead expense insurance available as an add-on on two plans
Cons
- Doesn’t provide online quotes
- Purchase require working with an advisor
Types of disability insurance products offered by iA Financial
Industrial Alliance offers four individual. Whether you run a business, are fully employed, or work part time, you will likely be able to find a plan that aligns with your insurance needs. Apart from covering the varied needs of different types of workers, Industrial Alliance also offers simplified issue disability insurance to those who don’t qualify for medically underwritten plans due to poor health.
Superior Program
If you are seeking comprehensive coverage, this plan can be worth considering. You can buy up to $10,000 in monthly disability insurance benefits and customize the plan by picking the payout period, survival period, and riders that work best for you. The Superior Program, like most disability insurance plans on the market, pays benefits after you survive a certain period following a disability. The survival period options are 2 weeks, 30 days, 60 days, 90 days, and 119 days.
Pros
- Option to purchase only accident coverage or both illness and accident coverage
- Pays benefits immediately in the even of hospitalization lasting more than 18 hours
- Includes inflation protection that makes sure the monthly coverage amount keeps up with inflation
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Cons
- Your premium rate can increase annually
- The insurer may ask you to submit proof of income before processing your claim
- Other disability income sources, such as group disability insurance, can reduce the amount of financial assistance you receive if the monthly disability benefit exceeds $1,200
Acci-jet Program
Traditional disability insurance plans, such as iA’s Superior Program, often require a medical exam. If you would rather sidestep it or have a high-risk occupation that puts a traditional plan out of your reach, iA’s Acci-jet could be just what you need. This program is aimed at people who fall short of the eligibility criteria of standard plans and can be obtained with minimal health questions, without having to take a paramedical exam.
Pros
- No medical exam for monthly coverage of $6,000 or less
- Illness coverage available as an additional benefit
- Pays benefits till your 70th birthday compared to the usual cut-off age of 65 years for disability benefits
Cons
- Costs more than fully underwritten plans, including iA’s Superior Program
- Doesn’t pay out in the event of a psychological disorder or a psychotic disease
Acci 7 Plus
Those looking for a basic, affordable, and simplified issue disability insurance product for their entire family may find Acci 7 Plus an ideal option. For just $7 a month, you can purchase $700 of monthly coverage for accident-related disabilities.
Pros
- Affordable coverage
- No medical exam
- Five types of accident coverages
- Available for all occupations; even those who are presently not employed can qualify
Cons
- Provides limited coverage since the monthly benefit is capped at $1,400
- Shorter benefit period (max 7 months)
- No option to buy illness coverage
Universal Loan Insurance
Your loan payments won’t stop even if your pay check does. This is why a plan that offers creditor protection is worth a look, particularly if you don’t have enough or any disability insurance coverage. The universal loan insurance plan covers all your debts, including credit cards, mortgage payments, and car loans. It even takes care of your rent, mitigating the financial impact of your disability.
Pros
- Covers all your debt payments
- A great fit for people who don’t qualify for traditional disability insurance because of unstable earnings, long periods of unemployment, or lack of monthly income
- Nicely complement group disability insurance
Cons
- Covers rent for a limited period (up to 2 years)
- Need to submit proof of rent or loan while filing a claim
- Limited coverage for a stay-at-home spouse (up to $1,000 a month)
Check out the following table if you want to see how these plans compare with each other.
Disability insurance solutions specifically for business owners
If you’re a business owner, a disability may impact not only your family but also your business. This is where a business overhead insurance can prove crucial. Unlike personal disability insurance, which covers your salary, overhead expense insurance covers business expenses, such as employees’ salary, rent, loan payments, etc., when you can’t due to illness or injury.
Industrial Alliance offers overhead expense insurance as an add-on to their two personal disability insurance plans: Acci-jet and Superior. If you run a small business and your business will be hurt financially by your absence, consider adding this cover to your personal disability insurance plan. It reimburses eligible business expenses up to $6,000 in the event of a disability.
How much does Industrial Alliance disability insurance cost?
Typically, Industrial Alliance disability insurance costs between $20 and $150 a month. However, the exact premium amount that you will pay each month varies with age, medical history, occupation, and specific policy requirements.
So, before getting a policy decide whether you need illness cover, injury cover or both and choose the monthly disability benefit amount. You also need to select a payment period and waiting period. Generally speaking, the longer the payment period or shorter the waiting period, the higher the premium.
Remember, Industrial Alliance will also look at the risk of injury your job entails, your overall health, and medical history. A high-risk job normally raises premiums, as do pre-existing conditions.
If you need an exact price quote for any of the disability insurance plans offered by iA, consult an advisor.
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Find the best rates
Why get iA disability insurance?
The possibility of missing work due to injury or illness for an extended period may seem remote, especially if you’re in good shape and have a desk job. But the reality is quite different. One in three working Canadians will experience a period of disability lasting over 90 days at least once in there lifetime. Therefore, disability insurance is an essential financial tool for all primary breadwinners, regardless of their health or occupation.
In the event of a disability, your plan provides a steady source of income to help you pay everyday living expenses, medical costs not covered by health insurance, in-home care, mortgage instalments or rent, and other debt payments. Thanks to it, you and your loved ones can life comfortably even when you’re no longer bringing home a pay check.
How to apply for iA disability insurance
Interested in buying iA disability insurance? Let Dundas Life help you. Click the Check My Price button to get a free quote or schedule a call with one of our insurance advisors to start the application process.
Conclusion
Industrial Alliance is one of those Canadian insurers that offer multiple disability insurance plans. Whether you need comprehensive cover, a simplified issue policy, or a creditor protection plan, it has something for you. The maximum cover available is $10,000 a month, which should be adequate for most people. And since all the plans are customizable, you only pay for coverage you need.
However, since one-size-fits-all approach rarely works in disability insurance, we recommend getting multiple quotes. That way you can objectively find whether Industrial Alliance is truly the best fit for you. Dundas Life can provide you with free quotes from various Canadian insurers, helping you make an informed decision that aligns with your best interests.
FAQs
Can self-employed individuals get Industrial Alliance Disability Insurance?
Yes, self-employed can buy disability insurance cover from Industrial Alliance.
Can I customize my Industrial Alliance Disability Insurance policy?
Each of the four iA’s disability insurance plans are customizable. You can choose the benefit amount, survival period, payout period, and additional features to tailor the plan to your specific needs.
Can I purchase Industrial Alliance Disability Insurance if I have a pre-existing medical condition?
Industrial Alliance offers both medically underwritten disability insurance policies and simplified issue plans. If you have a serious pre-existing condition that makes it harder for you to get approval for a traditional plan, simplified issue plans such as iA’s Universal Loan or Acci 7 Plus could be an option. You can obtain either of them with minimal health questions.
What happens if I change jobs after purchasing Industrial Alliance Disability Insurance?
Individual disability insurance plans like the ones offered by iA are fully portable, meaning they remain in force regardless of any change in your employment.
Does Industrial Alliance Disability Insurance plan offers the return of premium rider?
Yes, it does. All iA’s disability insurance plans barring the Universal Loan plan gives policyholders an option to add the return of premium rider by paying extra.
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