iA Financial Group Term Life Insurance review

Pick-A-Term and Access Life

iA Financial Group is a business name of Industrial Alliance Insurance and Financial Services Inc., the company that issues the policies. Its term lineup has two parts. Pick-A-Term is the underwritten product, and its main feature is the term length: you can choose any number of years from 10 to 40 rather than picking from a short list. iA suggests using that to match a mortgage amortization.

Access Life is a simplified-issue product aimed at people with health issues, newcomers to Canada and children with health conditions. Its term coverage comes in 15, 20 or 25 years, and iA says approval is guaranteed at some level, though the level you land in decides what coverage you get.

Coverage amounts and issue ages

The Pick-A-Term page lists face amounts from $25,000 to $20,000,000. An iA comparison table shows a lower maximum, so confirm the ceiling with an advisor if you need a very large policy. Coverage can stay level or decrease, dropping 8% a year on each policy anniversary until it reaches 50% of the original amount, which suits a shrinking mortgage balance.

Pick-A-Term is available from age 0 to 70 at issue. iA doesn’t say whether longer terms carry a lower maximum age, so ask what is available at your age. Access Life offers a face amount between $10,000 and $500,000 from 6 months to 80 years old, but that range includes its permanent coverage, and term-only limits aren’t broken out.

Medical exam and the Access Life questionnaire

Pick-A-Term is underwritten. iA says that under certain conditions acceptance is instant and the policy can be issued in under 24 hours, but it doesn’t publish an amount below which no exam is needed.

Access Life requires no medical exam and no blood tests. A short questionnaire places you in one of these levels:

• Immediate Plus: term coverage available
• Deferred Plus: term coverage available
• Deferred: term coverage not offered
• Guaranteed Access: for applicants who don’t qualify for the other levels

Renewal, conversion and riders

According to iA, Pick-A-Term is renewable annually at the end of the first term, and its FAQ also mentions renewing for an equivalent term. Access Life term coverage has guaranteed renewal regardless of your health. Neither product has a published maximum renewal age.

The Pick-A-Term page says you can convert to permanent coverage regardless of your health condition. An iA comparison table adds an age limit, so check your contract for the exact cut-off. Riders iA lists include:

• Critical illness, covering 25 illnesses plus 5 childhood illnesses, or 4 plus 5
• Child critical illness, and the Child Module for child term insurance
• Waiver of premiums on disability, or on the applicant’s death
• Disability credit insurance and supplementary disability income
• Guaranteed insurability

How to apply

You can check an estimate on iA’s website, but you can’t complete a purchase there. iA directs you to contact an advisor to evaluate your needs, and the advisor handles the application and underwriting. Pick-A-Term also lets you insure several people on one policy, and iA says bundling coverage this way earns a discount.