iA Financial Life Insurance Review

iA Financial's Access Life plan is a guaranteed issue policy that doesn't require a medical exam — everyone who applies is accepted, regardless of health. It's ideal for those who want a simple and quick way to purchase life insurance as well as those who are having trouble getting standard life insurance due to their health. Depending on your answers to the application questionnaire, you may be deemed eligible for term or permanent coverage.

Term life coverage is available for 15, 20 or 25 years, with benefit amounts ranging from $10,000 to $500,000. Anyone between the ages of 20 and 65 years is eligible for this policy, depending on the term — 25-year terms are only available up to age 55, while 20-year terms are available up to age 60.

Pick-A-Term is the other term life insurance plan offered by iA Financial. This insurance is available for any term length between 10 and 40 years, making it customizable to your needs. Pick-A-Term is a unique offering since most other life insurance companies offer a smaller selection of set terms. The premiums are set and guaranteed for the chosen term, making them easy to fit into your budget.

This policy is available to anyone aged 0 to 70 at the time of issue. The coverage amounts available for this policy range from $25,000 to $20,000,000. Amounts over $20,000,000 require a special quote. iA Financial also allows term policies to be converted to permanent ones up to age 71 if desired.

iA Financial's traditional whole life insurance product provides coverage amounts between $10,000 and $10,000,000 and offers several payment terms. These policies are available for those between the ages of 0 and 85, depending on the payment term selected.

Access Life is also available as a permanent life insurance policy with coverage options between $10,000 and $500,000. Anyone between the ages of 6 months and 80 years can apply for permanent Access Life coverage.

This plan offers a combination of life and critical illness insurance for your child. It provides paid-up once your child turns 30, with coverage continuing until their death. In addition, it provides term critical illness insurance for 30 illnesses until they turn 30, at which point they can convert it to permanent critical illness insurance. Coverage for this policy ranges from $20,000 to $500,000.

This policy provides lifetime protection and financial assistance beginning at age 65 in the case of certain covered diagnoses — including dementia, Parkinson’s Disease and paralysis — or loss of independence. The policy will pay out 1% of the life insurance face amount as a monthly benefit until it runs out. The face amount can range from $10,000 to $1,000,000.

iA Financial also offers Participating Life Insurance (iA PAR), a permanent life insurance option that includes guaranteed premiums, initial face amount and surrender value. Premiums are payable over a period of 10 years, 20 years or until age 100. Participating insurance allows you to receive dividends based on a scale rate that's adjusted each year. Dividends may be used to increase paid-up insurance, lower your premium, receive a cash amount or invest in an investment account.

iA PAR includes both individual and joint-last-to-die policies. Anyone between the ages of 0 and 85 can qualify for individual coverage, while you must be between 15 and 85 years old to qualify for joint-last-to-die coverage. All eligibility age ranges are dependent on the chosen payment terms. iA PAR is available in two versions to meet your financial goals: the Wealth Solution, which optimizes long-term growth, and the Value Solution, which helps maximize short-term growth.

With iA Financial's Genesis Universal Life Insurance, you can customize your coverage and invest the cash value of your policy into various accounts as you see fit. These include a guaranteed interest account and various index accounts.

Genesis includes both a level cost option with a stable premium payment and a yearly renewable term cost option that offers more payment flexibility. Quick payment options are also available for level plans over 10, 15 or 20 years. Depending on the selected option, age eligibility ranges from 0 to 85. Genesis offers three types of death benefits: face amount only, face amount + fund and face amount + fund with a wealth maximizer option.

EquiBuild provides a guaranteed cash surrender value that starts accumulating when the policy is issued. It also offers optional Paid-Up Additional (PUA) Coverage, allowing you to grow your death benefit by paying additional premiums. The EquiBuild Bonus option also allows you to increase your face amount or your savings. There are no policy or surrender fees associated with renewing or canceling your coverage.

EquiBuild comes with three payment options: Lifetime Payment with level premiums payable to age 100; 15-Year Payment whereby premiums are paid up in 15 years; and EquiBuild with Integrated Coverage, which is added to the lifetime payment coverage and includes a higher initial face amount without increasing premiums. Anyone from 0 to 85 years old is eligible to apply.