Industrial Alliance Pacific is a life insurance company owned by Industrial Alliance Insurance and Financial Services Inc., also known as the Industrial Alliance Group. Industrial Alliance came into existence in 1987; it was formed as a result of a merger between Industrial, which started back to 1905, and Alliance, which was founded in 1892. Some of the companies that have been absorbed into the Industrial Alliance Group include North West Life, North West Life of America, National Life of Canada, The Solidarity and Seaboard Life Insurance Company.
Industrial Alliance Pacific holds an “A” Excellent rating from the A.M. Best Company. The company is composed of several divisions; two of these divisions include the Personal Financial Services division, which sells individual insurance and investment products, and the Special Markets Group, which sells insurance for unique and special risk groups. Some of the many insurance products sold by Industrial Alliance Pacific include life insurance, mortgage insurance, critical illness insurance, disability insurance, accidental death and dismemberment insurance, student accident insurance, expatriate and inpatriate medical insurance, travel medical insurance and creditor insurance.
The three types of individual life insurance sold by Industrial Alliance Pacific are term life insurance, universal life insurance and whole life insurance. You can either buy a 10 year policy or a 20 year policy, or you can go with something called Pick-A-Term. With Pick-A-Term, you decide how many years of coverage to purchase; as long as the number is higher than 10 and lower than 40, the choice is yours. If you end up needing more coverage than you thought, you have the option of renewing your coverage annually. Universal life insurance is great for people who want lifetime coverage as well as the ability to accumulate tax-sheltered funds. Universal life insurance is very flexible; things that you can modify to suit your needs include how much coverage you have, the cost options, how often you pay your premiums and the amount of your premium payments. With whole life insurance, you can get coverage for your entire lifetime while building up cash value.
Group life insurance sold by the Special Markets Group can be designed to meet the unique needs of the group in question. Groups that may be interested in this type of life insurance include employer groups, unions, affinity groups, educational groups and high risk occupation groups. Two forms of group life insurance sold by Industrial Alliance Pacific include Guaranteed Issue and Voluntary Term. Guaranteed Issue is for people between the ages of 50 and 85; if the insuree dies in an accident, then the beneficiaries will receive five times the benefit amount. You don’t need to answer any health questions in order to qualify for this type of life insurance. Voluntary Term life insurance includes things like compassionate living benefits, daycare benefits, education benefits, repatriation benefits and spousal retraining benefits.