Industrial Alliance Insurance and Financial Services Inc. is the fourth largest life and health insurance company in Canada. Industrial Alliance started out way back in 1892 when a company by the name of Alliance Nationale was founded in Montreal. Another company called the Industrial Life Insurance Company was founded in 1905 in Quebec City. Alliance mutualized in 1948, and Industrial did the same in 1969. In 1987, the two companies merged together to become Industrial Alliance Insurance and Financial Services Inc. But Industrial Alliance didn’t stop there – it continued to grow by buying and merging with companies the likes of the North West Life Assurance Company of Canada, the National Life Assurance Company of Canada, The Solidarity and the Seaboard Life Insurance Company.
Some of the products and services offered by Industrial Alliance include health insurance, mortgage insurance, critical illness insurance, accident insurance, retirement savings plans, tax-free savings accounts, education savings plans, individual loans rates, investment funds, guaranteed interest funds, mutual funds, mortgage loans, auto insurance, home insurance and life insurance. There are three different kinds of life insurance available through Industrial Alliance: term life insurance, universal life insurance and whole life insurance.
Term life insurance is a kind of insurance that only covers you for a period of time. Term life insurance policies through Industrial Alliance come as either ten year or twenty year policies, unless you decide to go with Pick-A-Term, which allows you to choose the length of your policy; it can be anywhere between ten years and forty years long. These policies can be renewed or converted to different kind of policies without making you undergo a new medical exam. During the life of your policy, your premiums are guaranteed to remain level. You also have the option of personalizing your policy by adding benefits such as hospitalization and long-term care insurance and critical illness insurance.
The biggest difference between universal life insurance, whole life insurance and term life insurance is that universal and whole life insurance provide coverage for your whole lifetime instead of just a period of time. Universal life insurance combines life insurance with a tax-sheltered savings component while whole life insurance combines life insurance with surrender values.