IA Financial: Group Insurance Plans, Forms, and FAQ

IA Financial: Group Insurance Plans, Forms, and FAQ

IA Financial Group, one of the leading health and life insurance companies in Canada, offers group insurance, savings, and retirement plans to companies looking to insure their employees.

IA Financial Review

Also known as Industrial Alliance, IA Financial Group has been operating since 1892. It is currently the fourth-ranking Canadian health and life insurance company. Based in Quebec City, IA serves around 4 million clients.

IA Financial Group insurance products cover all areas of life. The company offers health and life insurance, RRSP, TFSA, securities, mutual funds, home, and car insurance. IA’s assets are worth close to $186 billion. More recently, the company has begun to expand its operation to the United States.

IA Financial Group Benefits Products

IA Insurance offers group insurance coverage plans for small, mid-size, and large businesses. Large company plans include traditional, modular, flexible, and administrative services only. Depending on the plan, IA may provide insurance coverage for employees residing outside Canada.

Typically, IA group plans cover:

  • Medical and Paramedical + Homecare Insurance
  • Vision and Dental
  • Life Insurance
  • Short-Term and Long-Term Disability
  • Travel Insurance
  • ExtensiA (optional)
  • Transit Insurance (from group to individual)

Medical and Paramedical Care

This coverage includes regular medical care, emergency care outside the province of residence, ambulance fees, prescription drugs, hospitalization costs, and paramedical care such as massage therapy, chiropractic services, psychologist, etc.

Homecare insurance covers homecare expenses for clients who are recovering after surgery or hospitalization.

Vision and Dental

Vision care covers eye examinations and provides partial reimbursement for eyeglasses and contact lenses. Dental care partially covers dental fees for preventative, basic, major, and orthodontic care.

Life Insurance

IA Financial Group insurance policies help families recover after an unexpected death or severe injury.

Coverage typically includes:

  • Life Insurance: In case the member dies, the designated beneficiaries will receive the sum insured. Payments may be made in a fixed amount or an annual sum.
  • Dependent’s Life Insurance: Provides coverage for the member if their spouse or dependent child passes away.
  • Accidental Death and Dismemberment Insurance: If an accident causes the member’s death, the beneficiaries receive double the life insurance amount. If the member survives but loses a limb, they will receive a percentage of the life insurance sum.
  • Express Life Claims Process: IA Financial provides an optional service to process accelerated life insurance claims for amounts of $75,000 and less.

Disability Insurance

If an employee can’t work after an accident, they will still need income to pay for expenses.

Disability insurance covers:

  • Short-Term Disability: If a member suffers from an illness or accident that results in the inability to work, this coverage provides a regular income. Payments typically last for 17, 26, or 52 weeks.
  • Long-Term Disability: This covers regular income for plan members if their disability lasts longer than the short-term disability period, and coverage lasts until they reach age 65.
  • Disability Management: An additional coverage that requires participation from the employer and health care professionals. Disability management recovery programs promote the member’s rehabilitation and return to the workforce.

Travel Insurance

This insurance coverage reimburses employees for medical expenses outside their province of residence. It includes hospital and surgical expenses and other travel services such as:

  • Information
  • Legal assistance
  • Lost documents or baggage assistance
  • Emergency telephone support and translation
  • Repatriation assistance for the insured and their family

Travel insurance also offers optional coverage called Connection Trip Cancellation insurance. This provides reimbursement for members when a trip is unexpectedly interrupted or cancelled.

ExtensiA Optional Insurance

ExtensiA insurance products provide additional employee group insurance coverage that includes:

  • Term Life Insurance
  • Critical Illness Insurance
  • Accidental Death and Dismemberment Insurance

Critical illness insurance covers multiple occurrences, allowing the member to make a maximum of five insurance claims for critical illness. With ExtensiA, employees retain insurance coverage until they turn 70, even in the case of changing jobs or any modifications in the group insurance plan.

Transit Insurance

Transit insurance allows a member to convert their group coverage to an individual plan in instances like termination of employment for any reason (relocation, career change, retirement, etc.).

IA’s Transit plan provides support during the transition period. Members can replace their group insurance with an individual plan for themselves and their dependents within 60 days of employment termination. This change does not require any further medical examination.  

You can look up details about Transit insurance here:

Individually Tailored Plans for Businesses of All Sizes

IA Financial Group insurance plans are customizable. Policies are designed to fit large and small businesses.

For Small to Medium-Sized Businesses

IA’s Solex, Small Business Insurance Solution, is meant for companies operating for over one year and have a staff of 20 to 49 employees.

These plans include:

  • A simple, quick setup process
  • Mandatory enrolment for eligible employees
  • Cost Plus Agreement

The Cost Plus Agreement enables employers to offer select employees an enhanced insurance plan with additional health expense reimbursement not included in basic coverage. The additional benefits will not extend to all employees.

For Larger Businesses

IA Financial offers several types of insurance coverage plans to larger businesses with over 51 employees.

These options include:

  • Traditional Plan: Grants equal coverage for all employees.
  • Modular Plan: Offers personalized coverage that enables employees to choose different modules according to their individual needs.
  • Flexible Plan: This allows for even more customization than the Modular Plan and enables employees to choose their own coverage up to a set amount by the employer.
  • ASO (Administrative Services Only): Works for companies that want to take care of their employees’ health coverage themselves and only wish to outsource claims management to an insurance provider.

Equitable Life: Group Benefits and Resources

As one of Canada’s largest life insurance providers, Equitable Life Group Benefits offers a unique approach to your staff’s specific needs. Learn how here.

IA Financial FAQ

What are the Advantages of Group Health Insurance?

Group health and life insurance carry many benefits for both employers and employees, including:

  1.     Group insurance for businesses can save money. When more people are included in the insured members’ pool, this brings costs down. Typically, group insurance members can get better options and more extensive coverage than they could with an individual plan at the same rate.
  2.     Depending on the insurance plan and local laws, group insurance can offer the employer tax incentives.
  3.     Staff insurance coverage contributes to employee satisfaction and loyalty, a more positive work environment, and a higher tendency for valuable employees to build long-term careers at the company.

Are Group Health Benefits Taxable in Canada?

Nearly all employer benefits are taxable in Canada, with one main exception: health and dental. Canadian employers can pay out health and dental benefits to their employees tax-free.

This requires a formal arrangement between the employee and employer, called a Private Health Services Plan (PHSP). A PHSP enables employees to get tax-free reimbursement for all eligible dental and health benefits. This arrangement is facilitated by a group health insurance plan for the employees or an HSA (Health Spending Account).

What are the Terms of Group Wage Loss Insurance?

A Wage-Loss Replacement Plan (WLRP) is a grouping of at least two individual disability coverage policies designed to provide coverage for a specific class of employees. That class may be based on salary, department, position, or otherwise, but all members of the class must be offered coverage. 

Unlike group disability insurance, which is a single policy, a WLRP consists of multiple individual disability policies grouped under one plan owned by and paid for by your company. It allows you to provide more comprehensive income replacement coverage via a tax-deductible expense. 

Wage-loss replacement plans often are more cost-effective than increasing employee wages to allow them to cover their own premiums. They can be an effective option if you want to offer broader coverage to certain employees or lack the staff numbers for group disability insurance coverage (IA’s coverage starts at 20 employees).

Is IA Financial Group Insurance Reliable?

IA is one of the largest and most reliable Canadian health and life insurance companies. It has been operating for over a century and has survived the Great Depression, World War II, and more recent financial crises such as the one in 2007-8.

IA Financial has an A+ rating with AM Best, which indicates an excellent ability to meet insurance obligations.

Where Does IA Financial Operate?

Although IA is best known in the Quebec and Ontario provinces, it provides services across Canada and, more recently, in the United States.

Does IA have a Mobile App?

There are many IA Financial Group benefits, but the company’s mobile app is one of its best tools. IA’s app allows group insurance members to perform various functions, such as:

  • Securely Submit and Track Claims
  • Send Photos of Receipts
  • Check Healthcare Provider Eligibility
  • Check prescription medicine coverage and find pharmacies
  • Get an estimate of the reimbursement amount for prescription drugs
  • Obtain travel insurance proof
  • Use a virtual group insurance card

What Other Services Does IA Financial Offer?

Apart from individual and group life and health insurance, IA Financial Group also offers a plethora of other services, such as:

  • Vehicle and RV insurance
  • Home and Mortgage Insurance
  • Personal Accident Insurance
  • Mutual and Segregated Funds
  • Travel Insurance
  • Investment Loans
  • Annuities
  • Group Retirement Plans

IA Financial Downloadable Forms

Nearly all of IA Financials’ forms are available online in PDF format:

IA Financial Contact Information

Primary Address: 1080 Grande Allée West PO Box 1907, Station Terminus Quebec City, Quebec G1K 7M3

Important Contact Numbers:

  • Head Office: 1-800-463-6236
  • Group Insurance Support: 1-877-422-6487

Learn More About IA Financial

Overwhelmed by the vast amount of group insurance options? Are you confused and not sure which plan to choose for your company? Group Enroll is here to help. Fill out our quick quote request and get comparison quotes from leading Canadian insurance companies. We will help you find a group plan that suits your needs, budget, and business.

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